II 

118TH CONGRESS 

2D SESSION S. 3862 

To modify the multifamily loan limits under title II of the National Housing 

Act, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 5, 2024 

Mr. MENENDEZ introduced the following bill; which was read twice and 

referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To modify the multifamily loan limits under title II of the 

National Housing Act, and for other purposes. 

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 ‘‘Homeownership Af5 fordability Act’’. 

6 SEC. 2. MULTIFAMILY LOAN LIMITS. 

7 Title II of the National Housing Act (12 U.S.C. 1707 

8 et seq.) is amended— 

9 (1) in section 206A (12 U.S.C. 1712a)— 


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2 

•S 3862 IS

1 (A) in subsection (a), in the matter fol2 lowing paragraph (7), by striking ‘‘(com3 mencing in 2004’’ and all that follows through 

4 the period at the end and inserting the fol5 lowing: ‘‘, commencing on July 1, 2024. The 

6 adjustment of the Dollar Amounts shall be cal7 culated by the Secretary using the percentage 

8 change in the Price Deflator Index of Multi9 family Residential Units Under Construction 

10 released by the Bureau of the Census from 

11 March of the previous year to March of the 

12 year in which the adjustment is made.’’; and 

13 (B) by amending subsection (b) to read as 

14 follows: 

15 ‘‘(b) PUBLICATION.— 

16 ‘‘(1) IN GENERAL.—The Secretary shall publish 

17 in the Federal Register any adjustments made to the 

18 Dollar Amounts. 

19 ‘‘(2) ROUNDING.—The dollar amount of any 

20 adjustment described in paragraph (1) shall be 

21 rounded to the next lower dollar.’’; 

22 (2) in section 207(c)(3)(A) (12 U.S.C. 

23 1713(c)(3)(A))— 

24 (A) by striking ‘‘$38,025’’ and inserting 

25 ‘‘$167,310’’; 


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•S 3862 IS

1 (B) by striking ‘‘$42,120’’ and inserting 

2 ‘‘$185,328’’; 

3 (C) by striking ‘‘$50,310’’ and inserting 

4 ‘‘$221,364’’; 

5 (D) by striking ‘‘$62,010’’ and inserting 

6 ‘‘$272,844’’; 

7 (E) by striking ‘‘$70,200’’ and inserting 

8 ‘‘$308,880’’; 

9 (F) by striking ‘‘, or not to exceed $17,460 

10 per space’’; 

11 (G) by striking ‘‘$43,875’’ and inserting 

12 ‘‘$193,050’’; 

13 (H) by striking ‘‘$49,140’’ and inserting 

14 ‘‘$216,216’’; 

15 (I) by striking ‘‘$60,255’’ and inserting 

16 ‘‘$265,122’’; 

17 (J) by striking ‘‘$75,465’’ and inserting 

18 ‘‘$332,046’’; and 

19 (K) by striking ‘‘$85,328’’ and inserting 

20 ‘‘$375,443’’; 

21 (3) in section 213(b)(2) (12 U.S.C. 

22 1715e(b)(2))— 

23 (A) by striking ‘‘$41,207’’ and inserting 

24 ‘‘$181,311’’; 


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•S 3862 IS

1 (B) by striking ‘‘$47,511’’ and inserting 

2 ‘‘$209,048’’; 

3 (C) by striking ‘‘$57,300’’ and inserting 

4 ‘‘$252,120’’; 

5 (D) by striking ‘‘$73,343’’ and inserting 

6 ‘‘$322,709’’; 

7 (E) by striking ‘‘$81,708’’ and inserting 

8 ‘‘$359,515’’; 

9 (F) by striking ‘‘$43,875’’ and inserting 

10 ‘‘$193,050’’; 

11 (G) by striking ‘‘$49,710’’ and inserting 

12 ‘‘$218,724’’; 

13 (H) by striking ‘‘$60,446’’ and inserting 

14 ‘‘$265,962’’; 

15 (I) by striking ‘‘$78,197’’ and inserting 

16 ‘‘$344,067’’; and 

17 (J) by striking ‘‘$85,836’’ and inserting 

18 ‘‘$377,678’’; 

19 (4) in section 220(d)(3)(B)(iii)(I) (12 U.S.C. 

