[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1935 Introduced in House (IH)]
108th CONGRESS
1st Session
H. R. 1935
To amend title 38, United States Code, to provide housing loan benefits
for the purchase of residential cooperative apartment units.
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IN THE HOUSE OF REPRESENTATIVES
May 1, 2003
Mrs. Maloney (for herself, Mr. Quinn, Mr. Serrano, Mrs. McCarthy of New
York, Mr. Fossella, Mr. Engel, Mr. Owens, Mr. Rush, Mr. Sanders, Mr.
Gutierrez, Mr. Cummings, Mr. Hoeffel, Mrs. Jones of Ohio, Mr. Holden,
Ms. McCollum, Ms. Corrine Brown of Florida, Mr. Conyers, Mr. Grijalva,
Mr. Gillmor, Ms. Woolsey, Mr. Bishop of Georgia, Ms. Schakowsky, Mr.
Frost, and Mr. Wynn) 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
2003''.
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.''.
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