H.R.1808 - Veterans Housing Fairness Act of 2001107th Congress (2001-2002)
|Sponsor:||Rep. Maloney, Carolyn B. [D-NY-14] (Introduced 05/10/2001)|
|Committees:||House - Veterans' Affairs|
|Latest Action:||House - 06/05/2001 Referred to the Subcommittee on Benefits. (All Actions)|
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Text: H.R.1808 — 107th Congress (2001-2002)All Information (Except Text)
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Introduced in House (05/10/2001)
[Congressional Bills 107th Congress] [From the U.S. Government Printing Office] [H.R. 1808 Introduced in House (IH)] 107th CONGRESS 1st Session H. R. 1808 To amend title 38, United States Code, to provide housing loan benefits for the purchase of residential cooperative apartment units. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES May 10, 2001 Mrs. Maloney of New York (for herself and Mr. Quinn) introduced the following bill; which was referred to the Committee on Veterans' Affairs _______________________________________________________________________ A BILL To amend title 38, United States Code, to provide housing loan benefits for the purchase of residential cooperative apartment units. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Veterans Housing Fairness Act of 2001''. SEC. 2. RESIDENTIAL COOPERATIVE HOUSING UNITS. (a) Housing Benefits for Cooperative Apartment Units.--Section 3710(a) of title 38, United States Code, is amended by adding at the end the following new paragraph: ``(12) To purchase stock or membership in a development, project or structure of a cooperative housing corporation in accordance with subsection (h).''. (b) Conditions of Housing Benefits for Cooperative Apartment Units.--Section 3710 of such title is amended by adding at the end the following new subsection: ``(h)(1) A loan may not be guaranteed under subsection (a)(12) unless the following conditions are met: ``(A) The development, project or structure of the cooperative housing corporation complies with such criteria as the Secretary prescribes in regulations. ``(B) The dwelling unit, that the purchase of stock or membership in the development, project or structure of the cooperative housing corporation entitles the purchaser to occupy, is a one-family residential unit. ``(2) For the purposes of this subsection, the term `cooperative housing corporation' has the same meaning given such term by section 216(b)(1) of the Internal Revenue Code of 1986. ``(3) For the purposes of applying the term `value of the property' to a loan guaranteed under subsection (a)(12), such term means the appraised value of the stock or membership entitling the purchaser to the permanent occupancy of the dwelling unit in the development, project or structure of the cooperative housing corporation.''. <all>