20 1715k(d)(3)(B)(iii)(I))— 

21 (A) by striking ‘‘$38,025’’ and inserting 

22 ‘‘$167,310’’; 

23 (B) by striking ‘‘$42,120’’ and inserting 

24 ‘‘$185,328’’; 


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•S 3862 IS

1 (C) by striking ‘‘$50,310’’ and inserting 

2 ‘‘$221,364’’; 

3 (D) by striking ‘‘$62,010’’ and inserting 

4 ‘‘$272,844’’; 

5 (E) by striking ‘‘$70,200’’ and inserting 

6 ‘‘$308,880’’; 

7 (F) by striking ‘‘$43,875’’ and inserting 

8 ‘‘$193,050’’; 

9 (G) by striking ‘‘$49,140’’ and inserting 

10 ‘‘$216,216’’; 

11 (H) by striking ‘‘$60,255’’ and inserting 

12 ‘‘$265,122’’; 

13 (I) by striking ‘‘$75,465’’ and inserting 

14 ‘‘$332,046’’; and 

15 (J) by striking ‘‘$85,328’’ and inserting 

16 ‘‘$375,443’’; 

17 (5) in section 221(d)(4)(ii)(I) (12 U.S.C. 

18 1715l(d)(4)(ii)(I))— 

19 (A) by striking ‘‘$37,843’’ and inserting 

20 ‘‘$166,509’’; 

21 (B) by striking ‘‘$42,954’’ and inserting 

22 ‘‘$188,997’’; 

23 (C) by striking ‘‘$51,920’’ and inserting 

24 ‘‘$228,448’’; 


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•S 3862 IS

1 (D) by striking ‘‘$65,169’’ and inserting 

2 ‘‘$286,744’’; 

3 (E) by striking ‘‘$73,846’’ and inserting 

4 ‘‘$324,922’’; 

5 (F) by striking ‘‘$40,876’’ and inserting 

6 ‘‘$179,854’’; 

7 (G) by striking ‘‘$46,859’’ and inserting 

8 ‘‘$206,180’’; 

9 (H) by striking ‘‘$56,979’’ and inserting 

10 ‘‘$250,708’’; 

11 (I) by striking ‘‘$73,710’’ and inserting 

12 ‘‘$324,324’’; and 

13 (J) by striking ‘‘$80,913’’ and inserting 

14 ‘‘$356,017’’; 

15 (6) in section 231(c)(2)(A) (12 U.S.C. 

16 1715v(c)(2)(A))— 

17 (A) by striking ‘‘$35,978’’ and inserting 

18 ‘‘$166,509’’; 

19 (B) by striking ‘‘$40,220’’ and inserting 

20 ‘‘$188,997’’; 

21 (C) by striking ‘‘$48,029’’ and inserting 

22 ‘‘$228,448’’; 

23 (D) by striking ‘‘$57,798’’ and inserting 

24 ‘‘$286,744’’; 


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•S 3862 IS

1 (E) by striking ‘‘$67,950’’ and inserting 

2 ‘‘$324,922’’; 

3 (F) by striking ‘‘$40,876’’ and inserting 

4 ‘‘$179,854’’; 

5 (G) by striking ‘‘$46,859’’ and inserting 

6 ‘‘$206,180’’; 

7 (H) by striking ‘‘$56,979’’ and inserting 

8 ‘‘$250,708’’; 

9 (I) by striking ‘‘$73,710’’ and inserting 

10 ‘‘$324,324’’; and 

11 (J) by striking ‘‘$80,913’’ and inserting 

12 ‘‘$356,017’’; and 

13 (7) in section 234(e)(3)(A) (12 U.S.C. 

14 1715y(e)(3)(A))— 

15 (A) by striking ‘‘$42,048’’ and inserting 

16 ‘‘$185,011’’; 

17 (B) by striking ‘‘$48,481’’ and inserting 

18 ‘‘$213,316’’; 

19 (C) by striking ‘‘$58,469’’ and inserting 

20 ‘‘$257,263’’; 

21 (D) by striking ‘‘$74,840’’ and inserting 

22 ‘‘$329,296’’; 

23 (E) by striking ‘‘$83,375’’ and inserting 

24 ‘‘$366,850’’; 


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•S 3862 IS

1 (F) by striking ‘‘$44,250’’ and inserting 

2 ‘‘$194,700’’; 

3 (G) by striking ‘‘$50,724’’ and inserting 

4 ‘‘$223,186’’; 

5 (H) by striking ‘‘$61,680’’ and inserting 

6 ‘‘$271,392’’; 

7 (I) by striking ‘‘$79,793’’ and inserting 

8 ‘‘$351,089’’; and 

9 (J) by striking ‘‘$87,588’’ and inserting 

10 ‘‘$385,387’’. 

Æ 


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