To facilitate homeownership in high-cost areas.

January 4, 2005

Mr. GARY G. MILLER of California (for himself and Mr. FRANK of Massachusetts) introduced the following bill; which was referred to the Committee on Financial Services

To facilitate homeownership 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 Single Family Loan Limit Adjustment Act of 2005'.

SEC. 2. FHA SINGLE FAMILY HOUSING MAXIMUM MORTGAGE LIMIT.

Section 203(b)(2)(A) of the National Housing Act (12 U.S.C. 1709(b)(2)(A)) is amended--

(1) in clause (i), by striking `95 percent' and inserting `100 percent';

(2) in clause (ii)--

(A) by striking `87 percent ' and inserting `100 percent' ; and

(B) by striking `for Fiscal Year' and inserting a comma; and

(3) by moving subparagraph (A), including clauses (i) and (ii) of such subparagraph, 2 ems to the right.

END