[Federal Register Volume 83, Number 107 (Monday, June 4, 2018)]
[Notices]
[Page 25683]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-11854]



[[Page 25683]]

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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-6103-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 the National Housing Act, HUD has adjusted 
the Basic Statutory Mortgage Limits for Multifamily Housing Programs 
for Calendar Year 2018.

DATES: January 1, 2018.

FOR FURTHER INFORMATION CONTACT: Patricia M. Burke, Acting Director, 
Office of Multifamily Development, Department of Housing and Urban 
Development, 451 Seventh Street SW, Washington, DC 20410-8000, 
telephone (202) 402-5693 (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));
    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 (CFPB'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 CFPB for 
purposes of the above-described HOEPA adjustment.
    The percentage change in the CPI-U used for the HOEPA adjustment is 
2.1 percent and the effective date of the HOEPA adjustment is January 
1, 2018. The Dollar Amounts under Section 206A have been adjusted 
correspondingly and have an effective date of January 1, 2018.
    The adjusted Dollar Amounts for Calendar Year 2018 are shown below:

Basic Statutory Mortgage Limits for Calendar Year 2018

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
------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $52,658         $61,421
1.......................................          58,332          68,056
2.......................................          69,677          83,450
3.......................................          85,882         104,517
4+......................................          97,227         118,179
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                        Section 213--Cooperatives
------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $57,067         $60,764
1.......................................          65,800          68,843
2.......................................          79,357          83,714
3.......................................         101,578         108,300
4+......................................         113,164         118,883
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                    Section 234--Condominium Housing
------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $58,232         $61,281
1.......................................          67,143          70,250
2.......................................          80,976          85,424
3.......................................         103,652         110,512
4+......................................         115,473         121,307
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               Section 221(D)(4)--Moderate Income Housing
------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $52,405         $56,609
1.......................................          59,489          64,896
2.......................................          71,908          78,914
3.......................................          90,256         102,087
4+......................................         101,987         112,062
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                  Section 231--Housing for the Elderly
------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $49,824         $56,609
1.......................................          55,700          64,896
2.......................................          66,515          78,914
3.......................................          80,047         102,087
4+......................................          94,108         112,062
------------------------------------------------------------------------

Section 207--Manufactured Home Parks per Space--$24,175
Per Unit Limit for Substantial Rehabilitation for Calendar Year 2018
    The 2016 Multifamily Accelerated Processing (MAP) Guide established 
a base amount of $15,000 per unit to define substantial rehabilitation 
for FHA insured loan programs. Section 5.1.D.2 of the MAP guide 
requires that this base amount be adjusted periodically based on the 
percentage change published by the CFPB or other inflation cost index 
published by HUD. Applying the HOEPA adjustment the base amount, the 
2018 base amount per dwelling unit to determine substantial 
rehabilitation for FHA insured loan programs is $15,636.

Environmental Impact

    This issuance establishes mortgage and cost limits that do not 
constitute a development decision affecting the physical condition of 
specific project areas or building sites. Accordingly, under 24 CFR 
50.19(c)(6), this notice is categorically excluded from environmental 
review under the National Environmental Policy Act of 1969 (42 U.S.C. 
4321).

    Dated: May 25, 2018.
Dana T. Wade,
General Deputy Assistant Secretary for Housing.
[FR Doc. 2018-11854 Filed 6-1-18; 8:45 am]
 BILLING CODE 4210-67-P