[Federal Register Volume 74, Number 179 (Thursday, September 17, 2009)]
[Notices]
[Pages 47810-47812]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-22342]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5346-N-01]
Multifamily Mortgage Insurance Premiums (MIPs) and Credit Subsidy
Obligations for Fiscal Year (FY) 2010
AGENCY: Office of the Assistant Secretary for Housing--Federal Housing
Commissioner, HUD.
[[Page 47811]]
ACTION: Notice.
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SUMMARY: This notice announces the mortgage insurance premiums (MIPs)
for Federal Housing Administration (FHA) multifamily mortgage insurance
programs, health care facilities; and hospital insurance programs that
have commitments to be issued or reissued in Fiscal Year (FY) 2010. The
FY2010 MIPs are the same as in FY2009. In addition to announcing MIPs
for FY2010, this notice also announces:
(A) The credit subsidy obligations for FY2010 are the same as those
for firm commitments issued or reissued in FY2009. There are three
positive credit subsidy programs: (1) Section 221(d)(3) New
Construction/Substantial Rehabilitation for Nonprofit/Cooperatives; (2)
Section 241(a) Supplemental Loans for apartments only; and (3) Section
223(d) Operating Loss Loans.
(B) The addition of an MIP for FHA's hospital insurance program,
section 242/223f refinancing of an existing hospital.
DATES: Effective Date: October 1, 2009.
FOR FURTHER INFORMATION CONTACT: Eric Stevenson, Deputy 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 these numbers through TTY by
calling the Federal Information Relay Service at 800-877-8339 (this is
a toll-free number).
SUPPLEMENTARY INFORMATION:
I. Background
HUD's multifamily housing mortgage insurance regulation at 24 CFR
207.254 provides as follows:
Notice of future premium changes will be published in the
Federal Register. The Department will propose MIP changes for
multifamily mortgage insurance programs and provide a 30-day public
comment period for the purpose of accepting comments on whether the
proposed changes are appropriate.
Under this regulation, HUD is required to publish a notice for
public comment only when there are premium ``changes.'' Since HUD is
not seeking to implement any premium changes for FY2010 for the
multifamily mortgage insurance programs, health care facilities; and
hospital insurance programs listed in this notice, a notice and public
comment is not required. The MIP for the new provision for refinancing
a hospital, set at 50 basis points, is the same as HUD's MIPs for other
hospital financing programs and thus does not represent a change. HUD
is merely providing this notice to ensure that there is clarity on the
appropriated MIPs charged for FY2010, and is not seeking public
comments.
II. Low-Income Housing Tax Credits
MIP rates for many multifamily FHA mortgage programs depend on
whether or not the sponsor is combining low-income housing tax credits
with the FHA-insured loan. Under the Department of Housing and Urban
Development Reform Act of 1989, Public Law 101-235 (approved December
15, 1989), and HUD's implementing instructions, a sponsor is required
to submit a certification regarding governmental assistance, including
any low-income housing tax credits, with mortgage insurance
applications.
III. MIPs for Multifamily Programs for FY2010
This notice announces the MIPs, listed in this notice, which will
be in effect during FY2010 for the multifamily housing programs, health
care facilities; and hospital insurance programs. FHA's hospital
mortgage insurance program, which is overseen by FHA's Office of
Insured Health Care Facilities, is authorized under section 242 of the
National Housing Act, 12 U.S.C. 1715z-7. Section 241(a) Supplemental
Loans for hospitals and Section 223(a)(7) for Refinancing of existing
hospitals under FHA-insured for the Section 242 Hospital Program are
separately listed in the chart that follows. The effective date for
these mortgage insurance premiums is October 1, 2009.
Credit Subsidy
This notice also announces that a credit subsidy obligation
continues to be required for the three sections of the National Housing
Act listed below. However, if the mortgagor's equity is produced from
low-income housing tax credits (LIHTC) for Sections 221(d)(3) or
241(a), a credit subsidy obligation will not be required. For the loans
requiring a credit subsidy obligation, the program office inserts a
special clause into the firm commitment or an invitation pertaining to
a Site Appraisal and Market Analysis (SAMA)/Feasibility/Multifamily
Accelerated Processing (MAP) letter. The clause states that the firm
commitment is contingent upon availability of funds.
Section 221(d)(3) New Construction/Substantial
Rehabilitation for Nonprofit/Cooperatives.
Section 223(d) Operating Loss Loans for both apartments
and health care facilities.
Section 241(a) Supplemental Loans for additions or
improvements for apartments only.
The mortgage insurance premiums to be in effect for FHA firm
commitments issued or reissued in FY2010 are shown in the table below.
Fiscal Year 2010 MIP Rates--Multifamily, Health Care Facilities and
Hospital Insurance Programs
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Basis
points
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FHA Apartments:
207 Multifamily Housing New Construction/Sub Rehab 50
without LIHTC...........................................
207 Multifamily Housing New Construction/Sub Rehab with 45
LIHTC...................................................
207 Manufactured Home Parks without LIHTC................ 50
207 Manufactured Home Parks with LIHTC................... 45
221(d)(3) New Construction/Substantial Rehabilitation (NC/ 80
SR) for Nonprofit/Cooperative mortgagor without LIHTC...
221(d)(3) Limited dividend with LIHTC.................... 45
221(d)(4) NC/SR without LIHTC............................ 45
221(d)(4) NC/SR with LIHTC............................... 45
220 Urban Renewal Housing without LIHTC.................. 50
220 Urban Renewal Housing with LIHTC..................... 45
213 Cooperative.......................................... 50
207/223(f) Refinance or Purchase for Apartments without *45
LIHTC...................................................
207/223(f) Refinance or Purchase for Apartments with *45
LIHTC...................................................
223(a)(7) Refinance of Apartments without LIHTC.......... 45
223(a)(7) Refinance of Apartments with LIHTC............. 45
[[Page 47812]]
223d Operating Loss Loan for Apartments.................. 80
241(a) Supplemental Loans for Apartments/coop without 80
LIHTC...................................................
241(a) Supplemental Loans for Apartments/coop with LIHTC. 45
FHA Health Care Facilities (Nursing Homes, ALF & B&C):
232 NC/SR Health Care Facilities without LIHTC........... 57
232 NC/SR--Assisted Living Facilities with LIHTC......... 45
231 Elderly Housing without LIHTC........................ 50
231 Elderly Housing with LIHTC........................... 45
232/223(f) Refinance for Health Care Facilities without *50
LIHTC...................................................
232/223(f) Refinance for Health Care Facilities with *45
LIHTC...................................................
223(a)(7) Refinance of Health Care Facilities without 50
LIHTC...................................................
223(a)(7) Refinance of Health Care Facilities with LIHTC. 45
223d Operating Loss Loan for Health Care Facilities...... 80
241(a) Supplemental Loans for Health Care Facilities 57
without LIHTC...........................................
241(a) Supplemental Loans for Health Care Facilities with 45
LIHTC...................................................
FHA Hospitals:
242 Hospitals............................................ 50
223(f) Refinance of Existing FHA-insured Hospital........ 50
223(a)(7) Refinance of Existing FHA-insured Hospital..... 50
241(a) Supplemental Loans for Hospitals.................. 50
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* The First Year MIP for the section 207/223(f) loans for apartments is
100 basis (one percent) points for the first year, as specified in
sections 24 CFR 207.232b(a). The first year MIP for a 232/223(f)
health care facility remains at 100 basis points (one percent).
Dated: September 10, 2009.
David H. Stevens,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. E9-22342 Filed 9-16-09; 8:45 am]
BILLING CODE 4210-67-P