Senate Passes Cornyn-Backed Bill to Increase Housing Options for Texas Veterans

Press Release

Senate Passes Cornyn-Backed Bill to Increase Housing Options for Texas Veterans

Bill that opens low-interest home loan program to all Texas veterans advances to the President for his signature

The U.S. Senate unanimously approved legislation this evening supported by U.S. Sen. John Cornyn that would make housing more affordable for Texas veterans through the Qualified Veterans Mortgage Bond (QVMB) program. The Heroes Earnings Assistance and Relief Tax Act, H.R. 6081, includes provisions from legislation Sen. Cornyn co-sponsored last year that will open an existing low-interest housing loan program to all Texas veterans, including those who served after 1977. The bill now moves to the President's desk for his signature.

"Texas is home to more than 1.7 million veterans, and 180,000 military men and women serving in the war on terror. This legislation is one way we can help veterans transition back to civilian life and care for their families," said Sen. Cornyn, a member of the Armed Services Committee. "We have a responsibility to meet the needs of our veterans and owe it to those who served to help them gain access to affordable housing. I'm pleased the House and Senate have both passed this legislation and hope the President will sign it without delay so all Texas veterans can take advantage of the benefits available to them in this legislation."

Jerry Patterson, chairman of the Texas Veterans Land Board and a retired U.S. Marine Lt. Colonel, also praised passage of the legislation.

"I want to thank Sen. Cornyn and his staff for their hard work for Texas veterans," said Chairman Jerry Patterson. "This legislation can potentially save Texas veterans thousands on their home mortgage. Before, our home and home improvement loans at the Texas Veterans Land Board were about one-half percent lower than the VA. After this passes, we could be as much as a full percentage point lower. That's a huge savings."

Under current law, the QVMB program, administered by the Texas General Land Office, is only open to veterans who served on active duty prior to 1977. Sen. Cornyn co-sponsored bipartisan legislation, S. 2277, which would greatly expand the QVMB eligibility criteria for Texas veterans who served in more recent conflicts by eliminating the pre-1977 requirement.

Sen. Cornyn backed the Defenders of Freedom Tax Relief Act, S. 1593, which also included provisions to open the program to all Texas veterans. He also worked to ensure the provisions of S. 2277 were included in the bill. In addition, he sent a letter to the Chairman and Ranking Member of the Senate Finance Committee urging inclusion of these benefits.

Source