U.S. Rep Grace Meng has reintroduced laws to increase 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 might increase housing advantages for veterans nationwide.
Meng and Malliotakis, a Republican representing components of southern Brooklyn and Staten Island, have launched the Honest Entry to Co-Ops for Veterans Act (H.R.1803), a invoice that might make it simpler for veterans throughout the nation to buy co-ops.
The invoice, initially launched final yr by Meng and Malliotakis, would increase 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 reminiscent of Elmhurst, Flushing, Glendale, Kew Gardens and Maspeth, just lately 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 cannot 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 reasonably priced in New York than condos or properties. They provide a sensible manner 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 just lately married former service member reached out to her workplace final yr to inquire why he couldn’t use the VA house mortgage to buy one in all New York’s most reasonably priced 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 properties.
“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 Overseas Wars (VFW), stated veterans who stay in cities the place co-ops are prevalent are disproportionately impacted by a scarcity 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 a press release. “Veteran house 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.”
