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WASHINGTON, DC-The US House of Representatives has gotten a nice pat on the back from the Mortgage Bankers Association for the body’s passage of the FHA Multifamily Loan Limit Adjustment Act of 2003 or HR 1985. The legislation–designed to give HUD the ability to increase multifamily mortgage loan limits for Federal Housing Administration insured multifamily projects in high-cost communities–now rests in the hands of the Senate.

“An increase to the FHA multifamily loan limit is necessary, especially in high-cost markets, because without these provisions, critical housing needs will go unmet,” MBA senior vice president of government affairs Kurt Pfotenhauer explains.

Once the bill goes into effect, it could facilitate change in a speedy manner. “I know of seven or eight projects now that could move forward pretty quickly if you could get the high-cost factor increased,” Cheryl Patton Malloy, MBA senior vice president for multifamily and governance, tells GlobeSt.com. Malloy adds that these projects, located in Boston, New Jersey, New York, and Washington, DC, “would probably not go forward otherwise.”

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