U.S. Rep Grace Meng has reintroduced laws to broaden veterans loans to incorporate entry to co-ops. Picture courtesy of Rep. Meng’s workplace
U.S. Rep. Grace Meng has joined U.S. Rep. Nicole Malliotakis to reintroduce bipartisan laws that may broaden housing advantages for veterans nationwide.
Meng and Malliotakis, a Republican representing components of southern Brooklyn and Staten Island, have launched the Truthful Entry to Co-Ops for Veterans Act (H.R.1803), a invoice that may make it simpler for veterans throughout the nation to buy co-ops.
The invoice, initially launched final 12 months by Meng and Malliotakis, would broaden the Veterans Dwelling Mortgage Assure program to incorporate co-ops by permitting the U.S. Division of Veteran Affairs (VA) to ensure co-op loans taken out by veterans.
The invoice would additionally direct the VA to promote this system to eligible veterans, taking part lenders and realtors.
Meng, who represents New York’s sixth Congressional District overlaying neighborhoods akin to Elmhurst, Flushing, Glendale, Kew Gardens and Maspeth, not too long ago testified earlier than the Home Veterans’ Affairs Subcommittee on Financial Alternative in assist of the invoice.
She stated the VA Dwelling Mortgage Program has been a transformative profit for veterans for the previous 80 years however added that New Yorkers who served within the armed forces can’t benefit from the full advantages of this system with out entry to co-ops.
“In New York City, about two out of three apartment buildings are co-ops. And if you have seen New York, you know, that is a lot of co-ops,” Meng informed the committee. “Co-ops, on common are extra inexpensive in New York than condos or houses. They provide a practical means for working-class New Yorkers to personal their place and construct fairness.
“Currently, a veteran or servicemember can use their VA home loan to purchase a condo, a townhome, a mobile home, or a manufactured home, but not a co-op. It is our job to serve those who serve us. So, let’s serve them by increasing the accessibility of homeownership to more veterans.”
In 2006, Congress handed a invoice making a five-year pilot program permitting veterans to buy co-op housing. Nonetheless, this system expired in 2011 and has not been renewed since. Meng recalled how a not too long ago married former service member reached out to her workplace final 12 months to inquire why he couldn’t use the VA residence mortgage to buy certainly one of New York’s most inexpensive housing choices.
QNS File Picture by Mark Hallum
Malliotakis, who represents New York’s eleventh congressional district stated co-ops make up roughly 25% of the housing market in New York Metropolis and stated it’s “essential” for veterans to have entry to those houses.
“I’m proud to partner with Rep. Meng on this bipartisan effort to include co-ops in VA home loan eligibility, helping to expand homeownership opportunities and support veterans in their transition to civilian life,” Malliotakis stated.
Kristina Keenan, Legislative Director at Veterans of International Wars (VFW), stated veterans who dwell in cities the place co-ops are prevalent are disproportionately impacted by an absence of entry to co-op housing.
“In New York City, for example, co-ops comprise almost two-thirds of all multi-family housing, for which veterans cannot use VA home loans,” Keenan stated in an announcement. “Veteran residence possession in New York Metropolis can be considerably decrease than the remainder of the nation. Different cities the place co-ops are prevalent are Baltimore, Chicago, Los Angeles, Miami, Minneapolis, Newark, Palm Seashore, Philadelphia, San Francisco, and Washington, D.C.
“Expanding the VA home loan program to co-ops would provide more veterans with long-term housing stability.”
