Assemblyman Mike Davis’ AB 1084, Veterans Co-operative Housing/Home Loans Provisions legislation was signed by Governor Brown at the close of the 2011 session. The bill amends existing provisions of CalVet, the California Veterans Home Loan program, to allow it to be used to finance the purchase of shared equity cooperative housing. This expands CalVet, enabling it to offer more than the traditional single family home loans.
A shared equity cooperative is a form of housing ownership developed to help low-income individuals and families buy homes. Owners purchase a share in the corporation which gives them an exclusive right to occupy a particular unit owned by the corporation.
“This bill will provide financial support for non-traditional housing needed by California’s veterans,” explained Assemblyman Mike Davis. “Each of our veterans should be allowed an opportunity to acquire housing benefits.”
The bill would expand the definition of cooperative Housing Corporation to include a shared equity cooperative. The sponsor, California Association of Veteran Service Agencies, believes that expanding the CalVet Home Loan program to shared equity co-ops provides an additional path for low income veterans to become homeowners. It will allow worthy veterans the tax advantages of home ownership, lowered housing costs and where possible give them access to needed services.
Supporters of the bill include the California Association of Veterans Service Agencies (Sponsor), United States Veterans Initiative, Swords to Plowshares, Vietnam Veterans of San Diego, New Directions, Vietnam Veterans of California, Inc., Associated Cooperatives (AC) and the Twin Pines Cooperative Foundation (TPCF).
Assemblyman Davis is committed to Veterans Affairs in Los Angeles and recognizes their contributions to this nation. In concert with the Beverly Hills/Hollywood NAACP, he presented a certificate of recognition to deserving veterans at the Veterans Day ceremony held at the Jackie Robinson Post.