[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7703 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 7703

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 15, 2024

  Ms. Meng (for herself and Ms. Malliotakis) introduced the following 
     bill; which was referred to the Committee on Veterans' Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend title 38, United States Code, to provide for the improvement 
 of the Department of Veterans Affairs loan guarantee for 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. SHORT TITLE.

    This Act may be cited as the ``Fair Access to Co-ops for Veterans 
Act of 2024''.

SEC. 2. 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 ``With respect to a 
        loan guaranteed after the date of the enactment of this 
        paragraph and before the date that is five years after that 
        date, to'' and inserting ``To''; and
            (2) by striking subsection (h) and inserting the following 
        new subsection (h):
    ``(h) A loan may not be guaranteed under subsection (a)(12) before 
the date on which the Secretary prescribes regulations setting forth 
requirements for underwriting, loan processing, project standards, 
share eligibility, valuation, and other criteria the Secretary 
determines necessary. The Secretary shall ensure that such regulations 
are consistent, to the extent the Secretary determines suitable, with 
the requirements of the Federal National Mortgage Association for the 
purchase or securitization of cooperative housing loans.''.
    (b) Loan Fees.--Section 3729(b) of such title is amended--
            (1) in paragraph (1), by striking ``The amount'' and 
        inserting ``Except as provided in paragraph (5), the amount''; 
        and
            (2) by adding at the end the following new paragraph:
    ``(5) In the case of an loan guaranteed under section 3710(a)(12) 
of this title, the amount of the fee shall be--
            ``(A) the amount determined from the loan fee table under 
        paragraph (2), plus
            ``(B) 3.25 percent of the total amount of the loan 
        guaranteed, insured, or made, or, in the case of a loan 
        assumption, the unpaid principal balance of the loan on the 
        date of the transfer of the property.''.
    (c) 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, including by the issuance of guidance, 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.
    (d) Guidance.--Notwithstanding section 501 of such title, the 
Secretary of Veterans Affairs may issue guidance to implement section 
3710 of title 38, United States Code, as amended by subsection (a), 
before prescribing new regulations under such section.
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