[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1935 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 1935

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 1, 2003

Mrs. Maloney (for herself, Mr. Quinn, Mr. Serrano, Mrs. McCarthy of New 
 York, Mr. Fossella, Mr. Engel, Mr. Owens, Mr. Rush, Mr. Sanders, Mr. 
 Gutierrez, Mr. Cummings, Mr. Hoeffel, Mrs. Jones of Ohio, Mr. Holden, 
Ms. McCollum, Ms. Corrine Brown of Florida, Mr. Conyers, Mr. Grijalva, 
 Mr. Gillmor, Ms. Woolsey, Mr. Bishop of Georgia, Ms. Schakowsky, Mr. 
Frost, and Mr. Wynn) 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 loan 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. SHORT TITLE.

    This Act may be cited as the ``Veterans Housing Fairness Act of 
2003''.

SEC. 2. RESIDENTIAL COOPERATIVE HOUSING UNITS.

    (a) Housing Benefits for Cooperative Apartment Units.--Section 
3710(a) of title 38, United States Code, is amended by adding at the 
end the following new paragraph:
            ``(12) To purchase stock or membership in a development, 
        project or structure of a cooperative housing corporation in 
        accordance with subsection (h).''.
    (b) Conditions of Housing Benefits for Cooperative Apartment 
Units.--Section 3710 of such title is amended by adding at the end the 
following new subsection:
    ``(h)(1) A loan may not be guaranteed under subsection (a)(12) 
unless the following conditions are met:
            ``(A) The development, project or structure of the 
        cooperative housing corporation complies with such criteria as 
        the Secretary prescribes in regulations.
            ``(B) The dwelling unit, that the purchase of stock or 
        membership in the development, project or structure of the 
        cooperative housing corporation entitles the purchaser to 
        occupy, is a one-family residential unit.
    ``(2) For the purposes of this subsection, the term `cooperative 
housing corporation' has the same meaning given such term by section 
216(b)(1) of the Internal Revenue Code of 1986.
    ``(3) For the purposes of applying the term `value of the property' 
to a loan guaranteed under subsection (a)(12), such term means the 
appraised value of the stock or membership entitling the purchaser to 
the permanent occupancy of the dwelling unit in the development, 
project or structure of the cooperative housing corporation.''.
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