21st Century ROAD to Housing Act

(a) In general.— Subpart A of part 2 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4541 et seq.) is amended by adding at the end the following:

“1329. Uniform residential loan application.— Not later than 6 months after the date of enactment of this section, the Director shall, by regulation or order, require each enterprise to include a disclosure below the military service question, which shall be above the signature line, on the form known as the Uniform Residential Loan Application stating, “If yes, you may qualify for a VA Home Loan. Consult your lender regarding eligibility.”.”.

(b) GAO study.— Not later than 18 months after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study and submit to Congress a report on whether or not less than 80 percent of lenders using the Uniform Residential Loan Application have included on that form the disclaimer required under section 1329 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as added by subsection (a).

(a) Exclusion of certain disability benefits.— Section 3(b)(4)(B) of the United States Housing Act of 1937 (42 U.S.C. 1437a(b)(4)(B)) is amended—

(1) by redesignating clauses (iv) and (v) as clauses (vi) and (vii), respectively; and

(2) by inserting after clause (iii) the following:

“(iv) for the purpose of determining income eligibility with respect to the supported housing program under section 8(o)(19), any disability benefits received under chapter 11 or chapter 15 of title 38, United States Code, received by a veteran, except that this exclusion shall not apply to the income in the definition of adjusted income;

(v) for the purpose of determining income eligibility with respect to any household receiving rental assistance under the supported housing program under section 8(o)(19) as it relates to eligibility for other types of housing assistance, any disability benefits received under chapter 11 or chapter 15 of title 38, United States Code, received by a veteran, but such amounts shall not be excluded from income when determining adjusted income;”.

(b) Treatment of certain disability benefits.—

(1) In general.— When determining the eligibility of a veteran to rent a residential dwelling unit constructed on Department property on or after the date of enactment of this Act, for which assistance is provided as part of a housing assistance program administered by the Secretary, the Secretary shall exclude from income any disability benefits received under chapter 11 or chapter 15 of title 38, United States Code by such person.

(2) Definitions.— In this subsection:

(A) Department property.— The term Department property has the meaning given the term in section 901 of title 38, United States Code.

(B) Secretary.— The term Secretary means the Secretary of Housing and Urban Development.

(a) FHA informed consumer choice disclosure.—

(1) Inclusion of information relating to VA loans.— Subparagraph (A) of section 203(f)(2) of the National Housing Act (12 U.S.C. 1709(f)(2)(A)) is amended—

(A) by striking “ratio in” and inserting “ratio—

“(i) in”; and

(B) by adding at the end the following:

“(ii) in connection with a loan guaranteed or insured under chapter 37 of title 38, United States Code, assuming prevailing interest rates; and”.

(2) Rule of construction.— Nothing in the amendments made by paragraph (1) shall be construed to require an original lender to determine whether a prospective borrower is eligible for any loan included in the notice required under section 203(f) of the National Housing Act (12 U.S.C. 1709(f)).

(b) Military service question.—

(1) In general.— Subpart A of part 2 of subtitle A of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4541 et seq.), as amended by section 601(a) of this Act, is amended by adding at the end the following:

“1330. Uniform residential loan application.— Not later than 6 months after the date of enactment of this section, the Director shall require each enterprise to—

(1) include a military service question on the form known as the Uniform Residential Loan Application to include selection options of “Yes”, “No”, and “Prefer Not To Answer”; and

“(2) position the question described in paragraph (1) above the signature line of the Uniform Residential Loan Application.”.

(2) Rulemaking.— Not later than 6 months after the date of enactment of this Act, the Director of the Federal Housing Finance Agency shall issue a rule to carry out the amendment made by this section.