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B-196402 1 (1980-06-05)

handle is hein.gao/gaobadihu0001 and id is 1 raw text is: ~3~37 DECISION THE COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON, . C. 20548 FILE: B-196402f . ATE: *June 5, 19 MATTER OF: Michael E. Forrest -eal Estate Expenses7- Vermont Housing Finance Agency Fee DIGEST: 80 Fee was imposed on lending institution by Vermont Housing Finance Agency for purchasing from lending institution Government employee's low.interest mort- gage loan incident to purchase of residence at new duty station. Fee, which was passed on to employee, is a finance charge under Regulation Z, 12 C.F.R. § 226.4(a)(8), and therefore is not reimbursable under para. 2-6.2d of Federal Travel Regulations. - co~5~ Mr. H. Larry Jordan, an authorized certifying officer, National Finance Center, United States Department of Agriculture, has requested a decision on the claim of Mr. Michael E. Forrest, an employee ofth' Department, for reimbursement of a fee of $187.50 imposed by the Vermont Housing Finance Agency (VHFA) incident to the purchase of a residence at his new permanent duty station. Mr. Jordan is of the. opinion that the fee is not reimbursable because it is a finance charge. We agree for the reasons stated below. The statutory authority under which Mr. Forrest's claim arises is section 5724a(a)(4) of title 5,.United States Code. It provides that Federal agencies may, in accordance with prescribed regulations, reimburse their employees for certain expenses incurred by them in purchasing a residence at a new permanent duty station. This pro- vision of law is implemented by the Federal Travel Regulations (FTR), FPMR 101-7, May 1973, which, in paragraph 2-6.2d, provides that no fee,.cost, charge, or expense is reimbursable which is determined to be a part of the finance charge under the Truth in Lending Act, Title I, Public Law 90-321, and Regulation Z issued pursuant thereto by the Board of Governors of the Federal Reserve System. Regulation Z is codified in title 12 of the Code of Federal Regulations (C.F.R.), Part 226. As to the facts in this case, VHFA is an instrumentality of the State of Vermont whose primary purpose is to facilitate the acquisi- tion of housing by persons and families of low and moderate income. To this end it is authorized to purchase from lending institutions mortgage loans (loans evidenced by notes secured by mortgages) made to low and moderate income persons and families at rates of interest ot r,

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