Economic Stimulus Act of 2008
PL 110-185 (H.R.5140), enacted 02/13/2008

122 STAT. 613 
PUBLIC LAW 110–185—FEB. 13, 2008 
Public Law 110–185 
110th Congress 
An Act 
To provide economic stimulus through recovery rebates to individuals, incentives 
for business investment, and an increase in conforming and FHA loan limits. 
Be it enacted by the Senate and House of Representatives of 
the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the ‘‘Economic 
Stimulus Act of 2008’’. 
(b) TABLE OF CONTENTS.—The table of contents of 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. 
TITLE III—EMERGENCY DESIGNATION 
Sec. 301. Emergency designation. 
TITLE I—RECOVERY REBATES AND IN-
CENTIVES 
FOR 
BUSINESS 
INVEST-
MENT 
SEC. 101. 2008 RECOVERY REBATES FOR INDIVIDUALS. 
(a) IN GENERAL.—Section 6428 of the Internal Revenue Code 
of 1986 is amended to read as follows: 
‘‘SEC. 6428. 2008 RECOVERY REBATES FOR INDIVIDUALS. 
‘‘(a) IN GENERAL.—In the case of an eligible individual, there 
shall be allowed as a credit against the tax imposed by subtitle 
A for the first taxable year beginning in 2008 an amount equal 
to the lesser of— 
‘‘(1) net income tax liability, or 
‘‘(2) $600 ($1,200 in the case of a joint return). 
‘‘(b) SPECIAL RULES.— 
‘‘(1) IN GENERAL.—In the case of a taxpayer described in 
paragraph (2)— 
26 USC 6428. 
26 USC 1 note. 
Economic 
Stimulus Act of 
2008. 
Feb. 13, 2008 
[H.R. 5140] 
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122 STAT. 614 
PUBLIC LAW 110–185—FEB. 13, 2008 
‘‘(A) the amount determined under subsection (a) shall 
not be less than $300 ($600 in the case of a joint return), 
and 
‘‘(B) the amount determined under subsection (a) (after 
the application of subparagraph (A)) shall be increased 
by the product of $300 multiplied by the number of quali-
fying children (within the meaning of section 24(c)) of the 
taxpayer. 
‘‘(2) TAXPAYER DESCRIBED.—A taxpayer is described in this 
paragraph if the taxpayer— 
‘‘(A) has qualifying income of at least $3,000, or 
‘‘(B) has— 
‘‘(i) net income tax liability which is greater than 
zero, and 
‘‘(ii) gross income which is greater than the sum 
of the basic standard deduction plus the exemption 
amount (twice the exemption amount in the case of 
a joint return). 
‘‘(c) TREATMENT OF CREDIT.—The credit allowed by subsection 
(a) shall be treated as allowed by subpart C of part IV of subchapter 
A of chapter 1. 
‘‘(d) LIMITATION BASED
ON ADJUSTED GROSS INCOME.—The 
amount of the credit allowed by subsection (a) (determined without 
regard to this subsection and subsection (f)) shall be reduced (but 
not below zero) by 5 percent of so much of the taxpayer’s adjusted 
gross income as exceeds $75,000 ($150,000 in the case of a joint 
return). 
‘‘(e) DEFINITIONS.—For purposes of this section— 
‘‘(1) QUALIFYING
INCOME.—The term ‘qualifying income’ 
means— 
‘‘(A) earned income, 
‘‘(B) social security benefits (within the meaning of 
section 86(d)), and 
‘‘(C) any compensation or pension received under 
chapter 11, chapter 13, or chapter 15 of title 38, United 
States Code. 
‘‘(2) NET
INCOME
TAX
LIABILITY.—The term ‘net income 
tax liability’ means the excess of— 
‘‘(A) the sum of the taxpayer’s regular tax liability 
(within the meaning of section 26(b)) and the tax imposed 
by section 55 for the taxable year, over 
‘‘(B) the credits allowed by part IV (other than section 
24 and subpart C thereof) of subchapter A of chapter 1. 
