Homeowners Assistance Program Improvement Act

[AI summary unavailable — showing source text] Homeowners Assistance Program Improvement Act - Makes members of the armed forces involuntarily separated from active duty before October 1, 1995, eligible for homeowners assistance provided under the Demonstration Cities and Metropolitan Development Act of 1966 if such member: (1) is the owner-occupant of a dwelling on the date of separation or vacated such dwelling as a result of being ordered into on-post housing within six months before such date; (2) relocates beyond normal commuting distance of the owned dwelling within five years after such separation or is unemployed during all or part of such period and unable to meet mortgage payments and related expenses; and (3) applies for the assistance within the period established by the Secretary of Defense. Requires the member, in order to be eligible for such assistance, to offer the property for sale in the open market for at least six months at a price equal to the fair market value of the property. Requires the Secretary to use the fair market value of the property at the time of involuntary separation in determining the amount of assistance to be provided. Amends Federal veterans' benefits provisions to automatically guarante…