[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1714 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
                                S. 1714

  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 SENATE OF THE UNITED STATES

                            October 3, 2003

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

_______________________________________________________________________

                                 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.

    Sections 207(c)(3)(B), 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) of 
the National Housing Act (12 U.S.C. 1713(c)(3)(B), 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 ``140 percent'' and inserting ``170 
        percent''.

SEC. 3. CATCH-UP ADJUSTMENTS TO CERTAIN MAXIMUM MORTGAGE AMOUNT LIMITS.

    (a) Section 207 Limits.--Section 207(c)(3)(A) of the National 
Housing Act (12 U.S.C. 1713(c)(3)(A)) is amended by striking 
``$11,250'' and inserting ``$17,460''.
    (b) Section 213 Limits.--Section 213(b)(2)(A) of the National 
Housing Act (12 U.S.C. 1715e(b)(2)(A)) is amended--
            (1) by striking ``$38,025'' and inserting ``$41,207'';
            (2) by striking ``$42,120'' and inserting ``$47,511'';
            (3) by striking ``$50,310'' and inserting ``$57,300'';
            (4) by striking ``$62,010'' and inserting ``$73,343'';
            (5) by striking ``$70,200'' and inserting ``$81,708'';
            (6) by striking ``$49,140'' and inserting ``$49,710'';
            (7) by striking ``$60,255'' and inserting ``$60,446'';
            (8) by striking ``$75,465'' and inserting ``$78,197''; and
            (9) by striking ``$85,328'' and inserting ``$85,836''.
                                 <all>