[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 978 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
                                 S. 978

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 1, 2003

  Mr. Schumer introduced the following bill; which was read twice and 
             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.--Subsection 
(a) of section 3710 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.--That section is further 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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