VA Housing Loan Forever Act of 2024

Chapter 37 of title 38, United States Code, is amended by inserting after section 3736 the following new section (and conforming the table of sections at the beginning of such chapter accordingly):

(1) A veteran described in paragraph (2) may elect to transfer the housing loan benefits of the veteran to one or more legatees of the veteran.

(2) A veteran described in this paragraph is a veteran—

(A) whose service in the active military, naval, air, or space service (or any part of such service) occurred between January 1, 1944, and December 31, 1977; and

(B) who has not received housing loan benefits under this chapter.

(1) During the 10-year period beginning one year after the date of the enactment of the VA Housing Loan Forever Act of 2024, the Secretary shall transfer the housing loan benefits of a veteran described in paragraph (2) to each individual—

(A) who applies to the Secretary for purposes of this subsection during such 10-year period; and

(B) whom the Secretary determines is a legatee of such veteran.

(2) A veteran described in this paragraph is a veteran—

(A) whose service in the active military, naval, air, or space service (or any part of such service) occurred between January 1, 1944, and December 31, 1977;

(B) who is deceased;

(C) who died before the end of the period described in paragraph (1);

(D) who died before the individual applied as described in paragraph (1);

(E) who did not receive housing loan benefits under this chapter during the lifetime of the veteran; and

(F) who did not elect to transfer such housing loan benefits pursuant to subsection (a) before dying.

(3) A determination of the Secretary under this subsection shall be subject to section 5104C of this title without regard to the time period described in paragraph (1).

A legatee to whom housing loan benefits are transferred pursuant to this section shall be treated as a veteran for purposes of housing loans under this chapter.

Each legatee to whom housing loan benefits is transferred pursuant to this section shall receive the full housing loan benefits of the veteran from whom such benefits are transferred.

A legatee to whom housing loan benefits are transferred pursuant to this section may use such housing loan benefits immediately upon such transfer.

A legatee to whom housing loan benefits are transferred pursuant to this section may not transfer such benefits.

A veteran who transfers housing loan benefits pursuant to subsection (a) may, before the legatee uses such benefit, revoke such transfer by submission of written notice of such revocation to the Secretary.

(1) Nothing in this section shall be construed to prohibit a legatee to whom housing loan benefits are transferred pursuant to this section from becoming otherwise eligible for housing loan benefits under this chapter.

(2) A legatee described in paragraph (1) may elect to use such transferred benefits or such benefits to which the legatee is otherwise eligible.

A legatee to whom housing loan benefits are transferred pursuant to this section may not be exempt from paying a fee under section 3729(c) of this title.

In this section, the term legatee means, with regards to a veteran—

(1) a spouse or surviving spouse;

(2) a biological or legally adopted child;

(3) a grandchild; and

(4) any other direct descendant.

Section 3701(b) of title 38, United States Code, is amended by adding at the end the following new paragraph:

(8) The term veteran also includes, for purposes of housing loans, a legatee to whom housing loan benefits are transferred pursuant to section 3737 of this title.

Section 3702(a)(2) of such title is amended by adding at the end the following new subparagraph:

(H) Each legatee to whom housing loan benefits are transferred pursuant to section 3737 of this title.

Not later than one year after the date of the enactment of this Act, the Secretary of Veterans Affairs shall prescribe regulations to carry out the amendments made by this section.