Title: Fair Access to Co-ops for Veterans Act
Policy area: Armed Forces and National Security

Summary:
Fair Access to Co-ops for Veterans Act
This bill reauthorizes the Department of Veterans Affairs (VA) to guarantee a loan for a veteran's purchase of stock or membership in a cooperative housing corporation for the purpose of entitling the veteran to occupy a single family residential unit. The VA must ensure a loan for the purchase of stock or membership in a cooperative housing corporation is not denied if it has been reviewed and approved by a lender approved by Fannie Mae.
The bill also requires the VA to advertise the availability of loan guarantees for housing cooperative share loans to notify eligible veterans, participating lenders, and interested realtors of the availability of such loan guarantees and the procedures and requirements that apply to the obtaining of such guarantees.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5923 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 5923

 To amend title 38, United States Code, to improve and make permanent 
 the Department of Veterans Affairs loan guarantee for the purchase of 
     residential cooperative housing units, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 18, 2020

   Mrs. Carolyn B. Maloney of New York (for herself and Ms. Norton) 
 introduced the following bill; which was referred to the Committee on 
                           Veterans' Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend title 38, United States Code, to improve and make permanent 
 the Department of Veterans Affairs loan guarantee for the purchase of 
     residential cooperative housing units, 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 ``Fair Access to Co-ops for Veterans 
Act''.

SEC. 2. IMPROVEMENT OF DEPARTMENT OF VETERANS AFFAIRS LOAN GUARANTEE 
              FOR PURCHASE OF RESIDENTIAL COOPERATIVE HOUSING UNITS.

    (a) In General.--Section 3710 of title 38, United States Code, is 
amended--
            (1) in subsection (a)(12), by striking ``and before the 
        date that is five years after that date,''; and
            (2) in subsection (h)--
                    (A) by redesignating paragraphs (2) and (3) as 
                paragraphs (3) and (4), respectively; and
                    (B) by inserting after paragraph (1) the following 
                new paragraph (2):
    ``(2) In prescribing regulations to carry out subsection (a)(12) 
the Secretary shall ensure that a loan for the purchase of stock or 
membership in a cooperative housing corporation that has been reviewed 
and approved by a lender approved by the Federal National Mortgage 
Association is not denied.''.
    (b) Authority To Advertise.--The Secretary of Veterans Affairs 
shall use the authority of the Secretary under section 532 of title 38, 
United States Code, to advertise the availability of loan guarantees 
for housing cooperative share loans under section 3710(a)(12) of such 
title and shall take such other appropriate actions as may be necessary 
to notify eligible veterans, participating lenders, and interested 
realtors of the availability of such loan guarantees and the procedures 
and requirements that apply to the obtaining of such guarantees.
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