Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. FEDERAL HOUSING ADMINISTRATION MORTGAGE INSURANCE PROGRAMS.

(a) Mortgage Amount Limits for Elevator-Type Structures.--
(1) Amendments.--Title II of the National Housing Act (12
U.S.C. 1707 et seq.) is amended--
(A) in section 207(c)(3)(A) (12 U.S.C.
1713(c)(3)(A))--
(i) by inserting ''with sound standards of
construction and design'' after ''elevator-type
structures''; and
(ii) by striking ''to not to exceed'' and
all that follows through the semicolon at the
end and inserting ''by not more than 50 percent
of the amounts specified in this subparagraph
for each unit size;'';
(B) in section 213(b)(2)(A) (12 U.S.C.
1715e(b)(2)(A))--
(i) by inserting ''with sound standards of
construction and design'' after ''consist of
elevator-type structures''; and
(ii) by striking ''to not to exceed'' and
all that follows through ''; (B)(i)'' and
inserting ''by not more than 50 percent of the
amounts specified in this subparagraph for each
applicable family unit size; (B)(i)'';
(C) in section 220(d)(3)(B)(iii)(I) (12 U.S.C.
1715k(d)(3)(B)(iii)(I))--
(i) by inserting ''with sound standards of
construction and design'' after ''consist of
elevator-type structures''; and
(ii) by striking ''family unit not to
exceed'' and all that follows through ''design;
and'' and inserting ''family unit by not more
than 50 percent of the amounts specified in
this subclause for each applicable family unit
size; and'';
(D) in section 221(d) (12 U.S.C. 1715l(d))--
(i) in paragraph (3)(ii)(I)--
(I) by inserting ''with sound
standards of construction and design''
after ''consist of elevator-type
structures''; and
(II) by striking ''to not to
exceed'' and all that follows through
''design;'' and inserting ''by not more
than 50 percent of the amounts
specified in this subclause for each
applicable family unit size;''; and
(ii) in paragraph (4)(ii)(I)--
(I) by inserting ''with sound
standards of construction and design''
after ''consist of elevator-type
structures''; and
(II) by striking ''to not to
exceed'' and all that follows through
''design;'' and inserting ''by not more
than 50 percent of the amounts
specified in this subclause for each
applicable family unit size;'';
(E) in section 231(c)(2)(A) (12 U.S.C.
1715v(c)(2)(A))--
(i) by inserting ''with sound standards of
construction and design'' after ''consist of
elevator-type structures''; and
(ii) by striking ''to not to exceed'' and
all that follows through ''design;'' and
inserting ''by not more than 50 percent of the
amounts specified in this subparagraph for each
applicable family unit size;''; and
(F) in section 234(e)(3)(A) (12 U.S.C.
1715y(e)(3)(A))--
(i) by inserting ''with sound standards of
construction and design'' after ''consist of
elevator-type structures''; and
(ii) by striking ''to not to exceed'' and
all that follows through ''sound standards of
construction and design;'' and inserting ''by
not more than 50 percent of the amounts
specified in this subparagraph for each
applicable family unit size;''.
(b) Mortgage Amount Limits for Extremely High-Cost Areas.--Section
214 of the National Housing Act (12 U.S.C. 1715d) is amended--
(1) in the first sentence--
(A) by inserting ''or with respect to projects
consisting of more than 4 dwelling units located in an
extremely high-cost area, as determined by the
Secretary'' after ''or the Virgin Islands,'';
(B) by striking ''or the Virgin Islands without
sacrifice'' and inserting ''or the Virgin Islands, or
to construct projects consisting of more than 4
dwelling units on property located in an extremely
high-cost area, as determined by the Secretary, without
sacrifice''; and
(C) by striking ''or the Virgin Islands in such''
and inserting ''or the Virgin Islands, or with respect
to projects consisting of more than 4 dwelling units
located in an extremely high-cost area, as determined
by the Secretary, in such'';
(2) in the second sentence--
(A) by striking ''the Virgin Islands shall'' and
inserting ''the Virgin Islands, or with respect to a
project consisting of more than 4 dwelling units
located in an extremely high-cost area, as determined
by the Secretary, shall''; and
(B) by striking ''Virgin Islands:'' and inserting
''Virgin Islands, or in the case of a project
consisting of more than 4 dwelling units in an
extremely high-cost area as determined by the
Secretary, in such extremely high-cost area:''; and
(3) in the section heading, by striking ''and the virgin
islands'' and inserting ''the virgin islands, and extremely
high-cost areas''.
(c) Effective Date.--The amendments made by this Act shall apply to
mortgages insured under title II of the National Housing Act (12 U.S.C.
1707 et seq.) on and after the date of enactment of this Act.
A:
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).