article: SECTION 1. SHORT TITLE. This Act may be cited as the ``FHA Multifamily Housing Loan Limit Improvement Act''. SEC. 2. INDEXING OF MULTIFAMILY MORTGAGE LIMITS. (a) Section 207 Limits.--Section 207(c)(3) of the National Housing Act (12 U.S.C. 1713(c)(3)) is amended-- (1) by striking ``11,250'' and inserting ``$17,460''; (2) by inserting before ``; and except that'' the following: ``; except that the Secretary shall adjust each such dollar amount limitation set forth in this paragraph (as such limitation may have been previously adjusted pursuant to this paragraph) effective January 1 of each year, beginning in 2003, in accordance with the percentage increase, if any, during the 12-month period ending with the preceding October, in the Annual Construction Cost Index of the Bureau of the Census of the Department of Commerce''; and (3) by inserting after ``foregoing dollar amount limitations contained in this paragraph'' the following: ``(as such limitations may have been previously adjusted pursuant to this paragraph)''. (b) Section 213 Limits.--Section 213(b)(2) of the National Housing Act (12 U.S.C. 1715e(b)(2)) is amended-- (1) by striking ``$38,025'', ``$42,120'', ``$50,310'', ``$62,010'', and ``$70,200'', and inserting ``$41,207'', ``$47,511'', ``$57,300'', ``$73,343'', and ``$81,708'', respectively; (2) by striking ``$49,140'', ``$60,255'', ``$75,465'', and ``$85,328'', and inserting ``$49,710'', ``$60,446'', ``$78,197'', and ``$85,836'', respectively; (3) by inserting after the colon at the end of the first proviso the following: ``Provided further, That the Secretary shall adjust each such dollar amount limitation set forth in this paragraph (as such limitation may have been previously adjusted pursuant to this paragraph) effective January 1 of each year, beginning in 2003, in accordance with the percentage increase, if any, during the 12-month period ending with the preceding October, in the Annual Construction Cost Index of the Bureau of the Census of the Department of Commerce:''; and (4) by inserting after ``foregoing dollar amount limitations contained in this paragraph'' the following: ``(as such limitations may have been previously adjusted pursuant to this paragraph)''. (c) Section 220 Limits.--Section 220(d)(3)(B)(iii) of the National Housing Act (12 U.S.C. 1715k(d)(3)(B)(iii)) is amended-- (1) by inserting after ``foregoing dollar amount limitations contained in this clause'', the first place such phrase appears, the following: ``(as such limitations may have been previously adjusted pursuant to this clause)''. (2) by inserting after ``Provided,'' the following: ``That the Secretary shall adjust each such dollar amount limitation set forth in this clause (as such limitation may have been previously adjusted pursuant to this clause) effective January 1 of each year, beginning in 2003, in accordance with the percentage increase, if any, during the 12-month period ending with the preceding October, in the Annual Construction Cost Index of the Bureau of the Census of the Department of Commerce: Provided further,''; and (3) by striking ``(as determined after the application of the preceding proviso)'' and inserting ``(as such limitations may have been previously adjusted pursuant to the preceding proviso and as determined after application of any percentage increase authorized in this clause relating to units with 2, 3, 4, or more bedrooms)''. (d) Section 221(d)(3) Limits.--Section 221(d)(3)(ii) of the National Housing Act (12 U.S.C. 1715l(d)(3)(ii)) is amended-- (1) by inserting before ``; and except that'' the following: ``; except that the Secretary shall adjust each such dollar amount limitation set forth in this clause (as such limitation may have been previously adjusted pursuant to this clause) effective January 1 of each year, beginning in 2003, in accordance with the percentage increase, if any, during the 12- month period ending with the preceding October, in the Annual Construction Cost Index of the Bureau of the Census of the Department of Commerce''; and (2) by inserting after ``foregoing dollar amount limitations contained in this clause'' the following: ``(as such limitations may have been previously adjusted pursuant to this clause)''. (e) Section 221(d)(4) Limits.