[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1985 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 1985

  To amend the National Housing Act to increase the maximum mortgage 
amount limit for FHA-insured mortgages for multifamily housing located 
                          in high-cost areas.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 6, 2003

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

_______________________________________________________________________

                                 A BILL


 
  To amend the National Housing Act to increase the maximum mortgage 
amount limit for FHA-insured mortgages for multifamily housing located 
                          in high-cost areas.

    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 Loan Limit 
Adjustment Act of 2003''.

SEC. 2. MAXIMUM MORTGAGE AMOUNT LIMIT FOR MULTIFAMILY HOUSING IN HIGH-
              COST AREAS.

    In the National Housing Act, sections 207(c)(3), 213(b)(2)(B)(i), 
220(d)(3)(B)(iii)(II), 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), 1715k(d)(3)(B)(iii)(II), 1715l(d)(3)(ii)(II), 
1715l(d)(4)(ii)(II), 1715v(c)(2)(B)), and 1715y(e)(3)(B)) are each 
amended--
            (1) by striking ``110 percent'' and inserting ``170 
        percent''; and
            (2) by striking ``and by not to exceed 140 percent where 
        the Secretary determines it necessary on a project-by-project 
        basis''.
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