[Federal Register Volume 84, Number 90 (Thursday, May 9, 2019)]
[Notices]
[Page 20386]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09567]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-6154-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 2019.

DATES: January 1, 2019.

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 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

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 
1.9 percent and the effective date of the HOEPA adjustment is January 
1, 2019. The Dollar Amounts under Section 206A have been adjusted 
correspondingly and have an effective date of January 1, 2019.
    The adjusted Dollar Amounts for Calendar Year 2019 are shown below:

Basic Statutory Mortgage Limits for Calendar Year 2019

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

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                Bedrooms                   Non-elevator      Elevator
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0.......................................         $53,658         $62,587
1.......................................          59,440          69,349
2.......................................          71,000          85,035
3.......................................          87,513         106,502
4+......................................          99,074         120,424
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Section 213--Cooperatives

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                Bedrooms                   Non-elevator      Elevator
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0.......................................         $58,151         $61,918
1.......................................          67,050          70,151
2.......................................          80,864          85,304
3.......................................         103,507         110,357
4+......................................         115,314         121,141
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Section 234--Condominium Housing

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                Bedrooms                   Non-elevator      Elevator
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0.......................................         $59,338         $62,445
1.......................................          68,418          71,584
2.......................................          82,514          87,047
3.......................................         105,621         112,611
4+......................................         117,666         123,611
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Section 221(d)(4)--Moderate Income Housing

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                Bedrooms                   Non-elevator      Elevator
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0.......................................         $53,400         $57,684
1.......................................          60,619          66,129
2.......................................          73,274          80,413
3.......................................          91,970         104,026
4+......................................         103,924         114,191
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Section 231--Housing for the Elderly

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                Bedrooms                   Non-elevator      Elevator
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0.......................................         $50,770         $57,684
1.......................................          56,758          66,129
2.......................................          67,778          80,413
3.......................................          81,567         104,026
4+......................................          95,896         114,191
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Section 207--Manufactured Home Parks Per Space--$24,634

Per Unit Limit for Substantial Rehabilitation for Calendar Year 2019

    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 
2019 base amount per dwelling unit to determine substantial 
rehabilitation for FHA insured loan programs is $15,933.

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 2, 2019.
John Garvin,
General Deputy Assistant Secretary for Housing.
[FR Doc. 2019-09567 Filed 5-8-19; 8:45 am]
BILLING CODE 4210-67-P