[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5503 Referred in Senate (RFS)]

  2d Session
                                H. R. 5503


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 28, 2006

                                Received

                           November 13, 2006

   Read twice and referred to the Committee on Banking, Housing, and 
                             Urban Affairs

_______________________________________________________________________

                                 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.

    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''.

            Passed the House of Representatives September 27, 2006.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.