[Congressional Record Volume 151, Number 81 (Friday, June 17, 2005)]
[Extensions of Remarks]
[Page E1265]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    INTRODUCTION OF THE AMERICAN VETERANS HOMEOWNERSHIP ACT OF 2005

                                 ______
                                 

                             HON. PAUL RYAN

                              of wisconsin

                    in the house of representatives

                        Thursday, June 16, 2005

  Mr. RYAN of Wisconsin. Mr. Speaker, I, along with Congressman Wally 
Herger, introduced today, the American Veterans Homeownership Act of 
2005, and I ask my colleagues to support this legislation.
  As you know, under current law, the States of Alaska, California, 
Oregon, Texas and my home state of Wisconsin, have the authority to 
issue tax-exempt bonds, which are called Qualified Veterans Mortgage 
Bonds (QVMBs). The proceeds of these bonds are used to finance mortgage 
loans to veterans who served on active duty before 1977 and who applied 
for the financing before the date of 30 years after the last date of 
which the veteran left active service.
  As a result of the limits under current law, veterans of Operation 
Iraqi Freedom, Operation Enduring Freedom, Kosovo, Bosnia, Haiti, 
Somalia and the 1991 Persian Gulf War are not eligible for these 
mortgage loans that are financed by QVMBs. In addition, the QVMB 
program has, in effect, ended or is ending in the five affected States 
due to the current 3D-year time limitation.
  My legislation, the American Veterans Homeownership Act of 2005, 
would allow all veterans in these five States to be eligible for QVMB-
financed mortgage loans by repealing the requirement that veterans 
receiving loans financed by QVMBs must have served before 1977 and 
would provide new State limits for these bonds. These veterans deserve 
the homeownership opportunities this program provides. I ask my 
colleagues to join me in supporting these veterans and cosponsor this 
important legislation.

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