Fair Access to Co-ops for Veterans Act

I 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) in- troduced the following bill; which was referred to the Committee on Vet- erans’ 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 Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Fair Access to Co- 4 ops for Veterans Act’’. 5 VerDate Sep 11 2014 21:10 Feb 20, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5923.IH H5923 pamtmann on DSKBC47HB2PROD with BILLS 2 •HR 5923 IH SEC. 2. IMPROVEMENT OF DEPARTMENT OF VETERANS AF- 1 FAIRS LOAN GUARANTEE FOR PURCHASE OF 2 RESIDENTIAL COOPERATIVE HOUSING 3 UNITS. 4 (a) IN GENERAL.—Section 3710 of title 38, United 5 States Code, is amended— 6 (1) in subsection (a)(12), by striking ‘‘and be- 7 fore the date that is five years after that date,’’; and 8 (2) in subsection (h)— 9 (A) by redesignating paragraphs (2) and 10 (3) as paragraphs (3) and (4), respectively; and 11 (B) by inserting after paragraph (1) the 12 following new paragraph (2): 13 ‘‘(2) In prescribing regulations to carry out sub- 14 section (a)(12) the Secretary shall ensure that a loan for 15 the purchase of stock or membership in a cooperative 16 housing corporation that has been reviewed and approved 17 by a lender approved by the Federal National Mortgage 18 Association is not denied.’’. 19 (b) AUTHORITY TO ADVERTISE.—The Secretary of 20 Veterans Affairs shall use the authority of the Secretary 21 under section 532 of title 38, United States Code, to ad- 22 vertise the availability of loan guarantees for housing co- 23 operative share loans under section 3710(a)(12) of such 24 title and shall take such other appropriate actions as may 25 be necessary to notify eligible veterans, participating lend- 26 VerDate Sep 11 2014 21:10 Feb 20, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5923.IH H5923 pamtmann on DSKBC47HB2PROD with BILLS 3 •HR 5923 IH ers, and interested realtors of the availability of such loan 1 guarantees and the procedures and requirements that 2 apply to the obtaining of such guarantees. 3 Æ VerDate Sep 11 2014 21:10 Feb 20, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H5923.IH H5923 pamtmann on DSKBC47HB2PROD with BILLS