Housing Affordability Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
The Housing Affordability Act modifies the multifamily loan limits under the National Housing Act. Specifically, it increases the loan limits that qualify for Federal Housing Administration (FHA) mortgage insurance for rental housing and adjusts the index used to calculate these limits. The bill shifts the inflation index used to determine these limits from the Consumer Price Index to the Price Deflator Index of Multifamily Residential Units Under Construction. It also updates specific dollar amounts associated with these loan limits.
Key provisions
- Increases FHA multifamily loan limits for mortgage insurance.
- Changes the inflation index used to calculate loan limits from the Consumer Price Index to the Price Deflator Index of Multifamily Residential Units Under Construction.
- Updates specific dollar amounts associated with loan limits in several sections of the National Housing Act.
- Requires the Secretary of Housing and Urban Development to publish adjustments to the loan limits in the Federal Register.
- Specifies rounding rules for adjustments to the loan limits.
- Modifies loan limits for various housing types, including rental, cooperative, rehabilitation, and condominium housing.
Who is affected
- Homebuyers
- Landlords
- Housing Developers
- Mortgage Lenders
- Federal Housing Administration (FHA)
Notable changes
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Sponsors
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3 on record
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