FHA Multifamily Loan Limit Adjustment Act of 2009

Bill: 111-hr-3527
Sponsor: Rep. Weiner, Anthony D. [D-NY-9]
Introduced: 2009-07-31 in the House
Policy area: Housing and Community Development
Subjects: Cooperative and condominium housing
Government lending and loan guarantees
Housing finance and home ownership
Housing for the elderly and disabled
Low- and moderate-income housing

Summary:
action_date: 2009-07-31
text: 
FHA Multifamily Loan Limit Adjustment Act of 2009 - Amends the National Housing Act to revise the maximum mortgage loan principal amounts the Secretary of Housing and Urban Development (HUD) may insure for elevator-type multifamily structures for: (1) rental housing; (2) cooperative housing; (3) rehabilitation and neighborhood conservation housing; (4) housing for moderate income and displaced families; (5) housing for elderly persons; and (6) condominiums.
 
 Replaces the current specific dollar amount limitations per family unit by which the insurable mortgage principal obligation for elevator-type multifamily structures may be increased. Prescribes instead an increase limitation per family unit of up to 50% higher than the corresponding limitations for non-elevator-type multifamily structures.
 
Authorizes the Secretary to prescribe a higher maximum (up to 50%) for the principal obligation of mortgages insured for multifamily projects located in an extremely high-cost area (similar to that for mortgage insurance for property in Alaska, Guam, Hawaii, and the Virgin Islands).

action_date: 2009-09-15
text: 
FHA Multifamily Loan Limit Adjustment Act of 2009 - (Sec. 2) Amends the National Housing Act to revise the maximum mortgage loan principal amounts the Secretary of Housing and Urban Development (HUD) may insure for elevator-type multifamily structures for: (1) rental housing; (2) cooperative housing; (3) rehabilitation and neighborhood conservation housing; (4) housing for moderate income and displaced families; (5) housing for elderly persons; and (6) condominiums.
 
 Replaces the current specific dollar amount limitations per family unit by which the insurable mortgage principal obligation for elevator-type multifamily structures may be increased. Prescribes instead an increase limitation per family unit of up to 50% higher than the corresponding limitations for non-elevator-type multifamily structures.
 
(Sec. 3) Authorizes the Secretary to prescribe a higher maximum (up to 50%) for the principal obligation of mortgages insured for multifamily projects located in an extremely high-cost area (similar to that for mortgage insurance for property in Alaska, Guam, Hawaii, and the Virgin Islands).
 
(Sec. 4) States that this Act applies to mortgages insured under Title II of the National Housing Act after September 30, 2009.


Legislative actions:
action_date: 2009-09-16
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2009-09-15
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2009-09-15
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H9522)
action_date: 2009-09-15
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H9522)
action_date: 2009-09-15
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 3527.
action_date: 2009-09-15
text: Considered under suspension of the rules. (consideration: CR H9522-9524)
action_date: 2009-09-15
text: Mr. Adler (NJ) moved to suspend the rules and pass the bill, as amended.
action_date: 2009-07-31
text: Referred to the House Committee on Financial Services.
action_date: 2009-07-31
text: Introduced in House
action_date: 2009-07-31
text: Introduced in House