12 2 STA T .6 21 PUBLIC LA W 11 0– 1 85—FE B.1 3, 2008 det e rmin ed fo r 20 0 8u nder s e c tion 3 0 5(a) (2)oft h e F edera lH ome L oan M ort g age C or p oration A ct( 1 2 U.S .C. 1 4 54(a)(2)) fora2 -, 3-, or 4-famil y residence, respecti v ely, b ears to the dollar amount limitation determined for 2008 under such sec- tion for a 1-family residence
or (2) 1 7 5 percent of the dollar amount limitation determined for 2008 under such section 305(a)(2) for a residence of the applicable si z e( w ithout regard to any authority to increase such limitation with respect to properties located in Alas k a, G uam, Hawaii, or the V irgin I slands); e x cept that the dollar amount limitation in effect under this sub- section for any size residence for any area shall not be less than the greater of
(A) the dollar amount limitation in effect under such section 203(b)(2) for the area on O ctober 21, 1 9 98;or( B ) 6 5 percent of the dollar amount limitation determined for 2008 under such section 305(a)(2) for a residence of the applicable size. Any reference in this subsection to dollar amount limitations in effect under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act means such limitations as in effect without regard to any increase in such limitation pursuant to section 201 of this title. (b) DISCRET I ONA R Y A U T H ORITY. — If the Secretary of Housing and Urban Development determines that market conditions warrant such an increase, the Secretary may, for the period that begins upon the date of the enactment of this Act and ends at the end of the date specified in subsection (a), increase the maximum dollar amount limitation determined pursuant to subsection (a) with respect to any particular size or sizes of residences, or with respect to residences located in any particular area or areas, to an amount that does not exceed the maximum dollar amount then otherwise in effect pursuant to subsection (a) for such size residence, or for such area (if applicable), by not more than $ 100,000. (c) P U BL ICATION O F AREA ME D IAN PRICES AND LOAN LI M ITS.— T he Secretary of Housing and Urban Development shall publish the median house prices and mortgage principal obligation limits, as revised pursuant to this section, for all areas as soon as prac- ticable, but in no case more than 30 days after the date of the enactment of this Act. W ith respect to existing areas for which the Secretary has not established area median prices before such date of enactment, the Secretary may rely on existing commercial data in determining area median prices and calculating such revised principal obligation limits. Deadlin e .
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