Page:United States Statutes at Large Volume 122.djvu/2868

 12 2 STA T . 2 845PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 (2)insubpar a g rap h ( C )b y s t ri k ing ‘ ‘ $48,60 0 ’ ’an d ins e rting ‘‘$6 9 ,6 7 8’’ ( 3 ) in subparagraph ( D ) by striking ‘‘$64,800’’ and inserting ‘‘$92,904’’; (4) in subparagraph ( E ) by striking ‘‘$ 1 6,200’’ and inserting ‘‘$23,226’’; and ( 5 )byrea l igning subparagraphs (C), (D), and (E) 2 e m s t o the le f t so that the left margins of su c h subparagraphs are aligned w ith the margins of subparagraphs ( A )and( B ) . (b) A N N UALI N DEXI N G . —S ubsection (b) of section 2 of the N ational H ousing Act (12 U .S.C. 1703(b)), as amended by the pre - ceding pro v isions of this title, is further amended by adding at the end the following new paragraph

‘‘(9) ANNUAL INDEXING OFM ANUFA CT U R ED H OU S ING LOANS.— T he Secretary shall develop a method of inde x ing in order to annually ad j ust the loan limits established in subpara- graphs (A)(ii), (C), (D), and (E) of this subsection. Such index shall be based on the manufactured housing price data collected by the United States Census Bureau. The Secretary shall estab- lish such index no later than 1 year after the date of the enactment of the F HA M anufactured Housing L oan Moderni z a- tion Act of 2008.’’ (c) TECHNICAL AND CONFORMING CHANGES.— P aragraph (1) of section 2(b) of the National Housing Act (12 U.S.C. 1703(b)(1)) is amended— (1) by striking ‘‘No’’ and inserting ‘‘Except as provided in the last sentence of this paragraph, no’’; and (2) by adding after and below subparagraph ( G ) the fol- lowing: ‘‘The Secretary shall, by regulation, annually increase the dollar amount limitations in subparagraphs (A)(ii), (C), (D), and (E) (as such limitations may have been previously adjusted under this sentence) in accordance with the index established pursuant to paragraph (9).’’. SEC.2146 . IN S URA NCE P RE M IUMS. Subsection (f) of section 2 of the National Housing Act (12 U.S.C. 1703(f)) is amended— (1) by inserting ‘‘(1) PREMIUM CHARGES.—’’ after ‘‘(f)’’; and (2) by adding at the end the following new paragraph: ‘‘(2) MANUFACTURED HOME LOANS.—Notwithstanding para- graph (1), in the case of a loan, advance of credit, or purchase in connection with a manufactured home or a lot on which to place such a home (or both), the premium charge for the insurance granted under this section shall be paid by the borrower under the loan or advance of credit, as follows: ‘‘(A) At the time of the making of the loan, advance of credit, or purchase, a single premium payment in an amount not to exceed 2.25 percent of the amount of the original insured principal obligation. ‘‘(B) In addition to the premium under subparagraph (A), annual premium payments during the term of the loan, advance, or obligation purchased in an amount not exceeding 1.0 percent of the remaining insured principal balance (excluding the portion of the remaining balance attributable to the premium collected under subparagraph (A) and without taking into account delin q uent payments or prepayments). Regulations.D ea d line.

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