Bill > HR1803

This bill aims to improve the Department of Veterans Affairs (VA) loan guarantee program for residential cooperative housing, making it easier for veterans to purchase co-op housing units. The bill modifies several sections of Title 38 of the United States Code to expand veterans' housing options by treating cooperative housing shares as residential property and establishing new loan guarantee provisions. Specifically, the bill requires the VA Secretary to create regulations for underwriting, loan processing, and other criteria for co-op housing loans, ensuring these regulations are consistent with Federal National Mortgage Association standards. The bill introduces a new loan fee structure for co-op housing loans, adding a 3.25% fee to the existing loan fee table. Additionally, the bill mandates that the VA Secretary actively advertise and promote these loan guarantees to eligible veterans, participating lenders, and realtors, and provides authority to issue guidance for implementing these changes quickly. A cooperative housing corporation, as defined in the Internal Revenue Code, is a housing arrangement where residents own shares in a corporation that owns the residential property, entitling shareholders to occupy specific residential units.

Business and Industry, Military Affairs and Security

https://www.congress.gov/bill/119th-congress/house-bill/1803/all-info