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S. 3862Senate118th Congress (2023-2025)In Committee

Homeownership Affordability Act

Sponsored by Robert MenendezSen. Robert Menendez (D-NJ)
Introduced March 5, 2024

AI-Generated Summary

Updated January 20, 2026 at 3:03 PM UTC

The Homeownership Affordability Act updates the multifamily loan limits in the National Housing Act. It changes the way the dollar‑amount limits are adjusted, using a Census price‑deflator index starting July 1 2024, and requires the Secretary to publish any changes. The bill raises many of the existing loan‑limit figures, affecting lenders, developers and borrowers of multifamily housing projects.

Key Provisions

  • Adjusts the formula for updating loan limits: the Secretary will use the percentage change in the Census Price Deflator Index for multifamily units under construction, with adjustments effective July 1 2024 and rounded down to the nearest dollar.
  • Mandates that the Secretary publish any loan‑limit adjustments in the Federal Register.
  • Increases numerous specific loan‑limit amounts across the statute (e.g., raising limits from $38,025 to $167,310, $42,120 to $185,328, $50,310 to $221,364, and similar higher figures in several sections).

Legislative Activity

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1 earlier action
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

March 5, 2024

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SenateIntro Referral

Introduced in Senate

March 5, 2024

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

March 5, 2024

Bill Text

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Introduced in SenateIssued March 5, 2024

II

118th CONGRESS

2d Session

S. 3862

IN THE SENATE OF THE UNITED STATES

March 5, 2024

Mr. Menendez introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To modify the multifamily loan limits under title II of the National Housing Act, and for other purposes.

1.

Short title

This Act may be cited as the Homeownership Affordability Act.

2.

Multifamily loan limits

Title II of the National Housing Act (12 U.S.C. 1707 et seq.) is amended—

(1)

in section 206A (12 U.S.C. 1712a)—

(A)

in subsection (a), in the matter following paragraph (7), by striking (commencing in 2004 and all that follows through the period at the end and inserting the following: , commencing on July 1, 2024. The adjustment of the Dollar Amounts shall be calculated by the Secretary using the percentage change in the Price Deflator Index of Multifamily Residential Units Under Construction released by the Bureau of the Census from March of the previous year to March of the year in which the adjustment is made.; and

(B)

by amending subsection (b) to read as follows:

(b)

Publication

(1)

In general

The Secretary shall publish in the Federal Register any adjustments made to the Dollar Amounts.

(2)

Rounding

The dollar amount of any adjustment described in paragraph (1) shall be rounded to the next lower dollar.

;

(2)

in section 207(c)(3)(A) (12 U.S.C. 1713(c)(3)(A))—

(A)

by striking $38,025 and inserting $167,310;

(B)

by striking $42,120 and inserting $185,328;

(C)

by striking $50,310 and inserting $221,364;

(D)

by striking $62,010 and inserting $272,844;

(E)

by striking $70,200 and inserting $308,880;

(F)

by striking , or not to exceed $17,460 per space;

(G)

by striking $43,875 and inserting $193,050;

(H)

by striking $49,140 and inserting $216,216;

(I)

by striking $60,255 and inserting $265,122;

(J)

by striking $75,465 and inserting $332,046; and

(K)

by striking $85,328 and inserting $375,443;

(3)

in section 213(b)(2) (12 U.S.C. 1715e(b)(2))—

(A)

by striking $41,207 and inserting $181,311;

(B)

by striking $47,511 and inserting $209,048;

(C)

by striking $57,300 and inserting $252,120;

(D)

by striking $73,343 and inserting $322,709;

(E)

by striking $81,708 and inserting $359,515;

(F)

by striking $43,875 and inserting $193,050;

(G)

by striking $49,710 and inserting $218,724;

(H)

by striking $60,446 and inserting $265,962;

(I)

by striking $78,197 and inserting $344,067; and

(J)

by striking $85,836 and inserting $377,678;

(4)

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

(A)

by striking $38,025 and inserting $167,310;

(B)

by striking $42,120 and inserting $185,328;

(C)

by striking $50,310 and inserting $221,364;

(D)

by striking $62,010 and inserting $272,844;

(E)

by striking $70,200 and inserting $308,880;

(F)

by striking $43,875 and inserting $193,050;

(G)

by striking $49,140 and inserting $216,216;

(H)

by striking $60,255 and inserting $265,122;

(I)

by striking $75,465 and inserting $332,046; and

(J)

by striking $85,328 and inserting $375,443;

(5)

in section 221(d)(4)(ii)(I) (12 U.S.C. 1715l(d)(4)(ii)(I))—

(A)

by striking $37,843 and inserting $166,509;

(B)

by striking $42,954 and inserting $188,997;

(C)

by striking $51,920 and inserting $228,448;

(D)

by striking $65,169 and inserting $286,744;

(E)

by striking $73,846 and inserting $324,922;

(F)

by striking $40,876 and inserting $179,854;

(G)

by striking $46,859 and inserting $206,180;

(H)

by striking $56,979 and inserting $250,708;

(I)

by striking $73,710 and inserting $324,324; and

(J)

by striking $80,913 and inserting $356,017;

(6)

in section 231(c)(2)(A) (12 U.S.C. 1715v(c)(2)(A))—

(A)

by striking $35,978 and inserting $166,509;

(B)

by striking $40,220 and inserting $188,997;

(C)

by striking $48,029 and inserting $228,448;

(D)

by striking $57,798 and inserting $286,744;

(E)

by striking $67,950 and inserting $324,922;

(F)

by striking $40,876 and inserting $179,854;

(G)

by striking $46,859 and inserting $206,180;

(H)

by striking $56,979 and inserting $250,708;

(I)

by striking $73,710 and inserting $324,324; and

(J)

by striking $80,913 and inserting $356,017; and

(7)

in section 234(e)(3)(A) (12 U.S.C. 1715y(e)(3)(A))—

(A)

by striking $42,048 and inserting $185,011;

(B)

by striking $48,481 and inserting $213,316;

(C)

by striking $58,469 and inserting $257,263;

(D)

by striking $74,840 and inserting $329,296;

(E)

by striking $83,375 and inserting $366,850;

(F)

by striking $44,250 and inserting $194,700;

(G)

by striking $50,724 and inserting $223,186;

(H)

by striking $61,680 and inserting $271,392;

(I)

by striking $79,793 and inserting $351,089; and

(J)

by striking $87,588 and inserting $385,387.