A bill to adjust the indexing of multifamily mortgage limits, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``FHA Multifamily Housing Loan Limit 
Improvement Act''.

SEC. 2. INDEXING OF MULTIFAMILY MORTGAGE LIMITS.

    (a) Section 207 Limits.--Section 207(c)(3) of the National Housing 
Act (12 U.S.C. 1713(c)(3)) is amended--
            (1) by striking ``11,250'' and inserting ``$17,460'';
            (2) by inserting before ``; and except that'' the 
        following: ``; except that the Secretary shall adjust each such 
        dollar amount limitation set forth in this paragraph (as such 
        limitation may have been previously adjusted pursuant to this 
        paragraph) effective January 1 of each year, beginning in 2003, 
        in accordance with the percentage increase, if any, during the 
        12-month period ending with the preceding October, in the 
        Annual Construction Cost Index of the Bureau of the Census of 
        the Department of Commerce''; and
            (3) by inserting after ``foregoing dollar amount 
        limitations contained in this paragraph'' the following: ``(as 
        such limitations may have been previously adjusted pursuant to 
        this paragraph)''.
    (b) Section 213 Limits.--Section 213(b)(2) of the National Housing 
Act (12 U.S.C. 1715e(b)(2)) is amended--
            (1) by striking ``$38,025'', ``$42,120'', ``$50,310'', 
        ``$62,010'', and ``$70,200'', and inserting ``$41,207'', 
        ``$47,511'', ``$57,300'', ``$73,343'', and ``$81,708'', 
        respectively;
            (2) by striking ``$49,140'', ``$60,255'', ``$75,465'', and 
        ``$85,328'', and inserting ``$49,710'', ``$60,446'', 
        ``$78,197'', and ``$85,836'', respectively;
            (3) by inserting after the colon at the end of the first 
        proviso the following: ``Provided further, That the Secretary 
        shall adjust each such dollar amount limitation set forth in 
        this paragraph (as such limitation may have been previously 
        adjusted pursuant to this paragraph) effective January 1 of 
        each year, beginning in 2003, in accordance with the percentage 
        increase, if any, during the 12-month period ending with the 
        preceding October, in the Annual Construction Cost Index of the 
        Bureau of the Census of the Department of Commerce:''; and
            (4) by inserting after ``foregoing dollar amount 
        limitations contained in this paragraph'' the following: ``(as 
        such limitations may have been previously adjusted pursuant to 
        this paragraph)''.
    (c) Section 220 Limits.--Section 220(d)(3)(B)(iii) of the National 
Housing Act (12 U.S.C. 1715k(d)(3)(B)(iii)) is amended--
            (1) by inserting after ``foregoing dollar amount 
        limitations contained in this clause'', the first place such 
        phrase appears, the following: ``(as such limitations may have 
        been previously adjusted pursuant to this clause)''.
            (2) by inserting after ``Provided,'' the following: ``That 
        the Secretary shall adjust each such dollar amount limitation 
        set forth in this clause (as such limitation may have been 
        previously adjusted pursuant to this clause) effective January 
        1 of each year, beginning in 2003, in accordance with the 
        percentage increase, if any, during the 12-month period ending 
        with the preceding October, in the Annual Construction Cost 
        Index of the Bureau of the Census of the Department of 
        Commerce: Provided further,''; and
            (3) by striking ``(as determined after the application of 
        the preceding proviso)'' and inserting ``(as such limitations 
        may have been previously adjusted pursuant to the preceding 
        proviso and as determined after application of any percentage 
        increase authorized in this clause relating to units with 2, 3, 
        4, or more bedrooms)''.
    (d) Section 221(d)(3) Limits.--Section 221(d)(3)(ii) of the 
National Housing Act (12 U.S.C. 1715l(d)(3)(ii)) is amended--
            (1) by inserting before ``; and except that'' the 
        following: ``; except that the Secretary shall adjust each such 
        dollar amount limitation set forth in this clause (as such 
        limitation may have been previously adjusted pursuant to this 
        clause) effective January 1 of each year, beginning in 2003, in 
        accordance with the percentage increase, if any, during the 12-
        month period ending with the preceding October, in the Annual 
        Construction Cost Index of the Bureau of the Census of the 
        Department of Commerce''; and
            (2) by inserting after ``foregoing dollar amount 
        limitations contained in this clause'' the following: ``(as 
        such limitations may have been previously adjusted pursuant to 
        this clause)''.
    (e) Section 221(d)(4) Limits.--Section 221(d)(4)(ii) of the 
National Housing Act (12 U.S.C. 1715l(d)(4)(ii)) is amended--
            (1) by inserting before ``; and except that'' the 
        following: ``; except that the Secretary shall adjust each such 
        dollar amount limitation set forth in this clause (as such 
        limitation may have been previously adjusted pursuant to this 
        clause) effective January 1 of each year, beginning in 2003, in 
        accordance with the percentage increase, if any, during the 12-
        month period ending with the preceding October, in the Annual 
        Construction Cost Index of the Bureau of the Census of the 
        Department of Commerce''; and
            (2) by inserting after ``foregoing dollar amount 
        limitations contained in this clause'' the following: ``(as 
        such limitations may have been previously adjusted pursuant to 
        this clause)''.
    (f) Section 231 Limits.--Section 231(c)(2) of the National Housing 
Act (12 U.S.C. 1715v(c)(2)) is amended--
            (1) by inserting before ``; and except that'' the 
        following: ``; except that the Secretary shall adjust each such 
        dollar amount limitation set forth in this paragraph (as such 
        limitation may have been previously adjusted pursuant to this 
        paragraph) effective January 1 of each year, beginning in 2003, 
        in accordance with the percentage increase, if any, during the 
        12-month period ending with the preceding October, in the 
        Annual Construction Cost Index of the Bureau of the Census of 
        the Department of Commerce''; and
            (2) by inserting after ``foregoing dollar amount 
        limitations contained in this paragraph'' the following: ``(as 
        such limitations may have been previously adjusted pursuant to 
        this paragraph)''.
    (g) Section 234 Limits.--Section 234(e)(3) of the National Housing 
Act (12 U.S.C. 1715y(e)(3)) is amended--
            (1) by inserting before ``; except that'' the second place 
        such phrase appears the following: ``; except that the 
        Secretary shall adjust each such dollar amount limitation set 
        forth in this paragraph (as such limitation may have been 
        previously adjusted pursuant to this paragraph) effective 
        January 1 of each year, beginning in 2003, in accordance with 
        the percentage increase, if any, during the 12-month period 
        ending with the preceding October, in the Annual Construction 
        Cost Index of the Bureau of the Census of the Department of 
        Commerce'';
            (2) by inserting after ``each of the foregoing dollar 
        amounts'' the following: ``(as such amounts may have been 
        previously adjusted pursuant to this paragraph)''; and
            (3) by inserting after ``foregoing dollar amount 
        limitations contained in this paragraph'' the following: ``(as 
        such limitations may have been previously adjusted pursuant to 
        this paragraph and increased pursuant to the preceding 
        clause)''.

