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DoD has money to help military own homes
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The Department of Defense recently announced details for the temporary expansion of the Homeowners Assistance Program. Using $555 million in funds from the American Recovery and Reinvestment Act, this program is designed to partially reimburse eligible military personnel, surviving spouses and federal civilian employees whose service to the nation has required them to relocate and sell their primary residence at a loss.
Potential eligible personnel include:
• Active and former service members of the Army, Navy, Marine Corps, Air Force and Coast Guard.
• Civilian employees of the DoD, Coast Guard and non-appropriated fund activities.
• Surviving spouses of both fallen service members and civilian employees.
Potential eligible personnel who have sold a primary home for a loss or are considering selling their home should go to to check specific program criteria and, if eligible, apply online.
The DoD’s Homeowners Assistance Program has been providing financial assistance to military personnel and DoD civilians since 1966, mainly at base realignment and closure sites where government action caused a decrease in market home values. While the HAP expansion is not designed to pay 100 percent of losses or to cover all declines in value, it can help protect eligible applicants from financial catastrophe due to significant losses in their home values.
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