[Congressional Record Volume 157, Number 163 (Thursday, October 27, 2011)]
[Extensions of Remarks]
[Page E1955]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         VETERANS CO-OP HOUSING

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                        HON. CAROLYN B. MALONEY

                              of new york

                    in the house of representatives

                       Thursday, October 27, 2011

  Mrs. MALONEY. Mr. Speaker, as we honor and thank all who bravely 
served in the United States Armed Forces on Veterans Day, we also must 
ensure that our returning veterans can fully use programs that aid 
veterans' homeownership. Across the U.S., there are more than 1.2 
million families of all income levels in homes owned and operated 
through cooperative associations. In New York City, co-ops make up 
about one-third of the housing stock and are often a less expensive 
option than condo units.
  In 2006, Congress passed legislation I authored allowing veterans to 
use the Veterans Affairs' (VA) Home Loan Guaranty Program to purchase 
cooperative housing using their low interest loan benefits. These loan 
benefits allow veterans to buy homes with no down payment and limited 
closing costs. However, the program to allow loans for co-op housing 
will sunset at the end of 2011. In order to allow our nation's veterans 
to use the VA loan for all forms of home ownership, I am reintroducing 
legislation that would permanently extend the co-op program. To ensure 
that veterans are aware they can utilize the loans for co-op housing 
units, we have added a provision so that the Secretary of the VA can 
advertise the program to eligible veterans, participating lenders, and 
interested realtors.
  By permanently extending these VA loan benefits to include co-ops, we 
can honor and thank all who bravely served in our Armed Forces by 
giving them the tools and resources they need to pursue their dreams of 
homeownership wherever they live.
  Thank you to original cosponsors Reps. Edolphus Towns, Laura 
Richardson, Charles Rangel, Jerrold Nadler, and Jesse Jackson, Jr.

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