March 22, 2012
(Denver) –A bill that would have helped ensure that active-duty military men and women who are serving overseas are able to obtain home loans died in House Judiciary today on a party-line vote, after having passed the Senate unanimously.
Currently, when purchasing a home and applying for certain publicly funded home loans, borrowers are required to move into the home within 60 days to fulfill the loan’s occupancy requirement. This requirement puts active duty soldiers at a disadvantage because they may get their orders on short notice and be gone for longer than the occupancy requirement allow, causing them to lose their home loans.
SB12-141, sponsored by Rep. Andy Kerr (D-Lakewood), would have created an exception to the occupancy rule and removed the occupancy requirement in cases when the borrower is an active duty soldier.
Rep. Kerr said he was disappointed a good bill to protect military men and women was voted down.
“Colorado has a large number of active military members, and we should do all we can to help ensure our brave soldiers have access to home loans here in our state,” Rep. Kerr said. “This bill is intended to do just that by removing one barrier they have to securing a loan. As our brave soldiers fight overseas, they shouldn’t have to fight red tape and bureaucracy to achieve the American dream of owning a home.”
President Shaffer (D-Longmont), who was the Senate sponsor of the bill, said he was disappointed with the party-line vote.
“I’m disappointed partisan politics killed a bill that would have benefited those who are fighting for our country,” President Shaffer said.