[Congressional Record (Bound Edition), Volume 150 (2004), Part 17]
[Extensions of Remarks]
[Page 23667]
[From the U.S. Government Publishing Office, www.gpo.gov]




   NATIONAL ASSOCIATION OF REALTORS SUPPORT FOR ``VETERANS' BENEFITS 
                       IMPROVEMENT ACT OF 2004''

                                 ______
                                 

                       HON. CHRISTOPHER H. SMITH

                             of new jersey

                    in the house of representatives

                       Tuesday, November 16, 2004

  Mr. SMITH of New Jersey. Mr. Speaker, I rise to request that a letter 
from Al Mansell, the President of the National Association of Realtors, 
regarding his organization's strong support for the immediate passage 
of the ``Veterans' Benefits Improvement Act of 2004,'' be placed in the 
Record.
  As Chairman of the House Veterans' Affairs Committee, and as someone 
who has spearheaded the effort in Congress to raise the VA's home loan 
guaranty level so that veterans in high cost areas like New Jersey can 
purchase houses, I am very pleased to have the support of the National 
Association of Realtors for this important piece of legislation. In 
fact, I have enjoyed working closely with the National Association of 
Realtors to improve the VA's home loan guaranty limit.
  Mr. Mansell's letter demonstrates his organization's strong 
commitment to ensuring that the men and women who have honorably served 
our nation in the military can obtain affordable housing. It has often 
been said by historians and economists--and accurately, I believe--that 
the development of America's modern middle class was largely 
facilitated by two post World War II programs: The G.I. education bill, 
and the VA's home loan program. A college education, combined with 
opportunities for home ownership, gave tens of millions of Americans a 
real stake in our society, and transformed it in positive ways for 
generations to come.
  I am very grateful for the National Association of Realtors' support 
and hope the House moves expeditiously to pass a final version of the 
``Veterans' Benefits Improvement Act of 2004,'' when it is scheduled 
for floor consideration tomorrow.

                 National Association of Realtors',

                                Washington, DC, November 15, 2004.
     Hon. Christopher Smith,
     Chairman, House Veterans' Affairs Committee, House of 
         Representatives, Cannon House Office Building, 
         Washington, DC.
       Dear Chairman Smith: On behalf of the one million members 
     of the National Association of Realtors', I am 
     writing to urge the immediate passage of S. 2486, the 
     ``Veterans' Benefits Improvements Act of 2004.'' This 
     legislation passed the Senate under unanimous consent in 
     October, and similar legislation passed the House in June. S. 
     2486 includes language to increase the veterans' maximum 
     guaranty from $60,000 to $83,425; effectively permitting 
     veterans to purchase homes up to $333,700. The legislation 
     would also index the loan guarantee limit to 25% of the 
     conforming loan limit. These changes are sorely needed to 
     maintain the VA Home Loan Guarantee program as a vital 
     homeownership tool that provides veterans with a centralized, 
     affordable, and accessible method of purchasing homes in 
     return for their service to our nation.
       Under current law, the Department of Veterans Affairs will 
     guarantee loans up to $60,000 for a total home purchase price 
     up to $240,000. Because of this limitation the VA loan 
     guarantee is not fully useful in a growing number of areas--
     especially in high-cost states. In states such as California, 
     New York, New Jersey, Connecticut and Massachusetts, the 
     median price of housing in certain areas of these states far 
     exceeds this limit. Due to the high price appreciation being 
     experienced in many states, combined with a relatively slow 
     pace of income growth, many veterans residing in high-cost 
     housing markets have found homeownership unattainable. S. 
     2486 would address this anomaly and make this important 
     entitlement available to many more qualified veterans 
     regardless of where they chose to live.
       The National Association of Realtors' thanks 
     you, Chairman Smith, for your leadership in this area. With 
     your help our veterans will receive the gratitude and 
     assistance they well deserve. We strongly support S. 2486, 
     and urge its quick passage.
           Sincerely,
                                                       Al Mansell,
     2005 President.

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