12 2 STA T . 2 69 2 PUBLIC LA W 11 0– 2 8 9 —J UL Y3 0 , 2008 housepric ei nd e x since t he la st ad j ust m ent .D eclines in the house price index shall b e accumulated and then reduce increases until subse q uent increases exceed prior declines. ’ ’. (2)HIGH-COSTARE A L I M IT. —S ection 30 2(b)(2) o f the F ederal N ational M ort g age A ssociation C harter Act ( 1 2 U .S.C. 1 7 17(b)(2)) is amended b y adding after the period at the end the follo w ing
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‘Such foregoing limitations shall also be increased , with respect to properties of a particular si z e located in any area for which 11 5 percent of the median house price for such size residence exceeds the foregoing limitation for such size residence, to the lesser of 150 percent of such limita- tion for such size residence or the amount that is equal to 115 percent of the median house price in such area for such size residence.’’. (3) EF FECTI V E D ATE.— T he amendments made by para- graphs (1) and (2) of this subsection shall ta k e effect upon the expiration of the date described in section 201(a) of the Economic Stimulus Act of 200 8 ( P ublic L aw 110 – 185). (b) FREDDIE MAC.— (1) G E N ERAL LIMIT.—Section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1 4 54(a)(2)) is amended by striking the 6 th and 7th sentences and inserting the following new sentences: ‘‘Such limitations shall not exceed $ 417,000 for a mortgage secured by a single-family residence, $533,850 for a mortgage secured by a 2-family residence, $645,300 for a mortgage secured by a 3-family residence, and $801, 9 50 for a mortgage secured by a 4-family residence, except that such maximum limitations shall be adjusted effecti v e J anuary 1 of each year beginning after the effective date of the Federal Housing Finance R egulatory Reform Act of 2008, subject to the limitations in this paragraph. Each adjustment shall be made by adding to each such amount (as it may have been previously adjusted) a percentage thereof equal to the percentage increase, during the most recent 12-month or 4-quarter period ending before the time of determining such annual adjustment, in the housing price index maintained by the Director of the Federal Housing Finance Agency (pursuant to section 1322 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4541)). I f the change in such house price index during the most recent 12- month or 4-quarter period ending before the time of determining such annual adjustment is a decrease, then no adjustment shall be made for the next year, and the next adjustment shall take into account prior declines in the house price index, so that any adjustment shall reflect the net change in the house price index since the last adjustment. Declines in the house price index shall be accumulated and then reduce increases until subsequent increases exceed prior declines.’’. (2) HIGH-COST AREA LIMIT.—Section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) is amended by adding after the period at the end the following: ‘‘Such foregoing limitations shall also be increased, with respect to properties of a particular size located in any area for which 115 percent of the median house price for such size residence exceeds the foregoing limitation for such size residence, to Ef f ectiv e da te s.12USC 1 7 17 no te.
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