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2005-11-08T21:48:00.000-08:00

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Does This Benefit Apply to Non-FHA/VA Loans as Well?
Yes. The Act is law that governs the debts of military personnel, regardless of the type of mortgage loan. This act also requires creditors to charge no more than six percent interest rate for the period of active military service on all debts incurred by a member of the military service prior to entry into active duty service, unless in the opinion of the court, the ability to pay is not materially affected by reason of such service.

2005-11-07T21:48:00.000-08:00

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Will My Payments Change Later? Will I Need to Pay Back the Interest Rate "subsidy" at a Later Date?
The change in interest rates is not a subsidy. The temporarily reduced interest rate will result in a reduction to the payment amount due during the period of active duty. Once the period of active military service ends, the interest rate will revert back to the original interest rate, and the payment will be recalculated accordingly.

2005-11-07T13:48:00.000-08:00

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a copy of the orders from the military notifying you of your activation;
your FHA case number; and
evidence that the debt precedes your activation date.
FHA lenders have been reminded by HUD of their obligation to follow the Act. If notified that a borrower is on active military duty, your lender must advise the borrower or representative of the adjusted amount due, provide adjusted coupons or billings, and ensure that the reduced payments are not returned as insufficient payments.

2005-11-06T13:48:00.000-08:00

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FHA mortgage loans have additional protections, including the possible postponement of monthly principal payments on the mortgage note for the period of military service, as long as the contract obligation is entered into prior to entry into active duty.

2005-11-05T21:48:00.000-08:00

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Who Is Eligible?
The provisions of the Act apply only to active duty military personnel - members of the Army, Navy, Marine Corps, Air Force, Coast Guard; Public Health Officers detailed to the Army or Navy on active duty; and military reservists and guardsmen called to active duty - who had a mortgage obligation prior to enlistment or induction for an initial tour of duty or prior to recall after a break in service when subsequently ordered to active duty.

2005-11-05T13:48:00.000-08:00

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Questions & Answers for Reservists, Guardsmen and Other Military Personnel regarding The Servicemembers Civil Relief Act (formerly known as The Soldiers' and Sailors' Civil Relief Act of 1940)

2005-11-05T05:48:00.000-08:00

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Soldiers assigned to the Control Group or discharged:
Human Resources Command, St. Louis (HRC-STL), provides assistance to all soldiers who are no longer assigned to a TPU. For those soldiers who feel they have valid claims to receive SLRP payments not made while they were members of a TPU unit, contact your Regional Support Team for assistance. Send the completed forms and copies of promissory notes to your Regional Support Team for final processing and forwarding to Ft. McCoy Student Loan Repayment Office.

2005-11-04T21:48:00.000-08:00

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Can SLRP be terminated? SLRP can be terminated at any time for a variety of reasons. The most common reason is for separating from the Selected Reserve (SELRES). If you are discharged or transfer to the Individual Ready Reserve (IRR), your SLRP incentive terminates. It is also important to remember that if you change your MOS or transfer out of a bonus unit, your SLRP incentive could be terminated (unless for normal career progression within your Career Management Field (CMF) or for the convenience of the government).

2005-11-04T13:48:00.000-08:00

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The actual payment of your SLRP is forwarded to the loan agency annotated on the DD Form 2475 in Section 4. The check is forwarded to the loan agency(ies) within 30 days from remark posting. You should contact your loan agency to ensure loan repayment was applied appropriately.

2005-11-03T13:56:00.000-08:00

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What are the unit's responsibilities? Unit responsibilities and processing procedures are found in USARC Pam 37-1, Appendix P, Student Loan Repayment Program (SLRP) Procedures.
Remind soldiers to complete their DD 2475(s) and secure copies of their promissory notes from their lending institution(s) approximately 90 days in advance of their anniversary (contract) date.

2005-11-02T21:48:00.000-08:00

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Maintain accurate and good records.
Maintain good, legible copies of all promissory notes. Keep copies of all promissory notes, even when consolidating loans.
Keep copies of all correspondence received from the lender (financial institution). Do not ignore letters or phone calls from your lender/creditor; respond promptly.

