text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``FHA Multifamily Housing Loan Limit 
  Improvement Act''.
  
  SEC. 2. INDEXING OF MULTIFAMILY MORTGAGE LIMITS.
  
      (a) Section 207 Limits.--Section 207(c)(3) of the National Housing 
  Act (12 U.S.C. 1713(c)(3)) is amended--
              (1) by striking ``11,250'' and inserting ``$17,460'';
              (2) by inserting before ``; and except that'' the 
          following: ``; except that the Secretary shall adjust each such 
          dollar amount limitation set forth in this paragraph (as such 
          limitation may have been previously adjusted pursuant to this 
          paragraph) effective January 1 of each year, beginning in 2003, 
          in accordance with the percentage increase, if any, during the 
          12-month period ending with the preceding October, in the 
          Annual Construction Cost Index of the Bureau of the Census of 
          the Department of Commerce''; and
              (3) by inserting after ``foregoing dollar amount 
          limitations contained in this paragraph'' the following: ``(as 
          such limitations may have been previously adjusted pursuant to 
          this paragraph)''.
      (b) Section 213 Limits.--Section 213(b)(2) of the National Housing 
  Act (12 U.S.C. 1715e(b)(2)) is amended--
              (1) by striking ``$38,025'', ``$42,120'', ``$50,310'', 
          ``$62,010'', and ``$70,200'', and inserting ``$41,207'', 
          ``$47,511'', ``$57,300'', ``$73,343'', and ``$81,708'', 
          respectively;
              (2) by striking ``$49,140'', ``$60,255'', ``$75,465'', and 
          ``$85,328'', and inserting ``$49,710'', ``$60,446'', 
          ``$78,197'', and ``$85,836'', respectively;
              (3) by inserting after the colon at the end of the first 
          proviso the following: ``Provided further, That the Secretary 
          shall adjust each such dollar amount limitation set forth in 
          this paragraph (as such limitation may have been previously 
          adjusted pursuant to this paragraph) effective January 1 of 
          each year, beginning in 2003, in accordance with the percentage 
          increase, if any, during the 12-month period ending with the 
          preceding October, in the Annual Construction Cost Index of the 
          Bureau of the Census of the Department of Commerce:''; and
              (4) by inserting after ``foregoing dollar amount 
          limitations contained in this paragraph'' the following: ``(as 
          such limitations may have been previously adjusted pursuant to 
          this paragraph)''.
      (c) Section 220 Limits.--Section 220(d)(3)(B)(iii) of the National 
  Housing Act (12 U.S.C. 1715k(d)(3)(B)(iii)) is amended--
              (1) by inserting after ``foregoing dollar amount 
          limitations contained in this clause'', the first place such 
          phrase appears, the following: ``(as such limitations may have 
          been previously adjusted pursuant to this clause)''.
              (2) by inserting after ``Provided,'' the following: ``That 
          the Secretary shall adjust each such dollar amount limitation 
          set forth in this clause (as such limitation may have been 
          previously adjusted pursuant to this clause) effective January 
          1 of each year, beginning in 2003, in accordance with the 
          percentage increase, if any, during the 12-month period ending 
          with the preceding October, in the Annual Construction Cost 
          Index of the Bureau of the Census of the Department of 
          Commerce: Provided further,''; and
              (3) by striking ``(as determined after the application of 
          the preceding proviso)'' and inserting ``(as such limitations 
          may have been previously adjusted pursuant to the preceding 
          proviso and as determined after application of any percentage 
          increase authorized in this clause relating to units with 2, 3, 
          4, or more bedrooms)''.
      (d) Section 221(d)(3) Limits.--Section 221(d)(3)(ii) of the 
  National Housing Act (12 U.S.C. 1715l(d)(3)(ii)) is amended--
              (1) by inserting before ``; and except that'' the 
          following: ``; except that the Secretary shall adjust each such 
          dollar amount limitation set forth in this clause (as such 
          limitation may have been previously adjusted pursuant to this 
          clause) effective January 1 of each year, beginning in 2003, in 
          accordance with the percentage increase, if any, during the 12-
          month period ending with the preceding October, in the Annual 
          Construction Cost Index of the Bureau of the Census of the 
          Department of Commerce''; and
              (2) by inserting after ``foregoing dollar amount 
          limitations contained in this clause'' the following: ``(as 
          such limitations may have been previously adjusted pursuant to 
          this clause)''.
      (e) Section 221(d)(4) Limits.--Section 221(d)(4)(ii) of the 
  National Housing Act (12 U.S.C. 1715l(d)(4)(ii)) is amended--
              (1) by inserting before ``; and except that'' the 
          following: ``; except that the Secretary shall adjust each such 
          dollar amount limitation set forth in this clause (as such 
          limitation may have been previously adjusted pursuant to this 
          clause) effective January 1 of each year, beginning in 2003, in 
          accordance with the percentage increase, if any, during the 12-
          month period ending with the preceding October, in the Annual 
          Construction Cost Index of the Bureau of the Census of the 
          Department of Commerce''; and
              (2) by inserting after ``foregoing dollar amount 
          limitations contained in this clause'' the following: ``(as 
          such limitations may have been previously adjusted pursuant to 
          this clause)''.
      (f) Section 231 Limits.--Section 231(c)(2) of the National Housing 
  Act (12 U.S.C. 1715v(c)(2)) is amended--
              (1) by inserting before ``; and except that'' the 
          following: ``; except that the Secretary shall adjust each such 
          dollar amount limitation set forth in this paragraph (as such 
          limitation may have been previously adjusted pursuant to this 
          paragraph) effective January 1 of each year, beginning in 2003, 
          in accordance with the percentage increase, if any, during the 
          12-month period ending with the preceding October, in the 
          Annual Construction Cost Index of the Bureau of the Census of 
          the Department of Commerce''; and
              (2) by inserting after ``foregoing dollar amount 
          limitations contained in this paragraph'' the following: ``(as 
          such limitations may have been previously adjusted pursuant to 
          this paragraph)''.
      (g) Section 234 Limits.--Section 234(e)(3) of the National Housing 
  Act (12 U.S.C. 1715y(e)(3)) is amended--
              (1) by inserting before ``; except that'' the second place 
          such phrase appears the following: ``; except that the 
          Secretary shall adjust each such dollar amount limitation set 
          forth in this paragraph (as such limitation may have been 
          previously adjusted pursuant to this paragraph) effective 
          January 1 of each year, beginning in 2003, in accordance with 
          the percentage increase, if any, during the 12-month period 
          ending with the preceding October, in the Annual Construction 
          Cost Index of the Bureau of the Census of the Department of 
          Commerce'';
              (2) by inserting after ``each of the foregoing dollar 
          amounts'' the following: ``(as such amounts may have been 
          previously adjusted pursuant to this paragraph)''; and
              (3) by inserting after ``foregoing dollar amount 
          limitations contained in this paragraph'' the following: ``(as 
          such limitations may have been previously adjusted pursuant to 
          this paragraph and increased pursuant to the preceding 
          clause)''.
  
