To facilitate homeownership in high-cost areas.

April 1, 2004

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 2004'.

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)--

(A) by striking `95 percent' and inserting `100 percent'; and

(B) by striking `or' at the end;

(2) in clause (ii)--

(A) by striking `87 percent of the dollar amount limitation determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act for a residence of the applicable size;'; and

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

(3) by transferring and inserting the text of clause (ii) (as so amended) into clause (i) after the semicolon at the end;

(4) by striking clause (ii);

(5) by striking `(i)' and inserting `(A) not to exceed,';

(6) by striking `(A) not to exceed the lesser of--'; and

(7) by realigning subparagraph (A) (as so redesignated by paragraph (5) of this subsection), so as to be indented 4 ems from the left margin.

END