2005-11-02T13:48:00.000-08:00

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Remind your unit that your anniversary date is coming up and that you are eligible for SLRP.
Keep a personal copy of what is provided to unit.
Frequently check with your unit on the progress of your paperwork. Do not assume that it is being taken care of.

2005-11-01T13:48:00.000-08:00

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If the Army's payment does not cover the cost of entire year, you can:
Make the remaining payments
Request forbearance until the Army makes another payment
In the example, the Army's payment covers 10 months. To cover the amount owed for the year, you could make two payments or request forbearance for six months until the Army makes another payment.

2005-10-29T21:48:00.000-07:00

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Example 3: A soldier contracted for $20,000 SLRP. The total amount of loans is $19,475 and his DD Form 2475 had $91.26 annotated as interest. Even though 15% of the principal ($2921.25) plus the interest ($91.26) totals $3012.51, he would only receive the maximum annual amount ($3000). This covers principal and interest.

2005-10-28T13:48:00.000-07:00

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Is entitlement disbursed all at once?The SLRP amount is not disbursed in one payment. Each year 15 percent of the original amounts of the soldier's loan(s) plus interest may be repaid. However, there are set maximum and minimum payments for SLRP. The amount of the SLRP (level) determines the maximum. See the example below:

2005-10-27T21:48:00.000-07:00

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Your SLRP amount (either $10,000 or $20,000) is the maximum that can be paid on your student loans by the Army Reserve. It does not necessarily mean that you will receive the whole amount during this one contract. Nor does it mean that you will never have to make any payments on your student loans. The amount you actually receive depends on how many student loans you have and how old they are.

2005-10-27T13:48:00.000-07:00

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How much entitlement will be disbursed? The total amount of money available to you under SLRP depends on your MOS. Most MOSs qualify for $10,000 in loan repayment. However, there are some critical MOSs that qualify for $20,000. You should know whether your MOS qualifies for the $10,000 or $20,000 in student loan payments at the time you signed your contract.

2005-10-27T05:48:00.000-07:00

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2005-10-26T13:48:00.000-07:00

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It also may be necessary for the promoter to register the partnership units as securities with the federal and state securities regulators. Don't accept a general disclaimer that the offering you're looking at doesn't need to be registered.

2005-10-25T21:48:00.000-07:00

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The scams operate in this manner: potential wireless cable television investors are targeted through cold-calling, telemarketing, mail offerings and "infomercials." Cable promoters often represent that they have the necessary FCC licenses and are selling shares in a partnership or other venture to develop a wireless cable system.

2005-10-25T13:48:00.000-07:00

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The basics of wireless cable rely on "line-of-sight transmission." This means that if anything stands between the transmission source and the rooftop antenna -- like hills, tall buildings, or foliage -- interference will result. Always take this into consideration for the area where the "buildout" is to occur.
Wireless cable television has a maximum of 33 channels available for programming in a given area. Licenses for these 33 channels are awarded by the Federal Communications Commission (FCC), and as many as 12 different entities can be awarded licenses in each market. Each license can include either one or four channels. Several of these licenses are needed to establish an economically-viable wireless cable system.

2005-10-24T05:48:00.000-07:00

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For instance, for $10,000, you might purchase 22 ounces of gold at $450 an ounce. By leveraging your purchase at 20% down, you could purchase 5 times as many ounces, or 110 ounces. The problems with a leveraged purchase occurs when the value of this precious metal goes down. As the buyer, you're responsible for covering the downturn by putting in more money to cover your 20% cash down value. If you fail to cover the downturn, your precious metal is sold (often at a discount), and you're liable for the difference. Leveraging is extremely risky and is not recommended for the casual investor.

2005-10-23T21:48:00.000-07:00

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For the cost of your investment and a nominal storage fee, the promoter will purchase the coins or bullion for you and have them delivered to and stored in a large, well-known bank, nearly always outside of your geographical area. Often, these promoters offer the opportunity to "leverage" your purchase. Leveraging, in theory, is like buying on a margin, in that you only make a down payment towards the total cost of the metal you wish to buy. The rest of the money is advanced or loaned to you, with the precious metal serving as collateral.

