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Has anyone heard of Home Sale Assistance? It is on the NJC site from which our IRP is derived.
Here is an excerpt from the site.
http://www.njc-cnm.gc.ca/directive/index.php?sid=117&lang=eng
The reason I ask is Brookfield links directly to this in important links from the secure website but they have no knowledge of it. I have asked and they keep telling me it is Home Equity Assistance (HEA) which it is not.
"Appendix A - Examples of computation - 10% Home Sale Assistance (HSA)
(Core Assistance never to exceed $15,000)
Example #1:
Originally purchased @ $178,500 (1997)
Current appraised value $175,000
Listed at $180,000
Sells for $170,000
10% of appraised value = $17,500
Computation: Appraised value of $175,000 minus selling price of $170,000 = $5,000.
Therefore, the employee is entitled to financial assistance of $5,000 from Core.
Example #2:
Originally purchased @ $178,500 (1997)
Current appraised value $175,000
Listed at $170,000
Sells for $160,000 (Departmental National Coordinator has to approve because selling below 95% of appraised value)
10% of appraised value = $17,500
Computation:
Appraised value of $175,000 minus selling price of $160,000 = $15,000.
95% of appraised value = $166,250
Selling price = $160,000
Since the property sold for less than 95% of the appraised value, the Departmental National Coordinator must approve the reimbursement of the financial assistance of $15,000 from Core.
Example #3:
Originally purchased @ $178,500 (1997)
Current appraised value $175,000
Listed at $175,000
Sells for $155,000 (Departmental National Coordinator has to approve because selling below 95% of appraised value)
10% of appraised value = $17,500
Computation:
Appraised value of $175,000 minus selling price of $155,000 = $20,000.
95% of appraised value = $166,250
Selling price = $155,000
Since the property sold for less than 95% of the appraised value, the Departmental National Coordinator must approve the reimbursement of the financial assistance of $15,000 from the Core Fund. Subject to funding availability, he/she may approve an additional $2,500 from the Customized/Personalized Funds.
Example #4:
Current appraised value $130,000
Sells for $116,000 (Departmental National Coordinator to approve because sale price below 95% of appraised value)
10% of appraised value = $13,000
Loss from sale = $14,000
Computation:
Appraised value of $130,000 minus selling price of $116,000 = $14,000.
95% of appraised value = $123,500
Core to reimburse $13,000
No additional assistance from the Customized/Personalized Funds because it will exceed the 10% assistance."
Here is an excerpt from the site.
http://www.njc-cnm.gc.ca/directive/index.php?sid=117&lang=eng
The reason I ask is Brookfield links directly to this in important links from the secure website but they have no knowledge of it. I have asked and they keep telling me it is Home Equity Assistance (HEA) which it is not.
"Appendix A - Examples of computation - 10% Home Sale Assistance (HSA)
(Core Assistance never to exceed $15,000)
Example #1:
Originally purchased @ $178,500 (1997)
Current appraised value $175,000
Listed at $180,000
Sells for $170,000
10% of appraised value = $17,500
Computation: Appraised value of $175,000 minus selling price of $170,000 = $5,000.
Therefore, the employee is entitled to financial assistance of $5,000 from Core.
Example #2:
Originally purchased @ $178,500 (1997)
Current appraised value $175,000
Listed at $170,000
Sells for $160,000 (Departmental National Coordinator has to approve because selling below 95% of appraised value)
10% of appraised value = $17,500
Computation:
Appraised value of $175,000 minus selling price of $160,000 = $15,000.
95% of appraised value = $166,250
Selling price = $160,000
Since the property sold for less than 95% of the appraised value, the Departmental National Coordinator must approve the reimbursement of the financial assistance of $15,000 from Core.
Example #3:
Originally purchased @ $178,500 (1997)
Current appraised value $175,000
Listed at $175,000
Sells for $155,000 (Departmental National Coordinator has to approve because selling below 95% of appraised value)
10% of appraised value = $17,500
Computation:
Appraised value of $175,000 minus selling price of $155,000 = $20,000.
95% of appraised value = $166,250
Selling price = $155,000
Since the property sold for less than 95% of the appraised value, the Departmental National Coordinator must approve the reimbursement of the financial assistance of $15,000 from the Core Fund. Subject to funding availability, he/she may approve an additional $2,500 from the Customized/Personalized Funds.
Example #4:
Current appraised value $130,000
Sells for $116,000 (Departmental National Coordinator to approve because sale price below 95% of appraised value)
10% of appraised value = $13,000
Loss from sale = $14,000
Computation:
Appraised value of $130,000 minus selling price of $116,000 = $14,000.
95% of appraised value = $123,500
Core to reimburse $13,000
No additional assistance from the Customized/Personalized Funds because it will exceed the 10% assistance."
