Us Congress 2025-2026 Regular Session

Us Congress House Bill HB1803 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 1803
5	5	To amend title 38, United States Code, to provide for the improvement
6	6	of the Department of Veterans Affairs loan guarantee for purchase
7	7	of residential cooperative housing units, and for other purposes.
8	8	IN THE HOUSE OF REPRESENTATIVES
9	9	MARCH3, 2025
10	10	Ms. M
11	11	ENG(for herself and Ms. MALLIOTAKIS) introduced the following bill;
12	12	which was referred to the Committee on Veterans’ Affairs
13	13	A BILL
14	14	To amend title 38, United States Code, to provide for the
15	15	improvement of the Department of Veterans Affairs loan
16	16	guarantee for purchase of residential cooperative housing
17	17	units, and for other purposes.
18	18	Be it enacted by the Senate and House of Representa-1
19	19	tives of the United States of America in Congress assembled, 2
20	20	SECTION 1. SHORT TITLE. 3
21	21	This Act may be cited as the ‘‘Fair Access to Co- 4
22	22	ops for Veterans Act of 2025’’. 5
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25	25	•HR 1803 IH
26	26	SEC. 2. IMPROVEMENT OF DEPARTMENT OF VETERANS AF-1
27	27	FAIRS LOAN GUARANTEE FOR PURCHASE OF 2
28	28	RESIDENTIAL COOPERATIVE HOUSING 3
29	29	UNITS. 4
30	30	(a) I
31	31	NGENERAL.—Section 3710 of title 38, United 5
32	32	States Code, is amended— 6
33	33	(1) in subsection (a)(12), by striking ‘‘With re-7
34	34	spect to a loan guaranteed after the date of the en-8
35	35	actment of this paragraph and before the date that 9
36	36	is five years after that date, to’’ and inserting ‘‘To’’; 10
37	37	and 11
38	38	(2) by striking subsection (h) and inserting the 12
39	39	following new subsection (h): 13
40	40	‘‘(h) A loan may not be guaranteed under subsection 14
41	41	(a)(12) before the date on which the Secretary prescribes 15
42	42	regulations setting forth requirements for underwriting, 16
43	43	loan processing, project standards, share eligibility, valu-17
44	44	ation, and other criteria the Secretary determines nec-18
45	45	essary. The Secretary shall ensure that such regulations 19
46	46	are consistent, to the extent the Secretary determines suit-20
47	47	able, with the requirements of the Federal National Mort-21
48	48	gage Association for the purchase or securitization of co-22
49	49	operative housing loans.’’. 23
50	50	(b) L
51	51	OANFEES.—Section 3729(b) of such title is 24
52	52	amended— 25
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55	55	•HR 1803 IH
56	56	(1) in paragraph (1), by striking ‘‘The amount’’ 1
57	57	and inserting ‘‘Except as provided in paragraph (5), 2
58	58	the amount’’; and 3
59	59	(2) by adding at the end the following new 4
60	60	paragraph: 5
61	61	‘‘(5) In the case of an loan guaranteed under section 6
62	62	3710(a)(12) of this title, the amount of the fee shall be— 7
63	63	‘‘(A) the amount determined from the loan fee 8
64	64	table under paragraph (2), plus 9
65	65	‘‘(B) 3.25 percent of the total amount of the 10
66	66	loan guaranteed, insured, or made, or, in the case of 11
67	67	a loan assumption, the unpaid principal balance of 12
68	68	the loan on the date of the transfer of the prop-13
69	69	erty.’’. 14
70	70	(c) A
71	71	MOUNT OF LOAN.—Section 15
72	72	3703(a)(1)(A)(i)(IV) of such title is amended by striking 16
73	73	‘‘or (8)’’ and inserting ‘‘(8), or (12)’’. 17
74	74	(d) T
75	75	REATMENT ASRESIDENTIALPROPERTY.—Such 18
76	76	title is further amended— 19
77	77	(1) in section 3704(c), by adding at the end the 20
78	78	following new paragraph: 21
79	79	‘‘(3) For purposes of this subsection, stock or mem-22
80	80	bership in a cooperative housing corporation (as defined 23
81	81	in section 216(b) of the Internal Revenue Code of 1986) 24
82	82	for the purpose of entitling a person to occupy for dwelling 25
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85	85	•HR 1803 IH
86	86	purposes a single family residential unit in a development, 1
87	87	project, or structure owned or leased by such corporation 2
88	88	shall be treated as residential property.’’; and 3
89	89	(2) in section 3714, by adding at the end the 4
90	90	following new subsection: 5
91	91	‘‘(i) For purposes of this section, stock or member-6
92	92	ship in a cooperative housing corporation (as defined in 7
93	93	section 216(b) of the Internal Revenue Code of 1986) for 8
94	94	the purpose of entitling a person to occupy for dwelling 9
95	95	purposes a single family residential unit in a development, 10
96	96	project, or structure owned or leased by such corporation 11
97	97	shall be treated as residential property.’’. 12
98	98	(e) A
99	99	UTHORITYTOADVERTISE.—The Secretary of 13
100	100	Veterans Affairs shall use the authority of the Secretary 14
101	101	under section 532 of title 38, United States Code, to ad-15
102	102	vertise the availability of loan guarantees for housing co-16
103	103	operative share loans under section 3710(a)(12) of such 17
104	104	title and shall take such other appropriate actions as may 18
105	105	be necessary, including by the issuance of guidance, to no-19
106	106	tify eligible veterans, participating lenders, and interested 20
107	107	realtors of the availability of such loan guarantees and the 21
108	108	procedures and requirements that apply to the obtaining 22
109	109	of such guarantees. 23
110	110	(f) G
111	111	UIDANCE.—Notwithstanding section 501 of such 24
112	112	title, the Secretary of Veterans Affairs may issue guidance 25
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115	115	•HR 1803 IH
116	116	to implement section 3710 of title 38, United States Code, 1
117	117	as amended by subsection (a), before prescribing new reg-2
118	118	ulations under such section. 3
119	119	Æ
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