File #: Res 0041-2022    Version: * Name: Legislation that allows service members, veterans and eligible surviving spouses to use the US Department of Veteran Affairs home loans to purchase cooperative apartments.
Type: Resolution Status: Adopted
Committee: Committee on Veterans
On agenda: 2/24/2022
Enactment date: Law number:
Title: Resolution calling on Congress to pass, and the President to sign, legislation that allows service members, veterans and eligible surviving spouses to use the United States Department of Veteran Affairs home loans to purchase cooperative apartments.
Sponsors: Public Advocate Jumaane Williams, Shahana K. Hanif, Kalman Yeger , Farah N. Louis, Selvena N. Brooks-Powers, Eric Dinowitz, Julie Menin, Robert F. Holden
Council Member Sponsors: 8
Attachments: 1. Res. No. 41, 2. February 24, 2022 - Stated Meeting Agenda, 3. Hearing Transcript - Stated Meeting 2-24-22, 4. Committee Report 4/4/22, 5. Hearing Testimony 4/4/22, 6. Hearing Transcript 4/4/22, 7. Committee Report 5/4/22, 8. Hearing Testimony 5/4/22, 9. Committee Report - Stated Meeting, 10. May 5, 2022 - Stated Meeting Agenda, 11. Minutes of the Stated Meeting - February 24, 2022
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
5/5/2022*Public Advocate Jumaane Williams City Council Approved, by CouncilPass Action details Meeting details Not available
5/4/2022*Public Advocate Jumaane Williams Committee on Veterans Hearing Held by Committee  Action details Meeting details Not available
5/4/2022*Public Advocate Jumaane Williams Committee on Veterans Approved by CommitteePass Action details Meeting details Not available
4/4/2022*Public Advocate Jumaane Williams Committee on General Welfare Laid Over by Committee  Action details Meeting details Not available
4/4/2022*Public Advocate Jumaane Williams Committee on General Welfare Hearing Held by Committee  Action details Meeting details Not available
4/4/2022*Public Advocate Jumaane Williams Committee on Veterans Laid Over by Committee  Action details Meeting details Not available
4/4/2022*Public Advocate Jumaane Williams Committee on Veterans Hearing Held by Committee  Action details Meeting details Not available
2/24/2022*Public Advocate Jumaane Williams City Council Referred to Comm by Council  Action details Meeting details Not available
2/24/2022*Public Advocate Jumaane Williams City Council Introduced by Council  Action details Meeting details Not available

Res. No. 41

 

Resolution calling on Congress to pass, and the President to sign, legislation that allows service members, veterans and eligible surviving spouses to use the United States Department of Veteran Affairs home loans to purchase cooperative apartments.

 

By the Public Advocate (Mr. Williams) and Council Members Hanif, Yeger, Louis, Brooks-Powers, Dinowitz, Menin and Holden

 

Whereas, The United States Department of Veteran Affairs (VA) helps service members, veterans and eligible surviving spouses to become homeowners by offering a home loan; and

Whereas, Home loans offered by the VA, known as VA loans, are provided by private lenders such as banks and mortgage companies; and

Whereas, The VA guarantees a portion of the home loan, which enables the lender to provide favorable terms; and

Whereas, The New York Times published an article titled, “A Loan Program for Veterans Comes Wrapped in Red Tape”, on June 10, 2013, which identified obstacles to using the VA loan to purchase a condominium or cooperative apartment in New York; and

Whereas, The New York Times article highlights three challenges: 1) New York real estate firms have no experience with VA loans, 2) VA loans can only be used to purchase a condominium if the entire building applies to the VA for approval and 3) cooperative buildings are excluded from the VA loan program; and

Whereas, According to the National Association of Housing Cooperatives,  more than 1.2 million families in the United States live in homes owned and operated through a cooperative association and most of these units are located in major urban areas such as Chicago, San Francisco and New York City; and

Whereas, Cooperative units are often a less expensive housing option when compared to condominium units or single-family houses; and

Whereas, Veterans seeking to find a home in New York City or other major urban areas should have similar home buying support as veterans who purchase homes in suburban or rural areas; now, therefore, be it

Resolved, That the Council of the City of New York calls on Congress to pass, and the President to sign, legislation that allows service members, veterans and eligible surviving spouses to use the United States Department of Veteran Affairs home loans to purchase cooperative apartments.

 

 

 

Session 12

NLB

LS 1107

12/30/21

 

Session 11

JLC

LS# 6273