Source: United States House of Representatives – Congresswoman Carolyn Maloney (12th District of New York)
WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY), along with Congresswoman Eleanor Holmes Norton (D-DC), today introduced 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 are 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. “Wherever veterans want to buy a home – whether in rural or urban areas – they should have equal loan support from the VA.”
In 2006, the Congress passed legislation with language authored by Congresswoman Maloney to create a five-year pilot program that would allow veterans to use the Veterans Affairs’ Home Loan Guaranty Program to purchase cooperative housing. Prior to the bill’s passage, the VA loans program could not be used for co-ops. The program expired at the end of 2011 and was not renewed. The Fair Access to Co-Ops for Veterans Act will make the program permanent.
In addition to extending the Veterans Affairs’ Home Loan Guaranty Program to permanently include cooperative housing, the Fair Access to Co-Ops for Veterans Act also directs the VA to advertise the program to eligible veterans, participating lenders, and interested realtors.