I 

110TH CONGRESS 

2D SESSION H. R. 5140 

To provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA 

loan limits. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 28, 2008 

Ms. PELOSI (for herself, Mr. BOEHNER, Mr. HOYER, Mr. BLUNT, Mr. CLYBURN, Mr. RANGEL, Mr. MCCRERY, Mr. OBEY, Mr. FRANK of Massachusetts, Mr. BACHUS, Mr. EMANUEL, Mr. LARSON of Connecticut, Ms. 

GRANGER, Ms. DELAURO, Mr. GEORGE MILLER of California, and Mr. 

BECERRA) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, 

in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To provide economic stimulus through recovery rebates to 

individuals, incentives for business investment, and an 

increase in conforming and FHA loan limits. 

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; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Recovery Rebates and Economic Stimulus for the Amer6 ican People Act of 2008’’. 


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1 (b) TABLE OF CONTENTS.—The table of contents of 

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—RECOVERY REBATES AND INCENTIVES FOR BUSINESS 

INVESTMENT 

Sec. 101. 2008 recovery rebates for individuals. 

Sec. 102. Temporary increase in limitations on expensing of certain depreciable 

business assets. 

Sec. 103. Special allowance for certain property acquired during 2008. 

TITLE II—HOUSING GSE AND FHA LOAN LIMITS 

Sec. 201. Temporary conforming loan limit increase for Fannie Mae and 

Freddie Mac. 

Sec. 202. Temporary loan limit increase for FHA. 

3 TITLE I—RECOVERY REBATES 

4 AND INCENTIVES FOR BUSI5 NESS INVESTMENT 

6 SEC. 101. 2008 RECOVERY REBATES FOR INDIVIDUALS. 

7 (a) IN GENERAL.—Section 6428 of the Internal Rev8 enue Code of 1986 is amended to read as follows: 

9 ‘‘SEC. 6428. 2008 RECOVERY REBATES FOR INDIVIDUALS. 

10 ‘‘(a) IN GENERAL.—In the case of an eligible indi11 vidual, there shall be allowed as a credit against the tax 

12 imposed by subtitle A for the first taxable year beginning 

13 in 2008 an amount equal to the lesser of— 

14 ‘‘(1) net income tax liability, or 

15 ‘‘(2) $600 ($1,200 in the case of a joint re16 turn). 

17 ‘‘(b) SPECIAL RULES.— 

18 ‘‘(1) IN GENERAL.—In the case of a taxpayer 

19 described in paragraph (2)— 


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1 ‘‘(A) the amount determined under sub2 section (a) shall not be less than $300 ($600 in 

3 the case of a joint return), and 

4 ‘‘(B) the amount determined under sub5 section (a) (after the application of subpara6 graph (A)) shall be increased by the product of 

7 $300 multiplied by the number of qualifying 

8 children (within the meaning of section 24(c)) 

9 of the taxpayer. 

10 ‘‘(2) TAXPAYER DESCRIBED.—A taxpayer is de11 scribed in this paragraph if the taxpayer— 

12 ‘‘(A) has earned income of at least $3,000, 

13 or 

14 ‘‘(B) has— 

15 ‘‘(i) net income tax liability which is 

16 greater than zero, and 

17 ‘‘(ii) gross income which is greater 

18 than the sum of the basic standard deduc19 tion plus the exemption amount (twice the 

20 exemption amount in the case of a joint re21 turn). 

22 ‘‘(c) TREATMENT OF CREDIT.—The credit allowed by 

23 subsection (a) shall be treated as allowed by subpart C 

24 of part IV of subchapter A of chapter 1. 


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1 ‘‘(d) LIMITATION BASED ON ADJUSTED GROSS IN2 COME.—The amount of the credit allowed by subsection 

3 (a) (determined without regard to this subsection and sub4 section (f)) shall be reduced (but not below zero) by 5 per5 cent of so much of the taxpayer’s adjusted gross income 

6 as exceeds $75,000 ($150,000 in the case of a joint re7 turn). 

8 ‘‘(e) DEFINITIONS.—For purposes of this section— 

9 ‘‘(1) NET INCOME TAX LIABILITY.—The term 

10 ‘net income tax liability’ means the excess of— 

11 ‘‘(A) the sum of the taxpayer’s regular tax 

12 liability (within the meaning of section 26(b)) 

13 and the tax imposed by section 55 for the tax14 able year, over 

15 ‘‘(B) the credits allowed by part IV (other 

16 than section 24 and subpart C thereof) of sub17 chapter A of chapter 1. 

