[Federal Register Volume 72, Number 68 (Tuesday, April 10, 2007)]
[Notices]
[Page 17929]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-6654]



[[Page 17929]]

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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4964-N-03]


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 2007.

DATES: Effective Date: January 1, 2007.

FOR FURTHER INFORMATION CONTACT: Joseph E. Malloy, Acting 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 3.55 percent and the 
effective date of the HOEPA adjustment is January 1, 2007. The Dollar 
Amounts have been adjusted correspondingly and have an effective date 
of January 1, 2007.
    The adjusted Dollar Amounts for calendar year 2007 are shown below:

Basic Statutory Mortgage Limits for Calendar Year 2007

Multifamily Loan Program

     Section 207--Multifamily Housing.
     Section 207 pursuant to section 223(f)--Purchase or 
refinance housing.
     Section 220--Housing in urban renewal areas.

------------------------------------------------------------------------
                                                       Non-
                     Bedrooms                        elevator   Elevator
------------------------------------------------------------------------
0.................................................    $42,614     49,171
1.................................................     47,203     55,071
2.................................................     56,381     67,528
3.................................................     69,494     84,574
4+................................................     78,674     95,627
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     Section 213--Cooperatives.

------------------------------------------------------------------------
                                                       Non-
                     Bedrooms                        elevator   Elevator
------------------------------------------------------------------------
0.................................................    $46,180     49,171
1.................................................     53,245     55,709
2.................................................     64,216     67,741
3.................................................     82,195     87,635
4+................................................     91,570     96,197
------------------------------------------------------------------------

     Section 221(d)(3)--Moderate income housing.
     Section 234--Condominium housing.

------------------------------------------------------------------------
                                                       Non-
                     Bedrooms                        elevator   Elevator
------------------------------------------------------------------------
0.................................................    $47,122     49,590
1.................................................     54,332     56,845
2.................................................     65,525     69,124
3.................................................     83,873     89,423
4+................................................     93,438     98,160
------------------------------------------------------------------------

     Section 221(d)(4)--Moderate income housing.

------------------------------------------------------------------------
                                                       Non-
                     Bedrooms                        elevator   Elevator
------------------------------------------------------------------------
0.................................................    $42,408     45,809
1.................................................     48,138     52,514
2.................................................     58,186     63,856
3.................................................     73,034     82,608
4+................................................     82,760     90,679
------------------------------------------------------------------------

     Section 231--Housing for the Elderly.

------------------------------------------------------------------------
                                                       Non-
                     Bedrooms                        elevator   Elevator
------------------------------------------------------------------------
0.................................................    $40,320     45,809
1.................................................     45,074     52,514
2.................................................     53,825     63,856
3.................................................     64,773     82,608
4+................................................     76,151     90,679
------------------------------------------------------------------------

     Section 207--Manufactured Home Parks.

Per Space--$19,565

    Dated: April 2, 2007.
Brian D. Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. E7-6654 Filed 4-9-07; 8:45 am]
BILLING CODE 4210-67-P