Home Equity Assistance

100% Home Equity Assistance in CFIRP

Changes to the Relocation Rules on Home Equity Assistance?

with one comment

A friend noted that the CBI (Compensation and Benefit Instructions) have been quietly amended with regards to the Home Equity Assistance.  What do you think? Has anyone seen a change in the CFIRP policy or policy clarification notices?

2009 Canadian Forces Integrated Relocation Program

2009 Canadian Forces Integrated Relocation Program-Dreamers and Doers Guide

208.97 – Home Equity Assistance

208.97(1) (Definitions) The definitions in this paragraph apply in this instruction.

adjusted purchase price

means, in respect of a principal residence, the price paid for the principal residence plus the value, as determined on the basis of actual costs for materials and professional labour, of any eligible home improvements determined under paragraph (6).

current market value

means, in respect of a principal residence, the value at the time of sale as determined by the Chief of the Defence Staff based on three appraisals.

eligible home improvements

include

  1. the addition of a garage;
  2. the addition of perimeter fencing;
  3. the addition of a deck or patio;
  4. the installation or paving of a driveway;
  5. necessary basic landscaping other than decorative;
  6. the finishing of a basement in a manner which adds living space to the residence; and
  7. the permanent addition of a bedroom or other living space.

principal residence

means a principal residence as defined in paragraph (1) of CBI 208.96 – Acquisition and Disposal of Residential Accommodation.

sale price

means, in respect of a principal residence, the final selling price.

208.97(2) (Application) This instruction applies in respect of the sale of a principal residence by an officer or non-commissioned member where, as determined by the Chief of the Defence Staff, the housing prices at the member’s place of duty have decreased by 10% or more between the date of purchase and the date of sale of the principal residence.

208.97(3) (Sale price lower than adjusted purchase price) An officer or non-commissioned member who is moved at public expense other than locally and sells a principal residence shall be reimbursed 90% of the difference between the sale price and the adjusted purchase price, when the sale price is lower than the adjusted purchase price.

208.97(4) (Sale price lower than current market value) Despite paragraph (3), when the sale price is also lower than the current market value, the Chief of the Defence Staff may limit reimbursement to 90% of the difference between the current market value and the adjusted purchase price.

208.97(5) (Appraisal) For the purpose of this instruction, the current market value and the value of eligible home improvements shall be determined on the basis of appraisals by licensed property appraisers appointed by the Chief of the Defence Staff.

208.97(6) (Under financial hardship) Despite paragraphs (2), (3) and (4), the Chief of the Defence Staff may approve reimbursement to an officer or non-commissioned member in any case that does not meet the criteria of this instruction when the Chief of the Defence Staff considers that the member would suffer undue financial hardship.

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Written by Major Marcus Brauer

April 16, 2015 at 17:58

One Response

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  1. Hi, just noticed that yesterday. Did you find out about those changes in April 2015?

    Like

    Mat Chenier

    January 24, 2017 at 09:58


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