I 112th CONGRESS 1st Session H. R. 3277 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.

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.