H.R.6567 - To amend title 38, United States Code, to improve and make permanent the Department of Veterans Affairs loan guarantee for the purchase of residential cooperative housing units, and for other purposes.111th Congress (2009-2010)
|Sponsor:||Rep. Maloney, Carolyn B. [D-NY-14] (Introduced 12/21/2010)|
|Committees:||House - Veterans' Affairs|
|Latest Action:||House - 12/21/2010 Referred to the House Committee on Veterans' Affairs. (All Actions)|
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Summary: H.R.6567 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (12/21/2010)
Revises the Department of Veterans Affairs (VA) program which guarantees veterans' loans for the purchase of residential cooperative housing to remove a provision which limits to five years after a loan is guaranteed the use of loan proceeds to purchase stock or membership in a cooperative housing corporation.
Directs the Secretary of Veterans Affairs to ensure that a loan used for such purchase in a corporation that has been reviewed and approved by a lender approved by the Federal National Mortgage Association (FNMA, a/k/a Fannie Mae) is not denied solely because such corporation: (1) is not preapproved by FNMA; or (2) is an affordable limited equity cooperative.