Provisions in military tax relief package open low-interest home loan program to all Texas veterans
WASHINGTON – December 20, 2007 – The U.S. Senate unanimously passed legislation late Wednesday backed by U.S. Sen. John Cornyn to increase opportunities for Texas veterans to purchase homes through the Qualified Veterans Mortgage Bond (QVMB) program. Sen. Cornyn pushed to secure provisions in the Defenders of Freedom Tax Relief Act that will open an existing low-interest housing loan program to all Texas veterans, including those who served after 1977. The overall legislative package now moves to the U.S. House.
“This legislation is one way we can help veterans, particularly younger ones, 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, including those who risked their lives on the battlefields of Iraq and Afghanistan. Owning a home is an important part of the American Dream. We owe it to those who served to help them achieve this goal.”
Sen. Cornyn noted that Texas, which is home to more than 1.7 million veterans, has a long tradition of strong support for our military personnel and veterans.
Under current law, the Qualified Veterans Mortgage Bond (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 this month, 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 worked to ensure the provisions of S. 2277 were included in the legislation that passed last night. He sent a letter to the Chairman and Ranking Member of the Senate Finance Committee earlier this week urging inclusion of these benefits.
Sen. Cornyn serves on the Armed Services, Judiciary and Budget Committees. In addition, he is Vice Chairman of the Senate Republican Conference and the Senate Select Committee on Ethics. He serves as the top Republican on the Judiciary Committee’s Immigration, Border Security and Refugees subcommittee and the Armed Services Committee’s Airland subcommittee. He served previously as Texas Attorney General, Texas Supreme Court Justice, and Bexar County District Judge.