Fair Access to Co-ops for Veterans Act

Bill: 113-hr-2522
Sponsor: full_name: Rep. Maloney, Carolyn B. [D-NY-12]
Introduced: 2013-06-26
Policy area: Armed Forces and National Security
Subjects: Administrative law and regulatory procedures

Cooperative and condominium housing

Department of Veterans Affairs

Government information and archives

Government lending and loan guarantees

Housing finance and home ownership

Veterans' loans, housing, homeless programs
Latest action: action_date: 2013-07-08
text: Referred to the Subcommittee on Economic Opportunity.

Summaries:
action_date: 2013-06-26
action_desc: Introduced in House
text: <p>Fair Access to Co-ops for Veterans Act - Revises the Department of Veterans Affairs (VA) program that guarantees veterans' loans for the purchase of residential cooperative housing to remove a provision that limits to five years after a loan is guaranteed the use of loan proceeds to purchase stock or membership in a cooperative housing corporation. Directs the Secretary of Veterans Affairs to ensure that a loan used for such purchase in a corporation that has been reviewed and approved by a lender approved by the Federal National Mortgage Association (Fannie Mae) is not denied.</p> <p>Authorizes the Secretary to advertise the availability of such loan guarantees.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 2522 IN THE HOUSE OF REPRESENTATIVES June 26, 2013 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.

1. Short title This Act may be cited as the Fair Access to Co-ops for Veterans Act . 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.