[Federal Register Volume 79, Number 116 (Tuesday, June 17, 2014)]
[Notices]
[Pages 34545-34546]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-14170]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5796-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 2014.

DATES: Effective Date: January 1, 2014.

FOR FURTHER INFORMATION CONTACT: Daniel J. Sullivan, Deputy Director, 
Office of Multifamily Development, Department of Housing and Urban 
Development, 451 Seventh Street SW., Washington, DC 20410-8000, 
telephone (202) 402-6130 (this is not a toll-free number). Hearing or 
speech-impaired individuals may access this number through TTY by 
calling the toll-free Federal 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:
    I. Section 207(c)(3)(A) (12 U.S.C. 1713(c)(3)(A));
    II. Section 213(b)(2)(A) (12 U.S.C. 1715e(b)(2)(A));

[[Page 34546]]

    III. Section 220(d)(3)(B)(iii)(I) (12 U.S.C. 
1715k(d)(3)(B)(iii)(I));
    IV. Section 221(d)(4)(ii)(I) (12 U.S.C. 1715l(d)(4)(ii)(I));
    V. Section 231(c)(2)(A) (12 U.S.C. 1715v(c)(2)(A)); and
    VI. Section 234(e)(3)(A) (12 U.S.C. 1715y(e)(3)(A)).
    The Dollar Amounts in these sections are the base per unit 
statutory limits for FHA's multifamily mortgage programs collectively 
referred to as the `Dollar Amounts,' they are adjusted annually 
(commencing in 2004) on the effective date of the Consumer Financial 
Protection Bureau'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 Bureau of Consumer 
Financial Protection 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 1.1% and the 
effective date of the HOEPA adjustment is January 1, 2014. The Dollar 
Amounts have been adjusted correspondingly and have an effective date 
of January 1, 2014.
    The adjusted Dollar Amounts for Calendar Year 2014 are shown below:

Basic Statutory Mortgage Limits for Calendar Year 2014

Multifamily Loan Program

[squ] Section 207--Multifamily Housing
[squ] Section 207 pursuant to Section 223(f)--Purchase or Refinance 
Housing
[squ] Section 220--Housing in Urban
Renewal Areas

------------------------------------------------------------------------
                                                    Non-
                   Bedrooms                       Elevator     Elevator
------------------------------------------------------------------------
0.............................................      $49,181      $56,751
1.............................................       54,480       63,561
2.............................................       65,075       77,939
3.............................................       80,209       97,614
4+............................................       90,806      110,374
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[squ] Section 213--Cooperatives

------------------------------------------------------------------------
                                                    Non-
                   Bedrooms                       Elevator     Elevator
------------------------------------------------------------------------
0.............................................      $53,299      $56,751
1.............................................       61,454       64,298
2.............................................       74,116       78,186
3.............................................       94,869      101,148
4+............................................      105,690      111,031
------------------------------------------------------------------------

[squ] Section 234--Condominium Housing

------------------------------------------------------------------------
                                                    Non-
                   Bedrooms                       Elevator     Elevator
------------------------------------------------------------------------
0.............................................      $54,387      $57,234
1.............................................       62,708       65,611
2.............................................       75,628       79,782
3.............................................       96,806      103,212
4+............................................      107,846      113,295
------------------------------------------------------------------------

[squ] Section 221(d)(4)--Moderate Income Housing

------------------------------------------------------------------------
                                                    Non-
                   Bedrooms                       Elevator     Elevator
------------------------------------------------------------------------
0.............................................      $48,946      $52,871
1.............................................       55,560       60,610
2.............................................       67,158       73,702
3.............................................       84,295       95,345
4+............................................       95,521      104,661
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[squ] Section 231--Housing for the Elderly

------------------------------------------------------------------------
                                                    Non-
                   Bedrooms                       Elevator     Elevator
------------------------------------------------------------------------
0.............................................      $46,535      $52,871
1.............................................       52,022       60,610
2.............................................       62,122       73,702
3.............................................       74,760       95,345
4+............................................       87,893      104,661
------------------------------------------------------------------------

[squ] Section 207--Manufactured Home Parks Per Space--$22,579.

    Dated: June 11, 2014.
Carol J. Galante,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2014-14170 Filed 6-16-14; 8:45 am]
BILLING CODE 4210-67-P