‘‘(3) ELIGIBLE INDIVIDUAL.—The term ‘eligible individual’ 
means any individual other than— 
‘‘(A) any nonresident alien individual, 
‘‘(B) any individual with respect to whom a deduction 
under section 151 is allowable to another taxpayer for 
a taxable year beginning in the calendar year in which 
the individual’s taxable year begins, and 
‘‘(C) an estate or trust. 
‘‘(4) EARNED INCOME.—The term ‘earned income’ has the 
meaning set forth in section 32(c)(2) except that— 
‘‘(A) subclause (II) of subparagraph (B)(vi) thereof shall 
be applied by substituting ‘January 1, 2009’ for ‘January 
1, 2008’, and 
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122 STAT. 615 
PUBLIC LAW 110–185—FEB. 13, 2008 
‘‘(B) such term shall not include net earnings from 
self-employment which are not taken into account in com-
puting taxable income. 
‘‘(5) BASIC STANDARD DEDUCTION; EXEMPTION AMOUNT.— 
The terms ‘basic standard deduction’ and ‘exemption amount’ 
shall have the same respective meanings as when used in 
section 6012(a). 
‘‘(f) COORDINATION WITH ADVANCE REFUNDS OF CREDIT.— 
‘‘(1) IN GENERAL.—The amount of credit which would (but 
for this paragraph) be allowable under this section shall be 
reduced (but not below zero) by the aggregate refunds and 
credits made or allowed to the taxpayer under subsection (g). 
Any failure to so reduce the credit shall be treated as arising 
out of a mathematical or clerical error and assessed according 
to section 6213(b)(1). 
‘‘(2) JOINT RETURNS.—In the case of a refund or credit 
made or allowed under subsection (g) with respect to a joint 
return, half of such refund or credit shall be treated as having 
been made or allowed to each individual filing such return. 
‘‘(g) ADVANCE REFUNDS AND CREDITS.— 
‘‘(1) IN
GENERAL.—Each individual who was an eligible 
individual for such individual’s first taxable year beginning 
in 2007 shall be treated as having made a payment against 
the tax imposed by chapter 1 for such first taxable year in 
an amount equal to the advance refund amount for such taxable 
year. 
‘‘(2) ADVANCE REFUND AMOUNT.—For purposes of paragraph 
(1), the advance refund amount is the amount that would 
have been allowed as a credit under this section for such 
first taxable year if this section (other than subsection (f) and 
this subsection) had applied to such taxable year. 
‘‘(3) TIMING OF PAYMENTS.—The Secretary shall, subject 
to the provisions of this title, refund or credit any overpayment 
attributable to this section as rapidly as possible. No refund 
or credit shall be made or allowed under this subsection after 
December 31, 2008. 
‘‘(4) NO INTEREST.—No interest shall be allowed on any 
overpayment attributable to this section. 
‘‘(h) IDENTIFICATION NUMBER REQUIREMENT.— 
‘‘(1) IN GENERAL.—No credit shall be allowed under sub-
section (a) to an eligible individual who does not include on 
the return of tax for the taxable year— 
‘‘(A) such individual’s valid identification number, 
‘‘(B) in the case of a joint return, the valid identification 
number of such individual’s spouse, and 
‘‘(C) in the case of any qualifying child taken into 
account under subsection (b)(1)(B), the valid identification 
number of such qualifying child. 
‘‘(2) VALID IDENTIFICATION NUMBER.—For purposes of para-
graph (1), the term ‘valid identification number’ means a social 
security number issued to an individual by the Social Security 
Administration. Such term shall not include a TIN issued by 
the Internal Revenue Service.’’. 
(b) ADMINISTRATIVE AMENDMENTS.— 
(1) DEFINITION
OF
DEFICIENCY.—Section 6211(b)(4)(A) of 
the Internal Revenue Code of 1986 is amended by striking 
‘‘and 53(e)’’ and inserting ‘‘53(e), and 6428’’. 
