Public Law 110–289—july 30, 2008 122 Stat. 2845

Attachment 6 b

PUBLIC LAW 110–289—JULY 30, 2008

122 STAT. 2845

(2) in subparagraph (C) by striking ‘‘$48,600’’ and inserting
‘‘$69,678’’;
(3) in subparagraph (D) by striking ‘‘$64,800’’ and inserting
‘‘$92,904’’;
(4) in subparagraph (E) by striking ‘‘$16,200’’ and inserting
‘‘$23,226’’; and
(5) by realigning subparagraphs (C), (D), and (E) 2 ems
to the left so that the left margins of such subparagraphs
are aligned with the margins of subparagraphs (A) and (B).
(b) ANNUAL INDEXING.—Subsection (b) of section 2 of the
National Housing Act (12 U.S.C. 1703(b)), as amended by the preceding provisions of this title, is further amended by adding at
the end the following new paragraph:
‘‘(9) ANNUAL INDEXING OF MANUFACTURED HOUSING
LOANS.—The Secretary shall develop a method of indexing in
order to annually adjust the loan limits established in subparagraphs (A)(ii), (C), (D), and (E) of this subsection. Such index
shall be based on the manufactured housing price data collected
by the United States Census Bureau. The Secretary shall establish such index no later than 1 year after the date of the
enactment of the FHA Manufactured Housing Loan Modernization Act of 2008.’’
(c) TECHNICAL AND CONFORMING CHANGES.—Paragraph (1) of
section 2(b) of the National Housing Act (12 U.S.C. 1703(b)(1))
is amended—
(1) by striking ‘‘No’’ and inserting ‘‘Except as provided
in the last sentence of this paragraph, no’’; and
(2) by adding after and below subparagraph (G) the following:
‘‘The Secretary shall, by regulation, annually increase the dollar
amount limitations in subparagraphs (A)(ii), (C), (D), and (E) (as
such limitations may have been previously adjusted under this
sentence) in accordance with the index established pursuant to
paragraph (9).’’.

Deadline.

Regulations.

SEC. 2146. INSURANCE PREMIUMS.

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Subsection (f) of section 2 of the National Housing Act (12
U.S.C. 1703(f)) is amended—
(1) by inserting ‘‘(1) PREMIUM CHARGES.—’’ after ‘‘(f)’’; and
(2) by adding at the end the following new paragraph:
‘‘(2) MANUFACTURED HOME LOANS.—Notwithstanding paragraph (1), in the case of a loan, advance of credit, or purchase
in connection with a manufactured home or a lot on which to
place such a home (or both), the premium charge for the insurance
granted under this section shall be paid by the borrower under
the loan or advance of credit, as follows:
‘‘(A) At the time of the making of the loan, advance of
credit, or purchase, a single premium payment in an amount
not to exceed 2.25 percent of the amount of the original insured
principal obligation.
‘‘(B) In addition to the premium under subparagraph (A),
annual premium payments during the term of the loan,
advance, or obligation purchased in an amount not exceeding
1.0 percent of the remaining insured principal balance
(excluding the portion of the remaining balance attributable
to the premium collected under subparagraph (A) and without
taking into account delinquent payments or prepayments).

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23:57 Sep 03, 2008

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