II 109th CONGRESS 1st Session S. 2121 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.

1.

Short title

This Act may be cited as the Veterans Housing Fairness Act of 2005.

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. .