26 USC 6211. 
Deadline. 
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122 STAT. 616 
PUBLIC LAW 110–185—FEB. 13, 2008 
(2) MATHEMATICAL OR CLERICAL ERROR AUTHORITY.—Sec-
tion 6213(g)(2)(L) of such Code is amended by striking ‘‘or 
32’’ and inserting ‘‘32, or 6428’’. 
(c) TREATMENT OF POSSESSIONS.— 
(1) PAYMENTS TO POSSESSIONS.— 
(A) MIRROR CODE POSSESSION.—The Secretary of the 
Treasury shall make a payment to each possession of the 
United States with a mirror code tax system in an amount 
equal to the loss to that possession by reason of the amend-
ments made by this section. Such amount shall be deter-
mined by the Secretary of the Treasury based on informa-
tion provided by the government of the respective posses-
sion. 
(B) 
OTHER
POSSESSIONS.—The 
Secretary 
of 
the 
Treasury shall make a payment to each possession of the 
United States which does not have a mirror code tax system 
in an amount estimated by the Secretary of the Treasury 
as being equal to the aggregate benefits that would have 
been provided to residents of such possession by reason 
of the amendments made by this section if a mirror code 
tax system had been in effect in such possession. The 
preceding sentence shall not apply with respect to any 
possession of the United States unless such possession 
has a plan, which has been approved by the Secretary 
of the Treasury, under which such possession will promptly 
distribute such payment to the residents of such possession. 
(2) COORDINATION WITH CREDIT ALLOWED AGAINST UNITED 
STATES
INCOME
TAXES.—No credit shall be allowed against 
United States income taxes under section 6428 of the Internal 
Revenue Code of 1986 (as amended by this section) to any 
person— 
(A) to whom a credit is allowed against taxes imposed 
by the possession by reason of the amendments made by 
this section, or 
(B) who is eligible for a payment under a plan described 
in paragraph (1)(B). 
(3) DEFINITIONS AND SPECIAL RULES.— 
(A) POSSESSION OF THE UNITED STATES.—For purposes 
of this subsection, the term ‘‘possession of the United 
States’’ includes the Commonwealth of Puerto Rico and 
the Commonwealth of the Northern Mariana Islands. 
(B) MIRROR CODE TAX SYSTEM.—For purposes of this 
subsection, the term ‘‘mirror code tax system’’ means, with 
respect to any possession of the United States, the income 
tax system of such possession if the income tax liability 
of the residents of such possession under such system is 
determined by reference to the income tax laws of the 
United States as if such possession were the United States. 
(C) TREATMENT OF PAYMENTS.—For purposes of section 
1324(b)(2) of title 31, United States Code, the payments 
under this subsection shall be treated in the same manner 
as a refund due from the credit allowed under section 
6428 of the Internal Revenue Code of 1986 (as amended 
by this section). 
(d) REFUNDS DISREGARDED IN THE ADMINISTRATION OF FEDERAL 
PROGRAMS
AND FEDERALLY ASSISTED PROGRAMS.—Any credit or 
refund allowed or made to any individual by reason of section 
26 USC 6428 
note. 
26 USC 6428 
note. 
26 USC 6213. 
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122 STAT. 617 
PUBLIC LAW 110–185—FEB. 13, 2008 
6428 of the Internal Revenue Code of 1986 (as amended by this 
section) or by reason of subsection (c) of this section shall not 
be taken into account as income and shall not be taken into account 
as resources for the month of receipt and the following 2 months, 
for purposes of determining the eligibility of such individual or 
any other individual for benefits or assistance, or the amount or 
extent of benefits or assistance, under any Federal program or 
under any State or local program financed in whole or in part 
with Federal funds. 
