Page:United States Statutes at Large Volume 116 Part 4.djvu/366

 116 STAT. 2794 PUBLIC LAW 107-326—DEC. 4, 2002 SEC. 5. INDEXING OF FHA MULTIFAMILY HOUSING LOAN LIMITS. (a) The National Housing Act (12 U.S.C. 1701 et seq.) is amended by inserting after section 206 the following new section 206A (12 U.S.C. 1712A): 12 USC 1712a. "SEC. 206A. INDEXING OF FHA MULTIFAMILY HOUSING LOAN LIMITS. "(a) METHOD OF INDEXING.— The dollar amounts set forth in— "(1) section 207(c)(3)(A) (12 U.S.C. 1713(c)(3)(A)); "(2) section 213(b)(2)(A) (12 U.S.C. 1715e(b)(2)(A)); "(3) section 220(d)(3)(B)(iii)(I) (12 U.S.C. 1715k(d)(3)(B)(iii)(I)); "(4) section 221(d)(3)(ii)(I) (12 U.S.C. 17151(d)(3)(ii)(I)); "(5) section 221(d)(4)(ii)(I) (12 U.S.C. 17151(d)(4)(ii)(I)); "(6) section 231(c)(2)(A) (12 U.S.C. 1715v(c)(2)(A)); and " (7) section 234(e)(3)(A) (12 U.S.C. 1715y(e)(3)(A)); (collectively hereinafter referred to as the "Dollar Amounts") shall be adjusted annually (commencing in 2004) on the effective date of the Federal Reserve Board's adjustment of the $400 figure in the Home Ownership and Equity Protection Act of 1994 (HOEPA). The adjustment of the Dollar Amounts shall be calculated using the percentage change in the Consumer Price Index for All Urban Consumers (CPI-U) as applied by the Federal Reserve Board for purposes of the above-described HOEPAdjustment. Federal Register, "(b) NOTIFICATION. — The Federal Reserve Board on a timely publication. basis shall notify the Secretary, or his designee, in writing of the adjustment described in subsection (a) and of the effective date of such adjustment in order to permit the Secretary to undertake publication in the Federal Register of corresponding adjustments to the Dollar Amounts. The dollar amount of any adjustment shall be rounded to the next lower dollar.". (b) TECHNICAL AND CONFORMING CHANGES. —(1) Section 207(c)(3) of the National Housing Act (12 U.S.C. 1713(c)(3)) is amended— (A) by inserting "(A)" after "(3)"; (B) by striking "and accept that the Secretary through and including "in this paragraph" and inserting in lieu thereof: "(B) the Secretary may, by regulation, increase any of the dollar amount limitations in subparagraph (A) (as such limitations may have been adjusted in accordance with section 206A of this Act)". (2) Section 213(b)(2) of the National Housing Act (12 U.S.C. 1715e(b)(2)) is amended— (A) by inserting "(A)" following "(2)"; (B) by striking ": Provided further. That" the first time that it occurs, through and including "contained in this paragraph" and inserting in lieu thereof: "; (B)(i) the Secretary may, by regulation, increase any of the dollar amount limitations in subparagraph (A) (as such limitations may have been adjusted in accordance with section 206A of this Act)"; (C) by striking ": Provided further. That" the second time it occurs and inserting in lieu thereof: "; and (ii)"; (D) by striking ": And provided further. That" and inserting in lieu thereof: "; and (iii)"; (E) by striking "with this subsection without regard to the preceding proviso" at the end of that subsection and inserting in lieu thereof: "with this subparagraph (B)(i).".

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