The Secretary must develop an indexing method and set the limits each year
What the document says“The Secretary shall develop or choose 1 or more methods of indexing in order to annually set the loan limits established in paragraph (1), based on data the Secretary determines is appropriate for purposes of this section.''; and”
The section replaces paragraph (9) of section 2(b) of the National Housing Act with a duty on the Secretary to develop or choose one or more methods of indexing to set the loan limits each year, based on data the Secretary considers appropriate. The Secretary must do so within a year of enactment, and until then the indexing method in place before enactment continues to apply.
What the document actually says“The Secretary shall develop or choose 1 or more methods of indexing in order to annually set the loan limits established in paragraph (1), based on data the Secretary determines is appropriate for purposes of this section.''; and”
The housing agency must build or pick a way to update the limits. It uses that way to set them once a year. It picks the data it thinks fits.
Indexing means moving a figure with some measure, often prices. The agency has one year to choose a method. Until then the old one stays.
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