Homeowners Assistance Program (HAP) Update
Dec 07 2009
For those of you bumping up against the “10% decline in the market impact zone” requirement, we have an update. Plus, $323M in additional HAP funds on the way.
We spoke to the Corps of Engineers national project officer for HAP Friday. He told us that impact zone requirement can be disputed if sellers can provide data that indicate your immediate area was impacted more than the Corps of Engineers area studies show. He says every regional office has the discretion to allow other evidence and the national/regional offices accept other information. We know of examples here in Fairfax county VA where some areas of the county were hit much harder than other areas. Marketing surveys provided by real estate firms and appraisals from local/county governments can help. The other Shane who has been posting on this site mentioned a case like this previously where a family overturned the 10% rule using this regional office management flexibility.
Also, there is a bill working through Congress now that will add $323 million to the current HAP budget. This bill stands a high chance of passage from the Congress and the President. This additional money is projected to be enough to cover most HAP claims. Updates will follow.
Has there been an update on when the final rules will be published in the Federal Registrar? And, Is there an update on this bill going through Congress for additional funds? I haven’t been able to find any information.
Please help get the word out about this important new legislation.
It needs more support!!!
H.R.4324 – To amend the Homeowners Assistance Program of the Department of Defense to give the Secretary of Defense flexibility regarding setting the commencement date for homeowner assistance for members of the Armed Forces permanently reassigned during the mortgage crisis.
http://www.opencongress.org/bill/111-h4324/show#bill_list
Stacy -
If you haven’t found this site yet, it has been very helpful putting us all in touch with one another and allowing us to learn from each other as we negotiate the HAP system.
http://moaablogs.org/financial/2009/06/the-homeowners-assistance-program-benefit-could-be-taxable/
As to your question about posting of final rules, they were supposed to be posted 90 days after they closed the comment period for the interim rules. That would put us at about April 15th for final rule posting. No one seems to know if they are bound by that 90 day rule or not. Hope that helps
I was assigned to a 4-year statutory tour in the DC area and because my retirement was not mandatory, I’m deemed ineligible. That doesn’t make sense after 26 years of service. This program was built to reduce the impact of lost values of homes to military assignments. Why am I being treated differently?