REALTORS® back Clinton-Murphy G.I. Bill

The National Association of REALTORS® has endorsed the 21st Century G.I. Bill of Rights Act introduced recently by Sen. Hillary Rodham Clinton (D-N.Y.) and Rep. Patrick Murphy (D-Pa.). The new legislation would expand housing, educational and entrepreneurial opportunities for service members, veterans and their families.

“As the leading advocates for homeownership and affordable housing, REALTORS® have long supported policies that make housing more accessible and affordable for America’s veterans,” said Pat V. Combs, NAR president, while joining Clinton and others at an announcement. “We strongly support efforts to improve housing benefits for all veterans, no matter where they live.”

If approved, the 21st Century G.I. Bill of Rights Act would exempt veterans from paying loan fees and expand opportunities for veterans to purchase, build, repair or improve a home by increasing access to low-interest loans through the Veterans Affairs Home Loan Guaranty Loan Program for homes valued up to $625,000.

The current program caps loans at $417,000, the conforming loan limit.

“The G.I. Bill has helped millions of soldiers transition successfully to civilian life and it has been one of the best investments we have made as a nation. Now it is time to update and modernize the G.I. Bill for the 21st century to meet the needs of today’s soldiers, veterans and their families, from education to housing and micro-loans to start small businesses,” Sen. Clinton said. “This is the right way to invest in the future of our service members and reward the service they have given to our country.”

The bill would guarantee eligibility to all service members — Active Duty, National Guard and Reserves — who have served since September 11, 2001.

“With a new generation of veterans putting their lives on the line, it is time to honor their commitment and sacrifice,” said Rep. Murphy, a veteran of the war in Iraq, and a co-sponsor of the bill that has been referred to a subcommittee.

The NAR also has supported legislation that would modernize the Federal Housing Administration and reform the government-sponsored enterprises (GSEs), such as Fannie Mae and Freddie Mac. The modernization of FHA and the GSEs would help more Americans become homeowners, the NAR said.

“Increasing the loan limits for our active duty military, reservists and veterans would further extend the dream of homeownership,” said Combs. “We are pleased to be here alongside Senator Clinton and Congressman Murphy in support of this legislation that will give every service member the treatment and respect they deserve.”