[Federal Register Volume 68, Number 225 (Friday, November 21, 2003)]
[Notices]
[Pages 65724-65725]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-29059]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4888-N-01]


Annual Indexing of Basic Statutory Mortgage; Limits for 
Multifamily Housing Programs

AGENCY: Office of the Assistant Secretary for Housing-Federal Housing 
Commissioner, HUD.

ACTION: Notice.

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SUMMARY: In accordance with section 206A of the National Housing Act, 
HUD has adjusted the basic statutory mortgage limits for multifamily 
housing programs for calendar year 2004.

EFFECTIVE DATE: January 1, 2004.

FOR FURTHER INFORMATION CONTACT: Michael McCullough, Director, Office 
of Multifamily Development, Department of Housing and Urban 
Development, 451 Seventh Street SW., Washington, DC 20410-8000, 
telephone (202) 708-1142 (this is not a toll-free number). Hearing- or 
speech-impaired individuals may access this number through TTY by 
calling the toll-free Federal Information Relay Service at (800) 877-
8339.

SUPPLEMENTARY INFORMATION: The FHA Downpayment Simplification Act of 
2002 (Pub. L. 107-326, approved December 4, 2002) amended the National 
Housing Act by adding a new section 206A (12 U.S.C. 1712a). Under 
section 206A, the following are affected:
    (1) Section 207(c)(3)(A) (12 U.S.C. 1713(c)(3)(A));
    (2) Section 213(b)(2)(A) (12 U.S.C. 1715e(b)(2)(A));
    (3) Section 220(d)(3)(B)(iii)(I) (12 U.S.C. 
1715k(d)(3)(B)(iii)(I));
    (4) Section 221(d)(3)(ii)(I) (12 U.S.C. 1715l(d)(3)(ii)(I));
    (5) Section 221(d)(4)(ii)(I) (12 U.S.C. 1715l(d)(4)(ii)(I));
    (6) Section 231(c)(2)(A) (12 U.S.C. 1715v(c)(2)(A)); and
    (7) Section 234(e)(3)(A) (12 U.S.C. 1715y(e)(3)(A));
    The dollar amounts in these sections, which are collectively 
referred to as the ``Dollar Amounts,'' shall be adjusted annually 
(commencing in 2004) on the effective date of the Federal Reserve 
Board's adjustment of the $400 figure in the Home Ownership and Equity 
Protection Act of 1994 (HOEPA) (Pub. L. 103-325, approved September 23, 
1994). The adjustment of the Dollar Amounts shall be calculated using 
the percentage change in the Consumer Price Index for All Urban 
Consumers (CPI-U) as applied by the Federal Reserve Board for purposes 
of the above-described HOEPA adjustment.
    HUD has been notified of the percentage change in the CPI-U used 
for the HOEPA adjustment and the effective date of the HOEPA 
adjustment. The percentage change in the CPI-U is 2.22 percent and the 
effective date of the HOEPA adjustment is January 1, 2004. The Dollar 
Amounts have been adjusted correspondingly and have an effective date 
of January 1, 2004.
    The adjusted Dollar Amounts for calendar year 2004 are shown below:

Basic Statutory Mortgage Limits for Calendar Year 2004

Multifamily Loan Program

    [sbull] Section 207--Multifamily Housing.

[[Page 65725]]

    [sbull] Section 207 pursuant to section 223(f)--Purchase or 
refinance housing.
    [sbull] Section 213--Cooperatives.
    [sbull] Section 220--Housing in urban renewal areas.

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                  Bedrooms                     Non-Elevator    Elevator
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0..........................................          $38,869     $44,849
1..........................................           43,055      50,230
2..........................................           51,426      61,592
3..........................................           63,386      77,140
4+.........................................           71,758      87,221
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    [sbull] Section 221(d)(3)--Moderate income housing.
    [sbull] Section 234--Condominium housing.

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                  Bedrooms                     Non-Elevator    Elevator
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0..........................................          $42,980     $45,232
1..........................................           49,557      51,849
2..........................................           59,766      63,049
3..........................................           76,501      81,563
4+.........................................           85,225      89,531
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    [sbull] Section 221(d)(4)--Moderate income housing.

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                  Bedrooms                     Non-Elevator    Elevator
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0..........................................          $38,682     $41,783
1..........................................           43,907      47,899
2..........................................           53,072      58,243
3..........................................           66,615      75,346
4+.........................................           75,485      82,708
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    [sbull] Section 231--Housing for the Elderly.

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                  Bedrooms                     Non-Elevator    Elevator
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0..........................................          $36,776     $41,783
1..........................................           41,112      47,899
2..........................................           49,094      58,243
3..........................................           59,080      75,346
4+.........................................           69,458      82,708
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    [sbull] Section 207--Manufactured Home Parks.
    Per Space--$11,499.

    Dated: November 14, 2003.
John C. Weicher,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 03-29059 Filed 11-20-03; 8:45 am]
BILLING CODE 4210-27-P