Fair Access to Co-ops for Veterans Act

Bill: 116-hr-5923
Sponsor: full_name: Rep. Maloney, Carolyn B. [D-NY-12]
Introduced: 2020-02-18
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: 2020-02-18
text: Referred to the House Committee on Veterans' Affairs.

Summaries:
action_date: 2020-02-18
action_desc: Introduced in House
text: <p><b>Fair Access to Co-ops for Veterans Act</b></p> <p>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. </p> <p>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.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 5923 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.

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.