[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3862 Introduced in Senate (IS)]

<DOC>






118th CONGRESS
  2d Session
                                S. 3862

 To modify the multifamily loan limits under title II of the National 
                  Housing Act, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 5, 2024

 Mr. Menendez introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To modify the multifamily loan limits under title II of the National 
                  Housing Act, and for other purposes.

    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 ``Homeownership Affordability Act''.

SEC. 2. MULTIFAMILY LOAN LIMITS.

    Title II of the National Housing Act (12 U.S.C. 1707 et seq.) is 
amended--
            (1) in section 206A (12 U.S.C. 1712a)--
                    (A) in subsection (a), in the matter following 
                paragraph (7), by striking ``(commencing in 2004'' and 
                all that follows through the period at the end and 
                inserting the following: ``, commencing on July 1, 
                2024. The adjustment of the Dollar Amounts shall be 
                calculated by the Secretary using the percentage change 
                in the Price Deflator Index of Multifamily Residential 
                Units Under Construction released by the Bureau of the 
                Census from March of the previous year to March of the 
                year in which the adjustment is made.''; and
                    (B) by amending subsection (b) to read as follows:
    ``(b) Publication.--
            ``(1) In general.--The Secretary shall publish in the 
        Federal Register any adjustments made to the Dollar Amounts.
            ``(2) Rounding.--The dollar amount of any adjustment 
        described in paragraph (1) shall be rounded to the next lower 
        dollar.'';
            (2) in section 207(c)(3)(A) (12 U.S.C. 1713(c)(3)(A))--
                    (A) by striking ``$38,025'' and inserting 
                ``$167,310'';
                    (B) by striking ``$42,120'' and inserting 
                ``$185,328'';
                    (C) by striking ``$50,310'' and inserting 
                ``$221,364'';
                    (D) by striking ``$62,010'' and inserting 
                ``$272,844'';
                    (E) by striking ``$70,200'' and inserting 
                ``$308,880'';
                    (F) by striking ``, or not to exceed $17,460 per 
                space'';
                    (G) by striking ``$43,875'' and inserting 
                ``$193,050'';
                    (H) by striking ``$49,140'' and inserting 
                ``$216,216'';
                    (I) by striking ``$60,255'' and inserting 
                ``$265,122'';
                    (J) by striking ``$75,465'' and inserting 
                ``$332,046''; and
                    (K) by striking ``$85,328'' and inserting 
                ``$375,443'';
            (3) in section 213(b)(2) (12 U.S.C. 1715e(b)(2))--
                    (A) by striking ``$41,207'' and inserting 
                ``$181,311'';
                    (B) by striking ``$47,511'' and inserting 
                ``$209,048'';
                    (C) by striking ``$57,300'' and inserting 
                ``$252,120'';
                    (D) by striking ``$73,343'' and inserting 
                ``$322,709'';
                    (E) by striking ``$81,708'' and inserting 
                ``$359,515'';
                    (F) by striking ``$43,875'' and inserting 
                ``$193,050'';
                    (G) by striking ``$49,710'' and inserting 
                ``$218,724'';
                    (H) by striking ``$60,446'' and inserting 
                ``$265,962'';
                    (I) by striking ``$78,197'' and inserting 
                ``$344,067''; and
                    (J) by striking ``$85,836'' and inserting 
                ``$377,678'';
            (4) in section 220(d)(3)(B)(iii)(I) (12 U.S.C. 
        1715k(d)(3)(B)(iii)(I))--
                    (A) by striking ``$38,025'' and inserting 
                ``$167,310'';
                    (B) by striking ``$42,120'' and inserting 
                ``$185,328'';
                    (C) by striking ``$50,310'' and inserting 
                ``$221,364'';
                    (D) by striking ``$62,010'' and inserting 
                ``$272,844'';
                    (E) by striking ``$70,200'' and inserting 
                ``$308,880'';
                    (F) by striking ``$43,875'' and inserting 
                ``$193,050'';
                    (G) by striking ``$49,140'' and inserting 
                ``$216,216'';
                    (H) by striking ``$60,255'' and inserting 
                ``$265,122'';
                    (I) by striking ``$75,465'' and inserting 
                ``$332,046''; and
                    (J) by striking ``$85,328'' and inserting 
                ``$375,443'';
            (5) in section 221(d)(4)(ii)(I) (12 U.S.C. 
        1715l(d)(4)(ii)(I))--
                    (A) by striking ``$37,843'' and inserting 
                ``$166,509'';
                    (B) by striking ``$42,954'' and inserting 
                ``$188,997'';
                    (C) by striking ``$51,920'' and inserting 
                ``$228,448'';
                    (D) by striking ``$65,169'' and inserting 
                ``$286,744'';
                    (E) by striking ``$73,846'' and inserting 
                ``$324,922'';
                    (F) by striking ``$40,876'' and inserting 
                ``$179,854'';
                    (G) by striking ``$46,859'' and inserting 
                ``$206,180'';
                    (H) by striking ``$56,979'' and inserting 
                ``$250,708'';
                    (I) by striking ``$73,710'' and inserting 
                ``$324,324''; and
                    (J) by striking ``$80,913'' and inserting 
                ``$356,017'';
            (6) in section 231(c)(2)(A) (12 U.S.C. 1715v(c)(2)(A))--
                    (A) by striking ``$35,978'' and inserting 
                ``$166,509'';
                    (B) by striking ``$40,220'' and inserting 
                ``$188,997'';
                    (C) by striking ``$48,029'' and inserting 
                ``$228,448'';
                    (D) by striking ``$57,798'' and inserting 
                ``$286,744'';
                    (E) by striking ``$67,950'' and inserting 
                ``$324,922'';
                    (F) by striking ``$40,876'' and inserting 
                ``$179,854'';
                    (G) by striking ``$46,859'' and inserting 
                ``$206,180'';
                    (H) by striking ``$56,979'' and inserting 
                ``$250,708'';
                    (I) by striking ``$73,710'' and inserting 
                ``$324,324''; and
                    (J) by striking ``$80,913'' and inserting 
                ``$356,017''; and
            (7) in section 234(e)(3)(A) (12 U.S.C. 1715y(e)(3)(A))--
                    (A) by striking ``$42,048'' and inserting 
                ``$185,011'';
                    (B) by striking ``$48,481'' and inserting 
                ``$213,316'';
                    (C) by striking ``$58,469'' and inserting 
                ``$257,263'';
                    (D) by striking ``$74,840'' and inserting 
                ``$329,296'';
                    (E) by striking ``$83,375'' and inserting 
                ``$366,850'';
                    (F) by striking ``$44,250'' and inserting 
                ``$194,700'';
                    (G) by striking ``$50,724'' and inserting 
                ``$223,186'';
                    (H) by striking ``$61,680'' and inserting 
                ``$271,392'';
                    (I) by striking ``$79,793'' and inserting 
                ``$351,089''; and
                    (J) by striking ``$87,588'' and inserting 
                ``$385,387''.
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