Rep. Kind Secures Expansion of Wisconsin Veterans Mortgage Benefit
Tax Package for Military Families Quadruples Availability of Home Loans for Wisconsin Veterans
Washington, D.C. – U.S. Rep. Ron Kind (D-WI) and the Ways and Means Committee today advanced HR 3997, the “Heroes Earnings Assistance and Relief Tax Act of 2007,” which included a number of tax provisions benefiting military families. Rep. Kind was able to include in the bill a measure to expand the amount of Qualified Veterans Mortgage Bonds available to Wisconsin. The measure will now go to the full House for a vote.
“Particularly now with the credit crisis our country is experiencing, this program is incredibly important to making the dream of homeownership a reality for Wisconsin veterans,” Rep. Kind said. “To date, the Wisconsin Department of Veterans Affairs has helped more than 54,000 Wisconsin veterans build or buy a home through the use of Qualified Veterans’ Mortgage Bonds, and I am so pleased I was able to help expand this program to help even more families.”
The proceeds from selling Qualified Veterans’ Mortgage Bonds (QVMB) are used to make low-interest mortgage loans to veterans with benefits that can save thousands of dollars a year in mortgage costs. Only five states are eligible to issue these bonds: Alaska, California, Oregon, Texas, and Wisconsin.
HR 3997 increases the maximum amount of QVMB bonds that Wisconsin can issue from $25 to $100 million, ensuring this program will remain available to Wisconsin veterans. Without the increase, the Wisconsin Department of Veterans Affairs would not be able to meet the needs of Wisconsin veterans seeking to purchase or build a home.
“This dramatic increase for our state veterans’ home loan program will help hundreds of Wisconsin veterans each year to be able to purchase their own home,” said Wisconsin Department of Veterans Affairs Acting Secretary Bill Kloster. “The affected states have been working closely with Congress for many years, and this action today represents a tremendous achievement for the good of our veterans.”
In Wisconsin, mortgage loans can be made to veterans who apply for financing within 25 years of their active service. Veterans interested in applying should contact their County Veterans Service Office to find out if they are eligible.