Maloney’s Bill Gives Vets Another Housing Choice–A Co-op

Congressmember Carolyn Maloney, always in the front lines where improving veterans’ benefits is concerned, capped off 2005 by introducing legislation to give vets another choice in buying a place to live.

Maloney’s bill gives vets a greater housing choice by allowing them to use guaranteed VA (Veterans Administration) loans to purchase a co-op.

Currently, VA loans are available to buy a house, townhouse, condominium or even a mobile home, but not a co-op, Maloney (D–Manhattan/Queens) explained.

Given the usually tight market in apartments and the fact that they are usually less expensive than other types of housing, vets should have the choice of buying a co-operative, Maloney said.

“Apartments are hard enough to find in New York without the government standing in the way,” the lawmaker said. “Veterans should be able to use their hard-earned benefits to buy a co-op if they want to.”

Maloney said co-ops make up about 30 percent of the housing stock in New York and are usually less expensive than condo units, she added. “What’s more, co-op loans often have lower interest rates than other kinds of mortgages. New York veterans are really being squeezed by this absurd law.”

Rep. Maloney

Maloney, who has introduced the Veterans Housing Fairness Act in each of the last four congresses, said she was moved to introduce it again after learning that a constituent had attempted to purchase a residential co-op unit, but was told that his VA loan could not be used to buy that type of property. “The FHA (Federal Housing Administration) and other government agencies already offer loans on co-ops, why shouldn’t the VA give veterans the same opportunity?” she asked.

Maloney explained that the VA loan program allows veterans to buy homes with no down payment and limited closing costs; additionally, the program offers negotiable interest rates and flexible repayment plans. “Extending these generous loan benefits to the purchasers of co-op apartments would be a boon for New York veterans,” she concluded.

TIPS ON FINDING CHEAPER DRUGS: Seniors looking for ways of saving on drug purchases under the Medicare Prescription Drug Program should check the Internet Web site, set up by Consumers Union, publisher of the highly respected Consumer Reports magazine, by going to www.CRBestBuyDrugs.org.

Councilmember Liu

The organization has posted a list of drugs on its Web site that researchers have identified as equally effective as some costly brand name drugs, according to a Newsday report last Wednesday.

The list covers 10 broad classes of medications, including drug products for high cholesterol, pain and arthritis, high blood pressure and depression. They plan to add to the list gradually.

Consumers Union says that by using the list, some seniors could save thousands of dollars. It might be worth a look.

LIU GIVES HEAP AID: The current cold snap, with the official start of winter on December 21, was a good time for Councilmember John Liu to remind his senior citizen constituents to drop by his office to get help with filling out the application to get assistance paying heating bills.

The HEAP (Home Energy Assistance Program) provides money for low-income families and seniors to help pay for heat and energy bills during winter. It’s doubly welcome this year because heating fuel prices are higher than last year and a colder than usual winter is expected, Liu (D–Flushing) explained.

Liu stated, “We want to do everything we can to keep families warm and well, especially this year with skyrocketing energy costs.”