2005-10-22T21:48:00.000-07:00

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Typically, the fee is assessed on a monthly or yearly basis for the boarding and care of the animals. The problem occurs when the predictions don't match reality or the investment doesn't exist at all. These investments may be accompanied by a "buy-back" or repurchase agreement from the promoter, making it appear that the investment is guaranteed against loss.

2005-10-22T13:48:00.000-07:00

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Promoters exaggerate the quality and quantity of the minerals to be extracted, while downplaying the expense or likelihood of recovering them.
AGRICULTURE AND LIVESTOCK
Another recent scheme involves ostriches and emus. For a fee, you can invest in a pair of live animals for breeding, with a goal of profiting from the selling of the eggs or offspring to zoos or other ranchers or farmers.

2005-10-21T21:48:00.000-07:00

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As with gold and silver mines, promoters frequently offer new and secret methods for reclaiming missed oil reserves on previously drilled fields.

2005-10-21T13:48:00.000-07:00

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OIL WELLS
By acquiring interests in a "proven" oil field, or in the immediate vicinity of other proven oil fields, investors are promised "can't-miss opportunities" for great wealth. These investments are frequently sold to people who live far away from the oil company's headquarters, which may be nothing more than a rented trailer.

2005-10-21T05:48:00.000-07:00

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Investments range from a few thousand dollars to a hundred dollars or more. Returns of fantastic wealth are promised, often in the $100 million range. Details about how the program works are either unavailable or, when examined closely, nonsensical. Recently, these schemes have been common in Mississippi. Investors' money is rarely recovered.

2005-10-20T21:48:00.000-07:00

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LOAN ROLL PROGRAM/PRIME BANK NOTES
These investments are similar in many respects to the advance-fee loan schemes described previously. Promoters offer the "little guy" a chance to pool money with other investors to buy bank notes internationally, often touting a large offshore bank as instrumental in the deal.

2005-10-20T13:48:00.000-07:00

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In a ponzi scheme, there is no underlying business. Early investors are simply being paid with funds received from later investors. The scheme can continue only as long as new investors provide additional funds. When the scheme collapses (as it always does), current investors lose their money and the promoters walk away rich.

2005-10-20T05:48:00.000-07:00

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PONZI SCHEMES
Promoters offer high rates of return on various impressive sounding investments. However, instead of using the money as promised, new investor's money may be used to pay the monthly "interest" or "return" to earlier investors. These "satisfied investors" then report the high returns to their friends, who in turn invest in hopes of achieving the same above-average returns.

2005-10-19T21:48:00.000-07:00

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ADVANCE-FEE LOANS
These loans usually are offered to desperate borrowers who have exhausted all of the traditional approaches to financing. Loans are arranged and promised only upon payment of an "up-front" or "advance" fee. It's common for the promoter to represent the source of funds as foreign investors or an off-shore bank. Loan amounts are typically very large ($5 - $100 million), and offer long repayment terms at below-market rates of interest. Minimal qualifications, other than the advance-fee payment, are not required. The promoter takes the advance fee and never delivers the loan.

2005-10-19T13:48:00.000-07:00

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An invitation from a friend, neighbor or co-worker to attend an "opportunity meeting" to learn how to earn lots of money;
At the meeting, a well-rehearsed presentation will downplay the traditional methods of acquiring money and will offer instead an exciting shortcut to wealth and adventure;
Investors pay large fees for courses or the right to recruit others and profit from their participation;
An emphasis on getting others to invest.
Pyramid schemes are illegal in Mississippi, but are difficult to prosecute. These differ from a legal multi-level-marketing (MLM) business such as Amway, Beauti-Control, etc. In a pyramid scheme, victims' money is filtered up through the pyramid and lost.

2005-10-18T21:48:00.000-07:00

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"Boiler rooms" often are just a short-term rented apartment or office with multiple phone lines and an impressive sounding address, many times in another state. In many cases, either the company or the product doesn't really exist or operate as represented. Phone pitches are read from prepared scripts with the answers to the most common objections. Your phone number may have been obtained from phone directories, purchased lists and newspaper articles.

