[Federal Register Volume 82, Number 99 (Wednesday, May 24, 2017)]
[Notices]
[Page 23837]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-10558]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-6011-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 2016.

DATES:  Effective January 1, 2016.

FOR FURTHER INFORMATION CONTACT: Daniel J. Sullivan, Acting 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 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:

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));
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. 17151(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 0.7% and the 
effective date of the HOEPA adjustment is January 1, 2016. The Dollar 
Amounts have been adjusted correspondingly and have an effective date 
of January 1, 2016.
    The adjusted Dollar Amounts for Calendar Year 2016 are shown below:

Basic Statutory Mortgage Limits for Calendar Year 2016

Multifamily Loan Programs

Section 207--Multifamily Housing
Section 207 Pursuant to Section 223(f)--Purchase or Refinance Housing
Section 220--Housing in Urban Renewal Areas

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $50,515         $58,921
1.......................................          55,958          65,286
2.......................................          66,841          80,053
3.......................................          82,386         100,263
4+......................................          93,270         113,369
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Section 213--Cooperatives

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $54,745         $58,291
1.......................................          63,122          66,042
2.......................................          76,127          80,307
3.......................................          97,443         103,892
4+......................................         108,558         114,044
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Section 234--Condominium Housing

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $55,862         $58,787
1.......................................          64,410          67,391
2.......................................          77,680          81,947
3.......................................          99,433         106,013
4+......................................         110,772         116,369
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Section 221(d)(4)--Moderate Income Housing

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $50,273         $54,305
1.......................................          57,068          62,255
2.......................................          68,981          75,702
3.......................................          86,582          97,932
4+......................................          97,836         107,501
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Section 231--Housing for the Elderly

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
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0.......................................         $47,797         $54,305
1.......................................          53,433          62,255
2.......................................          63,808          75,702
3.......................................          76,789          97,932
4+......................................          90,278         107,501
------------------------------------------------------------------------

Section 207--Manufactured Home Parks Per Space--$23,191

    Dated: May 17, 2017.
Genger Charles,
General Deputy, Assistant Secretary for Housing.
[FR Doc. 2017-10558 Filed 5-23-17; 8:45 am]
 BILLING CODE 4210-67-P