Improving Homeownership Opportunities in High-Cost States Act

        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3507 Introduced in House (IH)]

108th CONGRESS
1st Session
H. R. 3507

To expand homeownership opportunities in States having high housing
costs.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

November 18, 2003

Mr. Sherman (for himself, Mr. Israel, Mr. Crowley, Mrs. McCarthy of New
York, Mr. Weiner, Mr. Lynch, Mr. George Miller of California, Mr. Farr,
Ms. Millender-McDonald, Ms. Woolsey, Mrs. Capps, Mrs. Davis of
California, Ms. Lofgren, Ms. Pelosi, Mr. Matsui, Mr. Schiff, Ms. Lee,
Mr. Berman, Mr. Honda, Mr. Lantos, and Ms. Harman) introduced the
following bill; which was referred to the Committee on Financial
Services

_______________________________________________________________________

A BILL

To expand homeownership opportunities in States having high housing
costs.

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 ``Improving Homeownership
Opportunities in High-Cost States Act''.

SEC. 2. CONFORMING LOAN LIMIT FOR HIGH-COST AREAS.

(a) Fannie Mae.--Section 302(b)(2) of the Federal National Mortgage
Association Charter Act (12 U.S.C. 171(b)(2)) is amended--
(1) by inserting ``(A)'' after the paragraph designation;
(2) by inserting before the period at the end the
following: ``and with respect to properties located in any
State containing any high-cost metropolitan statistical area
(or portion thereof)''; and
(3) by adding at the end the following new subparagraph:
``(B) For purposes of this paragraph, a metropolitan statistical
area is a high-cost metropolitan statistical area for a calendar year
and the successive calendar year only if any of applicable quarterly
average one-family home prices for such area exceeds the dollar amount
limitation otherwise applicable under subparagraph (A) for such
calendar year for a single-family residence.
``(C) For purposes of this paragraph, the applicable quarterly
average one-family home prices for a metropolitan statistical area for
a calendar year are the 4 quarterly average one-family home prices, as
follows:
``(i) The average one-family house price for such area for
the third quarter of the preceding calendar year, as determined
based on the average one-family house price in the monthly
survey of all major lenders conducted by the Federal Housing
Finance Board.
``(ii) The average one-family house price for such area for
each of the three calendar quarters preceding the quarter
specified in clause (i), as determined in the manner provided
in clause (i).''.
(b) Freddie Mac.--Paragraph (2) of section 305(a) of the Federal
Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) is amended--
(1) by inserting ``(A)'' after the paragraph designation;
(2) by inserting before the period at the end the
following: ``and with respect to properties located in any
State containing any high-cost metropolitan statistical area
(or portion thereof)''; and
(3) by adding at the end the following new subparagraph:
``(B) For purposes of this paragraph, a metropolitan statistical
area is a high-cost metropolitan statistical area for a calendar year
and the successive calendar year only if any of applicable quarterly
average one-family home prices for such area exceeds the dollar amount
limitation otherwise applicable under subparagraph (A) for such
calendar year for a single-family residence.
``(C) For purposes of this paragraph, the applicable quarterly
average one-family home prices for a metropolitan statistical area for
a calendar year are the 4 quarterly average one-family home prices, as
follows:
``(i) The average one-family house price for such area for
the third quarter of the preceding calendar year, as determined
based on the average one-family house price in the monthly
survey of all major lenders conducted by the Federal Housing
Finance Board.
``(ii) The average one-family house price for such area for
each of the three calendar quarters preceding the quarter
specified in clause (i), as determined in the manner provided
in clause (i).''.
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