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Homeowners Assistance Program

Many of my colleges found themselves PCS’d overseas with a home in the CONUS that they couldn’t sell or rent for enough to cover their mortgage. They’ve been looking for assistance from the DoD Homeowners’ Assistance Program. This program was designed to help military members leaving bases that were being closed, has been extended to others who are stuck with the homes because of an ordered move.

My friends are trying to cope with one significant issue right now. The benefits are apparently taxable, which for some who are underwater (owe more than their home is worth at fair market value), they won’t have enough at closing to release the title to the new owners. Congress has excused the taxes for families that have gone through a foreclosure (loan forgiveness results in a 1099 which was previously taxed as ordinary income). We encourage veterans support groups to lobby congress to make the Homeowners’ Assistance Program proceeds tax free.

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