Cornyn backs legislation to expand housing assistance for veterans

New federal legislation that passed into law this week will open an affordable housing program and other benefits to recent veterans, U.S. Sen. John Cornyn said Thursday.

Cornyn discussed the new legislation, the Heroes Earnings Assistance and Relief Tax Act, during a conference call on Thursday.

Part of an affordable housing program for Texas veterans, the law eliminates the previous requirement that veterans had to have served before 1977 in order to be eligible for housing assistance. It will enhance veterans' insurance and housing benefits and improve services for transitioning members of the military, he said.

President Bush signed the legislation into law Tuesday.

"We owe it to those who served to make sure they have expanded access to affordable housing," Cornyn stated in a press release.

"The Qualified Veterans Mortgage Bond program is an important tool for veterans seeking financing to purchase a home," Cornyn wrote. "This new law, which expands the Qualified Veterans Mortgage Bond program to all Texas veterans, is one way to help them transition back to civilian life and care for their families."

The law grants the Secretary of Defense the ability to allocate assistance to veterans with permanent disabilities and severe burn injuries to make home improvements to accommodate their needs.

Thursday, Cornyn also touched on his efforts to create tax extending legislation, drive down gas prices, and ensure energy security, all aimed at buoying the nation's economy.

"Particularly when dealing with the housing crisis, people are having trouble holding onto their property and there are high numbers of foreclosures," Cornyn said. "Thankfully Texas, by and large, has not been affected dramatically by the bad economic hit that we see across the country."

Yet, Cornyn did not call the economy's current state a recession.

"My worry is that if we get by this economic challenge on housing and subprime loan prices, that gas prices and high food prices could put us into a genuine recession as opposed to the difficult economic times that we are suffering at present," Cornyn said.