[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3308 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 3308

To amend title 38, United States Code, to provide housing benefits for 
        the purchase of residential cooperative apartment units.


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                    IN THE HOUSE OF REPRESENTATIVES

                            October 19, 1993

 Mrs. Maloney introduced the following bill; which was referred to the 
                     Committee on Veterans' Affairs

_______________________________________________________________________

                                 A BILL


 
To amend title 38, United States Code, to provide housing benefits for 
        the purchase of residential cooperative apartment units.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. RESIDENTIAL COOPERATIVE HOUSING UNITS.

    (a) Loans.--Section 3710(a) of title 38, United States Code, is 
amended by adding at the end the following:
            ``(10) To purchase residential property in a development, 
        project, or structure of a cooperative housing corporation if 
        the development, project, or structure is approved by the 
        Secretary under criteria which the Secretary shall prescribe by 
        regulations.''.
    (b) Definition.--Section 3701(b) of such title is amended by adding 
at the end thereof the following:
            ``(6)(A) The term `residential property' includes stock or 
        membership in a cooperative housing corporation (as defined in 
        section 216 of the Internal Revenue Code of 1986) the permanent 
        occupancy of the dwelling units of which is restricted to 
        members of such corporation where the purchase of such stock or 
        membership will entitle the purchaser to the permanent 
        occupancy of one of such units.
            ``(B) For the purposes of subparagraph (A)--
                    ``(i) the term `cooperative housing corporation' 
                has the same meaning given such term by section 216 of 
                the Internal Revenue Code of 1986;
                    ``(ii) the term `property' includes the dwelling 
                unit in such a cooperative; and
                    ``(iii) the term `value of the property' includes 
                the appraised value of the dwelling unit in the 
                cooperative housing corporation.''.

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