Housing Affordability Act

(a) In general Title II of the National Housing Act (12 U.S.C. 1707 et seq.) is amended— (1) in section 206A (12 U.S.C. 1712a)— (A) in subsection (a), in the matter following paragraph (7), by striking (commencing in 2004 and all that follows through the period at the end and inserting the following:, commencing on July 1, 2025. The adjustment of the Dollar Amounts shall be calculated by the Secretary using the percentage change in the Price Deflator Index of Multifamily Residential Units Under Construction released by the Bureau of the Census from March of the previous year to March of the year in which the adjustment is made, or by the Secretary using an alternative indicator after publishing information about such alternative indicators in the Federal Register for public comment if the Price Deflator Index of Multifamily Residential Units Under Construction is not available or published.; and (B) by amending subsection (b) to read as follows: (b) Publication (1) In general The Secretary shall publish in the Federal Register any adjustments made to the Dollar Amounts. (2) Rounding The dollar amount of any adjustment described in paragraph (1) shall be rounded to the next lower dollar.; (2) in section 207(c)(3)(A) (12 U.S.C. 1713(c)(3)(A))— (A) by striking $38,025 and inserting $66,544; (B) by striking $42,120 and inserting $73,710; (C) by striking $50,310 and inserting $88,043; (D) by striking $62,010 and inserting $108,518; (E) by striking $70,200 and inserting $122,850; (F) by striking, or not to exceed $17,460 per space; (G) by striking $43,875 and inserting $76,781; (H) by striking $49,140 and inserting $85,995; (I) by striking $60,255 and inserting $105,446; (J) by striking $75,465 and inserting $132,064; and (K) by striking $85,328 and inserting $149,324; (3) in section 213(b)(2) (12 U.S.C. 1715e(b)(2))— (A) by striking $41,207 and inserting $72,112; (B) by striking $47,511 and inserting $83,144; (C) by striking $57,300 and inserting $100,275; (D) by striking $73,343 and inserting $128,350; (E) by striking $81,708 and inserting $142,989; (F) by striking $43,875 and inserting $76,781; (G) by striking $49,710 and inserting $87,993; (H) by striking $60,446 and inserting $105,781; (I) by striking $78,197 and inserting $136,845; and (J) by striking $85,836 and inserting $150,213; (4) in section 220(d)(3)(B)(iii)(I) (12 U.S.C. 1715k(d)(3)(B)(iii)(I))— (A) by striking $38,025 and inserting $66,544; (B) by striking $42,120 and inserting $73,710; (C) by striking $50,310 and inserting $88,043; (D) by striking $62,010 and inserting $108,518; (E) by striking $70,200 and inserting $122,850; (F) by striking $43,875 and inserting $76,781; (G) by striking $49,140 and inserting $85,995; (H) by striking $60,255 and inserting $105,446; (I) by striking $75,465 and inserting $132,064; and (J) by striking $85,328 and inserting $149,324; (5) in section 221(d)(4)(ii)(I) (12 U.S.C. 1715l(d)(4)(ii)(I))— (A) by striking $37,843 and inserting $66,225; (B) by striking $42,954 and inserting $75,170; (C) by striking $51,920 and inserting $90,860; (D) by striking $65,169 and inserting $114,046; (E) by striking $73,846 and inserting $129,231; (F) by striking $40,876 and inserting $71,533; (G) by striking $46,859 and inserting $82,003; (H) by striking $56,979 and inserting $99,713; (I) by striking $73,710 and inserting $128,993; and (J) by striking $80,913 and inserting $141,598; (6) in section 231(c)(2)(A) (12 U.S.C. 1715v(c)(2)(A))— (A) by striking $35,978 and inserting $62,962; (B) by striking $40,220 and inserting $70,385; (C) by striking $48,029 and inserting $84,051; (D) by striking $57,798 and inserting $101,147; (E) by striking $67,950 and inserting $118,913; (F) by striking $40,876 and inserting $71,533; (G) by striking $46,859 and inserting $82,003; (H) by striking $56,979 and inserting $99,713; (I) by striking $73,710 and inserting $128,993; and (J) by striking $80,913 and inserting $141,598; and (7) in