To amend the National Housing Act to increase the maximum mortgage amount limit for FHA-insured mortgages for multifamily housing located in high-cost areas.

October 3, 2003

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

To amend the National Housing Act to increase the maximum mortgage amount limit for FHA-insured mortgages 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 2003'.

SEC. 2. MAXIMUM MORTGAGE AMOUNT LIMIT FOR MULTIFAMILY HOUSING IN HIGH-COST AREAS.

Sections 207(c)(3)(B), 213(b)(2)(B)(i), 220(d)(3)(B)(iii)(II), 221(d)(3)(ii)(II), 221(d)(4)(ii)(II), 231(c)(2)(B), and 234(e)(3)(B) of the National Housing Act (12 U.S.C. 1713(c)(3)(B), 1715e(b)(2)(B)(i), 1715k(d)(3)(B)(iii)(II), 1715l(d)(3)(ii)(II), 1715l(d)(4)(ii)(II), 1715v(c)(2)(B)), and 1715y(e)(3)(B)) are each amended--

(1) by striking `110 percent' and inserting `170 percent'; and

(2) by striking `140 percent' and inserting `170 percent'.

SEC. 3. CATCH-UP ADJUSTMENTS TO CERTAIN MAXIMUM MORTGAGE AMOUNT LIMITS.

(a) SECTION 207 LIMITS- Section 207(c)(3)(A) of the National Housing Act (12 U.S.C. 1713(c)(3)(A)) is amended by striking `$11,250' and inserting `$17,460'.

(b) SECTION 213 LIMITS- Section 213(b)(2)(A) of the National Housing Act (12 U.S.C. 1715e(b)(2)(A)) is amended--

(1) by striking `$38,025' and inserting `$41,207';

(2) by striking `$42,120' and inserting `$47,511';

(3) by striking `$50,310' and inserting `$57,300';

(4) by striking `$62,010' and inserting `$73,343';

(5) by striking `$70,200' and inserting `$81,708';

(6) by striking `$49,140' and inserting `$49,710';

(7) by striking `$60,255' and inserting `$60,446';

(8) by striking `$75,465' and inserting `$78,197'; and

(9) by striking `$85,328' and inserting `$85,836'.

END