Sen. Gallego and Sen. McCormick Introduce the Housing Affordability Act to Quadruple Apartment Loan Limits
The Housing Affordability Act is currently in the early stages of the legislative process. It was recently sent to the Senate Committee on Banking, Housing, and Urban Affairs for review. The bill is actively moving forward as it waits for the committee to discuss its next steps.
While the bill has support from both parties, it faces a long process in committee and must compete with other high-priority economic legislation.
The bill also raises loan limits for FHA-backed cooperative housing (Section 213) and condominium projects (Section 234), making it easier to finance the construction or renovation of these types of owner-occupied multifamily housing. Condo and co-op buyers in high-cost areas could benefit from expanded availability of these developments.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
No votes have been recorded for this legislation yet.
Reps. Monica De La Cruz and Ritchie Torres introduced the Housing Affordability Act to update FHA loan limits using a construction-cost index instead of CPI. The bill aims to make it financially viable to build new housing by ensuring federal loan limits reflect the actual expense of building.
Senators Gallego and McCormick are leading a bipartisan effort to update FHA's 'outdated' multifamily loan limits. The Housing Affordability Act would shift the inflation adjustment to a construction-specific index, a move industry groups say is critical for unlocking new apartment development.
The Real Estate Roundtable is backing the Housing Affordability Act, which would update FHA loan limits to better reflect today’s building costs. The bill replaces the Consumer Price Index with a multifamily construction price deflator to ensure limits keep pace with real-world expenses.
Document Type
Congressional Bill
Official Title
Housing Affordability Act
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