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Permanent VA Loan Guarantees for Veterans Buying Cooperative Housing.

This act makes the VA loan guarantee program for purchasing residential cooperative housing units permanent, removing its previous expiration date. While expanding access, it introduces a new, specific loan fee of 3.25% of the guaranteed amount, increasing the cost for veterans utilizing this housing option. The VA is also mandated to actively advertise this benefit.
Key points
The VA loan guarantee program for purchasing co-op housing shares is made permanent, ensuring long-term access for veterans.
A new, additional loan fee of 3.25% of the guaranteed amount is established specifically for these co-op loans, increasing the overall financing cost.
The VA must develop new underwriting and project standards and is required to advertise the availability of these loan guarantees to eligible veterans and lenders.
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Additional Information
Print number: 118_HR_7703
Sponsor: Rep. Meng, Grace [D-NY-6]
Process start date: 2024-03-15
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Fair Access to Co-ops for Veterans Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7703.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-03-15.

What are the main provisions?

Key points include:

  • The VA loan guarantee program for purchasing co-op housing shares is made permanent, ensuring long-term access for veterans.
  • A new, additional loan fee of 3.25% of the guaranteed amount is established specifically for these co-op loans, increasing the overall financing cost.
  • The VA must develop new underwriting and project standards and is required to advertise the availability of these loan guarantees to eligible veterans and lenders.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Meng, Grace [D-NY-6].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Economic Opportunity.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Benefits Real Estate