18 ‘‘(2) ELIGIBLE INDIVIDUAL.—The term ‘eligible 

19 individual’ means any individual other than— 

20 ‘‘(A) any nonresident alien individual, 

21 ‘‘(B) any individual with respect to whom 

22 a deduction under section 151 is allowable to 

23 another taxpayer for a taxable year beginning 

24 in the calendar year in which the individual’s 

25 taxable year begins, and 


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1 ‘‘(C) an estate or trust. 

2 ‘‘(3) EARNED INCOME.—The term ‘earned in3 come’ has the meaning set forth in section 32(c)(2) 

4 except that— 

5 ‘‘(A) subclause (II) of subparagraph 

6 (B)(vi) thereof shall be applied by substituting 

7 ‘January 1, 2009’ for ‘January 1, 2008’, and 

8 ‘‘(B) such term shall not include net earn9 ings from self-employment which are not taken 

10 into account in computing taxable income. 

11 ‘‘(4) BASIC STANDARD DEDUCTION; EXEMPTION

12 AMOUNT.—The terms ‘basic standard deduction’ and 

13 ‘exemption amount’ shall have the same respective 

14 meanings as when used in section 6012(a). 

15 ‘‘(f) COORDINATION WITH ADVANCE REFUNDS OF

16 CREDIT.— 

17 ‘‘(1) IN GENERAL.—The amount of credit 

18 which would (but for this paragraph) be allowable 

19 under this section shall be reduced (but not below 

20 zero) by the aggregate refunds and credits made or 

21 allowed to the taxpayer under subsection (g). Any 

22 failure to so reduce the credit shall be treated as 

23 arising out of a mathematical or clerical error and 

24 assessed according to section 6213(b)(1). 


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1 ‘‘(2) JOINT RETURNS.—In the case of a refund 

2 or credit made or allowed under subsection (g) with 

3 respect to a joint return, half of such refund or cred4 it shall be treated as having been made or allowed 

5 to each individual filing such return. 

6 ‘‘(g) ADVANCE REFUNDS AND CREDITS.— 

7 ‘‘(1) IN GENERAL.—Each individual who was 

8 an eligible individual for such individual’s first tax9 able year beginning in 2007 shall be treated as hav10 ing made a payment against the tax imposed by 

11 chapter 1 for such first taxable year in an amount 

12 equal to the advance refund amount for such taxable 

13 year. 

14 ‘‘(2) ADVANCE REFUND AMOUNT.—For pur15 poses of paragraph (1), the advance refund amount 

16 is the amount that would have been allowed as a 

17 credit under this section for such first taxable year 

18 if this section (other than subsection (f) and this 

19 subsection) had applied to such taxable year. 

20 ‘‘(3) TIMING OF PAYMENTS.—The Secretary 

21 shall, subject to the provisions of this title, refund 

22 or credit any overpayment attributable to this sec23 tion as rapidly as possible. No refund or credit shall 

24 be made or allowed under this subsection after De25 cember 31, 2008. 


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1 ‘‘(4) NO INTEREST.—No interest shall be al2 lowed on any overpayment attributable to this sec3 tion.’’. 

4 (b) TREATMENT OF POSSESSIONS.— 

5 (1) MIRROR CODE POSSESSION.—The Secretary 

6 of the Treasury shall make a payment to each pos7 session of the United States with a mirror code tax 

8 system in an amount equal to the loss to that pos9 session by reason of the amendments made by this 

10 section. Such amount shall be determined by the 

11 Secretary of the Treasury based on information pro12 vided by the government of the respective possession. 

13 (2) OTHER POSSESSIONS.—The Secretary of 

14 the Treasury shall make a payment to each posses15 sion of the United States which does not have a mir16 ror code tax system in an amount estimated by the 

17 Secretary of the Treasury as being equal to the ag18 gregate benefits that would have been provided to 

19 residents of such possession by reason of the amend20 ments made by this section if a mirror code tax sys21 tem had been in effect in such possession. The pre22 ceding sentence shall not apply with respect to any 

23 possession of the United States unless such posses24 sion has a plan, which has been approved by the 

25 Secretary of the Treasury, under which such possesVerDate Aug 31 2005 02:00 Jan 29, 2008 Jkt 069200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H5140.IH H5140

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1 sion will promptly distribute such payment to the 

2 residents of such possession. 

