New Law Updates CalVet Program to Better Serve Veterans

1. Repeals the Veterans’ Farm and Home Act of 1943.
   
   
2. For purposes of the Veterans’ Farm and Home Purchase Act of 1974, provides that in cases of homes, condominiums, and mobilehomes, the determination that the purchase meets required standards is within the sole opinion of the department.
   
   
3. Requires the department to efficiently process loans with the intent of achieving loan delivery within an industry standard average number of days, rather than requiring 30 days.
   
   
4. Repeals the requirement that property purchased subject to a participation contract be limited to a term of not less than 23 years.
   
   
5. Allows the department to acquire a home for the purpose of refinancing an existing loan.
   
   
6. Allows the Secretary to designate a deputy, employee, or other official in the Department of Veterans Affairs to act for them and represent them at meetings.
   
   
7. Allows the Secretary to delegate one or more of their designees, or to any other official or employee of the department, any powers and duties that they may deem proper, including, but not limited to, the power to enter into contracts, and authorize and sign any and all documents necessary for effectuating the sale of bonds.
   
   
8. Qualifies members of the California National Guard or a reserve component of any branch of the United States armed forces who has completed not less than a six-year commitment and was released under honorable conditions, for lending.