Press Releases
DELEGATION Works to expand veterans mortgage bond program
Washington, D.C.,
December 19, 2007
– Senators Stevens and Murkowski and Congressman Young today joined colleagues from California, Oregon, Texas, and Wisconsin to convince Senate Leadership to retain a House-passed provision in the Heroes Earnings Assistance and Relief Tax Act of 2007 that would significantly expand the program that provides low interest mortgage loans to veterans.
The Qualified Veterans Mortgage Bond (QVMB) Program allows Alaska, California, Oregon, Texas, and Wisconsin to issue tax-exempt bonds, the proceeds of which are used to finance low-interest mortgage loans for veterans. Alaska has provided this important benefit to veterans for 25 years through the Alaska Housing Finance Corporation. The provision that Stevens, Murkowski and Young fought to retain will raise Alaska’s bonding capacity from $25 million to $100 million. This will increase the resource available to provide loans to more veterans in Alaska. "Whether it is access to the best health care or to low-interest home loans, Congress must remain committed to providing for the men and women who so bravely defend our nation," said Senator Stevens. "We have no greater responsibility. The expansion of this mortgage program will have very real impacts on veterans throughout our State. I am pleased that the Alaska Delegation worked together with members of both parties to ensure that Alaskans are taken care of." "A low-interest loan to purchase a home is one of the most significant benefits that we can provide the men and women who have served our nation," said Senator Murkowski. "I am thankful that the Senate Leadership has agreed to retain this provision to allow us to extend the benefit to more deserving veterans in Alaska." "The brave men and women of our armed forces put their lives on the line every day to defend our way of life," said Rep. Young. "In return, it is our responsibility to make sure they are taken care of in the best ways possible when they return from overseas, and providing them with low-interest loans to assist them in purchasing a home is one of the most important things we can do."
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