The US House of Representatives passed the “FHA Multifamily Loan Limit Adjustment Act of 2009″ (HR 3527) on a voice vote on September 15. The measure was passed unanimously under a suspension of House rules and thus did not go through the typical committee process. NH&RA has been lobbying the leadership in the House of Representatives on behalf of these provisions and is very pleased with the House of Representatives’ speedy action. The measure now awaits consideration in the Senate.
HR 3527 would allow the Federal Housing Administration to provide loans for units in buildings of eight or more stories that are worth up to 50 percent more than loans it provides for units in buildings that are below that height. The measure also gives the HUD Secretary discretion to prescribe, with respect to dollar amount, a higher maximum or maxima for the principal obligation of mortgages insured under this chapter covering property in high-cost areas. The intent is to spur construction of already planned high-rise buildings currently on hold because the developers are unable to find financing.
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