2005-10-18T13:48:00.000-07:00

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BOILER ROOMS
Often the source of the call you receive in the evening that offers immediate investments in "get-rich-quick" schemes is from a "boiler room." It earns its name from the "heat" and high pressure generated by the callers as they try to convince you to part with your money.

2005-10-18T05:48:00.000-07:00

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Anyone receiving such a letter should not respond. Send the letter to the Business Services Division of the Secretary of State's Office, your local Better Business Bureau or to the U.S. Secret Service, which is currently investigating the scam.

2005-10-17T21:48:00.000-07:00

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Using the provided information, the con artists can then plunder the victim's bank account. Or they may try to get money directly by requesting exorbitant payments to cover transfer fees, travel expenses, taxes, or necessary bribes before the transaction can occur. Once the money has been wired, the scammers typically disappear and are hard to trace. Needless to say, no one has ever received the promised funds, and losses from participating in illegal foreign business deals are nearly impossible to recover.

2005-10-17T13:48:00.000-07:00

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In a related scenario, a business may receive notification that it has been named as a beneficiary in the will of a wealthy Nigerian. The business then is asked to send necessary "proofs of identity" to secure the supposed gift.

2005-10-17T05:48:00.000-07:00

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Although each letter may contain a slightly different appeal, the "official" asks for assistance in transferring millions of dollars of excess money out of Nigeria. The person proposes depositing the money in a trustworthy U.S. bank account, in exchange for which the account-holder will receive 30% or more of the transferred funds. To participate in the deal, the business or organization must provide its bank account number and the name. address, phone and fax numbers of the bank. Sometimes the person requests copies of signed, but otherwise blank, company letterhead and pro-forma invoices.

2005-10-16T21:48:00.000-07:00

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The scam, which has been perpetuated world-wide, targets small businesses, churches and other non-profit organizations. A letter marked "urgent" or "confidential" arrives from Nigeria via mail or fax. The sender claims to be an official of a company or government ministry or has an official-sounding name such as doctor, chief, lawyer or prince. Some letters are written on "government" stationary.

2005-10-16T13:48:00.000-07:00

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NIGERIAN LETTERS
Do not be tempted by fraudulent letters from Nigeria that offer get-rich-quick schemes. These recent and persistent scams are nationwide; even Better Business Bureaus have received letters offering quick profits, sometimes in the millions.

2005-10-16T05:50:00.000-07:00

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Overstated claims of product effectiveness. Use of hype titles and frequent use of the word "hot" to describe an investment opportunity can indicate a scam.
Exaggerated claims of potential earnings, profits, or part-time earnings.
Claims of "inside" information.
Requires money for instructions or merchandise before telling you how the plan operates and tells you that no experience is necessary.
Check on the reliability of the business offering of the work-at-home opportunity before sending any money. Anyone victimized by work-at-home offers over the Internet can file a complaint online or offline with their Better Business Bureau (www.bbb.org) or with the Mississippi Attorney General's Office. Consumers who remain silent allow others to be swindled by these fraudulent operators. Always remember to investigate before you invest. Call the Secretary of State's Business Services Division or your Better Business Bureau to check out the reputation of any company, in cyberspace or the traditional marketplace.

2005-10-15T21:48:00.000-07:00

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To evaluate tempting, online solicitations which offer a chance to earn money by working at home, follow the same signals that tip you off to potential frauds in printed and other media. The Better Business Bureau offers some warning signs to questionable online advertising:

2005-10-15T13:49:00.000-07:00

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Many questionable work-at-home offers are perpetuated through classified advertising. No matter where you find classified ads online, you are likely to find some false and misleading claims. Traditional work-at-home schemes, such as making handcrafts or stuffing envelopes, have been replaced by offers to use your home PC to make money fast in your spare time.

2005-10-15T05:48:00.000-07:00

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Online users need to be careful while browsing the Internet and responding to unsolicited offers. If an ad seems too good to be true, it probably is. Talented individuals can use a web page to create a company that looks very legitimate, but just because an ad looks legitimate on the computer screen is no reason to assume it is.

