12 2 STA T .6 1 9PUBLIC LA W 11 0– 1 85—FE B.1 3, 2008 (A)bystrik i ng‘ ‘ Sep te m ber 10,2 001 ’ ’ins u bp a ragrap h (A) an d inserting ‘‘ D e c ember 3 1, 200 7 ’’, and ( B ) by striking ‘‘ J anuary 1, 200 5 ’’ in subparagraph (B) and inserting ‘‘January 1, 200 9 ’’ . ( 8 ) Subparagraph (D) of section 1 4 00 L (b)(2) of such C ode is amended by striking ‘‘January 1, 2005’’ and inserting ‘‘January 1, 2010’’. (9) P aragraph (3) of section 1400 N (d) of such Code is amended — (A) by striking ‘‘September 10, 2001’’ in subparagraph (A) and inserting ‘‘December 31, 2007’’, and (B) by striking ‘‘January 1, 2005’’ in subparagraph (B) and inserting ‘‘January 1, 2009’’. (10) Paragraph ( 6 ) of section 1400N(d) of such Code is amended by adding at the end the fo l lo w ing new subparagraph
‘‘( E )E XCEPTIONF O RB ON USD EPRECI A TION PROPERT Y UNDER SECTION 168( k ) .— T he term ‘specified G ulf O ppor - tunity Z one e x tension property’ shall not include any prop- erty to which section 168(k) applies.’’. (11) The heading for subsection (k) of section 168 of such Code is amended— (A) by striking ‘‘SEPTE M BER 10, 2001’’ and inserting ‘‘DECEMBER 31, 2007’’, and (B) by striking ‘‘JANUARY 1, 2005’’ and inserting ‘‘JANUARY 1, 2009’’. (12) The heading for clause (ii) of section 168(k)(2)(B) of such Code is amended by striking ‘‘PRE- J ANUARY 1, 20 0 5 ’’ and inserting ‘‘PRE-JANUARY 1, 200 9 ’’. (d) EFFECTI V E DATE.—The amendments made by this section shall apply to property placed in ser v ice after December 31, 2007, in taxable years ending after such date. TI T LE II —HOUS I NG GSE A N DF HA LOAN LI M ITS SEC.201 . T E MPORA R Y CO NF ORM I N GL OAN LIMIT INCREASE FOR FANNIE MAE AN D FREDDIE MAC. (a) I NCREASE OF H I GH COST AREAS LIMITS FOR HOUSING GSES.— F or mortgages originated during the period beginning on July 1, 2007, and ending at the end of December 31, 2008: (1) FANNIE MAE.— W ith respect to the Federal National M ortgage Association, notwithstanding section 302(b)(2) of the Federal National Mortgage Association Charter Act (12 U .S.C. 1717(b)(2)), the limitation on the maximum original principal obligation of a mortgage that may be purchased by the Associa- tion shall be the higher of— (A) the limitation for 2008 determined under such sec- tion 302(b)(2) for a residence of the applicable si z e
or (B) 125 percent of the area median price for a residence of the applicable size, but in no case to exceed 175 percent of the limitation for 2008 determined under such section 302(b)(2) for a residence of the applicable size. (2) FREDDIE MAC.—With respect to the Federal Home Loan Mortgage Corporation, notwithstanding section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)), the limitation on the maximum original principal 26USC1 6 8note. 26USC1 40 0 L .
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