[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1163 Introduced in Senate (IS)]
107th CONGRESS
1st Session
S. 1163
To increase the mortgage loan limits under the National Housing Act for
multifamily housing mortgage insurance.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 11, 2001
Mr. Corzine (for himself, Mr. Carper, and Mr. Schumer) introduced the
following bill; which was read twice and referred to the Committee on
Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To increase the mortgage loan limits under the National Housing Act for
multifamily housing mortgage insurance.
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 Housing Mortgage
Loan Limit Adjustment Act of 2001''.
SEC. 2. MORTGAGE LOAN LIMITS FOR MULTIFAMILY PROJECTS.
(a) Section 207 Limits.--Section 207(c)(3) of the National Housing
Act (12 U.S.C. 1713(c)(3)) is amended--
(1) by striking ``$30,420'' and inserting ``$38,025'';
(2) by striking ``$33,696'' and inserting ``$42,120'';
(3) by striking ``$40,248'' and inserting ``$50,310'';
(4) by striking ``$49,608'' and inserting ``$62,010'';
(5) by striking ``$56,160'' and inserting ``$70,200'';
(6) by striking ``$9,000'' and inserting ``$11,250'';
(7) by striking ``$35,100'' and inserting ``$43,875'';
(8) by striking ``$39,312'' and inserting ``$49,140'';
(9) by striking ``$48,204'' and inserting ``$60,255'';
(10) by striking ``$60,372'' and inserting ``$75,465''; and
(11) by striking ``$68,262'' and inserting ``$85,328''.
(b) Section 213 Limits.--Section 213(b)(2) of the National Housing
Act (12 U.S.C. 1715e(b)(2)) is amended--
(1) by striking ``$30,420'' and inserting ``$38,025'';
(2) by striking ``$33,696'' and inserting ``$42,120'';
(3) by striking ``$40,248'' and inserting ``$50,310'';
(4) by striking ``$49,608'' and inserting ``$62,010'';
(5) by striking ``$56,160'' and inserting ``$70,200'';
(6) by striking ``$35,100'' and inserting ``$43,875'';
(7) by striking ``$39,312'' and inserting ``$49,140'';
(8) by striking ``$48,204'' and inserting ``$60,255'';
(9) by striking ``$60,372'' and inserting ``$75,465''; and
(10 by striking ``$68,262'' and inserting ``$85,328''.
(c) Section 220 Limits.--Section 220(d)(3)(B)(iii) of the National
Housing Act (12 U.S.C. 1715k(d)(3)(B)(iii)) is amended--
(1) by striking ``$30,420'' and inserting ``$38,025'';
(2) by striking ``$33,696'' and inserting ``$42,120'';
(3) by striking ``$40,248'' and inserting ``$50,310'';
(4) by striking ``$49,608'' and inserting ``$62,010'';
(5) by striking ``$56,160'' and inserting ``$70,200'';
(6) by striking ``$35,100'' and inserting ``$43,875'';
(7) by striking ``$39,312'' and inserting ``$49,140'';
(8) by striking ``$48,204'' and inserting ``$60,255'';
(9) by striking ``$60,372'' and inserting ``$75,465''; and
(10) by striking ``$68,262'' and inserting ``$85,328''.
(d) Section 221(d)(3) Limits.--Section 221(d)(3)(ii) of the
National Housing Act (12 U.S.C. 1715l(d)(3)(ii)) is amended--
(1) by striking ``$33,638'' and inserting ``$42,048'';
(2) by striking ``$38,785'' and inserting ``$48,481'';
(3) by striking ``$46,775'' and inserting ``$58,469'';
(4) by striking ``$59,872'' and inserting ``$74,840'';
(5) by striking ``$66,700'' and inserting ``$83,375'';
(6) by striking ``$35,400'' and inserting ``$44,250'';
(7) by striking ``$40,579'' and inserting ``$50,724'';
(8) by striking ``$49,344'' and inserting ``$61,680'';
(9) by striking ``$63,834'' and inserting ``$79,793''; and
(10) by striking ``$70,070'' and inserting ``$87,588''.
(e) Section 221(d)(4) Limits.--Section 221(d)(4)(ii) of the
National Housing Act (12 U.S.C. 1715l(d)(4)(ii)) is amended--
(1) by striking ``$30,274'' and inserting ``$37,843'';
(2) by striking ``$34,363'' and inserting ``$42,954'';
(3) by striking ``$41,536'' and inserting ``$51,920'';
(4) by striking ``$52,135'' and inserting ``$65,169'';
(5) by striking ``$59,077'' and inserting ``$73,846'';
(6) by striking ``$32,701'' and inserting ``$40,876'';
(7) by striking ``$37,487'' and inserting ``$46,859'';
(8) by striking ``$45,583'' and inserting ``$56,979'';
(9) by striking ``$58,968'' and inserting ``$73,710''; and
(10) by striking ``$64,730'' and inserting ``$80,913''.
(f) Section 231 Limits.--Section 231(c)(2) of the National Housing
Act (12 U.S.C. 1715v(c)(2)) is amended--
(1) by striking ``$28,782'' and inserting ``$35,978'';
(2) by striking ``$32,176'' and inserting ``$40,220'';
(3) by striking ``$38,423'' and inserting ``$48,029'';
(4) by striking ``$46,238'' and inserting ``$57,798'';
(5) by striking ``$54,360'' and inserting ``$67,950'';
(6) by striking ``$32,701'' and inserting ``$40,876'';
(7) by striking ``$37,487'' and inserting ``$46,859'';
(8) by striking ``$45,583'' and inserting ``$56,979'';
(9) by striking ``$58,968'' and inserting ``$73,710''; and
(10) by striking ``$64,730'' and inserting ``$80,913''.
(g) Section 234 Limits.--Section 234(e)(3) of the National Housing
Act (12 U.S.C. 1715y(e)(3)) is amended--
(1) by striking ``$30,420'' and inserting ``$38,025'';
(2) by striking ``$33,696'' and inserting ``$42,120'';
(3) by striking ``$40,248'' and inserting ``$50,310'';
(4) by striking ``$49,608'' and inserting ``$62,010'';
(5) by striking ``$56,160'' and inserting ``$70,200'';
(6) by striking ``$35,100'' and inserting ``$43,875'';
(7) by striking ``$39,312'' and inserting ``$49,140'';
(8) by striking ``$48,204'' and inserting ``$60,255'';
(9) by striking ``$60,372'' and inserting ``$75,465''; and
(10) by striking ``$68,262'' and inserting ``$85,328''.
SEC. 3. REGULATIONS.
The Secretary of Housing and Urban Development shall issue
regulations necessary to carry out the amendments made by this Act,
which regulations shall take effect not later than the expiration of
the 1-year period beginning on the date of enactment of this Act.
SEC. 4. COST ADJUSTMENTS.
The dollar amounts established by the amendments made by this Act
shall be increased annually by the Secretary by the amount of increase,
if any, in the Annual Construction Cost Index prepared by the Bureau of
the Census within the Department of Commerce, in accordance with
regulations prescribed by the Secretary.
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