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Homeownership Affordability Act: dramatically increasing multifamily loan limits.

This Act significantly raises the maximum loan amounts insured by the federal government for the construction and renovation of multifamily housing units. By increasing these loan limits several times over, the law aims to make it easier for developers to secure financing, which should theoretically increase housing supply and reduce costs for citizens. Furthermore, the method for annual adjustment of these limits is changed to reflect the percentage change in the Price Deflator Index of Multifamily Residential Units Under Construction, better matching real construction costs.
Key points
Dramatic increase in loan limits for multifamily buildings (e.g., from $38,025 to $167,310 per unit in Section 207) to boost housing supply.
The annual adjustment method for loan limits changes, effective July 1, 2024, based on the Price Deflator Index of Multifamily Residential Units Under Construction.
The primary goal is to improve housing affordability by facilitating the financing of large-scale residential projects.
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Additional Information
Print number: 118_S_3862
Sponsor: Sen. Menendez, Robert [D-NJ]
Process start date: 2024-03-05
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Homeownership Affordability Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3862.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-03-05.

What are the main provisions?

Key points include:

  • Dramatic increase in loan limits for multifamily buildings (e.g., from $38,025 to $167,310 per unit in Section 207) to boost housing supply.
  • The annual adjustment method for loan limits changes, effective July 1, 2024, based on the Price Deflator Index of Multifamily Residential Units Under Construction.
  • The primary goal is to improve housing affordability by facilitating the financing of large-scale residential projects.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Menendez, Robert [D-NJ].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Real Estate Economy