II

107TH CONGRESS

1ST SESSION S. 1163

To increase the mortgage loan limits under the National Housing Act for

multifamily housing mortgage insurance.

IN THE SENATE OF THE UNITED STATES

JULY 11, 2001

Mr. CORZINE (for himself, Mr. CARPER, and Mr. SCHUMER) introduced the

following bill; which was read twice and referred to the Committee on

Banking, Housing, and Urban Affairs

A BILL

To increase the mortgage loan limits under the National

Housing Act for multifamily housing mortgage insurance.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘FHA Multifamily

5 Housing Mortgage Loan Limit Adjustment Act of 2001’’.

6 SEC. 2. MORTGAGE LOAN LIMITS FOR MULTIFAMILY

7 PROJECTS.

8 (a) SECTION 207 LIMITS.—Section 207(c)(3) of the

9 National Housing Act (12 U.S.C. 1713(c)(3)) is

10 amended—
2

•S 1163 IS

1 (1) by striking ‘‘$30,420’’ and inserting

2 ‘‘$38,025’’;

3 (2) by striking ‘‘$33,696’’ and inserting

4 ‘‘$42,120’’;

5 (3) by striking ‘‘$40,248’’ and inserting

6 ‘‘$50,310’’;

7 (4) by striking ‘‘$49,608’’ and inserting

8 ‘‘$62,010’’;

9 (5) by striking ‘‘$56,160’’ and inserting

10 ‘‘$70,200’’;

11 (6) by striking ‘‘$9,000’’ and inserting

12 ‘‘$11,250’’;

13 (7) by striking ‘‘$35,100’’ and inserting

14 ‘‘$43,875’’;

15 (8) by striking ‘‘$39,312’’ and inserting

16 ‘‘$49,140’’;

17 (9) by striking ‘‘$48,204’’ and inserting

18 ‘‘$60,255’’;

19 (10) by striking ‘‘$60,372’’ and inserting

20 ‘‘$75,465’’; and

21 (11) by striking ‘‘$68,262’’ and inserting

22 ‘‘$85,328’’.

23 (b) SECTION 213 LIMITS.—Section 213(b)(2) of the

24 National Housing Act (12 U.S.C. 1715e(b)(2)) is

25 amended—
3

•S 1163 IS

1 (1) by striking ‘‘$30,420’’ and inserting

2 ‘‘$38,025’’;

3 (2) by striking ‘‘$33,696’’ and inserting

4 ‘‘$42,120’’;

5 (3) by striking ‘‘$40,248’’ and inserting

6 ‘‘$50,310’’;

7 (4) by striking ‘‘$49,608’’ and inserting

8 ‘‘$62,010’’;

9 (5) by striking ‘‘$56,160’’ and inserting

10 ‘‘$70,200’’;

11 (6) by striking ‘‘$35,100’’ and inserting

12 ‘‘$43,875’’;

13 (7) by striking ‘‘$39,312’’ and inserting

14 ‘‘$49,140’’;

15 (8) by striking ‘‘$48,204’’ and inserting

16 ‘‘$60,255’’;

17 (9) by striking ‘‘$60,372’’ and inserting

18 ‘‘$75,465’’; and

19 (10 by striking ‘‘$68,262’’ and inserting

20 ‘‘$85,328’’.

21 (c) SECTION 220 LIMITS.—Section 220(d)(3)(B)(iii)

22 of the National Housing Act (12 U.S.C.

23 1715k(d)(3)(B)(iii)) is amended—

24 (1) by striking ‘‘$30,420’’ and inserting

25 ‘‘$38,025’’;
4

•S 1163 IS

1 (2) by striking ‘‘$33,696’’ and inserting

2 ‘‘$42,120’’;

3 (3) by striking ‘‘$40,248’’ and inserting

4 ‘‘$50,310’’;

5 (4) by striking ‘‘$49,608’’ and inserting

6 ‘‘$62,010’’;

7 (5) by striking ‘‘$56,160’’ and inserting

8 ‘‘$70,200’’;

9 (6) by striking ‘‘$35,100’’ and inserting

10 ‘‘$43,875’’;

11 (7) by striking ‘‘$39,312’’ and inserting

12 ‘‘$49,140’’;

13 (8) by striking ‘‘$48,204’’ and inserting

14 ‘‘$60,255’’;

15 (9) by striking ‘‘$60,372’’ and inserting

16 ‘‘$75,465’’; and

17 (10) by striking ‘‘$68,262’’ and inserting

18 ‘‘$85,328’’.

19 (d) SECTION 221(d)(3) LIMITS.—Section

20 221(d)(3)(ii) of the National Housing Act (12 U.S.C.

