Fair Access to Co-ops for Veterans Act
This bill makes permanent the Department of Veterans Affairs authority to guarantee a loan for a veteran's purchase of stock or membership in a cooperative housing corporation for the purpose of entitling the veteran to occupy a single family residential unit.
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.

    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 ``Fair Access to Co-ops for Veterans 
Act''.

SEC. 2. IMPROVEMENT OF DEPARTMENT OF VETERANS AFFAIRS LOAN GUARANTEE 
              FOR PURCHASE OF RESIDENTIAL COOPERATIVE HOUSING UNITS.

    (a) In General.--Section 3710 of title 38, United States Code, is 
amended--
            (1) in subsection (a)(12), by striking ``With respect to a 
        loan guaranteed after the date of the enactment of this 
        paragraph and before the date that is five years after that 
        date, to'' and inserting ``To''; and
            (2) by striking subsection (h) and inserting the following 
        new subsection (h):
    ``(h) A loan may not be guaranteed under subsection (a)(12) before 
the date on which the Secretary prescribes regulations setting forth 
requirements for underwriting, loan processing, project standards, 
share eligibility, valuation, and other criteria the Secretary 
determines necessary. The Secretary shall ensure that such regulations 
are consistent, to the extent the Secretary determines suitable, with 
the requirements of the Federal National Mortgage Association for the 
purchase or securitization of cooperative housing loans.''.
    (b) Authority To Advertise.--The Secretary of Veterans Affairs 
shall use the authority of the Secretary under section 532 of title 38, 
United States Code, to advertise the availability of loan guarantees 
for housing cooperative share loans under section 3710(a)(12) of such 
title and shall take such other appropriate actions as may be 
necessary, including by the issuance of guidance, to notify eligible 
veterans, participating lenders, and interested realtors of the 
availability of such loan guarantees and the procedures and 
requirements that apply to the obtaining of such guarantees.
                                 <all>
Fair Access to Co-ops for Veterans Act
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.
Fair Access to Co-ops for Veterans Act
Rep. Maloney, Carolyn B.