[Federal Register Volume 76, Number 246 (Thursday, December 22, 2011)]
[Notices]
[Pages 79704-79705]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-32811]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5592-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 2012.

DATES: Effective Date: January 1, 2012.

FOR FURTHER INFORMATION CONTACT: Robert A. Arbios, Director, Policy-
Division, Office of Multifamily Development, Department of Housing and 
Urban Development, 451 Seventh Street SW., Washington, DC 20410-8000, 
telephone (202) 402-2913 (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 Down Payment 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 3.2% and the 
effective date of the HOEPA adjustment is January 1, 2012. The Dollar 
Amounts have been adjusted correspondingly and have an effective date 
of January 1, 2012.
    The adjusted Dollar Amounts for Calendar Year 2012 are shown below:

Basic Statutory Mortgage Limits For Calendar Year 2012

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
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0.............................................      $47,553       54,872
1.............................................       52,676       61,456
2.............................................       62,920       75,358
3.............................................       77,553       94,382
4+............................................       87,799      106,719
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     Section 213--Cooperatives.

------------------------------------------------------------------------
                                                    Non-
                   Bedrooms                       Elevator     Elevator
------------------------------------------------------------------------
0.............................................      $51,534       54,872
1.............................................       59,419       62,169
2.............................................       71,662       75,597
3.............................................       91,728       97,798

[[Page 79705]]

 
4+............................................      102,190      107,354
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     Section 221(d)(3)--Moderate Income Housing.
     Section 234--Condominium Housing.

------------------------------------------------------------------------
                                                    Non-
                   Bedrooms                       Elevator     Elevator
------------------------------------------------------------------------
0.............................................      $52,586       55,339
1.............................................       60,632       63,438
2.............................................       73,124       77,140
3.............................................       93,601       99,794
4+............................................      104,275      109,543
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     Section 221(d)(4)--Moderate Income Housing.

------------------------------------------------------------------------
                                                    Non-
                   Bedrooms                       Elevator     Elevator
------------------------------------------------------------------------
0.............................................      $47,325       51,121
1.............................................       53,720       58,604
2.............................................       64,934       71,261
3.............................................       81,504       92,188
4+............................................       92,358      101,195
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     Section 231--Housing for the Elderly.

------------------------------------------------------------------------
                                                    Non-
                   Bedrooms                       Elevator     Elevator
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0.............................................      $44,995       51,121
1.............................................       50,300       58,604
2.............................................       60,065       71,261
3.............................................       72,285       92,188
4+............................................       84,983      101,195
------------------------------------------------------------------------

     Section 207--Manufactured Home Parks Per Space--$21,831.

    Dated: December 16, 2011.
Ronald Spraker,
Associate General Deputy Assistant Secretary Housing--Federal Housing 
Commissioner.
[FR Doc. 2011-32811 Filed 12-21-11; 8:45 am]
BILLING CODE 4210-67-P