Overview:
ARRA HAP Expansion Guidance.
- HAP Expansion Brief
- Expanded HAP brochure
- 32 CFR Final Rule
- HAP Home Purchase Price Limits
- Tax Bill Passed HR 3590
- HAP Tax Exemption
- HAP Guide for Realtors
- Expanded HAP Definitions
For questions or more information, please contact the HAP office in which your property resides.
Benefits
Private Sale
Eligible applicants may be compensated for the difference between 95% of the appraised fair market value of the property prior to the announcement date, and the appraised value of the property at the time of sale, or the sales price, whichever is greater. Closing costs are reimbursed for private sales.
Government Purchase
The Government might purchase your property at 75% of your purchase price, or mortgage payoff. If this occurs, the government will sell the home to the buyer you and your realtor located and pay the realtor fees.
NOTE: It is a DOD policy to insure that HAP funding remain available to assist the maximum number of applicants as opposed to using the funds for administratve costs associated with maintenance and resale of a large housing inventory.
Foreclosure Assistance
If foreclosure proceedings have commenced, an applicant may elect to receive foreclosure benefits or private sale benefits. Foreclosure benefits may be paid directly to the applicant to reimburse for foreclosure costs paid by the applicant, or paid to third parties on the applicant’s behalf.
NOTE: Eligible HAP applicants who work at overseas installations announced for closure or realignment may receive only private sale benefits. Government purchase benefits are not available at overseas installations.
How HAP assists you
HAP provides assistance in four ways. For eligible applicants, the Government may:
- Reimburse you for part of your loss from selling your home.
- Assist you, if you don’t have funds from the sale of your home to pay-off your mortgage.
- Purchase your home by paying off the mortgage.
- Help, if you default on your mortgage.