U.S. Rep. Grace Meng and Rep. Nicole Malliotakis have reintroduced the Fair Access to Co-Ops for Veterans Act, which would allow veterans to access loans for purchasing co-ops nationwide. The bill seeks to amend the existing Veterans Home Loan Guarantee program to include co-ops, a common housing option in NYC. Meng emphasized the importance of co-ops in affording homeownership for veterans in New York, where they represent two-thirds of apartment buildings. The initiative aims to enhance home accessibility for veterans, ensuring their contributions are translated into practical benefits.
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.
The VA Home Loan Program has been a transformative benefit for veterans for the past 80 years but added that New Yorkers who served in the armed forces cannot enjoy the full benefits of the program.
Co-ops, on average, are more affordable in New York than condos or homes. They offer a realistic way for working-class New Yorkers to own their place and build equity.
It is our job to serve those who serve us. So, let's serve them by increasing the accessibility of homeownership to more veterans.
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