Today is September 30, 2010 and it is the last day for PCS orders for active duty military and other qualified individuals to meet the current criteria for the DoD Homeowners Assistance Program (HAP).
As of today there has been no announcement of an extension of the date for orders. There has been a rush in many personnel offices to try and get orders processed even if the actual PCS date was in early 2011. However there is a 90 day Report Not Later Than (RNLT) issue on orders which would mean for anyone with a RNLT of December 31, 2010 orders cut now for 2011 won’t stand up with the HAP program.
Unless there is a legislative change to the current policies it appears that anyone with orders next spring will have to look at other options for selling their home. Since today is also the end of the federal government accounting year it is also going to be important to see how much of the original $550M allocated for the program remains.
There are proposals in Congress for additional funding and for extension date for PCS orders. Based on personal experience from closing 18 HAP transactions this year expectations for quick action on the current bills might be overly optimistic.
In the meantime if you meet the criteria for the DOD HAP program and live in the Northern Virginia area give me a call at 703-346-2213. Let me give you the straight scoop on the program and help you deal with the bumps in the transaction from application to settlement. If you left the area and your home is rented I’ve worked with a number of tenant situations as well and understand how to make it a win/win for everyone.