A bill to increase the maximum mortgage amount limitations under the Federal Housing Administration mortgage insurance programs for multi-family housing projects with elevators and for extremely high-cost areas.

This bill, introduced by Senator Charles Schumer, aims to update the Federal Housing Administration (FHA) mortgage insurance program to better accommodate the high costs of building multi-family housing. It would increase the maximum loan amounts that the government can insure for apartment buildings, cooperatives, and condominiums that include elevators.

For citizens, this legislation is designed to make it easier for developers to secure financing for housing projects in expensive urban areas where construction costs are high. By raising these loan limits, the bill seeks to encourage the development and renovation of rental and senior housing, particularly in "extremely high-cost areas" where current federal limits may be too low to support new construction.