[Congressional Record Volume 168, Number 158 (Thursday, September 29, 2022)]
[Senate]
[Page S5604]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 6071. Mr. SCHUMER submitted an amendment intended to be proposed 
to amendment SA 5499 submitted by Mr. Reed (for himself and Mr. Inhofe) 
and intended to be proposed to the bill H.R. 7900, to authorize 
appropriations for fiscal year 2023 for military activities of the 
Department of Defense, for military construction, and for defense 
activities of the Department of Energy, to prescribe military personnel 
strengths for such fiscal year, and for other purposes; which was 
ordered to lie on the table; as follows:

        At the appropriate place in title X, insert the following:

     SEC. __. 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) 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.
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