(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 (National Co-ordinator has to approve because selling below 95% App. Val)
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 Co-ordinator 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 (National Co-ordinator has to approve because selling below 95% App. Val)
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 Co-ordinator must approve the reimbursement of the financial assistance of $15,000 from Core. Subject to funding availability, he/she may approve an additional $2,500 from the Customized/Personalized funding envelopes.
Example #4:
Current Appraised Value $130,000
Sells for $116,000 (National Co-ordinator to approve because sale price below 95% App. Val)
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 Customized/Personalized because it will exceed the 10% assistance.