H.R. 3277 · 112th Congress
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.
- Stage
- In committee
- Sponsor
- Carolyn Maloney
- Introduced
- 2011-10-27
- Latest action
- 2011-10-28 · Referred to the Subcommittee on Economic Opportunity.
Summary
Revises the Department of Veterans Affairs (VA) program which guarantees veterans' loans for the purchase of residential cooperative housing to remove a provision which 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.
Authorizes the Secretary to advertise the availability of such loan guarantees.