A. Low income tenants who are displaced by demolition, substantial rehabilitation or change or elimination of a residential use and who comply with the requirements of this chapter, shall be paid a relocation assistance payment in the amount of $2,000 per dwelling unit. The amount of relocation assistance shall be adjusted annually by the percentage amount of change in the housing component of the Consumer Price Index as published by the United States Department of Labor, Bureau of Labor Statistics.

B. The owner is responsible for payment in cash of one-half of the required relocation assistance per dwelling unit. The portion of the relocation assistance not payable by the owner shall be paid by the city up to a maximum of one-half the total payment amount in BCC 9.21.040. (Ord. 4354 § 1, 1992.)