[Congressional Record (Bound Edition), Volume 159 (2013), Part 7]
[Extensions of Remarks]
[Page 10569]
[From the U.S. Government Publishing Office, www.gpo.gov]




   STATEMENT OF INTRODUCTION--THE FAIR ACCESS CO-OPS FOR VETERANS ACT

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                        HON. CAROLYN B. MALONEY

                              of new york

                    in the house of representatives

                        Wednesday, June 26, 2013

  Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, across the U.S., 
there are more than 1.2 million units of housing cooperatives. In New 
York City, there are close to 6,000 housing cooperatives throughout the 
five boroughs, housing more than half a million families. 
Unfortunately, these alternative forms of housing, which are becoming 
more and more prevalent in urban areas like New York City, Washington, 
DC, Chicago, and Los Angeles, are not available to our country's 
veterans.
  In 2006, the Congress passed legislation I authored to allow veterans 
to use the Veterans Affairs' Home Loan Guaranty Program to purchase 
cooperative housing using their low interest loan benefits. This 
program allows veterans to buy homes with no down payment and limited 
closing costs. However, the loan benefit for co-op housing sunset at 
the end of 2011. That is why today I am introducing legislation, the 
Fair Access to Co-Ops for Veterans Act, which would permanently permit 
veterans to use their loan benefits to purchase a co-op. In addition, 
to ensure that veterans are aware they can utilize the loans for co-op 
housing units, the bill includes a provision so that the Secretary of 
the Veterans Administration can advertise the program to eligible 
veterans, participating lenders, and interested realtors.
  By permanently allowing these home loan benefits to include 
cooperatives, 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. I thank Senator 
Schumer for introducing companion legislation and thank my colleague 
Delegate Eleanor Holmes Norton for cosponsoring today's bill.

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