3 (3) DEFINITIONS AND SPECIAL RULES.— 

4 (A) POSSESSION OF THE UNITED

5 STATES.—For purposes of this subsection, the 

6 term ‘‘possession of the United States’’ includes 

7 the Commonwealth of Puerto Rico and the 

8 Commonwealth of the Northern Mariana Is9 lands. 

10 (B) MIRROR CODE TAX SYSTEM.—For pur11 poses of this subsection, the term ‘‘mirror code 

12 tax system’’ means, with respect to any posses13 sion of the United States, the income tax sys14 tem of such possession if the income tax liabil15 ity of the residents of such possession under 

16 such system is determined by reference to the 

17 income tax laws of the United States as if such 

18 possession were the United States. 

19 (C) TREATMENT OF PAYMENTS.—For pur20 poses of section 1324(b)(2) of title 31, United 

21 States Code, the payments under this sub22 section shall be treated in the same manner as 

23 a refund due from the credit allowed under sec24 tion 6428 of the Internal Revenue Code of 1986 

25 (as added by this section). 


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1 (c) APPROPRIATIONS TO CARRY OUT RECOVERY RE2 BATES.— 

3 (1) IN GENERAL.—The following sums are 

4 hereby appropriated, out of any money in the Treas5 ury not otherwise appropriated, for the fiscal year 

6 ending September 30, 2008, to implement the provi7 sions of this section (including the amendments 

8 made by this section): 

9 (A) For an additional amount for ‘‘Depart10 ment of the Treasury—Financial Management 

11 Service—Salaries and Expenses’’, $52,510,000, 

12 to remain available until September 30, 2009. 

13 (B) For an additional amount for ‘‘Depart14 ment of the Treasury—Internal Revenue Serv15 ice—Taxpayer Services’’, $48,920,000, to re16 main available until September 30, 2009. 

17 (C) For an additional amount for ‘‘Depart18 ment of the Treasury—Internal Revenue Serv19 ice—Operations Support’’, $149,700,000, to re20 main available until September 30, 2009. 

21 (2) REPORTS.—No later than 15 days after en22 actment of this Act, the Secretary of the Treasury 

23 shall submit a plan to the Committees on Appropria24 tions of the House of Representatives and the Sen25 ate detailing the expected use of the funds provided 


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1 by this subsection. Beginning 90 days after enact2 ment of this Act, the Secretary of the Treasury shall 

3 submit a quarterly report to the Committees on Ap4 propriations of the House of Representatives and the 

5 Senate detailing the actual expenditure of funds pro6 vided by this subsection and the expected expendi7 ture of such funds in the subsequent quarter. 

8 (d) CONFORMING AMENDMENTS.— 

9 (1) Paragraph (2) of section 1324(b) of title 

10 31, United States Code, is amended by inserting ‘‘or 

11 6428’’ after ‘‘section 35’’. 

12 (2) Paragraph (1) of section 1(i) of the Internal 

13 Revenue Code of 1986 is amended by striking sub14 paragraph (D). 

15 (3) The item relating to section 6428 in the 

16 table of sections for subchapter B of chapter 65 of 

17 such Code is amended to read as follows: 

‘‘Sec. 6428. 2008 recovery rebates for individuals.’’. 

18 SEC. 102. TEMPORARY INCREASE IN LIMITATIONS ON EX19 PENSING OF CERTAIN DEPRECIABLE BUSI20 NESS ASSETS. 

21 (a) IN GENERAL.—Subsection (b) of section 179 of 

22 the Internal Revenue Code of 1986 (relating to limita23 tions) is amended by adding at the end the following new 

24 paragraph: 


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1 ‘‘(7) INCREASE IN LIMITATIONS FOR 2008.—In 

2 the case of any taxable year beginning in 2008— 

3 ‘‘(A) the dollar limitation under paragraph 

4 (1) shall be $250,000, 

5 ‘‘(B) the dollar limitation under paragraph 

6 (2) shall be $800,000, and 

7 ‘‘(C) the amounts described in subpara8 graphs (A) and (B) shall not be adjusted under 

9 paragraph (5).’’. 

