I 

118TH CONGRESS 

2D SESSION H. R. 7703 

To amend title 38, United States Code, to provide for the improvement 

of the Department of Veterans Affairs loan guarantee for purchase 

of residential cooperative housing units, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 15, 2024 

Ms. MENG (for herself and Ms. MALLIOTAKIS) introduced the following bill; 

which was referred to the Committee on Veterans’ Affairs 

A BILL 

To amend title 38, United States Code, to provide for the 

improvement of the Department of Veterans Affairs loan 

guarantee for purchase of residential cooperative housing 

units, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Fair Access to Co5 ops for Veterans Act of 2024’’. 


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1 SEC. 2. IMPROVEMENT OF DEPARTMENT OF VETERANS AF2 FAIRS LOAN GUARANTEE FOR PURCHASE OF 

3 RESIDENTIAL COOPERATIVE HOUSING 

4 UNITS. 

5 (a) IN GENERAL.—Section 3710 of title 38, United 

6 States Code, is amended— 

7 (1) in subsection (a)(12), by striking ‘‘With re8 spect to a loan guaranteed after the date of the en9 actment of this paragraph and before the date that 

10 is five years after that date, to’’ and inserting ‘‘To’’; 

11 and 

12 (2) by striking subsection (h) and inserting the 

13 following new subsection (h): 

14 ‘‘(h) A loan may not be guaranteed under subsection 

15 (a)(12) before the date on which the Secretary prescribes 

16 regulations setting forth requirements for underwriting, 

17 loan processing, project standards, share eligibility, valu18 ation, and other criteria the Secretary determines nec19 essary. The Secretary shall ensure that such regulations 

20 are consistent, to the extent the Secretary determines suit21 able, with the requirements of the Federal National Mort22 gage Association for the purchase or securitization of co23 operative housing loans.’’. 

24 (b) LOAN FEES.—Section 3729(b) of such title is 

25 amended— 


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1 (1) in paragraph (1), by striking ‘‘The amount’’ 

2 and inserting ‘‘Except as provided in paragraph (5), 

3 the amount’’; and 

4 (2) by adding at the end the following new 

5 paragraph: 

6 ‘‘(5) In the case of an loan guaranteed under section 

7 3710(a)(12) of this title, the amount of the fee shall be— 

8 ‘‘(A) the amount determined from the loan fee 

9 table under paragraph (2), plus 

10 ‘‘(B) 3.25 percent of the total amount of the 

11 loan guaranteed, insured, or made, or, in the case of 

12 a loan assumption, the unpaid principal balance of 

13 the loan on the date of the transfer of the prop14 erty.’’. 

15 (c) AUTHORITY TO ADVERTISE.—The Secretary of 

16 Veterans Affairs shall use the authority of the Secretary 

17 under section 532 of title 38, United States Code, to ad18 vertise the availability of loan guarantees for housing co19 operative share loans under section 3710(a)(12) of such 

20 title and shall take such other appropriate actions as may 

21 be necessary, including by the issuance of guidance, to no22 tify eligible veterans, participating lenders, and interested 

23 realtors of the availability of such loan guarantees and the 

24 procedures and requirements that apply to the obtaining 

25 of such guarantees. 


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1 (d) GUIDANCE.—Notwithstanding section 501 of 

2 such title, the Secretary of Veterans Affairs may issue 

3 guidance to implement section 3710 of title 38, United 

4 States Code, as amended by subsection (a), before pre5 scribing new regulations under such section. 

Æ 


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