  SEC. 2. HIGH-COST AREAS.
  
      (a) Section 207 Limits.--Section 207(c)(3) of the National Housing 
  Act (12 U.S.C. 1713(c)(3)) is amended--
              (1) by striking ``140 percent'' and inserting ``170 
          percent''; and
              (2) by striking ``110 percent'' and inserting ``140 
          percent''.
      (b) Section 213 Limits.--Section 213(b)(2) of the National Housing 
  Act (12 U.S.C. 1715e(b)(2)) is amended--
              (1) by striking ``140 percent'' and inserting ``170 
          percent''; and
              (2) by striking ``110 percent'' and inserting ``140 
          percent''.
      (c) Section 220 Limits.--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 ``140 percent'' and inserting ``170 
          percent''; and
              (2) by striking ``110 percent'' and inserting ``140 
          percent''.
      (d) Section 221(d)(3) Limits.--Section 221(d)(3)(ii) of the 
  National Housing Act (12 U.S.C. 1715l(d)(3)(ii)) is amended--
              (1) by striking ``140 percent'' and inserting ``170 
          percent''; and
              (2) by striking ``110 percent'' and inserting ``140 
          percent''.
      (e) Section 221(d)(4) Limits.--Section 221(d)(4)(ii) of the 
  National Housing Act (12 U.S.C. 1715l(d)(4)(ii)) is amended--
              (1) by striking ``140 percent'' and inserting ``170 
          percent''; and
              (2) by striking ``110 percent'' and inserting ``140 
          percent''.
      (f) Section 231 Limits.--Section 231(c)(2) of the National Housing 
  Act (12 U.S.C. 1715v(c)(2)) is amended--
              (1) by striking ``140 percent'' and inserting ``170 
          percent''; and
              (2) by striking ``110 percent'' and inserting ``140 
          percent''.
      (g) Section 234 Limits.--Section 234(e)(3) of the National Housing 
  Act (12 U.S.C. 1715y(e)(3)) is amended--
              (1) by striking ``140 percent'' and inserting ``170 
          percent''; and
              (2) by striking ``110 percent'' and inserting ``140 
          percent''.
target: FHA Multifamily Housing Loan Limit Improvement Act - Amends the National Housing Act to increase and index to the Bureau of the Census' annual construction cost index multifamily project mortgage loan limits for: (1) rental housing; (2) cooperative housing; (3) rehabilitation and neighborhood conservation housing; (4) housing for moderate income and displaced families; (5) housing for the elderly; and (6) condominiums.Increases loan limits in high-cost areas.
feat_title: A bill to adjust the indexing of multifamily mortgage limits, and for other purposes.