By unanimous consent both the Senate and House of Representatives passed an omnibus veterans' benefits bill that includes two provisions offered by U.S. Senator Daniel K. Akaka (D-Hawaii) to extend the Native American Veteran Housing Loan Program and the Veterans Home Loan Guaranty Program for members of the Selected Reserve. Congressional action clears the measure for the President's signature.

The omnibus bill, titled the Veterans Education and Benefits Expansion Act of 2001 (H.R. 1291) extends the authorization for the Native American Veteran Housing Loan Program to December 31, 2005, and extends the authorization for the Veterans Housing Loan Program for members of the Selected Reserve to September 30, 2009. These two loan programs, originally authored by Senator Akaka, have proven to be useful tools in helping Reservists and Native Hawaiian veterans realize the American dream of homeownership.

The loan program measures included in H.R. 1291 are based on two bills introduced by Senator Akaka earlier this year to extend the authorization for the Native American Veteran Housing Loan Program (S. 228) and the Veterans Home Loan Guaranty Program for members of the Selected Reserve (S. 781). Under its previous authorization, the Native American housing loan program was set to sunset on December 31, 2001. Authority for the reservists' loan program was scheduled to expire on September 30, 2007; however, without the extension it could no longer be used as a recruiting incentive since Reservists must serve for at least six years to qualify for the program.

"Reauthorization of these valuable home loan programs for our Reservists and Native American veterans is an important part of veterans' benefits legislation considered by our Committee this year," Akaka noted. "In less than a decade, these two programs have helped hundreds of families achieve their dream of homeownership."