The economic stimulus package that was signed by the President yesterday has language that may allow some relief for DOD (Department of Defense) eligible homeowners and may benefit many that are living in Hawaii and stationed or working installations such as Schofield Barracks, Wheeler Army Airfield, Pearl Harbor, Hickam AFB, Marine Corps Base Kaneohe, Camp H.M. Smith and Tripler Army Medical Center to name a few.

The program will be modeled after the current HAP (Homeowners Assistance Program), a USACE (US Army Corps of Engineers) program that was developed after the BRAC (Base Realignment And Closure) affected many DOD eligible homeowners.  It is designed to aid homeowners that face financial loss in areas where property values have decreased as a result of BRAC.

Q: How is it going to work if for me in Hawaii if my base is not affected by BRAC?

A: I spoke to one of the administrators in the Sacramento, CA office yesterday and she said that it would all be based on "dates and percentages" once the eligibility for the program is determined.  For example, if an eligible person sold their house today, the HAP would look back to what the value of the home was prior to July 1, 2006 then a percentage of the value would be assigned.  It is my understanding that with the BRAC properties, the percentage was 95%.  So if the home was worth 100k on Jun 30, 2006, the homeowner would be allowed to sell the home for 95k.  HAP will also cover closing costs and real estate fees.  The Sacramento, CA office handles Hawaii.

CLICK HERE to visit the HAP site.

If you own property in Hawaii and think that you may be eligible for this program, feel free to contact me for your private consultation.

David Kucic, REALTOR-ASSOCIATE
First Sergeant, USA (Retired)
RE/MAX Honolulu in Kapolei, Hawaii
Cellular: (808) 218-9338
Email: davidkucic@remax.net
Visit Me On The Web at:  www.relocate808.com