10 (b) EFFECTIVE DATE.—The amendment made by 

11 this section shall apply to taxable years beginning after 

12 December 31, 2007. 

13 SEC. 103. SPECIAL ALLOWANCE FOR CERTAIN PROPERTY 

14 ACQUIRED DURING 2008. 

15 (a) IN GENERAL.—Subsection (k) of section 168 of 

16 the Internal Revenue Code of 1986 (relating to special al17 lowance for certain property acquired after September 10, 

18 2001, and before January 1, 2005) is amended— 

19 (1) by striking ‘‘September 10, 2001’’ each 

20 place it appears and inserting ‘‘December 31, 

21 2007’’, 

22 (2) by striking ‘‘September 11, 2001’’ each 

23 place it appears and inserting ‘‘January 1, 2008’’, 

24 (3) by striking ‘‘January 1, 2005’’ each place 

25 it appears and inserting ‘‘January 1, 2009’’, and 


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1 (4) by striking ‘‘January 1, 2006’’ each place 

2 it appears and inserting ‘‘January 1, 2010’’. 

3 (b) 50 PERCENT ALLOWANCE.—Subparagraph (A) of 

4 section 168(k)(1) of such Code is amended by striking ‘‘30 

5 percent’’ and inserting ‘‘50 percent’’. 

6 (c) CONFORMING AMENDMENTS.— 

7 (1) Subclause (I) of section 168(k)(2)(B)(i) of 

8 such Code is amended by striking ‘‘and (iii)’’ and in9 serting ‘‘(iii), and (iv)’’. 

10 (2) Subclause (IV) of section 168(k)(2)(B)(i) of 

11 such Code is amended by striking ‘‘clauses (ii) and 

12 (iii)’’ and inserting ‘‘clause (iii)’’. 

13 (3) Clause (i) of section 168(k)(2)(C) of such 

14 Code is amended by striking ‘‘and (iii)’’ and insert15 ing ‘‘, (iii), and (iv)’’. 

16 (4) Clause (i) of section 168(k)(2)(F) of such 

17 Code is amended by striking ‘‘$4,600’’ and inserting 

18 ‘‘$8,000’’. 

19 (5)(A) Subsection (k) of section 168 of such 

20 Code is amended by striking paragraph (4). 

21 (B) Clause (iii) of section 168(k)(2)(D) of such 

22 Code is amended by striking the last sentence. 

23 (6) Paragraph (4) of section 168(l) of such 

24 Code is amended by redesignating subparagraphs 

25 (A), (B), and (C) as subparagraphs (B), (C), and 


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1 (D) and inserting before subparagraph (B) (as so 

2 redesignated) the following new subparagraph: 

3 ‘‘(A) BONUS DEPRECIATION PROPERTY

4 UNDER SUBSECTION (K).—Such term shall not 

5 include any property to which section 168(k) 

6 applies.’’. 

7 (7) Paragraph (5) of section 168(l) of such 

8 Code is amended— 

9 (A) by striking ‘‘September 10, 2001’’ in 

10 subparagraph (A) and inserting ‘‘December 31, 

11 2007’’, and 

12 (B) by striking ‘‘January 1, 2005’’ in sub13 paragraph (B) and inserting ‘‘January 1, 

14 2009’’. 

15 (8) Subparagraph (D) of section 1400L(b)(2) 

16 of such Code is amended by striking ‘‘January 1, 

17 2005’’ and inserting ‘‘January 1, 2010’’. 

18 (9) Paragraph (3) of section 1400N(d) of such 

19 Code is amended— 

20 (A) by striking ‘‘September 10, 2001’’ in 

21 subparagraph (A) and inserting ‘‘December 31, 

22 2007’’, and 

23 (B) by striking ‘‘January 1, 2005’’ in sub24 paragraph (B) and inserting ‘‘January 1, 

25 2009’’. 


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1 (10) Paragraph (6) of section 1400N(d) of such 

2 Code is amended by adding at the end the following 

3 new subparagraph: 

4 ‘‘(E) EXCEPTION FOR BONUS DEPRECIA5 TION PROPERTY UNDER SECTION 168(k).—The 

6 term ‘specified Gulf Opportunity Zone extension 

7 property’ shall not include any property to 

8 which section 168(k) applies.’’. 

