Housing Affordability Act
Sponsored By: Senator Sen. Gallego, Ruben [D-AZ]
Introduced
Summary
Indexes multifamily loan limits to construction-price inflation. The Housing Affordability Act would replace the old trigger with an annual formula tied to the U.S. Census Price Deflator Index for multifamily residential units and raise many statutory dollar thresholds across Title II of the National Housing Act.
Show full summary
- Developers and lenders: Would gain higher maximum loan amounts across multiple programs, including large increases in listed thresholds (for example, one base threshold moves from about $38,025 to $167,310) and the removal of a previous per-space cap. These changes expand lending capacity for multifamily projects.
- Renters and housing supply: By indexing limits to construction-price inflation and increasing dollar caps, the bill aims to make funding more responsive to building costs and support construction and preservation of multifamily housing over time.
- Program transparency and predictability: Updates would begin July 1, 2025, use the March-to-March price deflator change, require Federal Register publication, and round adjustments down to the next dollar.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Higher apartment loan caps for owners
This bill would raise many FHA multifamily dollar caps so larger apartment loans could qualify for FHA insurance. If enacted, it would remove the rule that limited one listed cap to $17,460 per space. Starting July 1, 2025, the Secretary would update these caps each year using the Price Deflator Index of Multifamily Residential Units Under Construction (Census), comparing March to March. The Secretary would publish any changes in the Federal Register and round adjusted dollar amounts down to the next whole dollar.
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Sponsors & CoSponsors
Sponsor
Sen. Gallego, Ruben [D-AZ]
AZ • D
Cosponsors
Sen. McCormick, David [R-PA]
PA • R
Sponsored 4/30/2025
Kevin Cramer
ND • R
Sponsored 5/1/2025
Roll Call Votes
No roll call votes available for this bill.
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