section 234(e)(3)(A) (12 U.S.C. 1715y(e)(3)(A))— (A) by striking $42,048 and inserting $73,584; (B) by striking $48,481 and inserting $84,842; (C) by striking $58,469 and inserting $102,321; (D) by striking $74,840 and inserting $130,970; (E) by striking $83,375 and inserting $145,906; (F) by striking $44,250 and inserting $77,438; (G) by striking $50,724 and inserting $88,767; (H) by striking $61,680 and inserting $107,940; (I) by striking $79,793 and inserting $139,638; and (J) by striking $87,588 and inserting $153,279. (b) Multifamily loan limit study The Commissioner of the Federal Housing Administration, in consultation with the Secretary of Housing and Urban Development, shall conduct a study to assess the following in comparison to the loan limits prior to the amendments made under this section: (1) Whether the Commissioner has sufficient authority to increase loan limits for each multifamily mortgage insurance program at appropriate amounts, including to meet market demand. (2) The impacts that multifamily loan limit increases have had, if any, on— (A) the General Insurance and Special Risk Insurance Fund; (B) the change in volume of multifamily purchase and construction lending that is insured by the Federal Housing Administration; and (C) subject to the availability of data, the year-over-year change over the last 6 years in— (i) median and average lending costs as well as rent and house prices within the multifamily housing market; and (ii) multifamily housing supply, including the number of building permits issued as well as housing unit starts and completions. (c) Report Not later than 3 years after the date of enactment of this Act, the Commissioner of the Federal Housing Administration shall submit to Congress a report summarizing the findings of the Commissioner for the study conducted under subsection (b).

(a) In general Title II of the National Housing Act (12 U.S.C. 1707 et seq.) is amended— (1) in section 206A (12 U.S.C. 1712a)— (A) in subsection (a), in the matter following paragraph (7), by striking (commencing in 2004 and all that follows through the period at the end and inserting the following:, commencing on July 1, 2025. The adjustment of the Dollar Amounts shall be calculated by the Secretary using the percentage change in the Price Deflator Index of Multifamily Residential Units Under Construction released by the Bureau of the Census from March of the previous year to March of the year in which the adjustment is made, or by the Secretary using an alternative indicator after publishing information about such alternative indicator in the Federal Register for public comment if the Price Deflator Index of Multifamily Residential Units Under Construction is not available or published.; and (B) by amending subsection (b) to read as follows: (b) Publication (1) In general The Secretary shall publish in the Federal Register any adjustments made to the Dollar Amounts. (2) Rounding The dollar amount of any adjustment described in paragraph (1) shall be rounded to the next lower dollar.; (2) in section 207(c)(3)(A) (12 U.S.C. 1713(c)(3)(A))— (A) by striking $38,025 and inserting $167,310; (B) by striking $42,120 and inserting $185,328; (C) by striking $50,310 and inserting $221,364; (D) by striking $62,010 and inserting $272,844; (E) by striking $70,200 and inserting $308,880; (F) by striking, or not to exceed $17,460 per space; (G) by striking $43,875 and inserting $193,050; (H) by striking $49,140 and inserting $216,216; (I) by striking $60,255 and inserting $265,122; (J) by striking $75,465 and inserting $332,046; and (K) by striking $85,328 and inserting $375,443; (3) in section 213(b)(2) (12 U.S.C. 1715e(b)(2))— (A) by striking $41,207 and inserting $181,311; (B) by striking $47,511 and inserting $209,048; (C) by striking $57,300 and inserting $252,120; (D) by striking $73,343 and inserting $322,709; (E) by striking $81,708 and inserting $359,515; (F) by striking $43,875 and inserting $193,050; (G) by striking $49,710 and inserting $218,724; (H) by striking $60,446 and inserting $265,962; (I) by striking $78,197 and inserting $344,067; and (J) by striking $85,836 and inserting $377,678; (4) in section 220(d)(3)(B)(iii)(I) (12 U.S.C. 1715k(d)(3)(B)(iii)(I))— (A) by striking $38,025 and inserting $167,310; (B) by striking $42,120 and inserting $185,328; (C) by striking $50,310 and inserting $221,364; (D) by striking $62,010 and inserting $272,844; (E) by striking $70,200 and inserting $308,880; (F) by striking $43,875 and inserting $193,050; (G) by striking $49,140 and inserting $216,216; (H) by striking $60,255 and inserting $265,122; (I) by striking $75,465 and inserting $332,046; and (J) by striking $85,328 and inserting $375,443; (5) in section 221(d)(4)(ii)(I) (12 U.S.C. 1715l(d)(4)(ii)(I))— (A) by striking $37,843 and inserting $166,509; (B) by striking $42,954 and inserting $188,997; (C) by striking $51,920 and inserting $228,448; (D) by striking $65,169 and inserting $286,744; (E) by striking $73,846 and inserting $324,922; (F) by striking $40,876 and inserting $179,854; (G) by striking $46,859 and inserting $206,180; (H) by striking $56,979 and inserting $250,708; (I) by striking $73,710 and inserting $324,324; and (J) by striking $80,913 and inserting $356,017; (6) in section 231(c)(2)(A) (12 U.S.C. 1715v(c)(2)(A))— (A) by striking $35,978 and inserting $166,509; (B) by striking $40,220 and inserting $188,997; (C) by striking $48,029 and inserting $228,448; (D) by striking $57,798 and inserting $286,744; (E) by striking $67,950 and inserting $324,922; (F) by striking $40,876 and inserting $179,854; (G) by striking $46,859 and inserting $206,180; (H) by striking $56,979 and inserting $250,708; (I) by striking $73,710 and inserting $324,324; and (J) by striking $80,913 and inserting $356,017; and (7) in section 234(e)(3)(A) (12 U.S.C. 1715y(e)(3)(A))— (A) by striking $42,048 and inserting $185,011; (B) by striking $48,481 and inserting $213,316; (C) by striking $58,469 and inserting $257,263; (D) by striking $74,840 and inserting $329,296; (E) by striking $83,375 and inserting $366,850; (F) by striking $44,250 and inserting $194,700; (G) by striking $50,724 and inserting $223,186; (H) by striking $61,680 and inserting $271,392; (I) by striking $79,793 and inserting $351,089; and (J) by striking $87,588 and inserting $385,387. (b) Rule of construction Nothing in this section or the amendments made by this section may be construed to limit the authority of the Secretary of Housing and Urban Development to revise the statutory exceptions for high-cost percentage and high-cost areas annual indexing. (c) Multifamily loan limit study The Commissioner of the Federal Housing Administration, in consultation with the Secretary of Housing and Urban Development, shall conduct a study to assess the following in comparison to the loan limits prior to the amendments made under this section: (1) Whether the Commissioner has sufficient authority to increase loan limits for each multifamily mortgage insurance program at appropriate amounts, including to meet market demand. (2) The impacts that multifamily loan limit increases have had, if any, on— (A) the General Insurance and Special Risk Insurance Fund; (B) the change in volume of multifamily purchase and construction lending that is insured by the Federal Housing Administration; and (C) subject to the availability of data, the year-over-year change over the last 6 years in— (i) median and average lending costs as well as rent and house prices within the multifamily housing market; and (ii) multifamily housing supply, including the number of building permits issued as well as housing unit starts and completions. (d) Report Not later than 3 years after the date of enactment of this Act, the Commissioner of the Federal Housing Administration shall submit to Congress a report summarizing the findings of the Commissioner for the study conducted under subsection (b).