H.R. 127 – Reading Mode

110th CONGRESS

1st Session

H. R. 127

IN THE HOUSE OF REPRESENTATIVES

January 4, 2007

Mr. Frank of Massachusetts (for himself and Mr. Gary G. Miller of California) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

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.

Short title

This Act may be cited as the FHA Multifamily Loan Limit Adjustment Act of 2007.

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.