MENG AND MALLIOTAKIS REINTRODUCE LEGISLATION EXPANDING HOUSING BENEFITS FOR QUEENS-NYC VETERANS
Bill Expands the Veterans Home Loan Guarantee Program to Include Co-Ops
WASHINGTON, D.C – U.S. Reps. Grace Meng (NY-06) and Nicole Malliotakis (NY-11) announced that they reintroduced the Fair Access to Co-Ops for Veterans Act (H.R.1803), a bipartisan bill to make it easier for veterans in Queens and across the nation to purchase co-ops.
The legislation would expand the Veterans Home Loan Guarantee program to include co-ops, allowing the U.S. Department of Veteran Affairs (VA) to guarantee co-op loans taken out by veterans. The bill would also direct the VA to advertise this co-op program to eligible veterans, participating lenders, and interested realtors.
Full Testimony: https://youtu.be/tBZXcheSJbk
The bill was originally introduced last year by Reps. Meng and Malliotakis. Meng recently testified in support of the bill before the House Veteran Affairs Subcommittee on Economic Opportunity.
“The VA Home Loan Program has been a transformative benefit for service members for over 80 years. This program can't be fully enjoyed by New Yorkers who served in our armed forces,” Meng said during the hearing on Capitol Hill. “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. 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…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. Let's expand the American dream that the VA Home Loan Program helped define over 80 years ago. Let's give veterans and servicemembers access to co-ops.”
"With co-ops making up about a quarter of New York City's housing market, it's essential that our veterans—who have given so much for our country—have access to these homes,”said Congresswoman Malliotakis. “I’m proud to partner with Rep. Meng on this bipartisan effort to include co-ops in VA home loan eligibility, helping to expand home ownership opportunities and support veterans in their transition to civilian life."
Last year, a recently married servicemember in the New York Army National Guard reached out to Meng’s office asking why he could not use a major benefit like the VA Home Loan on New York's most affordable housing option. His story reflects the challenges that roughly 200,000 veterans that call New York home and countless other veterans in towns and cities across the country experience where co-ops are present, like Palm Beach, Minneapolis, Philadelphia, and Baltimore.
"The VFW supports the Fair Access to Co-ops for Veterans Act of 2025 to extend the VA Home Loan Guaranty program to veterans seeking to purchase residential cooperative housing units (co-ops).,” said Kristina Keenan, Legislative Director, Veterans of Foreign Wars (VFW). “Veterans who live in cities where co-ops are prevalent are disproportionately affected. 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. Veteran home ownership in New York City is also significantly lower than the rest of the country. Other cities where co-ops are prevalent are Baltimore, Chicago, Los Angeles, Miami, Minneapolis, Newark, Palm Beach, 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."
“The courageous men and women who have served in our nation's military deserve access to affordable housing,” said Warren Schreiber, Co-President of the Presidents Co-op and Condo Council, and President of the Queens Civic Congress. “Rep. Meng's Fair Access to Co-Ops for Veterans Act enables these veterans to achieve affordable housing and homeownership. The co-op community is eager to welcome our veterans.”
In 2006, Congress passed a bill creating a five-year pilot program allowing veterans to purchase cooperative housing. Prior to this legislation, the VA Home Loans program could not be used for co-ops. However, the pilot program expired in 2011 and has not been renewed since.
The Veterans Home Loan Guarantee program helps Veterans, Servicemembers, and eligible surviving spouses become homeowners. Through the program, loans are provided by private lenders with the VA guaranteeing up to 50 percent, allowing the lender to offer more favorable terms.