Here is the link to the program http://hap.usace.army.mil/. My question is has anyone heard of the DOD extending the program to service members transfering and due to the state of the economy taking a significant hit to sell their homes?
Just found something else on my quest to fill the gap of breaking close to even while selling my home. On 17FEB09 the President signed as part of the stimulas package the Revory and Reinvestment Act of 2009. Here is the link with the information http://www.defenselink.mil/recovery/. Within the bill they have set aside $555 million dollars for a "Temporary Exspansion" of the Homeowner's Assistance Program (HAP) benefits. This has the potential to be of great assistance for those who qualify.
Has anyone else reviewed it? As I understand it you would have had to purchase your home prior to July 1 2006. Unfortuantly we purchased ours in Dec of 2006 so it looks as we would not qualify.
Anyone know if this program only applies to base closures and realignments? The website mentions a PCS moves but it's a little vague. I purchased my house in April 2005 and can't sell it.
Originally posted by MKtype: Anyone know if this program only applies to base closures and realignments? The website mentions a PCS moves but it's a little vague. I purchased my house in April 2005 and can't sell it.
Ok, so it does apply to a PCS move under the HAP expansion of 09 but as mentioned above the home has to have been purchased pre July 2006.
CG-1 will be releasing a message relating to how the CG will implement this and if you are affected by a PCS this summer and you own a home, you may want to wait for this message to hit the streets before you decide what you want to do with your house. It's been brought up that the majority of the people PCSn'g this summer bought their homes after the 1 July 06 timeframe, sometimes by a matter of days. The problem is that its a DOD run program so we'll have to wait and see how things shake out.
Read all of the quals for the program. You qualify if "Property was purchased (or contract to purchase signed) BEFORE 1 July 2006".
That may help some. I closed on my house after July 1st, but had a signed contract in May of 2006. Hopefully that will get me in under the wire.
One thing I'm worried about is I've heard that any payments you receive from the program will be taxed as earned income and fully taxable. Can you imagine if the gov't purchased your home for 300K? You would owe the IRS some big $$!
I just applied for this...hopefully CG will come out with our stipulations soon and I won't be at the bottom of a whole bunch of other apps I bought my house in 2004, transferred in 2006 and couldn't sale my home until finally October 2008....AMAZING HUH?? House on the market entire time and finally ended up short-selling. Hopefully we get some relief from the savings we depleted for the two years we couldn't sell and paying mortgage and rent for 2 houses....oh well, I'll keep ya posted
I just got all my ducks in a row, sent in the package and got a confirmation that the package was received. Now it's the waiting game. In the notification it clearly stated that the program is awaiting further guidance on the newly PCS extension criteria. They will review my paper work as a courtesy and confirm that weather or not I meet the criteria, this will not be any type of an approval. They expect to receive guidance on the program sometime in mid April. They also don't expect the program to purchase the home from you. They expressed that selling the your home via privately or real estate agent. They warned not to go below 10% of your homes Fair Market Value (FMV). Hopefully this helps out. The HAP personnel are really helpful and will answer any questions you have.
Ya know, I got this retired MCPO buddy of mine that can give you some great advice on how best to work out geo-bachelor process. Heck he retired out of HQ as a GEO and now is working here as a civilian and still Geo Bachelor.
Master Chief, I think you might be talking about my soon to be room mate. Senior Chief Donze has also coached me a little bit about GEO, he says red bull is the key.
I have been tracking HAP since an email from recruiting command found its way to my inbox (January). To date the "red tape" has been thick, but hoping it will be cut and payment processing will move forward soon (was supposed to happen in May). I have written to Senators Feinstein and Boxer, as well as Congressman Duncan Hunter, requesting they help expedite the Homeowner's Assistance Program payments. This program won't benefit Service members if they can't process applications quickly. Not one application has been processed for payment yet. In addition, the program may be cost prohibitive for some folks if the benefits get applied as ordinary income- hoping they will change this to a 1099, if considered income at all. A tax accountant suggested then gain by HAP payment could possibly be excluded under the $250k/$500k gain on primary residence rule.
Major Planned Actions: On June 8, DoD will participate in the "Roadmap to Recovery" cabinet meeting to discuss the effects of the Recovery Act, as well as plans to accelerate execution over the next 100 days. The Homeowners Assistance Program (HAP) Rule for the Federal Register is still being revised and is expected to be submitted to OMB by June 15. The HAP Circular used for execution is in final draft and should be completed on June 10.
Originally posted by MKtype: Is this ever going to be finalized?
Good question...HAP Application was posted for review and open comment on Federal Register in June. HAP Rules have still yet to be published on Federal Register. Hoping when rules are published the black hole of a tax gap will have been filled and they will be considered for "emergency" approval (thus no 30/60/90 day comment period). Red Tape is pretty complex.
Army Corps is just telling applicants to "do what they need to do" in the meantime. No projected date to begin processing for payments. Many folks having to try short sales in the meantime or face bankruptcy. Not to sound so negative, but it is what it is.
Wishing someone in the Obama administration would take notice and responsibility to see through getting this program to pay out! The money is sitting in the Army COE coffers going nowhere fast. Very disappointing.
I bought my house in 2004, transferred in 2006 and couldn't sale my home until finally October 2008....AMAZING HUH?? House on the market entire time and finally ended up short-selling. Hopefully we get some relief from the savings we depleted for the two years we couldn't sell and paying mortgage and rent for 2 houses....oh well, I'll keep ya posted 
