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B-183419 1 (1976-02-02)

handle is hein.gao/gaobaddrm0001 and id is 1 raw text is: 5~, ~.THE COMPTROLLER GENERAL DECISION :71 -1 OF THE UNITED STATES WASHFIIN GTON. 0. C. 205489 FILE: B-183419 MATTER OF: DIGEST: DATE: FEB 2 1976 James P. Beirs - Real Estate Expenses - Interim Financing Loan Transferred employee who obtains interim financing loan to be used as down payment 9 q (0 on residence at new duty station, because residence at old duty station has not yet been sold, may not be reimbursed for any expenses relating to interim financing loan.' Prohibition in 5 U.S. C. § 5724a (1970), FTER and JTR, against reimbursement of any losses on sale of residence due to market conditions is sufficiently broad to preclude reimbursement here, since need for 'interim financing loan arises because of market conditions. This matter is a reauest dated March 2, 1975, for an advance decision submitted by the Finance and Accounting Cfficer, North Central Division, Corps of Engineers, Department of the Army, Chicago, Illinois, concerning the authority for reimbursing a transferred employee for the cost of an interim financing loan that was used as a down payment for the purchase of a residence at the employee's new duty station. For the reasons set forth below, the voucher may not be certified for payment. Under the authority of travel order number 74-949, dated April 5, 1974, Mr. James P. Beirs was transferred from the Corps of Ingineers, Detroit District, to the North Central Divi- sion in Chicago, Illinois. He reported to his new duty station on April 29, 1974. On April 15, 1974, settlement was held on the residence Mr. Beirs purchased at his new duty station. Because the settlement for the sale of Mr. Beirs' residence at his old duty station did not occur until July 31, 1974, he found it necessary to obtain an interim financing loan to be used as the down pay- ment on his new residence. That loan was obtained on April 15, 1974, in the principal amount of $9, 500. Interest in the amount of $263. 26 was charged and various fees, for preparation and recording of documents, were incurred in the amount of $55. Mr. Beirs is seeking reimbursement for these items in the total amount of $318. 26. The authority for reimbursement of real estate expenses r'elated to transfers is 5 U. S. C. § 5724a (1970), which is implemented by the Federal Travel Regulations (FTRE), FPMR 101-7 (May 1973). PUBLISHED DZCISION 55 Comp. Gen..........

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