Tuesday, June 2, 2009

Getting Money Out of Your House

The Department of Defense (DoD) has issued eligibility rules for military homeowners who need to apply for assistance through the Homeowners Assistance Program (HAP) due to the housing crisis.

The DoD HAP has been providing financial assistance for many years, and most recently provided benefits to personnel at Base Realignment and Closure (BRAC) sites.

The Stimulus Bill aka American Recovery and Reinvestment Act (ARRA) included funding in legislation of $555 million for a program to help military personnel forced to sell their homes in the midst of the current real estate crisis. The funding from the 2009 ARRA will allow the DoD to temporarily expand the program in order to partially reimburse home sale losses in the following priority order:
  • Wounded Servicemembers relocating for treatment or medical retirement, and for the survivors of those who have died while on deployment.

  • Military & DoD civilians affected by the 2005 BRAC round, without the need to prove that the base closure caused the local market decline.

  • Normal military permanent change of station (PCS) moves, on a temporary basis.
For more information read the news release.

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