H.R.3527 - FHA Multifamily Loan Limit Adjustment Act of 2009

To increase the maximum mortgage amount limitations under the FHA mortgage insurance programs for multifamily housing projects with elevators and for extremely high-cost areas. view all titles (3)

All Bill Titles

  • Official: To increase the maximum mortgage amount limitations under the FHA mortgage insurance programs for multifamily housing projects with elevators and for extremely high-cost areas. as introduced.
  • Short: FHA Multifamily Loan Limit Adjustment Act of 2009 as introduced.
  • Short: FHA Multifamily Loan Limit Adjustment Act of 2009 as passed house.

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Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
07/31/09
 
09/15/09
 
 
 
 
 

Official Summary

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) cooperativ

Official Summary

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.

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