Jon Tester - The ranking member of the Senate Committee on Veterans’ Affairs | Official U.S. Senate headshot
Jon Tester - The ranking member of the Senate Committee on Veterans’ Affairs | Official U.S. Senate headshot
U.S. Senators Jerry Moran and Richard Blumenthal, along with U.S. Congressmen Mike Bost and Mark Takano, have announced the Senate's passage of H.R. 1815, known as the VA Home Loan Program Reform Act. This legislation aims to assist veterans facing financial difficulties by enhancing the VA Home Loan Program.
"This bipartisan and bicameral legislation will assist veterans who are facing financial hardships and provide VA with a tool to better help veterans stay in their homes and avoid foreclosure," stated the lawmakers. The act empowers the Department of Veterans Affairs (VA) to establish a partial claim program as a last-resort option to preserve veteran homeownership and reduce preventable foreclosures.
The statement further highlighted that "this legislation will also allow VA to provide critical funding to grantees offering transitional housing to homeless veterans through the Grant and Per Diem program." The bill also encourages continued collaboration between VA and mortgage servicers to support veterans during financial challenges.
The VA Home Loan Program Reform Act introduces a Partial Claim program within VA’s loss mitigation tools, aligning it more closely with programs from other federal agencies like the Federal Housing Administration. The mortgage industry estimates that this initiative could aid over 20,000 seriously delinquent borrowers in retaining their homes.
Additionally, the legislation increases funding authorization for Comprehensive Service Programs for Homeless Veterans, facilitating full implementation of provisions from Senator Moran’s previous legislative efforts.
The bill is now set to be signed into law by the President.
Alerts Sign-up