H.R. 7009: Home Affordability for Guard and Reserve Act

This bill, known as the Home Affordability for Guard and Reserve Act, proposes several changes to the eligibility criteria for housing loans guaranteed by the Secretary of Veterans Affairs for certain military personnel, specifically members of the reserve components and the National Guard. Below are the key provisions:

1. Expanded Definition of Active Duty

The bill broadens the definition of what constitutes "active duty" to include not only regular active service but also:

• Inactive-duty training
• Annual training duty
• Service on active duty under various sections of Title 10 and Title 14
• Full-time service in the National Guard for purposes such as organizing, administering, recruiting, and training

This expanded definition allows more members of the National Guard and reserve components to qualify for housing loans.

2. Retroactive Applicability

The changes will apply retroactively to any qualifying service performed on or after September 11, 2001, which means that eligible individuals can benefit from these provisions regardless of when they served.

3. Additional Eligibility for Guaranteed Housing Loans

The bill introduces new eligibility criteria for individuals who have completed at least 14 days of active duty. Specifically, it allows:

• Individuals who are not otherwise eligible for housing loans to qualify if they have:
• At least 14 days of active duty service
• Continued to serve until completion of entry-level and skill training

These individuals, identified under a new category in the bill, will be eligible for housing loans but will be subject to an additional loan fee.

4. Basic Entitlement Changes

The bill amends existing laws to ensure that individuals described in the new eligibility criteria (those with at least 14 days of service) have access to basic entitlement for housing loans.

5. Notification Requirements

The Secretary of Veterans Affairs is tasked with notifying all eligible personnel about their eligibility for housing loan benefits once they complete their training. This ensures that those newly eligible are aware of the benefits available to them.

Relevant Companies

• None found