9 (11) The heading for subsection (k) of section 

10 168 of such Code is amended— 

11 (A) by striking ‘‘SEPTEMBER 10, 2001’’ 

12 and inserting ‘‘DECEMBER 31, 2007’’, and 

13 (B) by striking ‘‘JANUARY 1, 2005’’ and 

14 inserting ‘‘JANUARY 1, 2009’’. 

15 (12) The heading for clause (ii) of section 

16 168(k)(2)(B) of such Code is amended by striking 

17 ‘‘PRE-JANUARY 1, 2005’’ and inserting ‘‘PRE-JANU18 ARY 1, 2009’’. 

19 (d) EFFECTIVE DATE.—The amendments made by 

20 this section shall apply to property placed in service after 

21 December 31, 2007, in taxable years ending after such 

22 date. 


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1 TITLE II—HOUSING GSE AND 

2 FHA LOAN LIMITS 

3 SEC. 201. TEMPORARY CONFORMING LOAN LIMIT IN4 CREASE FOR FANNIE MAE AND FREDDIE 

5 MAC. 

6 (a) INCREASE OF HIGH COST AREAS LIMITS FOR

7 HOUSING GSES.—For mortgages originated during the 

8 period beginning on July 1, 2007, and ending at the end 

9 of December 31, 2008: 

10 (1) FANNIE MAE.—With respect to the Federal 

11 National Mortgage Association, notwithstanding sec12 tion 302(b)(2) of the Federal National Mortgage As13 sociation Charter Act (12 U.S.C. 1717(b)(2)), the 

14 limitation on the maximum original principal obliga15 tion of a mortgage that may be purchased by the 

16 Association shall be the higher of— 

17 (A) the limitation for 2008 determined 

18 under such section 302(b)(2) for a residence of 

19 the applicable size; or 

20 (B) 125 percent of the area median price 

21 for a residence of the applicable size, but in no 

22 case to exceed 175 percent of the limitation for 

23 2008 determined under such section 302(b)(2) 

24 for a residence of the applicable size. 


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1 (2) FREDDIE MAC.—With respect to the Fed2 eral Home Loan Mortgage Corporation, notwith3 standing section 305(a)(2) of the Federal Home 

4 Loan Mortgage Corporation Act (12 U.S.C. 

5 1454(a)(2)), the limitation on the maximum original 

6 principal obligation of a mortgage that may be pur7 chased by the Corporation shall be the higher of— 

8 (A) the limitation determined for 2008 

9 under such section 305(a)(2) for a residence of 

10 the applicable size; or 

11 (B) 125 percent of the area median price 

12 for a residence of the applicable size, but in no 

13 case to exceed 175 percent of the limitation de14 termined for 2008 under such section 305(a)(2) 

15 for a residence of the applicable size. 

16 (b) DETERMINATION OF LIMITS.—The areas and 

17 area median prices used for purposes of the determina18 tions under subsection (a) shall be the areas and area me19 dian prices used by the Secretary of Housing and Urban 

20 Development in determining the applicable limits under 

21 section 202 of this title. 

22 (c) RULE OF CONSTRUCTION.—A mortgage origi23 nated during the period referred to in subsection (a) that 

24 is eligible for purchase by the Federal National Mortgage 

25 Association or the Federal Home Loan Mortgage CorporaVerDate Aug 31 2005 02:00 Jan 29, 2008 Jkt 069200 PO 00000 Frm 00016 Fmt 6652 Sfmt 6201 E:\BILLS\H5140.IH H5140

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1 tion pursuant to this section shall be eligible for such pur2 chase for the duration of the term of the mortgage, not3 withstanding that such purchase occurs after the expira4 tion of such period. 

5 (d) EFFECT ON HOUSING GOALS.—Notwithstanding 

6 any other provision of law, mortgages purchased in ac7 cordance with the increased maximum original principal 

8 obligation limitations determined pursuant to this section 

9 shall not be considered in determining performance with 

10 respect to any of the housing goals established under sec11 tion 1332, 1333, or 1334 of the Housing and Community 

12 Development Act of 1992 (12 U.S.C. 4562–4), and shall 

13 not be considered in determining compliance with such 

14 goals pursuant to section 1336 of such Act (12 U.S.C. 

15 4566) and regulations, orders, or guidelines issued there16 under. 

