Realtors Support Clinton-Murphy G.I. Bill for the 21st Century

RISMEDIA, May 18, 2007-The National Association of Realtors(R) endorsed the 21st Century G.I. Bill of Rights Act introduced by Senator Hillary Rodham Clinton (D-N.Y.) and Representative Patrick Murphy (D-Pa.). The new legislation will expand housing, educational and entrepreneurial opportunities for service members, veterans and their families.

“As the leading advocates for homeownership and affordable housing, Realtors have long supported policies that make housing more accessible and affordable for America’s veterans,” Pat V. Combs, NAR president, said while joining Clinton and others at today’s announcement. “We strongly support efforts to improve housing benefits for all veterans, no matter where they live,” Combs said.

The 21st Century G.I. Bill of Rights Act will exempt veterans from paying loan fees and expand opportunities for veterans to purchase, build, repair or improve a home by increasing access to low interest loans through the Veterans Affairs Home Loan Guaranty Loan Program for homes valued up to $625,000. The current program caps loans at $417,000, the conforming loan limit.

“The G.I. Bill has helped millions of soldiers transition successfully to civilian life and it has been one of the best investments we have made as a nation. Now it is time to update and modernize the G.I. Bill for the 21st century to meet the needs of today’s soldiers, veterans and their families, from education to housing and microloans to start small businesses,” Sen. Clinton said. “This is the right way to invest in the future of our service members and reward the service they have given to our country,” said Clinton.

The bill will guarantee eligibility to all service members – Active Duty, National Guard and Reserves — who have served since September 11, 2001.

Congressman Murphy, a veteran of the Iraq war, and a cosponsor of the bill, said, “With a new generation of veterans putting their lives on the line, it is time to honor their commitment and sacrifice.”

NAR has also supported legislation that would modernize the Federal Housing Administration and reform the government-sponsored enterprises (GSEs), such as Fannie Mae and Freddie Mac. The modernization of FHA and the GSEs would help more American’s become homeowners.

“Increasing the loan limits for our active duty military, reservists and veterans would further extend the dream of homeownership,” said Combs. “We are pleased to be here alongside Senator Clinton and Congressman Murphy in support of this legislation that will give every service member the treatment and respect they deserve.”

For more information, http://www.Realtor.org.

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