Each week New Homes for Sale Colorado Springs discusses useful information on homes, family, and community. Covering a different topic each week, this thought provoking and educational blog is provided by new home builder Campbell Homes in Colorado Springs, Colorado.
Several weeks ago we made a point of reminding active duty military and department of defense contractors that the tax credit for deployed military home buyers is available until April 30, 2011 for contracts and June 30, 2011 for closings. Now we want to make sure you are aware of yet another phenomenal program that is available to members of the military who meet qualifying circumstances in qualifying communities.
THE HOMEOWNERS ASSISTANCE PROGRAM (HAP)
The Department of Defense (DOD) is proud to offer the Homeowners Assistance Program (HAP). The Homeowners Assistance Program, authorized in Section 1013 of the Demonstration Cities and Metropolitan Development Act of 1966, provides some monetary relief to eligible service member (including Coast Guard) and federal employee (including non-appropriated fund) homeowners who suffer financial loss on the sale of their primary residences when a base closure or realignment announcement causes a decline in the residential real estate market and they are not able to sell their homes under reasonable terms or conditions.
The American Recovery and Reinvestment Act of 2009 (ARRA) temporarily expands the HAP to assist service members and Department of Defense employees who are wounded, injured or become ill when deployed. Benefits are also extended to surviving spouses of service members or Department of Defense employees who are killed or died of wounds while deployed.
The US Army Corps of Engineers will analyze your community’s real estate market, conduct market impact studies, and make a recommendation to the Deputy Assistant Secretary of the Army for Installations and Housing for a final determination. If it is found and proven that an announcement caused a significant decline in a residential real estate market, a HAP may be approved.
The basic application is made on DD Form 1607, Application for Homeowners Assistance Program. Part III, Section IV of the form must be completed by the military or Department of Defense employee’s personnel officer. In addition, applicant must submit a variety of documents to show evidence of property ownership, occupancy dates, assignment orders, efforts to sell the home (whether it was sold), and mortgage details.
Certain conditions do apply to this program with purchase limits depending on individual states. For additional questions on the Home Owners Assistance Program, contact the field office that covers the territory you live in.