[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3277 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3277

 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

                            October 27, 2011

 Mrs. Maloney (for herself, Mr. Towns, Ms. Richardson, Mr. Rangel, Mr. 
  Nadler, and Mr. Jackson of Illinois) introduced the following bill; 
        which was referred to the Committee on Veterans' Affairs

_______________________________________________________________________

                                 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.

    (a) In General.--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)--
                    (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.''.
    (b) Authority To Advertise.--The Secretary of Veterans Affairs 
shall use the authority of the Secretary under section 532 of title 38, 
United States Code, to advertise the availability of loan guarantees 
for housing cooperative share loans under section 3710(a)(12) of such 
title and shall take such other appropriate actions as may be necessary 
to notify eligible veterans, participating lenders, and interested 
realtors of the availability of such loan guarantees and the procedures 
and requirements that apply to the obtaining of such guarantees.
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