(e) APPROPRIATIONS TO CARRY OUT REBATES.— 
(1) IN GENERAL.—Immediately upon the enactment of this 
Act, the following sums are appropriated, out of any money 
in the Treasury not otherwise appropriated, for the fiscal year 
ending September 30, 2008: 
(A) DEPARTMENT OF THE TREASURY.— 
(i) For an additional amount for ‘‘Department of 
the Treasury—Financial Management Service—Sala-
ries and Expenses’’, $64,175,000, to remain available 
until September 30, 2009. 
(ii) For an additional amount for ‘‘Department of 
the Treasury—Internal Revenue Service—Taxpayer 
Services’’, $50,720,000, to remain available until Sep-
tember 30, 2009. 
(iii) For an additional amount for ‘‘Department 
of the Treasury—Internal Revenue Service—Oper-
ations Support’’, $151,415,000, to remain available 
until September 30, 2009. 
(B) SOCIAL SECURITY ADMINISTRATION.—For an addi-
tional amount for ‘‘Social Security Administration—Limita-
tion on Administrative Expenses’’, $31,000,000, to remain 
available until September 30, 2008. 
(2) REPORTS.—No later than 15 days after enactment of 
this Act, the Secretary of the Treasury shall submit a plan 
to the Committees on Appropriations of the House of Represent-
atives and the Senate detailing the expected use of the funds 
provided by paragraph (1)(A). Beginning 90 days after enact-
ment of this Act, the Secretary of the Treasury shall submit 
a quarterly report to the Committees on Appropriations of 
the House of Representatives and the Senate detailing the 
actual expenditure of funds provided by paragraph (1)(A) and 
the expected expenditure of such funds in the subsequent 
quarter. 
(f) CONFORMING AMENDMENTS.— 
(1) Paragraph (2) of section 1324(b) of title 31, United 
States Code, is amended by inserting ‘‘or 6428’’ after ‘‘section 
35’’. 
(2) Paragraph (1) of section 1(i) of the Internal Revenue 
Code of 1986 is amended by striking subparagraph (D). 
(3) The item relating to section 6428 in the table of sections 
for subchapter B of chapter 65 of such Code is amended to 
read as follows: 
‘‘Sec. 6428. 2008 recovery rebates for individuals.’’. 
26 USC 1. 
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122 STAT. 618 
PUBLIC LAW 110–185—FEB. 13, 2008 
SEC. 102. TEMPORARY INCREASE IN LIMITATIONS ON EXPENSING OF 
CERTAIN DEPRECIABLE BUSINESS ASSETS. 
(a) IN GENERAL.—Subsection (b) of section 179 of the Internal 
Revenue Code of 1986 (relating to limitations) is amended by adding 
at the end the following new paragraph: 
‘‘(7) INCREASE IN LIMITATIONS FOR 2008.—In the case of 
any taxable year beginning in 2008— 
‘‘(A) the dollar limitation under paragraph (1) shall 
be $250,000, 
‘‘(B) the dollar limitation under paragraph (2) shall 
be $800,000, and 
‘‘(C) the amounts described in subparagraphs (A) and 
(B) shall not be adjusted under paragraph (5).’’. 
(b) EFFECTIVE DATE.—The amendment made by this section 
shall apply to taxable years beginning after December 31, 2007. 
SEC. 103. SPECIAL ALLOWANCE FOR CERTAIN PROPERTY ACQUIRED 
DURING 2008. 
(a) IN GENERAL.—Subsection (k) of section 168 of the Internal 
Revenue Code of 1986 (relating to special allowance for certain 
property acquired after September 10, 2001, and before January 
1, 2005) is amended— 
(1) by striking ‘‘September 10, 2001’’ each place it appears 
and inserting ‘‘December 31, 2007’’, 
(2) by striking ‘‘September 11, 2001’’ each place it appears 
and inserting ‘‘January 1, 2008’’, 
(3) by striking ‘‘January 1, 2005’’ each place it appears 
and inserting ‘‘January 1, 2009’’, and 
(4) by striking ‘‘January 1, 2006’’ each place it appears 
and inserting ‘‘January 1, 2010’’. 
