2018 National Military and Veteran Housing Policy Plan
Servicemembers and veterans are members of a protected class. As such, federal and state laws have been enacted to protect veterans on various employment, economic, and judicial issues. In the same spirit, VAREP implores legislators to protect servicemembers and veterans against discrimination insofar as credit, lending and housing opportunities by taking action on the following:
1. Amend or Introduce legislation to establish a program to educate/counsel servicemembers and veterans about financial literacy and the benefits of homeownership.
Through legislation, the DOD and VA would be required to establish a financial literacy and housing education program offered to servicemembers and veterans of all eras. Topics should include the importance of budgeting and savings, the benefits of homeownership, different mortgage types, maintaining good credit and avoiding foreclosure. After education, participants would be provided with follow-up housing counseling services to answer any questions, reinforce learning and expose veterans to all available housing options.
2. Introduce legislation to create a “Veterans Informed Consumer Choice Disclosure Notice.”
Option One: Using HUD’s “Informed Consumer Choice Disclosure Notice” as an example, legislators need to create a veteran version mandating that lenders provide veteran consumers who apply for a VA loan with a written side-by-side comparisons between the VA, FHA, and conventional loan products.
Option Two: Amend HUD’s existing “Informed Consumer Choice Disclosure Notice” to include the VA loan. This would mandate that lenders would provide veteran consumers who apply for a VA loan with a written side-by-side comparisons between the VA, FHA, and conventional loan products.
3. Reform federal fair housing, lending and equal credit opportunity acts to include and protect veterans.
Option One: Amend the Fair Housing Act, the Equal Credit Opportunity Act (ECOA) and the Community Reinvestment Act (CRA) to include veterans as a protected class.
Option Two: Introduce Legislation to provide the same protections and equal credit opportunity for veterans as the Fair Housing, Equal Opportunity and Community Reinvestment Acts have done for Low-and-moderate income families and other protected socioeconomic classes.
The 2018 VAREP Capitol Hill visits are set to occur this year on Tuesday, June 5, 2018. Hill visits give VAREP members the opportunity to meet with members of Congress and the Senate to advocate VAREP’s Policy Positions including issues that affect military and veteran homeownership, financial literacy, and economic development.
Founder and VAREP National President, Son Nguyen will discuss the 2018 VAREP Policy Positions at the Opening General Session on Monday, June 4, 2018. With his insight and the VAREP Policy Position document in-hand, VAREP members will share the importance of these positions with Congressmen during their scheduled in-person meetings.
This unique opportunity allows VAREP members to literally be the voice of military and veteran real estate. Through our national advocacy efforts, we can make the American Dream come true for those who have served us…See you on Capitol Hill!