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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5301 Introduced in Senate (IS)]

<DOC>

118th CONGRESS
  2d Session
                                S. 5301

To amend title 38, United States Code, to prohibit the consideration of 
  childcare expenses in the calculation of debt-to-income ratios for 
 Department of Veterans Affairs housing loans, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           November 12, 2024

 Mr. Ossoff (for himself and Mr. Rubio) introduced the following bill; 
which was read twice and referred to the Committee on Veterans' Affairs

_______________________________________________________________________

                                 A BILL

 
To amend title 38, United States Code, to prohibit the consideration of 
  childcare expenses in the calculation of debt-to-income ratios for 
 Department of Veterans Affairs housing loans, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Veterans Home Loan Fairness Act of 
2024''.

SEC. 2. FINDINGS AND PURPOSE.

    (a) Findings.--Congress finds the following:
            (1) Veterans and their families often face unique financial 
        challenges, including the cost of childcare.
            (2) The consideration of childcare expenses in the 
        calculation of debt-to-income ratios can disproportionately 
        affect the ability of veterans to qualify for home loans.
            (3) Ensuring equitable access to home loans is critical to 
        supporting veterans and their families.
    (b) Purpose.--The purpose of this Act is to prohibit the 
consideration of childcare expenses in the calculation of debt-to-
income ratios for Department of Veterans Affairs housing loans to 
promote fair access to home ownership for veterans.

SEC. 3. PROHIBITION ON CONSIDERATION OF CHILDCARE EXPENSES IN DEBT-TO-
              INCOME RATIO CALCULATIONS.

    (a) In General.--Chapter 37 of title 38, United States Code, is 
amended by inserting after section 3720 the following new section:
``Sec. 3720B. Prohibition on consideration of childcare expenses in 
              debt-to-income ratio calculations
    ``(a) In General.--In determining the eligibility of a veteran for 
a housing loan guaranteed, insured, or made under this chapter, the 
Secretary shall ensure that childcare expenses are not considered in 
the calculation of the veteran's debt-to-income ratio.
    ``(b) Definitions.--In this section:
            ``(1) Childcare expenses.--The term `childcare expenses' 
        means costs incurred for the care of a child or minor dependent 
        of the veteran concerned.
            ``(2) Debt-to-income ratio.--The term `debt-to-income 
        ratio' means the ratio of a veteran's total monthly debt 
        payments to such veteran's gross monthly income.
    ``(c) Regulations.--The Secretary shall prescribe such regulations 
as are necessary to implement the requirements of this section.''.
    (b) Clerical Amendment.--The table of sections at the beginning of 
chapter 37 of such title is amended by inserting after the item 
relating to section 3720 the following new item:

``3720B. Prohibition on consideration of childcare expenses in debt-to-
                            income calculations.''.

SEC. 4. EFFECTIVE DATE.

    This Act and the amendments made by this Act shall take effect 90 
days after the date of the enactment of this Act.
                                 <all>
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