Page:United States Statutes at Large Volume 106 Part 5.djvu/142

 106 STAT. 3780 PUBLIC LAW 102-550—OCT. 28, 1992 in which the dwelling subject to the mortgage under this section is located". (3) RTC AFFORDABLE HOUSING PROGRAM.— Subparagraphs (D)(ii) and (GXH) of section 21A(c)(9) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(c)(9)) are each amended by striking "the applicable dollar amount" and all that follows through "areas)" and inserting the following: "$67,500 in the case of a 1-family residence, $76,000 in the case of a 2-family residence, $92,000 in the case of a 3-family residence, and $107,000 in the case of a 4-family residence". (4) FDIC AFFORDABLE HOUSING PROGRAM. —Paragraphs (4)(B) and (7)(B) of section 40(p) of the Federal Deposit Insurance Act (12 U.S.C. 1831q(p)) are each amended to read as follows: "(B) that has an appraised value that does not exceed the amount provided in section 203(b)(2)(A) of the National Housing Act except that such amount shall not exceed $101,250 in the case of a 1-family residence, $114,000 in the case of a 2-family residence, $138,000 in the case of a 3-family residence, and $160,000 in the case of a 4-family residence." (d) GAO STUDY ON FHA LOAN LIMITS AND GSE CONFORMING LOAN LIMITS. — Reports. (1) IN GENERAL. —The Comptroller General of the United States shall submit to the Congress, on or before September 1, 1993, a report which evaluates the methodology used to establish the annual conforming loan limits for the secondary market, pursuant to section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act, as well as the loan limits adjustments utilized under the single family mortgage insurance program under section 203 of the National Housing Act. (2) CONTENTS.—The report shall— (A) evaluate the methodology used to determine the annual adjustment to the conforming loan limit, including the accuracy of using the Mortgage Interest Rate Survey (MIRS) in determining the median home sales price each year; (B) recommend any legislative or administrative changes to ensure that the conforming loan limits accurately reflect market dynamics; (C) assess the long-term consequences of indexing the mortgage limits utilized under the FHA section 203(b) single lamily mortgage insurance program to the annual a(^ustments to the conforming loan limits for the secondary market; (D) assess the impact of such annual adjustments on the ability of the FHA single family insurance program to serve low and moderate income borrowers; and (E) recommend alternative measures that could be employed to ensure that FHA can meet the needs of low and moderate income families in low and high cost areas of the country. SEC. 504. FHA ANNUAL REPORT. Section 203 of the National Housing Act (12 U.S.C. 1709) is amended by adding at the end the following:

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