HOUSING AFFORDABILITY ACT.

SEC. 211. 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.Federal Register, publication.Public comments. 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) [12 U.S.C. 1712a note] 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).