[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 978 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 978
To amend title 38, United States Code, to provide housing loan benefits
for the purchase of residential cooperative apartment units.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 1, 2003
Mr. Schumer introduced the following bill; which was read twice and
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.--Subsection
(a) of section 3710 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.--That section is further 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>