§3734 — Title 38 Veterans' Benefits | U.S. Code

Summary

When sending the President’s budget to Congress each year, the Secretary of Veterans Affairs must include information about the Veterans Housing Benefit Program Fund. The Secretary must describe how the fund ran in the fiscal year before the submission and explain whether the fund needs any appropriations for the fiscal year of the submission and the next fiscal year. The materials must give financial facts and estimates for the prior, current, and next fiscal years, including revenue estimates from fees (under section 3729(a) for each loan type and 3729(b) for assumed loans), investment income, sales of foreclosed property, loan asset sales, and other sources. The report must also show how defaults on guaranteed, insured, or made loans were handled or are expected to be handled, including the costs and numbers for each type of disposition. Finally, there must be a simple, easy-to-understand summary of the financial activity of each housing program, without referring to financing, liquidating, or program account labels.

Title 38, §3734

Veterans' Benefits — Source: USLM XML via OLRC

(a)In the documents providing detailed information on the budget for the Department of Veterans Affairs that the Secretary submits to the Congress in conjunction with the President’s budget submission for each fiscal year pursuant to section 1105 of title 31, the Secretary shall include—

(1)a description of the operations of the Veterans Housing Benefit Program Fund during the fiscal year preceding the fiscal year in which such budget is submitted; and

(2)the needs of such fund, if any, for appropriations for—

(A)the fiscal year in which the budget is submitted; and

(B)the fiscal year for which the budget is submitted.

(b)The matters submitted under subsection (a) of this section shall include, with respect to the fund referred to in subsection (a), the following:

(1)Information and financial data on the operations of the fund during the fiscal year before the fiscal year in which such matters are submitted and estimated financial data and related information on the operation of the fund for—

(A)the fiscal year of the submission; and

(B)the fiscal year following the fiscal year of the submission.

(2)Estimates of the amount of revenues derived by the fund in the fiscal year preceding the fiscal year of the submission, in the fiscal year of the submission, and in the fiscal year following the fiscal year of the submission from each of the following sources:

(A)Fees collected under section 3729(a) of this title for each category of loan guaranteed, insured, or made under this chapter or collected under section 3729(b) of this title for assumed loans.

(B)Investment income.

(C)Sales of foreclosed properties.

(D)Loan asset sales.

(E)Each additional source of revenue.

(3)Information, for each fiscal year referred to in paragraph (2) of this subsection, regarding the types of dispositions made and anticipated to be made of defaults on loans guaranteed, insured, or made under this chapter, including the cost to the fund, and the numbers, of such types of dispositions.

(c)The information submitted under subsection (a) shall include a statement that summarizes the financial activity of each of the housing programs operated under this chapter. The statement shall be presented in a form that is simple, concise, and readily understandable, and shall not include references to financing accounts, liquidating accounts, or program accounts.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2002—Subsec. (b)(2)(B) to (F). Pub. L. 107–330 redesignated subpars. (C) to (F) as (B) to (E), respectively, and struck out former subpar. (B) which read as follows: “Federal Government payments under section 3729(a)(3) of this title.” 2001—Subsec. (a). Pub. L. 107–14, § 8(a)(9)(A), struck out “United States Code,” after “section 1105 of title 31,” in introductory provisions. Subsec. (a)(2). Pub. L. 107–14, § 8(a)(9)(B), substituted “appropriations for” for “appropriations in”. 1998—Pub. L. 105–368, § 602(e)(3)(A), substituted “Veterans Housing Benefit Program Fund and housing programs” for “Loan Guaranty Revolving Fund and the Guaranty and Indemnity Fund” in section catchline. Subsec. (a)(1). Pub. L. 105–368, § 602(e)(1)(F)(i)(I), substituted “Veterans Housing Benefit Program Fund” for “Loan Guaranty Revolving Fund and the Guaranty and Indemnity Fund”. Subsec. (a)(2). Pub. L. 105–368, § 602(e)(1)(F)(i)(II), substituted “fund,” for “funds,” in introductory provisions. Subsec. (b). Pub. L. 105–368, § 602(e)(1)(F)(ii), substituted “the fund” for “each fund” in introductory provisions. Subsec. (b)(2)(B) to (G). Pub. L. 105–368, § 602(e)(1)(F)(iii), redesignated subpars. (C) to (G) as (B) to (F), respectively, in subpar. (B), substituted “section 3729(a)(3)” for “subsections (a)(3) and (c)(2) of section 3729”, and struck out former subpar. (B) which read as follows: “Federal Government contributions made under clauses (A) and (B) of section 3725(c)(2) of this title.” Subsec. (c). Pub. L. 105–368, § 602(d), added subsec. (c). 1991—Pub. L. 102–83, § 5(a), renumbered section 1834 of this title as this section. Subsec. (b)(2). Pub. L. 102–83, § 5(c)(1), substituted “3729(a)” for “1829(a)” and “3729(b)” for “1829(b)” in subpar. (A), “3725(c)(2)” for “1825(c)(2)” in subpar. (B), and “3729” for “1829” in subpar. (C).

Statutory Notes and Related Subsidiaries

Effective Date

of 1998 AmendmentAmendment by Pub. L. 105–368 effective Oct. 1, 1998, see section 602(f) of Pub. L. 105–368, set out as a note under section 2106 of this title.

§3734 Annual Submission of Information on the Veterans Housing Benefit Program Fund and Housing Programs