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H.R. 1935, The Veterans Housing Fairness Act of 2003
A home is a home whether it is in an apartment, townhouse, mobile home, or co-op. Under current law, veterans wishing to purchase homes with their VA loans, can buy a house, townhouse, condominium, or mobile home, but not residential co-operative units. With the bi-partisan support of Rep. Jack Quinn (R-Buffalo), I re-introduced H.R. 1935, the Veterans Housing Fairness Act of 2003. This legislation will give veterans the freedom to choose where they live by allowing veterans to use their veterans loans to purchase co-ops.
In communities where co-operative housing is common or where the cost of houses and condominiums can be high, a co-operative residential unit is often an affordable alternative. In some areas of New York co-operative housing comprises as much as 30% of all residential owned housing! It is unfair to the men and women who put their lives on the line for the country to be denied the option of purchasing a co-op. The current law severely limits the number of housing choices for our veterans. In my district, co-ops are often the lowest cost housing. It makes no sense to deny veterans the ability to use their veterans benefits to purchase these units. My bill will allow veterans to explore all housing options and choose the one that suits their needs.
Senator Schumer has introduced the companion bill, S. 978, in the Senate.
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