Click here to download the newsletter in its entirety.
Congress created HAP (Homeowners’ Assistance Program) in 1966 to compensate eligible military and civilian Federal employees when the real estate market where they owned a home was negatively impacted by base closures or reduced operations. In 2009, HAP was extended to assist service members and DOD employees who are wounded, injured or become ill when deployed, surviving spouses of service members or DOD employees killed or died of wounds while deployed, service member and civilian employees assigned to Base Realignment and closure (BRAC) 2005 organizations, and military personnel required to make a Permanent Change of Station (PCS move) during the home mortgage crisis.
HAP is administered by the U.S. Army Corps of Engineers. Most of this article is taken directly from the DOD-HAP website located here. It is strongly recommended that anyone interested in this program thoroughly review this website as there appear to be various exceptions to the rules as well as ten pages of frequently asked questions and answers. This article does not address all the various rules and exceptions. It is designed merely to provide an overview of HAP with emphasis on military personnel required to make a PCS move since 2006. The information herein is subject to change and not guaranteed to be accurate.
Military Personnel Permanently Reassigned During the Mortgage Crisis
1. Permanent reassignment requires a move of more than 50 miles.
2. Reassignment ordered between 1 February 2006 and 30 September 2012.
3. Property purchased (or contract to purchase signed) before 1 July 2006.
4. Property was the primary residence of the owner.
5. Owner has not previously received these benefit payments
6. If you are a member of the Armed Forces who is or will be making a PCS, download the application packet and complete the application. Carefully read all instructions and mail your completed application to the USACE district responsible for the area in which your home is located. Once DOD implementing guidance is received the district will contact you concerning your eligibility and benefits.
HAP Private Sale Benefits: Eligible applicants may be compensated for the difference between 95% of the appraised fair market value of the property prior to the announcement date, and the appraised value of the property at the time of sale, or the sales price, whichever is greater. Closing costs are reimbursed for private sales.
HAP Government Purchase Benefits: An eligible applicant may elect to sell the property to the government and receive, as the purchase price, an amount not to exceed 75% of the appraised fair market value prior to the date of the announcement or the current total amount of outstanding mortgages whichever is greater.
HAP Foreclosure Assistance Benefits: If foreclosure proceedings have commenced, an applicant may elect to receive foreclosure benefits or private sale benefits. Foreclosure benefits may be paid directly to the applicant to reimburse for foreclosure costs paid by the applicant, or paid to third parties on the applicant’s behalf.
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Homeowners’ Assistance Program (HAP)
Click here to download the newsletter in its entirety.
Congress created HAP (Homeowners’ Assistance Program) in 1966 to compensate eligible military and civilian Federal employees when the real estate market where they owned a home was negatively impacted by base closures or reduced operations. In 2009, HAP was extended to assist service members and DOD employees who are wounded, injured or become ill when deployed, surviving spouses of service members or DOD employees killed or died of wounds while deployed, service member and civilian employees assigned to Base Realignment and closure (BRAC) 2005 organizations, and military personnel required to make a Permanent Change of Station (PCS move) during the home mortgage crisis.
HAP is administered by the U.S. Army Corps of Engineers. Most of this article is taken directly from the DOD-HAP website located here. It is strongly recommended that anyone interested in this program thoroughly review this website as there appear to be various exceptions to the rules as well as ten pages of frequently asked questions and answers. This article does not address all the various rules and exceptions. It is designed merely to provide an overview of HAP with emphasis on military personnel required to make a PCS move since 2006. The information herein is subject to change and not guaranteed to be accurate.
Military Personnel Permanently Reassigned During the Mortgage Crisis
1. Permanent reassignment requires a move of more than 50 miles.
2. Reassignment ordered between 1 February 2006 and 30 September 2012.
3. Property purchased (or contract to purchase signed) before 1 July 2006.
4. Property was the primary residence of the owner.
5. Owner has not previously received these benefit payments
6. If you are a member of the Armed Forces who is or will be making a PCS, download the application packet and complete the application. Carefully read all instructions and mail your completed application to the USACE district responsible for the area in which your home is located. Once DOD implementing guidance is received the district will contact you concerning your eligibility and benefits.
HAP Private Sale Benefits: Eligible applicants may be compensated for the difference between 95% of the appraised fair market value of the property prior to the announcement date, and the appraised value of the property at the time of sale, or the sales price, whichever is greater. Closing costs are reimbursed for private sales.
HAP Government Purchase Benefits: An eligible applicant may elect to sell the property to the government and receive, as the purchase price, an amount not to exceed 75% of the appraised fair market value prior to the date of the announcement or the current total amount of outstanding mortgages whichever is greater.
HAP Foreclosure Assistance Benefits: If foreclosure proceedings have commenced, an applicant may elect to receive foreclosure benefits or private sale benefits. Foreclosure benefits may be paid directly to the applicant to reimburse for foreclosure costs paid by the applicant, or paid to third parties on the applicant’s behalf.