S.Amdt. 3924

SA 3924. Mr. SCHUMER submitted an amendment intended to be proposed
to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself
and Mrs. Lincoln)) to the bill S. 3217, to promote the financial
stability of the United States by improving accountability and
transparency in the financial system, to end ``too big to fail'', to
protect the American taxpayer by ending bailouts, to protect consumers
from abusive financial services practices, and for other purposes;
which was ordered to lie on the table; as follows:

On page 1522, line 6, strike ``date.'' and insert the
following: ``date.

SEC. 1105. FHA MORTGAGE INSURANCE PROGRAMS.

(a) FHA Mortgage Amount Limits for Elevator-type
Structures.--
(1) Amendments.--Title II of the National Housing Act (12
U.S.C. 1707 et seq.) is amended--
(A) in section 207(c)(3)(A) (12 U.S.C. 1713(c)(3)(A))--
(i) by inserting ``with sound standards of construction and
design'' after ``elevator-type structures''; and
(ii) by striking ``to not to exceed'' and all that follows
through the semicolon at the end and inserting ``by not more
than 50 percent of the amounts specified in this subparagraph
for each unit size;'';
(B) in section 213(b)(2)(A) (12 U.S.C. 1715e(b)(2)(A))--
(i) by inserting ``with sound standards of construction and
design'' after ``consist of elevator-type structures''; and
(ii) by striking ``to not to exceed'' and all that follows
through ``; (B)(i)'' and inserting ``by not more than 50
percent of the amounts specified in this subparagraph for
each applicable family unit size; (B)(i)'';
(C) in section 220(d)(3)(B)(iii)(I) (12 U.S.C.
1715k(d)(3)(B)(iii)(I))--
(i) by inserting ``with sound standards of construction and
design'' after ``consist of elevator-type structures''; and
(ii) by striking ``family unit not to exceed'' and all that
follows through ``design; and'' and inserting ``family unit
by not more than 50 percent of the amounts specified in this
subclause for each applicable family unit size; and'';
(D) in section 221(d) (12 U.S.C. 1715l(d))--
(i) in paragraph (3)(ii)(I)--

(I) by inserting ``with sound standards of construction and
design'' after ``consist of elevator-type structures''; and
(II) by striking ``to not to exceed'' and all that follows
through ``design;'' and inserting ``by not more than 50
percent of the amounts specified in this subclause for each
applicable family unit size;''; and

(ii) in paragraph (4)(ii)(I)--

(I) by inserting ``with sound standards of construction and
design'' after ``consist of elevator-type structures''; and
(II) by striking ``to not to exceed'' and all that follows
through ``design;'' and inserting ``by not more than 50
percent of the amounts specified in this subclause for each
applicable family unit size;'';

(E) in section 231(c)(2)(A) (12 U.S.C. 1715v(c)(2)(A))--
(i) by inserting ``with sound standards of construction and
design'' after ``consist of elevator-type structures''; and
(ii) by striking ``to not to exceed'' and all that follows
through ``design;'' and inserting ``by not more than 50
percent of the amounts specified in this subparagraph for
each applicable family unit size;''; and
(F) in section 234(e)(3)(A) (12 U.S.C. 1715y(e)(3)(A))--
(i) by inserting ``with sound standards of construction and
design'' after ``consist of elevator-type structures''; and
(ii) by striking ``to not to exceed'' and all that follows
through ``sound standards of construction and design;'' and
inserting ``by not more than 50 percent of the amounts
specified in this subparagraph for each applicable family
unit size;''.
(b) FHA Mortgage Amount Limits for Extremely High-cost
Areas.--Section 214 of the National Housing Act (12 U.S.C.
1715d) is amended--
(1) in the first sentence--
(A) by inserting ``or with respect to projects consisting
of more than four dwelling units located in an extremely
high-cost area, as determined by the Secretary'' after ``or
the Virgin Islands,'';
(B) by striking ``or the Virgin Islands without sacrifice''
and inserting ``or the Virgin Islands, or to construct
projects consisting of more than four dwelling units on
property located in an extremely high-cost area, as
determined by the Secretary, without sacrifice''; and

[[Page S3479]]

(C) by striking ``or the Virgin Islands in such'' and
inserting ``or the Virgin Islands, or with respect to
projects consisting of more than four dwelling units located
in an extremely high-cost area, as determined by the
Secretary, in such'';
(2) in the second sentence--
(A) by striking ``the Virgin Islands shall'' and inserting
``the Virgin Islands, or with respect to a project consisting
of more than four dwelling units located in an extremely
high-cost area, as determined by the Secretary, shall''; and
(B) by striking ``Virgin Islands:'' and inserting ``Virgin
Islands, or in the case of a project consisting of more than
four dwelling units in an extremely high-cost area as
determined by the Secretary, in such extremely high-cost
area:''; and
(3) in the section heading, by striking ``and the virgin
islands'' and inserting ``the virgin islands, and extremely
high-cost areas''.
(c) Effective Date.--The amendments made by this section
shall apply to mortgages insured under title II of the
National Housing Act on and after the date of enactment of
this Act.
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