(b) 50 PERCENT ALLOWANCE.—Subparagraph (A) of section 
168(k)(1) of such Code is amended by striking ‘‘30 percent’’ and 
inserting ‘‘50 percent’’. 
(c) CONFORMING AMENDMENTS.— 
(1) Subclause (I) of section 168(k)(2)(B)(i) of such Code 
is amended by striking ‘‘and (iii)’’ and inserting ‘‘(iii), and 
(iv)’’. 
(2) Subclause (IV) of section 168(k)(2)(B)(i) of such Code 
is amended by striking ‘‘clauses (ii) and (iii)’’ and inserting 
‘‘clause (iii)’’. 
(3) Clause (i) of section 168(k)(2)(C) of such Code is 
amended by striking ‘‘and (iii)’’ and inserting ‘‘, (iii), and (iv)’’. 
(4) Clause (i) of section 168(k)(2)(F) of such Code is 
amended by striking ‘‘$4,600’’ and inserting ‘‘$8,000’’. 
(5)(A) Subsection (k) of section 168 of such Code is amended 
by striking paragraph (4). 
(B) Clause (iii) of section 168(k)(2)(D) of such Code is 
amended by striking the last sentence. 
(6) Paragraph (4) of section 168(l) of such Code is amended 
by redesignating subparagraphs (A), (B), and (C) as subpara-
graphs (B), (C), and (D) and inserting before subparagraph 
(B) (as so redesignated) the following new subparagraph: 
‘‘(A) BONUS
DEPRECIATION
PROPERTY
UNDER
SUB-
SECTION (k).—Such term shall not include any property 
to which section 168(k) applies.’’. 
(7) Paragraph (5) of section 168(l) of such Code is 
amended— 
26 USC 179 note. 
26 USC 179. 
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122 STAT. 619 
PUBLIC LAW 110–185—FEB. 13, 2008 
(A) by striking ‘‘September 10, 2001’’ in subparagraph 
(A) and inserting ‘‘December 31, 2007’’, and 
(B) by striking ‘‘January 1, 2005’’ in subparagraph 
(B) and inserting ‘‘January 1, 2009’’. 
(8) Subparagraph (D) of section 1400L(b)(2) of such Code 
is amended by striking ‘‘January 1, 2005’’ and inserting 
‘‘January 1, 2010’’. 
(9) Paragraph (3) of section 1400N(d) of such Code is 
amended— 
(A) by striking ‘‘September 10, 2001’’ in subparagraph 
(A) and inserting ‘‘December 31, 2007’’, and 
(B) by striking ‘‘January 1, 2005’’ in subparagraph 
(B) and inserting ‘‘January 1, 2009’’. 
(10) Paragraph (6) of section 1400N(d) of such Code is 
amended by adding at the end the following new subparagraph: 
‘‘(E) EXCEPTION FOR BONUS DEPRECIATION PROPERTY 
UNDER SECTION 168(k).—The term ‘specified Gulf Oppor-
tunity Zone extension property’ shall not include any prop-
erty to which section 168(k) applies.’’. 
(11) The heading for subsection (k) of section 168 of such 
Code is amended— 
(A) by striking ‘‘SEPTEMBER 10, 2001’’ and inserting 
‘‘DECEMBER 31, 2007’’, and 
(B) by striking ‘‘JANUARY
1, 2005’’ and inserting 
‘‘JANUARY 1, 2009’’. 
(12) The heading for clause (ii) of section 168(k)(2)(B) of 
such Code is amended by striking ‘‘PRE-JANUARY 1, 2005’’ and 
inserting ‘‘PRE-JANUARY 1, 2009’’. 
(d) EFFECTIVE DATE.—The amendments made by this section 
shall apply to property placed in service after December 31, 2007, 
in taxable years ending after such date. 
