Military families stationed at Fort Meade, Andrews AFB, the U.S. Naval Academy and other military installations in the Crofton area and throughout the D.C.-Baltimore region will be glad to learn they may now be eligible for relief to their housing woes, compliments of the recent stimulus package.
It comes in an expansion to the Homeowners Assistance Program (HAP). administered by the Army Corps of Engineers. The program was intended initially to assist military homeowners affected by base closings under BRAC 2005. It has since been extended to help those affected by the credit and foreclosure debacle, and now it will also help these service members:
- Military personnel with PCS orders who are unable to sell their homes
- Wounded warriors required to relocate for medical reasons, and
- Surviving spouses of fallen service members
The Department of Defense (DOD) will reimburse these individuals up to 95 percent of the loss if their home was purchased before July 1, 2006. According to Military.com, DOD could also elect to purchase the homes for up to 90 percent of the fair market value. (Here's my question: “fair market value” at the time of their move or at the time they purchased the property? It's not clear in anything I found on this topic.)
The Homeowners Assistance Program website has been updated to reflect these new programs, but indicates that DOD is in the process of establishing policy guidance on applicant processing and benefits. Until that time, you may download, complete and mail your application to the appropriate HAP district (Savannah for personnel on the East Coast). However, no action will be taken on the applications until final details are worked out.
If you are entitled to this relief, it could help you avoid the worst from this housing crisis and buy a home at your destination assignment. That's good for you, the housing market, and our economy.
I'll watch for updates on this program and keep you informed, so check back often to the Maryland Real Estate Blog at www.mwoda.com.
Source: Focus on Crofton, USACE.com, MOAA.com and Military.com
Margaret Woda is a licensed Associate Broker in the Washington, D.C. - Baltimore - Annapolis area. She specializes in Anne Arundel, Howard and Prince George's Counties, Maryland, including Fort Meade, Andrews AFB, and the U.S. Naval Academy. If you enjoyed reading this post, check out Focus On Crofton and Your Online Relocation Package for Anne Arundel County.
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