Home Equity Assistance

100% Home Equity Assistance in CFIRP

Soldiers taking financial bath in housing disagreement with Ottawa

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Global News

OTTAWA – At least 146 military families have suffered severe financial hardship because National Defence and the federal Treasury Board differ in their interpretation of an assistance program, federal documents show.

The disagreement involves a home-equity assistance program available to members of the military who move frequently and run the risk of taking a bath on sales of their properties.

Compensation is supposed to be available when a member is required to transfer and sells a home in a depressed housing market, but the two departments are at odds over the definition of market.

Internal records show that between 2007 and 2010, 146 applications involving tens of thousands of dollars each were rejected by the Treasury Board, despite having the support of National Defence.

Military officials have been arguing for years without success for the policy to be tweaked.

The controversy surfaces just weeks after Defence Minister Peter MacKay forced…

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Written by Major Marcus Brauer

December 31, 2013 at 23:06

Posted in Uncategorized

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