INTRODUCTION OF THE AMERICAN VETERANS HOMEOWNERSHIP ACT OF 2005 -- (Extensions of Remarks - June 17, 2005)
HON. PAUL RYAN
IN THE HOUSE OF REPRESENTATIVES
THURSDAY, JUNE 16, 2005
Mr. RYAN of Wisconsin. Mr. Speaker, I, along with Congressman WALLY HERGER, introduced today, the American Veterans Homeownership Act of 2005, and I ask my colleagues to support this legislation.
As you know, under current law, the States of Alaska, California, Oregon, Texas and my home state of Wisconsin, have the authority to issue tax-exempt bonds, which are called Qualified Veterans Mortgage Bonds (QVMBs). The proceeds of these bonds are used to finance mortgage loans to veterans who served on active duty before 1977 and who applied for the financing before the date of 30 years after the last date of which the veteran left active service.
As a result of the limits under current law, veterans of Operation Iraqi Freedom, Operation Enduring Freedom, Kosovo, Bosnia, Haiti, Somalia and the 1991 Persian Gulf War are not eligible for these mortgage loans that are financed by QVMBs. In addition, the QVMB program has, in effect, ended or is ending in the five affected States due to the current 3D-year time limitation.
My legislation, the American Veterans Homeownership Act of 2005, would allow all veterans in these five States to be eligible for QVMB-financed mortgage loans by repealing the requirement that veterans receiving loans financed by QVMBs must have served before 1977 and would provide new State limits for these bonds. These veterans deserve the homeownership opportunities this program provides. I ask my colleagues to join me in supporting these veterans and cosponsor this important legislation.