[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3527 Engrossed in House (EH)]

111th CONGRESS
  1st Session
                                H. R. 3527

_______________________________________________________________________

                                 AN ACT


 
   To increase the maximum mortgage amount limitations under the FHA 
   mortgage insurance programs for multifamily housing projects with 
              elevators and for extremely 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 2009''.

SEC. 2. FHA MORTGAGE AMOUNT LIMITS FOR ELEVATOR-TYPE STRUCTURES.

    (a) Amendments.--The National Housing Act is amended in each of the 
provisions specified in subsection (b)--
            (1) by inserting ``with sound standards of construction and 
        design'' after ``elevator-type structures'' the first place 
        such term appears; and
            (2) by striking ``to not to exceed'' and all that follows 
        through ``sound standards of construction and design'' each 
        place such terms appear and inserting ``by not more than 50 
        percent of the amounts specified for each unit size''.
    (b) Provisions Amended.--The provisions of the National Housing Act 
specified in this subsection are as follows:
            (1) Subparagraph (A) of section 207(c)(3) (12 U.S.C. 
        1713(c)(3)(A)).
            (2) Subparagraph (A) of section 213(b)(2) (12 U.S.C. 
        1715e(b)(2)(A)).
            (3) Subclause (I) of section 220(d)(3)(B)(iii) (12 U.S.C. 
        1715k(d)(3)(B)(iii)(I)).
            (4) In section 221(d) (12 U.S.C. 1715l(d))--
                    (A) subclause (I) of paragraph (3)(ii); and
                    (B) subclause (I) of paragraph (4)(ii).
            (5) Subparagraph (A) of section 231(c)(2) (12 U.S.C. 
        1715v(c)(2)(A)).
            (6) Subparagraph (A) of section 234(e)(3) (12 U.S.C. 
        1715y(e)(3)(A)).

SEC. 3. FHA MORTGAGE AMOUNT LIMITS FOR EXTREMELY HIGH-COST AREAS.

    Section 214 of the National Housing Act (12 U.S.C. 1715d) is 
amended--
            (1) in the first sentence--
                    (A) by inserting ``, or with respect to projects 
                consisting of more than four dwelling units located in 
                an extremely high-cost area as determined by the 
                Secretary'' after ``or the Virgin Islands'' the first 
                place such term appears;
                    (B) by inserting ``, or to construct projects 
                consisting of more than four dwelling units on property 
                located in an extremely high-cost area as determined by 
                the Secretary'' after ``or the Virgin Islands'' the 
                second place such term appears; and
                    (C) by inserting ``, or with respect to projects 
                consisting of more than four dwelling units located in 
                an extremely high-cost area as determined by the 
                Secretary'' after ``or the Virgin Islands'' the third 
                place such term appears;
            (2) in the second sentence--
                    (A) by inserting ``, or with respect to a project 
                consisting of more than four dwelling units located in 
                an extremely high-cost area as determined by the 
                Secretary,'' after ``or the Virgin Islands'' the first 
                place such term appears; and
                    (B) by inserting ``, or in the case of a project 
                consisting of more than four dwelling units in an 
                extremely high-cost area as determined by the 
                Secretary, in such extremely high-cost area,'' after 
                ``or the Virgin Islands'' the second place such term 
                appears; and
            (3) in the section heading, by striking ``and the virgin 
        islands'' and inserting ``the virgin islands, and extremely 
        high-cost areas''.

SEC. 4. EFFECTIVE DATE.

    The amendments made by this Act shall apply to mortgages insured 
under title II of the National Housing Act after September 30, 2009.

            Passed the House of Representatives September 15, 2009.

            Attest:

                                                                 Clerk.
111th CONGRESS

  1st Session

                               H. R. 3527

_______________________________________________________________________

                                 AN ACT

   To increase the maximum mortgage amount limitations under the FHA 
   mortgage insurance programs for multifamily housing projects with 
              elevators and for extremely high-cost areas.