[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5503 Referred in Senate (RFS)]
2d Session
H. R. 5503
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 28, 2006
Received
November 13, 2006
Read twice and referred to the Committee on Banking, Housing, and
Urban Affairs
_______________________________________________________________________
AN ACT
To amend the National Housing Act to increase the mortgage amount
limits applicable to FHA mortgage insurance 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 2006''.
SEC. 2. MULTIFAMILY HOUSING MORTGAGE LIMITS IN HIGH COST AREAS.
The National Housing Act is amended--
(1) in sections 207(c)(3), 213(b)(2)(B)(i),
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),
1715l(d)(3)(ii)(II), 1715l(d)(4)(ii)(II), 1715v(c)(2)(B), and
1715y(e)(3)(B))--
(A) by striking ``140 percent'' each place such
term appears and inserting ``170 percent''; and
(B) by striking ``170 percent in high cost areas''
each time place such term appears and inserting ``215
percent in high cost areas''; and
(2) in section 220(d)(3)(B)(iii)(III) (12 U.S.C.
1715k(d)(3)(B)(iii)(III)) by striking ``206A'' and all that
follows through ``project-by-project basis'' and inserting the
following: ``206A of this Act) by not to exceed 170 percent in
any geographical area where the Secretary finds that cost
levels so require and by not to exceed 170 percent, or 215
percent in high cost areas, where the Secretary determines it
necessary on a project-by-project basis''.
Passed the House of Representatives September 27, 2006.
Attest:
KAREN L. HAAS,
Clerk.