A bill to increase the maximum mortgage amount limitations under the Federal Housing Administration mortgage insurance programs for multi-family housing projects with elevators and for extremely high-cost areas.

Summary

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).

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 4 August 2010

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 4 August 2010

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 4 August 2010 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 4 August 2010

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 4 August 2010

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 4 August 2010

  Open at official source

Sponsors

• Charles Schumer · D · Sponsor
• Sen. Menendez, Robert [D-NJ] · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → FHA Multifamily Loan Limit Adjustment Act of 2009