2005-10-14T21:48:00.000-07:00

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ONLINE WORK-AT-HOME SCHEMES
Want to make fast cash while working from your home? Click a few keys and follow the instructions on your computer screen! Work-at-home schemes are nothing new, but now fraud artists who once touted scams through newspapers, U.S. mail and telemarketing are now using computers to reach potential victims. They can sit at their keyboard and reach hundreds of thousands of people, pretty much for free, in a short period of time. Getting a phony ad or message out is now cheap and easy.

2005-10-14T13:48:00.000-07:00

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Scams: What You Need to Know
Con artists spend lots of energy to extort money from their victims. The following is a list of the more familiar scams. Many scams are a combination of techniques. By knowing this information, we hope you'll be equipped to detect falsehoods in investment recommendations. Remember to trust your initial reaction. It's always best to ask clarifying questions than to remain silent and come to regret it.

2005-10-14T05:48:00.000-07:00

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For additional information regarding the Texas Military Value Revolving Loan Fund or SB 652, please contact this office at (512) 936-0517 or email at acasals@governor.state.tx.us.
The following links contains the required information and forms necessary for Defense Dependent Communities in Texas to make application for loan funds under the Texas Military Value Revolving Loan Fund:

2005-10-13T21:48:00.000-07:00

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As a first step in requesting project funds, communities should develop a Military Value Enhancement Statement (MVES) (See link below). If requested, the TMPC will provide assistance in prioritizing multiple projects. Loans may also be requested by a community to develop a Comprehensive Defense Installation and Community Strategic Impact Plan as outlined in Chapter 397.003 of Senate Bill 652.

2005-10-13T13:49:00.000-07:00

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Defense Dependent Communities desiring to apply for funds from the Revolving Loan Fund will be required to comply with the rules and to meet the criteria established by the enclosed documents. Provisions of the statute require repayment of the loan as specified in the contract.

2005-10-13T05:49:00.000-07:00

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Texas Military Value Revolving Loan Fund
Created by Senate Bill 652, The "Revolving Loan Fund", as it has become known, was signed by the Governor during the 78th Legislative session, as a provision of the Military Preparedness Act. The Fund will assist defense dependent communities in accomplishing economic development projects that enhance the military value of their installations. The bill provides a low cost source of revenue to eligible communities who meet the application criteria. State funding will be obtained through the sale of up to $250 Million in general obligation bonds.

2005-10-12T21:48:00.000-07:00

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SCRA has several other provisions, but it doesn't offer "full protection" just because someone is in the military. If you have specific questions, they please contact the legal assistance coordinator at (757) 628-4197.

2005-10-12T13:49:00.000-07:00

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Legal Residency: The SCRA provides the authority for a military member to remain a domiciliary of one state even though he or she is stationed in a different state. For example, a military member who was a resident of Florida and intends to return to Florida upon release from his or her military obligations, may remain a domiciliary of Florida even though transferred to Virginia. As a result, the military member may not be subject to certain taxes or other requirements in Virginia.

2005-10-12T05:48:00.000-07:00

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Lease Termination: The SCRA provides for termination of pre-service leases when the member enters active duty. Again, this applies only to leases signed before the member enters active duty. A "military clause" is not automatically placed in every lease signed by a military member.

2005-10-11T21:49:00.000-07:00

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Court Proceedings: The SCRA provides for a mandatory stay of civil court proceedings if the member's military service would interfere with his or her ability to represent himself/herself in court. This is intended to avoid penalizing someone who's underway or on the other side of the world performing military duty. However, a member who receives a legal notice should not ignore it! The member's command should send a letter to the court explaining why he or she can't take leave to be there (deployment, etc.), rather than have the legal office send something and the court determine that the member "appeared" because he or she was represented by an attorney.