TITLE II—HOUSING GSE AND FHA LOAN 
LIMITS 
SEC. 201. TEMPORARY CONFORMING LOAN LIMIT INCREASE FOR 
FANNIE MAE AND FREDDIE MAC. 
(a) INCREASE
OF HIGH COST AREAS LIMITS
FOR HOUSING 
GSES.—For mortgages originated during the period beginning on 
July 1, 2007, and ending at the end of December 31, 2008: 
(1) FANNIE MAE.—With respect to the Federal National 
Mortgage Association, notwithstanding section 302(b)(2) of the 
Federal National Mortgage Association Charter Act (12 U.S.C. 
1717(b)(2)), the limitation on the maximum original principal 
obligation of a mortgage that may be purchased by the Associa-
tion shall be the higher of— 
(A) the limitation for 2008 determined under such sec-
tion 302(b)(2) for a residence of the applicable size; or 
(B) 125 percent of the area median price for a residence 
of the applicable size, but in no case to exceed 175 percent 
of the limitation for 2008 determined under such section 
302(b)(2) for a residence of the applicable size. 
(2) FREDDIE MAC.—With respect to the Federal Home Loan 
Mortgage Corporation, notwithstanding section 305(a)(2) of the 
Federal Home Loan Mortgage Corporation Act (12 U.S.C. 
1454(a)(2)), the limitation on the maximum original principal 
26 USC 168 note. 
26 USC 1400L. 
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122 STAT. 620 
PUBLIC LAW 110–185—FEB. 13, 2008 
obligation of a mortgage that may be purchased by the Corpora-
tion shall be the higher of— 
(A) the limitation determined for 2008 under such sec-
tion 305(a)(2) for a residence of the applicable size; or 
(B) 125 percent of the area median price for a residence 
of the applicable size, but in no case to exceed 175 percent 
of the limitation determined for 2008 under such section 
305(a)(2) for a residence of the applicable size. 
(b) DETERMINATION OF LIMITS.—The areas and area median 
prices used for purposes of the determinations under subsection 
(a) shall be the areas and area median prices used by the Secretary 
of Housing and Urban Development in determining the applicable 
limits under section 202 of this title. 
(c) RULE
OF CONSTRUCTION.—A mortgage originated during 
the period referred to in subsection (a) that is eligible for purchase 
by the Federal National Mortgage Association or the Federal Home 
Loan Mortgage Corporation pursuant to this section shall be eligible 
for such purchase for the duration of the term of the mortgage, 
notwithstanding that such purchase occurs after the expiration 
of such period. 
(d) EFFECT ON HOUSING GOALS.—Notwithstanding any other 
provision of law, mortgages purchased in accordance with the 
increased maximum original principal obligation limitations deter-
mined pursuant to this section shall not be considered in deter-
mining performance with respect to any of the housing goals estab-
lished under section 1332, 1333, or 1334 of the Housing and 
Community Development Act of 1992 (12 U.S.C. 4562–4), and shall 
not be considered in determining compliance with such goals pursu-
ant to section 1336 of such Act (12 U.S.C. 4566) and regulations, 
orders, or guidelines issued thereunder. 
(e) SENSE OF CONGRESS.—It is the sense of the Congress that 
the securitization of mortgages by the Federal National Mortgage 
Association and the Federal Home Loan Mortgage Corporation plays 
an important role in providing liquidity to the United States housing 
markets. Therefore, the Congress encourages the Federal National 
Mortgage Association and the Federal Home Loan Mortgage Cor-
poration to securitize mortgages acquired under the increased con-
forming loan limits established in this section, to the extent that 
such securitizations can be effected in a timely and efficient manner 
that does not impose additional costs for mortgages originated, 
purchased, or securitized under the existing limits or interfere 
with the goal of adding liquidity to the market. 
SEC. 202. TEMPORARY LOAN LIMIT INCREASE FOR FHA. 
