Fha Multifamily Loan Limit Adjustment Act Of 2009
Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3527) to increase the maximum mortgage amount limitations under the FHA mortgage insurance programs for multifamily housing projects with elevators and for extremely…
Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3527) 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, as amended.
Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks on this legislation.
Mr. Speaker, I urge the House to pass H.R. 3527, the FHA Multifamily Loan Limit
Adjustment Act of 2009. By increasing the FHA loan limits to elevator properties in extremely high-cost areas, H.R. 3527 will allow the FHA to facilitate the construction and rehabilitation of apartments, particularly in urban areas, where financing is not readily available in the current economic environment.
I reserve the balance of my time.
September 14, 2009.
Hon. Nancy Pelosi,
Hon. John Boehner,
House of Representatives, Washington, DC.
Dear Madam Speaker and Minority Leader Boehner: The
undersigned groups are writing to urge the House to pass H.R.
3527, the FHA Multifamily Loan Limit Adjustment Act of 2009.
By increasing the FHA loan limits for elevator properties and
in extremely high-cost areas, H.R. 3527 will allow FHA to
facilitate the construction and rehabilitation of apartments,
particularly in urban areas where financing is not readily
available in the current economic environment.
The FHA multifamily loan limits are severely restricting
the ability to use FHA insurance programs to finance rental
housing in many urban areas. HUD data shows that, in fiscal
years 2007 and 2008, only three non-subsidized high-rise
construction/rehabilitation projects--nationwide--have been
endorsed for insurance with FHA. We believe this is largely
due to the maximum loan limits imposed by statute on the FHA
insurance programs, which is being addressed in H.R. 3527.
A recent survey of major lenders shows that there are more
than 11,000 units in elevator structures with a mortgage
amount of more than $3 billion that are on hold and, when
H.R. 3527 is passed, should be able to move forward using the
FHA programs. These properties are in many urban areas across
the country, from Seattle and Los Angeles, to Houston,
Columbus and Chicago, to Boston and New York.
Decent affordable rental housing allows working families to
live in stable environments and within their means and also
allows seniors to live in communities with appropriate
amenities to permit aging in place. Well-maintained and
attractive rental housing in turn contributes to neighborhood
stability.
We urge the House to pass H.R. 3527 to provide FHA with the
tools it needs to facilitate the construction and
rehabilitation of apartments.
Sincerely,
American Association of Homes and Services for the Aging;
Enterprise Community Partners; Institute of Real Estate
Management; Mortgage Bankers Association; National
Apartment Association; National Affordable Housing
Management Association; National Association of Home
Builders; National Association of Local Housing Finance
Agencies; National Association of Realtors; National
Housing Conference; National Leased Housing
Association; National Low Income Housing Coalition;
Nation Multi-Housing Council; New York Housing
Conference; Stewards of Affordable Housing for the
Future.
Mr. Speaker, I yield such time as he may consume to the sponsor of the bill, the gentleman from New York (Mr. Weiner).
Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.