2005-10-11T13:49:00.000-07:00

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3. Ensign Z successfully completed Officer Candidate School and received his commission. He was a high school teacher before he went to OCS. His pay as an ensign is less than he was paid as a teacher. When he reported for active duty, he had an outstanding balance of $4000 on his VISA card. He can also receive protection under the SCRA, and should write a letter to the bank that issued the credit card to ask for a reduced interest rate (see example 1 above for more details). However, the credit card company is required to give the 6% interest rate only on his pre-active duty balance, and may charge its regular interest rate on any purchases he made after he reported for active duty.

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2. Petty Officer Y, USCG, has been on active duty for five years. He buys a brand new pick-up truck with no money down and a 14% loan. After two months, he decides he can�t afford the payments. He's out of luck, and SCRA provides no protection on the interest rate.

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Here are some examples:
1. Petty Officer X, USCGR, a successful businesswoman in civilian life, buys a car with a 12% loan while in an inactive status. She is then recalled to active duty, voluntarily or as part of an involuntary recall. Her military pay is less than her civilian earnings. She may use the SCRA to reduce the interest rate on the loan to 6%. Petty Officer X should send a letter to the lender asking for the 6% interest rate under the Service Member's Civil Relief Act, 50 U.S.C. App. 527. The letter should include the account number for the loan, the date she received the loan, the date she entered active duty, and that her active duty status has affected her ability to repay the loan. She should also include a copy of her orders to active duty, and a copy of a leave and earning statement (LES). If the lender refuses to reduce the interest rate, Petty Officer X should contact a legal assistance attorney.

2005-10-10T13:48:00.000-07:00

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Reduced Interest Rates: Section 527 of the SCRA (50 U.S.C. App. 527) puts a 6% interest cap on debts incurred prior to entry upon active duty. The 6% interest rate applies only to debts incurred prior to entry on active duty, and does not apply to any loans, credit cards purchases, etc. made after the member began active duty. The SCRA also does not apply to federally-guaranteed student loans. The creditor (the person to whom the money is owed) may take the member to court and try to convince the court that the military service does not materially affect the member's ability to repay the loan. The court then can decide what interest rate should be charged. In other words, if the creditor shows that the service member is getting paid as much or more as he or she received before entering the military, a judge can override the 6% interest cap.

2005-10-10T05:48:00.000-07:00

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The SCRA can be a useful legal tool for CG members. It was originally enacted in 1942, and may be found in the Appendix to Title 50, United States Code (50 U.S.C. App. 501 et. seq). Here are some of its provisions:

2005-10-09T21:49:00.000-07:00

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Application Process
Once a Disaster has been declared, an applicant should contact the Federal Emergency Management Administration (FEMA) tele-registration number. It is a Toll Free number and is broadcast in the regions of disasters. SBA and FEMA have worked together to simply the process so that disaster victims can call one phone number for most of their needs. After supplying some basic information, applicants eligible for SBA loans can begin the application process. SBA staff will be in the community of the Disaster to help with the application process.

2005-10-09T13:49:00.000-07:00

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Loan Terms
Interest Rate cannot exceed 4% with no Upfront fees and variable Pre-payment penalties. Maximum Loan Length 30 years. Maximum Loan Amount $1.5 million. Monthly Payment Frequency.

2005-10-09T05:49:00.000-07:00

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Program Description
The purpose of the Military Reservist Economic Injury Disaster Loan program (MREIDL) is to provide funds to eligible small businesses to meet its ordinary and necessary operating expenses that it could have met, but is unable to meet, because an essential employee was "called-up" to active duty in their role as a military reservist. These loans are intended only to provide the amount of working capital needed by a small business to pay its necessary obligations as they mature until operations return to normal after the essential employee is released from active military duty. The purpose of these loans is not to cover lost income or lost profits. MREIDL funds cannot be used to take the place of regular commercial debt, to refinance long-term debt or to expand the business.

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Credit Requirements: SBA's assistance is in the form of loans, as such SBA must have a reasonable assurance that such loans can and will be repaid.
Collateral Requirements: Loans of $5,000 or less do not require collateral. Loans in excess of $5,000 require the pledging of collateral to the extent that it is available. Normally the collateral would consist of a first or second mortgage on the business property. In addition, personal guaranties by the principals of the business are required. The SBA will not decline a loan for lack of collateral, but you must pledge available collateral.