21 1715l(d)(3)(ii)) is amended—

22 (1) by striking ‘‘$33,638’’ and inserting

23 ‘‘$42,048’’;

24 (2) by striking ‘‘$38,785’’ and inserting

25 ‘‘$48,481’’;
5

•S 1163 IS

1 (3) by striking ‘‘$46,775’’ and inserting

2 ‘‘$58,469’’;

3 (4) by striking ‘‘$59,872’’ and inserting

4 ‘‘$74,840’’;

5 (5) by striking ‘‘$66,700’’ and inserting

6 ‘‘$83,375’’;

7 (6) by striking ‘‘$35,400’’ and inserting

8 ‘‘$44,250’’;

9 (7) by striking ‘‘$40,579’’ and inserting

10 ‘‘$50,724’’;

11 (8) by striking ‘‘$49,344’’ and inserting

12 ‘‘$61,680’’;

13 (9) by striking ‘‘$63,834’’ and inserting

14 ‘‘$79,793’’; and

15 (10) by striking ‘‘$70,070’’ and inserting

16 ‘‘$87,588’’.

17 (e) SECTION 221(d)(4) LIMITS.—Section

18 221(d)(4)(ii) of the National Housing Act (12 U.S.C.

19 1715l(d)(4)(ii)) is amended—

20 (1) by striking ‘‘$30,274’’ and inserting

21 ‘‘$37,843’’;

22 (2) by striking ‘‘$34,363’’ and inserting

23 ‘‘$42,954’’;

24 (3) by striking ‘‘$41,536’’ and inserting

25 ‘‘$51,920’’;
6

•S 1163 IS

1 (4) by striking ‘‘$52,135’’ and inserting

2 ‘‘$65,169’’;

3 (5) by striking ‘‘$59,077’’ and inserting

4 ‘‘$73,846’’;

5 (6) by striking ‘‘$32,701’’ and inserting

6 ‘‘$40,876’’;

7 (7) by striking ‘‘$37,487’’ and inserting

8 ‘‘$46,859’’;

9 (8) by striking ‘‘$45,583’’ and inserting

10 ‘‘$56,979’’;

11 (9) by striking ‘‘$58,968’’ and inserting

12 ‘‘$73,710’’; and

13 (10) by striking ‘‘$64,730’’ and inserting

14 ‘‘$80,913’’.

15 (f) SECTION 231 LIMITS.—Section 231(c)(2) of the

16 National Housing Act (12 U.S.C. 1715v(c)(2)) is

17 amended—

18 (1) by striking ‘‘$28,782’’ and inserting

19 ‘‘$35,978’’;

20 (2) by striking ‘‘$32,176’’ and inserting

21 ‘‘$40,220’’;

22 (3) by striking ‘‘$38,423’’ and inserting

23 ‘‘$48,029’’;

24 (4) by striking ‘‘$46,238’’ and inserting

25 ‘‘$57,798’’;
7

•S 1163 IS

1 (5) by striking ‘‘$54,360’’ and inserting

2 ‘‘$67,950’’;

3 (6) by striking ‘‘$32,701’’ and inserting

4 ‘‘$40,876’’;

5 (7) by striking ‘‘$37,487’’ and inserting

6 ‘‘$46,859’’;

7 (8) by striking ‘‘$45,583’’ and inserting

8 ‘‘$56,979’’;

9 (9) by striking ‘‘$58,968’’ and inserting

10 ‘‘$73,710’’; and

11 (10) by striking ‘‘$64,730’’ and inserting

12 ‘‘$80,913’’.

13 (g) SECTION 234 LIMITS.—Section 234(e)(3) of the

14 National Housing Act (12 U.S.C. 1715y(e)(3)) is

15 amended—

16 (1) by striking ‘‘$30,420’’ and inserting

17 ‘‘$38,025’’;

18 (2) by striking ‘‘$33,696’’ and inserting

19 ‘‘$42,120’’;

20 (3) by striking ‘‘$40,248’’ and inserting

21 ‘‘$50,310’’;

22 (4) by striking ‘‘$49,608’’ and inserting

23 ‘‘$62,010’’;

24 (5) by striking ‘‘$56,160’’ and inserting

25 ‘‘$70,200’’;
8

•S 1163 IS

1 (6) by striking ‘‘$35,100’’ and inserting

2 ‘‘$43,875’’;

3 (7) by striking ‘‘$39,312’’ and inserting

4 ‘‘$49,140’’;

5 (8) by striking ‘‘$48,204’’ and inserting

6 ‘‘$60,255’’;

7 (9) by striking ‘‘$60,372’’ and inserting

8 ‘‘$75,465’’; and

9 (10) by striking ‘‘$68,262’’ and inserting

10 ‘‘$85,328’’.

11 SEC. 3. REGULATIONS.

12 The Secretary of Housing and Urban Development

13 shall issue regulations necessary to carry out the amend14 ments made by this Act, which regulations shall take ef15 fect not later than the expiration of the 1-year period be16 ginning on the date of enactment of this Act.

17 SEC. 4. COST ADJUSTMENTS.

18 The dollar amounts established by the amendments

19 made by this Act shall be increased annually by the Sec20 retary by the amount of increase, if any, in the Annual

21 Construction Cost Index prepared by the Bureau of the

22 Census within the Department of Commerce, in accord23 ance with regulations prescribed by the Secretary.

Æ