17 (e) SENSE OF CONGRESS.—It is the sense of the Con18 gress that the securitization of mortgages by the Federal 

19 National Mortgage Association and the Federal Home 

20 Loan Mortgage Corporation plays an important role in 

21 providing liquidity to the United States housing markets. 

22 Therefore, the Congress encourages the Federal National 

23 Mortgage Association and the Federal Home Loan Mort24 gage Corporation to securitize mortgages acquired under 

25 the increased conforming loan limits established in this 


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1 section, to the extent that such securitizations can be ef2 fected in a timely and efficient manner that does not im3 pose additional costs for mortgages originated, purchased, 

4 or securitized under the existing limits or interfere with 

5 the goal of adding liquidity to the market. 

6 SEC. 202. TEMPORARY LOAN LIMIT INCREASE FOR FHA. 

7 (a) INCREASE OF HIGH-COST AREA LIMIT.—For 

8 mortgages for which the mortgagee has issued credit ap9 proval for the borrower on or before December 31, 2008, 

10 subparagraph (A) of section 203(b)(2) of the National 

11 Housing Act (12 U.S.C. 1709(b)(2)(A)) shall be consid12 ered (except for purposes of section 255(g) of such Act 

13 (12 U.S.C. 1715z–20(g))) to require that a mortgage shall 

14 involve a principal obligation in an amount that does not 

15 exceed the lesser of— 

16 (1) in the case of a 1-family residence, 125 per17 cent of the median 1-family house price in the area, 

18 as determined by the Secretary; and in the case of 

19 a 2-, 3-, or 4-family residence, the percentage of 

20 such median price that bears the same ratio to such 

21 median price as the dollar amount limitation deter22 mined for 2008 under section 305(a)(2) of the Fed23 eral Home Loan Mortgage Corporation Act (12 

24 U.S.C. 1454(a)(2)) for a 2-, 3-, or 4-family resi25 dence, respectively, bears to the dollar amount limiVerDate Aug 31 2005 02:00 Jan 29, 2008 Jkt 069200 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\H5140.IH H5140

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1 tation determined for 2008 under such section for a 

2 1-family residence; or 

3 (2) 175 percent of the dollar amount limitation 

4 determined for 2008 under such section 305(a)(2) 

5 for a residence of the applicable size (without regard 

6 to any authority to increase such limitation with re7 spect to properties located in Alaska, Guam, Hawaii, 

8 or the Virgin Islands); 

9 except that the dollar amount limitation in effect under 

10 this subsection for any size residence for any area shall 

11 not be less than the greater of (A) the dollar amount limi12 tation in effect under such section 203(b)(2) for the area 

13 on October 21, 1998; or (B) 65 percent of the dollar 

14 amount limitation determined for 2008 under such section 

15 305(a)(2) for a residence of the applicable size. Any ref16 erence in this subsection to dollar amount limitations in 

17 effect under section 305 (a)(2) of the Federal Home Loan 

18 Mortgage Corporation Act means such limitations as in 

19 effect without regard to any increase in such limitation 

20 pursuant to section 201 of this title. 

21 (b) DISCRETIONARY AUTHORITY.—If the Secretary 

22 of Housing and Urban Development determines that mar23 ket conditions warrant such an increase, the Secretary 

24 may, for the period that begins upon the date of the enact25 ment of this Act and ends at the end of the date specified 


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1 in subsection (a), increase the maximum dollar amount 

2 limitation determined pursuant to subsection (a) with re3 spect to any particular size or sizes of residences, or with 

4 respect to residences located in any particular area or 

5 areas, to an amount that does not exceed the maximum 

6 dollar amount then otherwise in effect pursuant to sub7 section (a) for such size residence, or for such area (if 

8 applicable), by not more than $100,000. 

9 (c) PUBLICATION OF AREA MEDIAN PRICES AND

10 LOAN LIMITS.—The Secretary of Housing and Urban De11 velopment shall publish the median house prices and mort12 gage principal obligation limits, as revised pursuant to this 

13 section, for all areas as soon as practicable, but in no case 

14 more than 30 days after the date of the enactment of this 

15 Act. With respect to existing areas for which the Secretary 

16 has not established area median prices before such date 

17 of enactment, the Secretary may rely on existing commer18 cial data in determining area median prices and calcu19 lating such revised principal obligation limits. 

Æ 


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