2005-10-08T13:49:00.000-07:00

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Military Reservist Economic Injury Disaster Loan Program Could I qualify?
General Program Requirements
Federal law requires SBA to determine whether credit in an amount needed to accomplish full recovery is available from non-government sources without creating an undue financial hardship to the applicant. The law calls this credit available elsewhere. Generally, SBA determines that over 90% of disaster loan applicants do not have sufficient financial resources to recover without the assistance of the Federal government. Because the Military Reservist economic injury loans are taxpayer subsidized, Congress intended that applicants with the financial capacity to fund their own recovery should do so and therefore are not eligible for MREIDL assistance.

2005-10-08T05:48:00.000-07:00

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Once the solicitation is issued, the service holds local preproposal conferences so officials may travel to the communities and meet with developers and financiers, who may have questions and want to learn more about the process and project specifics. The service then reviews and evaluates the proposals and makes a selection. DoD notifies Congress of the proposed contract. The contract is executed, and the developer obtains final zoning, site plan approval, and financing.

2005-10-07T21:49:00.000-07:00

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Project Solicitation and Development Process
The services nominate installations that have large housing deficits or need housing renovations. They visit and evaluate each site with contracted private-sector finance experts, identify problems, determine which authority best addresses site issues, hold industry forums to introduce the project to the private sector, and then draft and issue the solicitation.

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ensure our Service members and their families are properly housed on and off military installations;
leverage our funds with private capital;
involve local governments to help with infrastructure, financing, permits and use their knowledge of local developers;
integrate projects with private-sector housing, with a mix of bedroom sizes; and
have housing projects developed within reasonable commuting distance of military installations.

2005-10-07T05:48:00.000-07:00

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Project Guidelines
DoD allows as much flexibility as possible for developers and financiers to create the best possible proposals. However, we have identified several broad guidelines to give offerors some direction. We want to

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Developers and financiers can find significant venture capital opportunities in DoD housing. Privatization opens the military construction market to a greater number of development firms. MHPI stimulates the economy through increased building activity, and MHPI projects can provide a long-term continuous inflow of capital to an investor.

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Advantages for the Military, Venture Capital Opportunities for the Private Sector
MHPI promotes a mutually beneficial relationship between DoD and the private sector. For DoD, it results in the construction of more housing built to market standards for less money than through the military construction process. Commercial construction is not only faster and less costly than military construction, but private-sector funds significantly stretch and leverage the DoD�s limited housing funds.

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As a stockholder, DoD may be involved in the management of a project without losing limited liability. DoD could have considerable control over a project if it provides capital through a loan, bond. or mortgage.
Direct Loans. DoD may offer a direct loan. The title, land, and improvements remain with the developer.

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Although no minimum cash contribution has been set for any DoD investment in a project, there is a maximum cash contribution. DoD may invest a maximum of 33.5 percent of the capital cost of a project. Because all sites and projects differ, and because the services each prioritize their own projects, the full 33.5 percent cash contribution may not be needed in each project. However, DoD also has the authority to convey land or buildings as all or part of its investment. If it chooses this route, it may not exceed 45 percent of the total capital cost if land or facilities are conveyed. For projects involving renovation, replacement, and support facilities, DoD�s total equity contribution may not exceed 45 percent of a project's capital cost.

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Investments. The investment authority allows DoD to invest in nongovernmental entities involved in the acquisition or construction of family housing and supporting facilities. These investments can be in the form of limited partnerships, for which DoD provides cash, land, or facilities as equity. A limited partnership arrangement operates purely as a private business: DoD has no part in the management.

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Conveyance or Leasing. DoD can convey or lease family housing units to private persons for purposes of using proceeds to finance the privatization projects.
Differential Lease Payments. This authority allows DoD to pay the difference between the negotiated rent and basic allowance for housing to make housing available to Service members.

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Guarantees, both loan and rental
Conveyance or leasing of existing property and facilities
Differential lease payments
Investments, both limited partnerships and stock or bond ownership
Direct loans.
Guarantees. These can be loan or rental guarantees. We can guarantee mortgage payments, directly or through an intermediary, or provide a limited guarantee against base realignment and closure (BRAC), force reductions, or major deployments. DoD can also provide guarantees for mortgage insurance. Finally, we can guarantee rent and occupancy levels as specified in an agreement.

