Washington, D.C. - U.S. Congressman Kevin Brady (R-The Woodlands) announced today his co-sponsorship of H.R. 1742, the Veterans American Dream Homeownership Act.  The Veterans American Dream Homeownership Act enables Texas veterans who have served in the military after 1976 to receive low-interest home mortgage loans backed by federal tax-exempt bonds. 

 

Under current law, veterans of Grenada, Panama, the Gulf War, Bosnia, Afghanistan and the War with Iraq are unable to receive a federally backed home mortgage, while veterans who served before that time are fully eligible. 

 

"Nearly 2 million veterans call Texas home, over 400,000 in the Houston region alone.   These brave men and women deserve access to Veterans programs that  make home ownership a reality, regardless of the era or theater they served our Nation" said Brady.

 

Congress originally created a program where states could issue tax-exempt federal bonds to finance affordable home mortgage loans to veterans.  Five states– Texas, Wisconsin, California, Oregon and Alaska – chose to initiate the program for their former servicemen and servicewomen.  However, under a little known provision in the 1984 tax bill, Congress limited the veterans eligible for this program to those who began military service prior to January 1, 1977.

 

"More than 20 years later, there are thousands of vets who have served our nation honorably and deserve to benefit from this program.  With more veterans buying homes, jobs are created through construction and small business. This program strengthens our communities and our economy", said Brady.  "Every soldier who defends our soil, deserves equal access to a program that helps them own a piece of the American dream."