[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1985 Referred in Senate (RFS)]
1st Session
H. R. 1985
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
October 14, 2003
Received; read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
AN ACT
To amend the National Housing Act to increase the maximum mortgage
amount limit for FHA-insured mortgages for multifamily housing located
in high-cost areas.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``FHA Multifamily Loan Limit
Adjustment Act of 2003''.
SEC. 2. MAXIMUM MORTGAGE AMOUNT LIMIT FOR MULTIFAMILY HOUSING IN HIGH-
COST AREAS.
In the National Housing Act, sections 207(c)(3), 213(b)(2)(B)(i),
220(d)(3)(B)(iii)(II), 221(d)(3)(ii)(II), 221(d)(4)(ii)(II),
231(c)(2)(B), and 234(e)(3)(B) (12 U.S.C. 1713(c)(3),
1715e(b)(2)(B)(i), 1715k(d)(3)(B)(iii)(II), 1715l(d)(3)(ii)(II),
1715l(d)(4)(ii)(II), 1715v(c)(2)(B)), and 1715y(e)(3)(B)) are each
amended--
(1) by striking ``110 percent'' and inserting ``170
percent''; and
(2) by striking ``140 percent'' and inserting ``170
percent''.
SEC. 3. CATCH-UP ADJUSTMENTS TO CERTAIN MAXIMUM MORTGAGE AMOUNT LIMITS.
(a) Section 207 Limits.--Section 207(c)(3) of the National Housing
Act (12 U.S.C. 1713(c)(3)) is amended by striking ``$11,250'' and
inserting ``$17,460''.
(b) Section 213 Limits.--Section 213(b)(2)(A) of the National
Housing Act (12 U.S.C. 1715e(b)(2)(A)) is amended--
(1) by striking ``$38,025'', ``$42,120'', ``$50,310'',
``$62,010'', and ``$70,200'' and inserting ``$41,207'',
``$47,511'', ``$57,300'', ``$73,343'', and ``$81,708'',
respectively; and
(2) by striking ``$49,140'', ``$60,255'', ``$75,465'', and
``$85,328'' and inserting ``$49,710'', ``$60,446'',
``$78,197'', and ``$85,836'', respectively.
Passed the House of Representatives October 7, 2003.
Attest:
JEFF TRANDAHL,
Clerk.