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Billno should always have and extension i.e. h1.ih

Veterans Housing Affordability Act of 2004 (Introduced in House)

HR 4065 IH

108th CONGRESS

2d Session

H. R. 4065

To amend title 38, United States Code, to increase the maximum amount of home loan guaranty available to a veteran, and to provide for annual adjustments to such amount.

IN THE HOUSE OF REPRESENTATIVES

March 30, 2004

Ms. GINNY BROWN-WAITE of Florida introduced the following bill; which was referred to the Committee on Veterans' Affairs

A BILL

To amend title 38, United States Code, to increase the maximum amount of home loan guaranty available to a veteran, and to provide for annual adjustments to such amount.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Veterans Housing Affordability Act of 2004'.

SEC. 2. INCREASE IN, AND ANNUAL INDEXING OF, MAXIMUM AMOUNT OF HOME LOAN GUARANTY FOR CONSTRUCTION AND PURCHASE OF HOMES.

(a) Maximum Loan Guaranty Based on 90 Percent of the Freddie Mac Conforming Loan Rate- Section 3703(a)(1) of title 38, United States Code, is amended by striking `$60,000' each place it appears in subparagraphs (A)(i)(IV) and (B) and inserting `the maximum guaranty amount (as defined in subparagraph (C))'.

(b) Definition- Such section is further amended by adding at the end the following new subparagraph:

`(C) In this paragraph, the term `maximum guaranty amount' means the dollar amount that is equal to 22.5 percent of the Freddie Mac conforming loan limit limitation determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)), as adjusted for the year involved.'.