[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6567 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 6567

 To amend title 38, United States Code, to improve and make permanent 
 the Department of Veterans Affairs loan guarantee for the purchase of 
     residential cooperative housing units, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                           December 21, 2010

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

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                                 A BILL


 
 To amend title 38, United States Code, to improve and make permanent 
 the Department of Veterans Affairs loan guarantee for the purchase of 
     residential cooperative housing units, and for other purposes.

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

SECTION 1. IMPROVEMENT OF DEPARTMENT OF VETERANS AFFAIRS LOAN GUARANTEE 
              FOR PURCHASE OF RESIDENTIAL COOPERATIVE HOUSING UNITS.

    Section 3710 of title 38, United States Code, is amended--
            (1) in subsection (a)(12), by striking ``and before the 
        date that is five years after that date,''; and
            (2) in subsection (h), by--
                    (A) by redesignating paragraphs (2) and (3) as 
                paragraphs (4) and (5), respectively; and
                    (B) by inserting after paragraph (1) the following 
                new paragraph (2):
    ``(2) In prescribing regulations to carry out subsection (a)(12) 
the Secretary shall ensure that a loan for the purchase of stock or 
membership in a cooperative housing corporation that has been reviewed 
and approved by a lender approved by the Federal National Mortgage 
Association is not denied solely because the cooperative housing 
corporation--
            ``(A) is not preapproved by the Federal National Mortgage 
        Association; or
            ``(B) is an affordable limited equity cooperative.''.
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