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.

Summary: Amends the National Housing Act to revise the maximum mortgage loan principal amounts the Secretary of Housing and Urban Development (HUD) may insure for elevator-type multifamily structures for: (1) rental housing; (2) cooperative housing; (3) rehabilitation and neighborhood conservation housing; (4) housing for moderate income and displaced families; (5) housing for elderly persons; and (6) condominiums.

Replaces the current specific dollar amount limitations per family unit by which the insurable mortgage principal obligation for elevator-type multifamily structures may be increased. Prescribes instead an increase limitation per family unit of up to 50% higher than the corresponding limitations for non-elevator-type multifamily structures.

Authorizes the Secretary to prescribe a higher maximum (up to 50%) for the principal obligation of mortgages insured for multifamily projects located in an extremely high-cost area (similar to that for mortgage insurance for property in Alaska, Guam, Hawaii, and the Virgin Islands).

SECTION 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.