H.R.3527 - FHA Multifamily Loan Limit Adjustment Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Weiner, Anthony D. [D-NY-9] (Introduced 07/31/2009)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||09/16/2009 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.3527 — 111th Congress (2009-2010)All Bill Information (Except Text)
Passed House amended (09/15/2009)
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.