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Powerful Authorities
The National Defense Authorization Act for Fiscal Year 1996 provides DoD with a variety of authorities that allow us to obtain private-sector financing and expertise to improve our housing situation. These authorities can be used individually or in combination and include the following:

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A DoD Quality of Life Task Force report confirmed these disconcerting trends and warned that readiness and morale are in jeopardy. Continuing to neglect these issues runs the risk of collapsing the force because even the most dedicated Service members will decide to leave the military. This is why MHPI is so important to DoD, Service members and their families, and American taxpayers.

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Information from the Past and Present Will Improve the Future
While the quality of existing on-base military housing has declined during the last three decades, deployments and family separations have lengthened, out-of-pocket expenses for Service members living in private housing have risen, and demands on military personnel and their families have increased.

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This means the majority of service families live in local communities. Most of them are families of enlisted personnel, whose salaries are at the lower end of the military pay scale, making it difficult for them to find quality, affordable housing within a reasonable commuting distance. In addition, some of these communities, located in extremely rural or metropolitan areas, do not have enough affordable, quality rental housing to accommodate Service members and their families.

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However, the postponement of principal payments is not mandated by the Act. This is an option available to the lenders on FHA-insured loans.
How Can I Learn More about Relief Available to Active Duty Military Personnel?

Today's Military Living in Yesterday's Houses
Today's military is living in yesterday's houses. DoD currently owns 257,000 family housing units on- and off-base. About 60 percent need to be renovated or replaced because they have not been sufficiently maintained or modernized over the last 30 years. Using the traditional military construction approach, it would cost taxpayers nearly $16 billion and take 20 years to solve this problem. Furthermore, traditional military construction requires contractors to adhere to military specifications, which make projects significantly more costly than building to market standards.

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How Long Does the Benefit Last? Does the Period Begin and End with My Tour of Duty?
Interest rate reductions are only for the period of active military service. Other benefits, such as postponement of monthly principal payments on the loan and restrictions on foreclosure may begin immediately upon assignment to active military service and end on the third month following the term of active duty assignment.

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The mortgage payment may increase, if your lender allowed you to postpone payments on the mortgage principal amount, as the amount of the outstanding principal due will need to be amortized into the mortgage over the remaining life of the loan.

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What Information Do I Need to Provide to My Lender?
When you or your representative contact your mortgage lender, you should provide the following information:

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Who Do I Call to Take Advantage of This Benefit?
Active duty personnel and reservists should contact their lenders and other creditors and inform them that they have been called to active duty.

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Am I Protected against Foreclosure?
The Act also provides specific protection against foreclosure when a person is called into active military service as long as the contract obligation is entered into prior to entry into active duty.

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Questions & Answers for Reservists, Guardsmen and Other Military Personnel regarding The Servicemembers Civil Relief Act (formerly known as The Soldiers' and Sailors' Civil Relief Act of 1940)

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Or, scan and Email packet to: rcpsotmslrpscan@emh2.mccoy.army.mil
How am I notified of payment?The SLRP team will process your SLRP payment through the pay system that will create a remark to appear on your Leave and Earning Statement (LES). This transaction will also identify the loan agency and money amount paid. The same remark will also appear under the processed transaction section on your unit's 2405 Pay Report. If more than one agency is involved, a separate remark will be annotated. This remark will also include the entitlement year or years the payment covers.

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Upon completion of the DD 2475 and receipt from the lending institution, the SLRP packet should be forwarded to the SLRP team at Ft. McCoy on/after the soldier's anniversary date. Early submission of SLRP packet will be deemed as "pre-certified" and returned without action.

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Personally send the DD 2475 to your financial institution. When the form is completed, have it returned to you so that you can coordinate with your unit for submission of all documentation to the SLRP Office, Ft. McCoy, WI.
Do not let your loans become delinquent and go into default. Request a deferment or forbearance, whichever is appropriate.