SEC. 2. HIGH-COST AREAS.

    (a) Section 207 Limits.--Section 207(c)(3) of the National Housing 
Act (12 U.S.C. 1713(c)(3)) is amended--
            (1) by striking ``140 percent'' and inserting ``170 
        percent''; and
            (2) by striking ``110 percent'' and inserting ``140 
        percent''.
    (b) Section 213 Limits.--Section 213(b)(2) of the National Housing 
Act (12 U.S.C. 1715e(b)(2)) is amended--
            (1) by striking ``140 percent'' and inserting ``170 
        percent''; and
            (2) by striking ``110 percent'' and inserting ``140 
        percent''.
    (c) Section 220 Limits.--Section 220(d)(3)(B)(iii) of the National 
Housing Act (12 U.S.C. 1715k(d)(3)(B)(iii)) is amended--
            (1) by striking ``140 percent'' and inserting ``170 
        percent''; and
            (2) by striking ``110 percent'' and inserting ``140 
        percent''.
    (d) Section 221(d)(3) Limits.--Section 221(d)(3)(ii) of the 
National Housing Act (12 U.S.C. 1715l(d)(3)(ii)) is amended--
            (1) by striking ``140 percent'' and inserting ``170 
        percent''; and
            (2) by striking ``110 percent'' and inserting ``140 
        percent''.
    (e) Section 221(d)(4) Limits.--Section 221(d)(4)(ii) of the 
National Housing Act (12 U.S.C. 1715l(d)(4)(ii)) is amended--
            (1) by striking ``140 percent'' and inserting ``170 
        percent''; and
            (2) by striking ``110 percent'' and inserting ``140 
        percent''.
    (f) Section 231 Limits.--Section 231(c)(2) of the National Housing 
Act (12 U.S.C. 1715v(c)(2)) is amended--
            (1) by striking ``140 percent'' and inserting ``170 
        percent''; and
            (2) by striking ``110 percent'' and inserting ``140 
        percent''.
    (g) Section 234 Limits.--Section 234(e)(3) of the National Housing 
Act (12 U.S.C. 1715y(e)(3)) is amended--
            (1) by striking ``140 percent'' and inserting ``170 
        percent''; and
            (2) by striking ``110 percent'' and inserting ``140 
        percent''.

Summary: FHA Multifamily Housing Loan Limit Improvement Act - Amends the National Housing Act to increase and index to the Bureau of the Census' annual construction cost index multifamily project mortgage loan limits for: (1) rental housing, (2) cooperative housing, (3) rehabilitation and neighborhood conservation housing, (4) housing for moderate income and displaced families, (5) housing for the elderly, and (6) condominiums. Increases loan limits in high-cost areas.