109 HR 5503 EH: FHA Multifamily Loan Limit Adjustment Act of 2006 U.S. House of Representatives 0 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

IB 109th CONGRESS 2d Session H. R. 5503 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the National Housing Act to increase the mortgage amount limits applicable to FHA mortgage insurance for multifamily housing located in high-cost areas.

1.

Short title

This Act may be cited as the FHA Multifamily Loan Limit Adjustment Act of 2006.

2.

Multifamily housing mortgage limits in high cost areas

The National Housing Act is amended— (1)in sections 207(c)(3), 213(b)(2)(B)(i), 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), 1715l(d)(3)(ii)(II), 1715l(d)(4)(ii)(II), 1715v(c)(2)(B), and 1715y(e)(3)(B))— (A)by striking “140 percent” each place such term appears and inserting “170 percent”; and (B)by striking “170 percent in high cost areas” each time place such term appears and inserting “215 percent in high cost areas”; and (2)in section 220(d)(3)(B)(iii)(III) (12 U.S.C. 1715k(d)(3)(B)(iii)(III)) by striking 206A and all that follows through project-by-project basis and inserting the following: 206A of this Act) by not to exceed 170 percent in any geographical area where the Secretary finds that cost levels so require and by not to exceed 170 percent, or 215 percent in high cost areas, where the Secretary determines it necessary on a project-by-project basis.

Passed the House of Representatives September 27, 2006.Karen L. HaasClerk.