S. 3348Senate112th Congress (2011-2013)In Committee

A bill to amend title 38, United States Code, to improve the multifamily transitional housing loan program of the Department of Veterans Affairs, and for other purposes.

Introduced June 27, 2012

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Veterans' Affairs. (text of measure as introduced: CR S4682)

June 27, 2012

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SenateIntro Referral

Introduced in Senate

June 27, 2012

SenateIntro Referral

Read twice and referred to the Committee on Veterans' Affairs. (text of measure as introduced: CR S4682)

June 27, 2012

Floor Debate

4 members

What members said about S. 3348 on the floor

4 Democrats
Jack Reed
Sen. Jack ReedD-RI · Jun 27, 2012

Mr. President, I am pleased to be joined by Senators Durbin, Tim Johnson, Whitehouse, and Blumenthal in the introduction of the Immunization Improvements Act. This legislation builds on my…

Harry Reid
Sen. Harry ReidD-NV · Jun 27, 2012

Mr. President, today I rise with my colleague Senator Heller to introduce the Las Vegas Valley Public Lands and Tule Springs Fossil Beds National Monument Act of 2012. This legislation will designate…

Barbara Boxer
Sen. Barbara BoxerD-CA · Jun 27, 2012

Mr. President, today I rise to introduce the Prostate Cancer Detection Research and Education Act. This important legislation addresses the urgent need for the development of new technologies to…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jun 27, 2012

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jun 27, 2012

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

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Introduced in SenateIssued June 27, 2012

II

112th CONGRESS

2d Session

S. 3348

IN THE SENATE OF THE UNITED STATES

June 27, 2012

Mr. Durbin 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 improve the multifamily transitional housing loan program of the Department of Veterans Affairs, and for other purposes.

1.

Authority for payment by Secretary of Veterans Affairs of guarantees for loans guaranteed by Secretary for multifamily transitional housing projects

Section 2053 of title 38, United States Code, is amended by striking subsection (a) and inserting the following new subsection (a):

(a)
(1)

Notwithstanding any other provision of law, the Secretary may, for any loan guaranteed under this subchapter, pay the guarantee, in part or in full, if the loan is not in default. Such guarantee payment may include amounts necessary to extinguish the loan and pay all prepayment premiums and transaction costs.

(2)

The Secretary may forgive, waive, release, or discharge a borrower’s liability to the Secretary with respect to a loan or a guarantee for the loan for any loss resulting from a payment made under paragraph (1).

(3)

The amount resulting from a decision of the Secretary to forgive, waive, release, or discharge any repayment obligation owed by the borrower to the Secretary with respect to a loan guaranteed by the Secretary under this subchapter for a multifamily transitional housing project—

(A)

shall not be included in the borrower’s gross income;

(B)

shall be treated as an amount not derived from a Federal grant for purposes of subsection (d)(5)(A) of section 42 of the Internal Revenue Code of 1986; and

(C)

shall not otherwise reduce the borrower’s depreciable basis or eligible basis (for purposes of such section 42) of such housing project.

.