II 111th CONGRESS 2d Session S. 3700 IN THE SENATE OF THE UNITED STATES August 4, 2010 Mr. Schumer (for himself and Mr. Menendez) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To increase the maximum mortgage amount limitations under the Federal Housing Administration mortgage insurance programs for multi-family housing projects with elevators and for extremely high-cost areas.

1.

Federal Housing Administration mortgage insurance programs

(a)

Mortgage amount limits for elevator-Type structures

(1)

Amendments

Title II of the National Housing Act (12 U.S.C. 1707 et seq.) is amended— (A)in section 207(c)(3)(A) (12 U.S.C. 1713(c)(3)(A))— (i)by inserting with sound standards of construction and design after elevator-type structures; and (ii)by striking to not to exceed and all that follows through the semicolon at the end and inserting by not more than 50 percent of the amounts specified in this subparagraph for each unit size;; (B)in section 213(b)(2)(A) (12 U.S.C. 1715e(b)(2)(A))— (i)by inserting with sound standards of construction and design after consist of elevator-type structures; and (ii)by striking to not to exceed and all that follows through ; (B)(i) and inserting by not more than 50 percent of the amounts specified in this subparagraph for each applicable family unit size; (B)(i); (C)in section 220(d)(3)(B)(iii)(I) (12 U.S.C. 1715k(d)(3)(B)(iii)(I))— (i)by inserting with sound standards of construction and design after consist of elevator-type structures; and (ii)by striking family unit not to exceed and all that follows through design; and and inserting family unit by not more than 50 percent of the amounts specified in this subclause for each applicable family unit size; and; (D)in section 221(d) (12 U.S.C. 1715l(d))— (i)in paragraph (3)(ii)(I)— (I)by inserting with sound standards of construction and design after consist of elevator-type structures; and (II)by striking to not to exceed and all that follows through design; and inserting by not more than 50 percent of the amounts specified in this subclause for each applicable family unit size;; and (ii)in paragraph (4)(ii)(I)— (I)by inserting with sound standards of construction and design after consist of elevator-type structures; and (II)by striking to not to exceed and all that follows through design; and inserting by not more than 50 percent of the amounts specified in this subclause for each applicable family unit size;; (E)in section 231(c)(2)(A) (12 U.S.C. 1715v(c)(2)(A))— (i)by inserting with sound standards of construction and design after consist of elevator-type structures; and (ii)by striking to not to exceed and all that follows through design; and inserting by not more than 50 percent of the amounts specified in this subparagraph for each applicable family unit size;; and (F)in section 234(e)(3)(A) (12 U.S.C. 1715y(e)(3)(A))— (i)by inserting with sound standards of construction and design after consist of elevator-type structures; and (ii)by striking to not to exceed and all that follows through sound standards of construction and design; and inserting by not more than 50 percent of the amounts specified in this subparagraph for each applicable family unit size;. (b)

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 4 dwelling units located in an extremely high-cost area, as determined by the Secretary after or the Virgin Islands,; (B)by striking or the Virgin Islands without sacrifice and inserting or the Virgin Islands, or to construct projects consisting of more than 4 dwelling units on property located in an extremely high-cost area, as determined by the Secretary, without sacrifice; and (C)by striking or the Virgin Islands in such and inserting or the Virgin Islands, or with respect to projects consisting of more than 4 dwelling units located in an extremely high-cost area, as determined by the Secretary, in such; (2)in the second sentence— (A)by striking the Virgin Islands shall and inserting the Virgin Islands, or with respect to a project consisting of more than 4 dwelling units located in an extremely high-cost area, as determined by the Secretary, shall; and (B)by striking Virgin Islands: and inserting Virgin Islands, or in the case of a project consisting of more than 4 dwelling units in an extremely high-cost area as determined by the Secretary, in such extremely high-cost area:; and (3)in the section heading, by striking and the virgin islands and inserting the virgin islands, and extremely high-cost areas. (c)

Effective date

The amendments made by this Act shall apply to mortgages insured under title II of the National Housing Act (12 U.S.C. 1707 et seq.) on and after the date of enactment of this Act.