[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 2121 Introduced in Senate (IS)]








109th CONGRESS
  1st Session
                                S. 2121

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

                           December 16, 2005

Mr. Schumer (for himself, Mr. Sarbanes, and Mr. Dayton) 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 
2005''.

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 inserting after 
paragraph (11) the following:
            ``(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 title 38, United States Code, is amended by 
adding at the end the following:
    ``(h)(1) A loan may not be guaranteed under subsection (a)(12) 
unless--
            ``(A) the development, project, or structure of the 
        cooperative housing corporation complies with such criteria as 
        the Secretary prescribes in regulations; and
            ``(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 single family residential unit.
    ``(2) In this subsection, the term `cooperative housing 
corporation' has the same meaning given such term in section 216(b)(1) 
of the Internal Revenue Code of 1986.
    ``(3) When 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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