[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5503 Introduced in House (IH)]








109th CONGRESS
  2d Session
                                H. R. 5503

   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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 25, 2006

    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 mortgage amount 
  limits applicable to FHA mortgage insurance 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 2006''.

SEC. 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''.
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