Maloney Reintroduces Bill to Expand Housing Benefits to Veterans

Press Release

Today, Congresswoman Carolyn B. Maloney (D-NY), reintroduced the Fair Access to Co-Ops for Veterans Act to permanently expand the Veterans Affairs' Home Loan Guaranty Program to include cooperative housing (co-ops).

"In New York City, co-ops remain ubiquitous, and our veterans shouldn't be priced out of these housing options because they're excluded from the VA's loan program" said Congresswoman Maloney. "Veterans should have equal loan support from the VA wherever they choose to settle down, New York City should be no exception. "

The full text of the bill can be read here.

Background:

The Fair Access to Co-Ops for Veterans Act will:

Reauthorize 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
Extend the Veterans Affairs' Home Loan Guaranty Program to permanently include cooperative housing
Direct the VA to advertise the co-op program to eligible veterans, participating lenders, and interested realtors.
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.

Source