Bill Overview
Title: Fair Access to Co-ops for Veterans Act
Description: This bill makes permanent the Department of Veterans Affairs authority to guarantee a loan for a veteran's purchase of stock or membership in a cooperative housing corporation for the purpose of entitling the veteran to occupy a single family residential unit.
Sponsors: Rep. Maloney, Carolyn B. [D-NY-12]
Target Audience
Population: Veterans seeking cooperative housing opportunities
Estimated Size: 2500000
- Veterans are individuals who have served in the armed forces.
- This bill specifically targets veterans seeking to purchase stock or membership in a cooperative housing corporation.
- The bill impacts veterans by facilitating their access to housing through cooperative models.
- Cooperative housing is a less traditional form of housing ownership, where residents buy shares in a corporation that owns the property.
- The population of veterans worldwide includes those who have served in military forces of various countries.
- The global estimate includes veterans from all countries, not just the United States.
Reasoning
- Veterans are a diverse group with varying housing needs and financial situations. While some veterans may find cooperative housing appealing and beneficial, others might be indifferent or prefer traditional home ownership.
- The policy's financial cap requires targeting veterans who are actively pursuing cooperative housing, potentially those in high-cost urban areas where such housing is viable or beneficial.
- The impact of this policy will vary based on veterans' awareness and interest in co-op housing, previous barriers in accessing cooperative housing, and their current housing situations.
Simulated Interviews
Software Developer (San Francisco, CA)
Age: 34 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- I have been exploring co-housing because it's more sustainable and community-oriented.
- If this policy makes it easier to join a co-op, it could be a great option.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 8 | 6 |
Retired (Austin, TX)
Age: 57 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 4/20
Statement of Opinion:
- I had never considered cooperative housing until I heard about this.
- It seems like an affordable way to own a place of my own.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 5 |
Construction Worker (Minneapolis, MN)
Age: 45 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- I don't see this affecting me much as my family prefers traditional housing.
- For those who need it, it’s probably a good initiative.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 5 | 5 |
Teacher (New York, NY)
Age: 39 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 15.0 years
Commonness: 3/20
Statement of Opinion:
- Living in NYC is expensive, and co-ops offer a more stable solution.
- Hope this policy makes co-ops more accessible to veterans like me.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 8 | 5 |
Logistics Manager (Phoenix, AZ)
Age: 50 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 5/20
Statement of Opinion:
- I already own my home, so this doesn’t change much for me.
- Good initiative for younger vets or those looking for alternative living.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 7 | 7 |
Freelance Artist (Seattle, WA)
Age: 29 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 2/20
Statement of Opinion:
- I'm interested in sustainable living, and co-ops fit that bill.
- With this assistance, it feels more achievable financially.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 5 |
Retired (Boston, MA)
Age: 64 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- At my age, I'm not seeking new housing, but it's a good option for others.
- Hope younger vets benefit from it.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Nurse (Chicago, IL)
Age: 41 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- Single motherhood makes affordability a priority, so co-ops sound promising.
- If this makes getting into a co-op easier, I'm all for it.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 6 |
Entrepreneur (Miami, FL)
Age: 30 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 4/20
Statement of Opinion:
- I'm intrigued by co-ops but focused on my business for now.
- Nice to know options are available should I decide to pursue them later.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 6 | 6 |
Accountant (Dallas, TX)
Age: 38 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 15.0 years
Commonness: 3/20
Statement of Opinion:
- Co-op living seems appealing, especially for the community aspect.
- I'm glad the VA is thinking outside the box for veteran housing.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 8 | 6 |
Cost Estimates
Year 1: $5000000 (Low: $3000000, High: $7000000)
Year 2: $5100000 (Low: $3060000, High: $7140000)
Year 3: $5202000 (Low: $3121200, High: $7282800)
Year 5: $5410080 (Low: $3246048, High: $7574112)
Year 10: $5947036 (Low: $3568221, High: $8325851)
Year 100: $15919499 (Low: $9551699, High: $22387299)
Key Considerations
- The cost impact heavily depends on the uptake of cooperative housing by veterans.
- Variability in housing markets can affect costs and savings projections.
- Administrative efficiency in the VA’s processing of cooperative housing applications would influence long-term fiscal outcomes.