back November 16, 2005 Committee Passes Ryan Amendment to Continue Wisconsin Veterans Home Loan Program WASHINGTON – First District Congressman Paul Ryan yesterday won approval in the House Committee on Ways and Means for an amendment that would allow Wisconsin to continue its veterans’ home loan program – extending the opportunity for affordable home loans to veterans of current and recent military operations. The committee approved the amendment authored by Ryan and included it in a broader package of tax relief extensions, H.R. 4297. The next step will be for the full House of Representatives to consider and vote on H.R. 4297. Ryan’s amendment, which is similar to legislation he introduced earlier this year, would help open the door to homeownership for Wisconsin’s newer veterans.  Under current law, Wisconsin and four other states are authorized to issue tax-exempt bonds, the proceeds of which are used to finance mortgage loans to veterans. However, these mortgage loans can be made only to veterans who served on active duty before 1977 and who applied for the loan within 30 years after they left active military service. Therefore, veterans of more recent or ongoing military operations such as Operation Iraqi Freedom, Operation Enduring Freedom, Kosovo, Somalia, and the 1991 Persian Gulf War are not eligible, under present law, for such mortgage loans.  Ryan’s amendment removes the requirement that veterans receiving loans financed by these veterans’ bonds must have served before 1977, enabling Wisconsin’s veterans’ home loan program to stay active and assist Wisconsin veterans of Iraq, Afghanistan and other more recent conflicts. Additionally, the legislation provides new state limits for these bonds. Under the amendment, the new bonding authority for Wisconsin to provide these loans would be phased in over five years and would sunset in 2010.  “This home loan program has served Wisconsin’s veterans well over the years, and we want to keep it going,” Ryan said. “This amendment gives us the chance to extend the program and open it up to help more recent veterans achieve the dream of homeownership. Those serving with honor and bravery today deserve the same access to homeownership that earlier Wisconsin veterans have enjoyed. This is a solid step in the right direction.”  “The committee’s passage of Congressman Ryan’s amendment is good progress and a great step forward for Wisconsin’s veterans,” said Wisconsin Department of Veterans Affairs Secretary John A. Scocos. “As we welcome our newest veterans home, I believe that we should really welcome them home – to their own home, and this legislation brings us closer to that goal.”  Print Contact: Kate Matus (202) 226-7326