With all of the hoopla surrounding the extension of the first time homebuyers tax credit as part of the "Unemployment Compensation Act of 2009" a small portion of the bill was overlooked.
Perhaps if you don't work with military families or aren't in a community that has faced a decline in home values you might not even known that H.R. 3548 saved military families who are using the expanded Department of Defense Homeowners Assistance Program (HAP) a 25% up front tax penality when they sold their home.
For some families this has meant the difference from being able to take advantage of the benefits of the Department of Defense program or not. A 25% upfront tax penality is not money that all military families have lying around just waiting to give to give up. The other great news is that HAP files are processing and checks are being issued. Two of the homes that I have under contract for Northern Virginia military families eligible for HAP are on to the final stages of processing.
The other great news is that this bill also extended the opportunity for military families who have been stationed overseas for at least 3 months in 2009 the chance to take advantage of the first time home buyers tax credit.
Thanks to Congress for understanding the need to provide a way for those who serve our country to be able to make their next PCS move a bit less financially stressful.
If you are a military family living in the Northern Virginia area and are eligible for the expanded HAP benefits give me a call at 703-346-2213. I've been working with families in your situation this year and can help you navigate the process of understanding the Department of Defense HAP benefits and getting your home sold in our current market.