A bill to increase the mortgage loan limits under the National Housing Act for multifamily housing mortgage insurance.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``FHA Multifamily Housing Mortgage 
Loan Limit Adjustment Act of 2001''.

SEC. 2. MORTGAGE LOAN LIMITS FOR MULTIFAMILY PROJECTS.

    (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 ``$30,420'' and inserting ``$38,025'';
            (2) by striking ``$33,696'' and inserting ``$42,120'';
            (3) by striking ``$40,248'' and inserting ``$50,310'';
            (4) by striking ``$49,608'' and inserting ``$62,010'';
            (5) by striking ``$56,160'' and inserting ``$70,200'';
            (6) by striking ``$9,000'' and inserting ``$11,250'';
            (7) by striking ``$35,100'' and inserting ``$43,875'';
            (8) by striking ``$39,312'' and inserting ``$49,140'';
            (9) by striking ``$48,204'' and inserting ``$60,255'';
            (10) by striking ``$60,372'' and inserting ``$75,465''; and
            (11) by striking ``$68,262'' and inserting ``$85,328''.
    (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 ``$30,420'' and inserting ``$38,025'';
            (2) by striking ``$33,696'' and inserting ``$42,120'';
            (3) by striking ``$40,248'' and inserting ``$50,310'';
            (4) by striking ``$49,608'' and inserting ``$62,010'';
            (5) by striking ``$56,160'' and inserting ``$70,200'';
            (6) by striking ``$35,100'' and inserting ``$43,875'';
            (7) by striking ``$39,312'' and inserting ``$49,140'';
            (8) by striking ``$48,204'' and inserting ``$60,255'';
            (9) by striking ``$60,372'' and inserting ``$75,465''; and
            (10 by striking ``$68,262'' and inserting ``$85,328''.
    (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 ``$30,420'' and inserting ``$38,025'';
            (2) by striking ``$33,696'' and inserting ``$42,120'';
            (3) by striking ``$40,248'' and inserting ``$50,310'';
            (4) by striking ``$49,608'' and inserting ``$62,010'';
            (5) by striking ``$56,160'' and inserting ``$70,200'';
            (6) by striking ``$35,100'' and inserting ``$43,875'';
            (7) by striking ``$39,312'' and inserting ``$49,140'';
            (8) by striking ``$48,204'' and inserting ``$60,255'';
            (9) by striking ``$60,372'' and inserting ``$75,465''; and
            (10) by striking ``$68,262'' and inserting ``$85,328''.
    (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 ``$33,638'' and inserting ``$42,048'';
            (2) by striking ``$38,785'' and inserting ``$48,481'';
            (3) by striking ``$46,775'' and inserting ``$58,469'';
            (4) by striking ``$59,872'' and inserting ``$74,840'';
            (5) by striking ``$66,700'' and inserting ``$83,375'';
            (6) by striking ``$35,400'' and inserting ``$44,250'';
            (7) by striking ``$40,579'' and inserting ``$50,724'';
            (8) by striking ``$49,344'' and inserting ``$61,680'';
            (9) by striking ``$63,834'' and inserting ``$79,793''; and
            (10) by striking ``$70,070'' and inserting ``$87,588''.
    (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 ``$30,274'' and inserting ``$37,843'';
            (2) by striking ``$34,363'' and inserting ``$42,954'';
            (3) by striking ``$41,536'' and inserting ``$51,920'';
            (4) by striking ``$52,135'' and inserting ``$65,169'';
            (5) by striking ``$59,077'' and inserting ``$73,846'';
            (6) by striking ``$32,701'' and inserting ``$40,876'';
            (7) by striking ``$37,487'' and inserting ``$46,859'';
            (8) by striking ``$45,583'' and inserting ``$56,979'';
            (9) by striking ``$58,968'' and inserting ``$73,710''; and
            (10) by striking ``$64,730'' and inserting ``$80,913''.
    (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 ``$28,782'' and inserting ``$35,978'';
            (2) by striking ``$32,176'' and inserting ``$40,220'';
            (3) by striking ``$38,423'' and inserting ``$48,029'';
            (4) by striking ``$46,238'' and inserting ``$57,798'';
            (5) by striking ``$54,360'' and inserting ``$67,950'';
            (6) by striking ``$32,701'' and inserting ``$40,876'';
            (7) by striking ``$37,487'' and inserting ``$46,859'';
            (8) by striking ``$45,583'' and inserting ``$56,979'';
            (9) by striking ``$58,968'' and inserting ``$73,710''; and
            (10) by striking ``$64,730'' and inserting ``$80,913''.
    (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 ``$30,420'' and inserting ``$38,025'';
            (2) by striking ``$33,696'' and inserting ``$42,120'';
            (3) by striking ``$40,248'' and inserting ``$50,310'';
            (4) by striking ``$49,608'' and inserting ``$62,010'';
            (5) by striking ``$56,160'' and inserting ``$70,200'';
            (6) by striking ``$35,100'' and inserting ``$43,875'';
            (7) by striking ``$39,312'' and inserting ``$49,140'';
            (8) by striking ``$48,204'' and inserting ``$60,255'';
            (9) by striking ``$60,372'' and inserting ``$75,465''; and
            (10) by striking ``$68,262'' and inserting ``$85,328''.

SEC. 3. REGULATIONS.

    The Secretary of Housing and Urban Development shall issue 
regulations necessary to carry out the amendments made by this Act, 
which regulations shall take effect not later than the expiration of 
the 1-year period beginning on the date of enactment of this Act.

SEC. 4. COST ADJUSTMENTS.

    The dollar amounts established by the amendments made by this Act 
shall be increased annually by the Secretary by the amount of increase, 
if any, in the Annual Construction Cost Index prepared by the Bureau of 
the Census within the Department of Commerce, in accordance with 
regulations prescribed by the Secretary.

Summary: FHA Multifamily Housing Mortgage Loan Limit Adjustment Act of 2001 - Amends the National Housing Act to increase 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.