--Section 221(d)(4)(ii) of the National Housing Act (12 U.S.C. 1715l(d)(4)(ii)) is amended-- (1) by inserting before ``; and except that'' the following: ``; except that the Secretary shall adjust each such dollar amount limitation set forth in this clause (as such limitation may have been previously adjusted pursuant to this clause) effective January 1 of each year, beginning in 2003, in accordance with the percentage increase, if any, during the 12- month period ending with the preceding October, in the Annual Construction Cost Index of the Bureau of the Census of the Department of Commerce''; and (2) by inserting after ``foregoing dollar amount limitations contained in this clause'' the following: ``(as such limitations may have been previously adjusted pursuant to this clause)''. (f) Section 231 Limits.--Section 231(c)(2) of the National Housing Act (12 U.S.C. 1715v(c)(2)) is amended-- (1) by inserting before ``; and except that'' the following: ``; except that the Secretary shall adjust each such dollar amount limitation set forth in this paragraph (as such limitation may have been previously adjusted pursuant to this paragraph) effective January 1 of each year, beginning in 2003, in accordance with the percentage increase, if any, during the 12-month period ending with the preceding October, in the Annual Construction Cost Index of the Bureau of the Census of the Department of Commerce''; and (2) by inserting after ``foregoing dollar amount limitations contained in this paragraph'' the following: ``(as such limitations may have been previously adjusted pursuant to this paragraph)''. (g) Section 234 Limits.--Section 234(e)(3) of the National Housing Act (12 U.S.C. 1715y(e)(3)) is amended-- (1) by inserting before ``; except that'' the second place such phrase appears the following: ``; except that the Secretary shall adjust each such dollar amount limitation set forth in this paragraph (as such limitation may have been previously adjusted pursuant to this paragraph) effective January 1 of each year, beginning in 2003, in accordance with the percentage increase, if any, during the 12-month period ending with the preceding October, in the Annual Construction Cost Index of the Bureau of the Census of the Department of Commerce''; (2) by inserting after ``each of the foregoing dollar amounts'' the following: ``(as such amounts may have been previously adjusted pursuant to this paragraph)''; and (3) by inserting after ``foregoing dollar amount limitations contained in this paragraph'' the following: ``(as such limitations may have been previously adjusted pursuant to this paragraph and increased pursuant to the preceding clause)''. SEC. 2. HIGH-COST AREAS. (a) Section 207 Limits.--Section 207(c)(3) of the National Housing Act (12 U.S.C. 1713(c)(3)) is amended-- (1) by striking ``140 percent'' and inserting ``170 percent''; and (2) by striking ``110 percent'' and inserting ``140 percent''. (b) Section 213 Limits.--Section 213(b)(2) of the National Housing Act (12 U.S.C. 1715e(b)(2)) is amended-- (1) by striking ``140 percent'' and inserting ``170 percent''; and (2) by striking ``110 percent'' and inserting ``140 percent''. (c) Section 220 Limits.--Section 220(d)(3)(B)(iii) of the National Housing Act (12 U.S.C. 1715k(d)(3)(B)(iii)) is amended-- (1) by striking ``140 percent'' and inserting ``170 percent''; and (2) by striking ``110 percent'' and inserting ``140 percent''. (d) Section 221(d)(3) Limits.--Section 221(d)(3)(ii) of the National Housing Act (12 U.S.C. 1715l(d)(3)(ii)) is amended-- (1) by striking ``140 percent'' and inserting ``170 percent''; and (2) by striking ``110 percent'' and inserting ``140 percent''. (e) Section 221(d)(4) Limits.--Section 221(d)(4)(ii) of the National Housing Act (12 U.S.C. 1715l(d)(4)(ii)) is amended-- (1) by striking ``140 percent'' and inserting ``170 percent''; and (2) by striking ``110 percent'' and inserting ``140 percent''. (f) Section 231 Limits.--Section 231(c)(2) of the National Housing Act (12 U.S.C. 1715v(c)(2)) is amended-- (1) by striking ``140 percent'' and inserting ``170 percent''; and (2) by striking ``110 percent'' and inserting ``140 percent''. (g) Section 234 Limits.--Section 234(e)(3) of the National Housing Act (12 U.S.C. 1715y(e)(3)) is amended-- (1) by striking ``140 percent'' and inserting ``170 percent''; and (2) by striking ``110 percent'' and inserting ``140 percent''.
summary: FHA Multifamily Housing Loan Limit Improvement Act - Amends the National Housing Act to increase and index to the Bureau of the Census' annual construction cost index multifamily project mortgage loan limits for: (1) rental housing; (2) cooperative housing; (3) rehabilitation and neighborhood conservation housing; (4) housing for moderate income and displaced families; (5) housing for the elderly; and (6) condominiums.Increases loan limits in high-cost areas.