IF YOU ARE IN THE MILITARY YOU SHOULD READ THIS

I live in a community, Fishhawk Ranch located in Lithia, Fl, with a large military presence and I know they depend on their BAH allowance to help them out. Let’s hope something is done before 2015 as these people put their lives on the line to protect us and our country.

Military families fear housing allowance is at risk
WASHINGTON – Nov. 8, 2013 – Sequestration could mean a $20 billion loss of defense funding for fiscal 2014 and possibly include a reduction in the allowance military families receive to help them pay for shelter.

Many military households apply their housing allowance to home buying or renting. The amount of an allowance varies according to geographic location, rank and other factors; and it’s adjusted annually to reflect local housing costs.

The idea of lower military allowances has already been floated. This summer, Secretary of Defense Chuck Hagel planted the idea of “changing how the basic allowance for housing is calculated, so that individuals are asked to pay a little more of their own housing costs.”

However, no major housing allowance changes are expected for fiscal year 2014, though the numbers have not yet been announced. Still, industry representatives are bracing themselves and asking enlisted families to do the same.

Elysia Stobbe of Jacksonville, Fla.-based VanDyk Mortgage, for example, says she is encouraging military customers to think about how any changes could “affect their income and ability to pay their mortgage in the future.”

Paula Cino of the National Multi Housing Council, meanwhile, is hoping that the government will keep everyone abreast of its plans so that there are no unexpected surprises. “The sooner that we really understand what the potential changes can be, the better we can respond and mitigate any damage to the program moving forward,” she said.

Source: Wall Street Journal (11/07/13) Wotapka, Dawn

© Copyright 2013 INFORMATION, INC. Bethesda, MD (301) 215-4688

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