H.R. 3527

FHA Multifamily Loan Limit Adjustment Act of 2009

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IIB

111th CONGRESS

1st Session

H. R. 3527

IN THE SENATE OF THE UNITED STATES

September 17, 2009

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

To increase the maximum mortgage amount limitations under the FHA mortgage insurance programs for multifamily housing projects with elevators and for extremely high-cost areas.

1.

Short title

This Act may be cited as the FHA Multifamily Loan Limit Adjustment Act of 2009.

2.

FHA mortgage amount limits for elevator-type structures

(a)

Amendments

The National Housing Act is amended in each of the provisions specified in subsection (b)—

(1)

by inserting with sound standards of construction and design after elevator-type structures the first place such term appears; and

(2)

by striking to not to exceed and all that follows through sound standards of construction and design each place such terms appear and inserting by not more than 50 percent of the amounts specified for each unit size.

(b)

Provisions amended

The provisions of the National Housing Act specified in this subsection are as follows:

(1)

Subparagraph (A) of section 207(c)(3) (12 U.S.C. 1713(c)(3)(A)).

(2)

Subparagraph (A) of section 213(b)(2) (12 U.S.C. 1715e(b)(2)(A)).

(3)

Subclause (I) of section 220(d)(3)(B)(iii) (12 U.S.C. 1715k(d)(3)(B)(iii)(I)).

(4)

In section 221(d) (12 U.S.C. 1715l(d))—

(A)

subclause (I) of paragraph (3)(ii); and

(B)

subclause (I) of paragraph (4)(ii).

(5)

Subparagraph (A) of section 231(c)(2) (12 U.S.C. 1715v(c)(2)(A)).

(6)

Subparagraph (A) of section 234(e)(3) (12 U.S.C. 1715y(e)(3)(A)).

3.

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 the first place such term appears;

(B)

by inserting , 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 after or the Virgin Islands the second place such term appears; and

(C)

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 the third place such term appears;

(2)

in the second sentence—

(A)

by inserting , 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, after or the Virgin Islands the first place such term appears; and

(B)

by inserting , 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, after or the Virgin Islands the second place such term appears; and

(3)

in the section heading, by striking and the virgin islands and inserting the virgin islands, and extremely high-cost areas.

4.

Effective date

The amendments made by this Act shall apply to mortgages insured under title II of the National Housing Act after September 30, 2009.

Passed the House of Representatives September 15, 2009.

Lorraine C. Miller,

Clerk.