The Department of Defense is responding to the impact of sharp declines in home values by temporarily expanding its Homeowner Assistance Program to help many military families and DoD civilians forced to sell their homes at a loss due to reassignment, BRAC and other issues. Eligibility requirements are outlined on the links below.
On May 14, Vice President Joe Biden announced DoD’s plan to add $555 million in funding from the American Recovery and Reinvestment Act Recovery Act to expand the HAP to help offset the effects of the country’s struggling housing market.
The temporary expansion is designed to partially reimburse military personnel and DoD civilians for home sale losses without the need to prove that a base closure caused a local market decline (as under previous law).
Top priority for assistance goes to wounded service members relocating for treatment or medical retirement, and for the survivors of those who died while on deployment.
Assistance also will be made available for normal military permanent change of station moves, on a temporary basis.
DoD has provided similar financial assistance to military and civilian employees for more than 40 years, but until now, the program's primary support has focused on those who owned homes and lost money near closed or soon-to-be-closed down military installations under the Base Realignment and Closure process.
Information on the expanded housing program can be found at:
http://hap.usace.army.mil
http://www.defenselink.mil/recovery/
http://www.whitehouse.gov/the_press_office/Vice-President-Biden-Announces-Expansion-of-Pentagon-Homeowners-Assistance-Program-Under-Recovery-Act/
http://myarmybenefits.us.army.mil
http://www.myarmyonecource.com
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Do you happen to know when the new regulations will be approved? I cannot seem to find that information anywhere, and I keep on getting conflicting information from anyone I talk to... Thank you!
ReplyDeleteHas anyone heard specifics yet? I know they're rewriting the policy, but I'd like to know more about the benefits.
ReplyDeleteThe latest information is here:
ReplyDeletehttp://hap.usace.army.mil
http://www.defenselink.mil/recovery/
Housing Assistance money is being channeled through the Army Corps of Engineers. Hope this helps ...
The requirements to qualify are very confusing. It states 3 items that you need to qualify, but isn't clear if you have to meet all 3 or just 1 of the 3. I tried to call, but due to high volume, you cannot get through. The 3 qualifications are:
ReplyDelete1. Own home on 13 May 2005
2. Be assigned to unit in BRAC on 13 May 2005
3. Lose 10% of value of home
I signed the contract to buy on 24 May 2005, but actually took ownership on 24 June 2005. The other two I definately qualify for.