(a) INCREASE OF HIGH-COST AREA LIMIT.—For mortgages for 
which the mortgagee has issued credit approval for the borrower 
on or before December 31, 2008, subparagraph (A) of section 
203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)(A)) 
shall be considered (except for purposes of section 255(g) of such 
Act (12 U.S.C. 1715z–20(g))) to require that a mortgage shall involve 
a principal obligation in an amount that does not exceed the lesser 
of— 
(1) in the case of a 1-family residence, 125 percent of 
the median 1-family house price in the area, as determined 
by the Secretary; and in the case of a 2-, 3-, or 4-family 
residence, the percentage of such median price that bears the 
same ratio to such median price as the dollar amount limitation 
Deadline. 
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122 STAT. 621 
PUBLIC LAW 110–185—FEB. 13, 2008 
determined for 2008 under section 305(a)(2) of the Federal 
Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) 
for a 2-, 3-, or 4-family residence, respectively, bears to the 
dollar amount limitation determined for 2008 under such sec-
tion for a 1-family residence; or 
(2) 175 percent of the dollar amount limitation determined 
for 2008 under such section 305(a)(2) for a residence of the 
applicable size (without regard to any authority to increase 
such limitation with respect to properties located in Alaska, 
Guam, Hawaii, or the Virgin Islands); 
except that the dollar amount limitation in effect under this sub-
section for any size residence for any area shall not be less than 
the greater of: (A) the dollar amount limitation in effect under 
such section 203(b)(2) for the area on October 21, 1998; or (B) 
65 percent of the dollar amount limitation determined for 2008 
under such section 305(a)(2) for a residence of the applicable size. 
Any reference in this subsection to dollar amount limitations in 
effect under section 305(a)(2) of the Federal Home Loan Mortgage 
Corporation Act means such limitations as in effect without regard 
to any increase in such limitation pursuant to section 201 of this 
title. 
(b) DISCRETIONARY AUTHORITY.—If the Secretary of Housing 
and Urban Development determines that market conditions warrant 
such an increase, the Secretary may, for the period that begins 
upon the date of the enactment of this Act and ends at the end 
of the date specified in subsection (a), increase the maximum dollar 
amount limitation determined pursuant to subsection (a) with 
respect to any particular size or sizes of residences, or with respect 
to residences located in any particular area or areas, to an amount 
that does not exceed the maximum dollar amount then otherwise 
in effect pursuant to subsection (a) for such size residence, or 
for such area (if applicable), by not more than $100,000. 
(c) PUBLICATION OF AREA MEDIAN PRICES AND LOAN LIMITS.— 
The Secretary of Housing and Urban Development shall publish 
the median house prices and mortgage principal obligation limits, 
as revised pursuant to this section, for all areas as soon as prac-
ticable, but in no case more than 30 days after the date of the 
enactment of this Act. With respect to existing areas for which 
the Secretary has not established area median prices before such 
date of enactment, the Secretary may rely on existing commercial 
data in determining area median prices and calculating such revised 
principal obligation limits. 
Deadline. 
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122 STAT. 622 
PUBLIC LAW 110–185—FEB. 13, 2008 
LEGISLATIVE HISTORY—H.R. 5140: 
CONGRESSIONAL RECORD, Vol. 154 (2008): 
Jan. 29, considered and passed House. 
Feb. 5, 6, considered and passed Senate, amended. 
Feb. 7, House concurred in Senate amendment. 
WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 44 (2008): 
Feb. 13, Presidential remarks. 
TITLE III—EMERGENCY DESIGNATION 
SEC. 301. EMERGENCY DESIGNATION. 
For purposes of Senate enforcement, all provisions of this Act 
are designated as emergency requirements and necessary to meet 
emergency needs pursuant to section 204 of S. Con. Res. 21 (110th 
Congress), the concurrent resolution on the budget for fiscal year 
2008. 
Approved February 13, 2008. 
VerDate Aug 31 2005 
12:51 Dec 07, 2009
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