To amend title 38, United States Code, to provide housing loan benefits for the purchase of residential cooperative apartment units.

May 1, 2003

Mr. SCHUMER introduced the following bill; which was read twice and referred to the Committee on Veterans' Affairs

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.'.

END