Page:United States Statutes at Large Volume 117.djvu/2711

 117 STAT. 2692

PUBLIC LAW 108–186—DEC. 16, 2003

TITLE III—ADJUSTABLE RATE SINGLE FAMILY MORTGAGES AND LOAN LIMIT ADJUSTMENTS SEC. 301. HYBRID ARMS.

12 USC 1715z–16 note.

FHA Multifamily Loan Limit Adjustment Act of 2003. 12 USC 1701 note.

VerDate 11-MAY-2000

13:59 Aug 30, 2004

(a) IN GENERAL.—Section 251(d)(1)(C) of the National Housing Act (12 U.S.C. 1715z–16(d)(1)(C)) is amended by striking ‘‘five’’ and inserting ‘‘3’’. (b) APPLICABILITY.—The amendment made by subsection (a) shall apply to mortgages executed on or after the date of the enactment of this title. SEC. 302. FHA MULTIFAMILY LOAN LIMIT ADJUSTMENTS.

(a) SHORT TITLE.—This section may be cited as the ‘‘FHA Multifamily Loan Limit Adjustment Act of 2003’’. (b) MAXIMUM MORTGAGE AMOUNT LIMIT FOR MULTIFAMILY HOUSING IN HIGH-COST AREAS.—Sections 207(c)(3), 213(b)(2)(B)(i), 220(d)(3)(B)(iii)(III), 221(d)(3)(ii)(II), 221(d)(4)(ii)(II), 231(c)(2)(B), and 234(e)(3)(B) of the National Housing Act (12 U.S.C. 1713(c)(3), 1715e(b)(2)(B)(i), 1715k(d)(3)(B)(iii)(II), 1715l(d)(3)(ii)(III), 1715l(d)(4)(ii)(II), 1715v(c)(2)(B), and 1715y(e)(3)(B)) are each amended— (1) by striking ‘‘110 percent’’ and inserting ‘‘140 percent’’; and (2) by inserting ‘‘, or 170 percent in high cost areas,’’ after ‘‘140 percent’’. (c) CATCH-UP ADJUSTMENTS TO CERTAIN MAXIMUM MORTGAGE AMOUNT LIMITS.— (1) SECTION 207 LIMITS.—Section 207(c)(3)(A) of the National Housing Act (12 U.S.C. 1713(c)(3)(A)) is amended by striking ‘‘$11,250’’ and inserting ‘‘$17,460’’. (2) SECTION 213 LIMITS.—Section 213(b)(2)(A) of the National Housing Act (12 U.S.C. 1715e(b)(2)(A)) is amended— (A) by striking ‘‘$38,025’’ and inserting ‘‘$41,207’’; (B) by striking ‘‘$42,120’’ and inserting ‘‘$47,511’’; (C) by striking ‘‘$50,310’’ and inserting ‘‘$57,300’’; (D) by striking ‘‘$62,010’’ and inserting ‘‘$73,343’’; (E) by striking ‘‘$70,200’’ and inserting ‘‘$81,708’’; (F) by striking ‘‘$49,140’’ and inserting ‘‘$49,710’’; (G) by striking ‘‘$60,255’’ and inserting ‘‘$60,446’’; (H) by striking ‘‘$75,465’’ and inserting ‘‘$78,197’’; and (I) by striking ‘‘$85,328’’ and inserting ‘‘$85,836’’. (d) REHABILITATION AND NEIGHBORHOOD CONSERVATION HOUSING MORTGAGE INSURANCE.—Section 220(d)(3)(B)(iii) of the National Housing Act (12 U.S.C. 1715k(d)(3)(B)(iii)) is amended— (1) by striking ‘‘with respect to dollar amount limitations applicable to rehabilitation projects described in subclause (II),’’ and inserting ‘‘; (III)’’; and (2) by redesignating subclauses (III) and (IV) as subclauses (IV) and (V), respectively.

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