[Congressional Record Volume 147, Number 54 (Thursday, April 26, 2001)]
[Senate]
[Page S3998]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. AKAKA (for himself and Mr. Jeffords):
  S. 781. A bill to amend section 3702 of title 38, United States Code, 
to extend the authority for housing loans for members of the Selected 
Reserve; to the Committee on Veterans' Affairs.
  Mr. AKAKA. Mr. President, I rise today to introduce legislation along 
with Senator Jeffords that would extend the authority of the Department 
of Veterans Affairs Home Loan Guaranty Program for members of the 
Selected Reserve.
  I am proud to be the author of the original legislation enacted in 
1992 to extend eligibility for the VA Home Loan Guaranty Program to 
National Guard and Reserve members. Tens of thousands of dedicated 
reservists who served for at least six years, and continue to serve or 
have received an honorable discharge, have been able to fulfill their 
dream of home ownership through this program. The participation of 
Guard and Reserve members not only benefits these service members, but 
also stabilizes the financial viability of the program since this group 
has had a lower default rate than most other program participants. 
Furthermore, the program serves as an important recruiting incentive 
for the National Guard and Reserve.
  In the 106th Congress, Senator Jeffords and I introduced legislation 
which resulted in the authorization for the program being extended 
through September 30, 2007. While this was a step in the right 
direction, using the benefit for a recruiting incentive will no longer 
be possible since the authority expires in six years and reservists are 
required to serve for at least six years before they qualify for VA-
guaranteed loans. In order to continue using this program as a 
recruiting incentive for a few more years, I am introducing legislation 
along with Senator Jeffords that would extend the authority for the 
program through September 30, 2015.
  The VA Home Loan Guaranty Program is an important component of a 
benefits package which makes Guard and Reserve service more attractive 
to qualified individuals. This is of particular importance during a 
time when the civilian sector is competing for the same pool of limited 
applicants, as well as when our military needs are becoming 
increasingly technical, demanding only the most intelligent, motivated, 
and competent individuals. An extension of the authority will assist 
the National Guard and Reserve with their recruitment efforts.
  I urge my colleagues to support this measure which would recognize 
the vital contributions of National Guard and Reserve members to our 
country, as well as ensure that VA-guaranteed housing loans can 
continue to be used as a recruiting incentive.
  I ask unanimous consent that the bill be printed in the Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                 S. 781

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

     SECTION 1. EXTENSION OF AUTHORITY FOR HOUSING LOANS FOR 
                   MEMBERS OF THE SELECTED RESERVE.

       Section 3702(a)(2)(E) of title 38, United States Code, is 
     amended by striking ``September 30, 2007'' and inserting 
     ``September 30, 2015''.
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