[Federal Register Volume 89, Number 30 (Tuesday, February 13, 2024)]
[Notices]
[Pages 10089-10090]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-02870]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-6445-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 is providing notice of adjustment to the Basic Statutory Mortgage 
Limits for Multifamily Housing Programs for calendar year 2024.

DATES: The adjustments are effective January 1, 2024.

FOR FURTHER INFORMATION CONTACT: Willie Fobbs III, Director, Office of 
Multifamily Production, Room 6134, U.S. Department of Housing and Urban 
Development, 451 Seventh Street SW, Washington, DC 20410-8000, 
telephone (202) 402-6257 (this is not a toll-free number). HUD welcomes 
and is prepared to receive calls from individuals who are deaf or hard 
of hearing, as well as individuals with speech or communication 
disabilities. To learn more about how to make an accessible telephone 
call, please visit https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs.

SUPPLEMENTARY INFORMATION: Section 206A of the National Housing Act (12 
U.S.C. 1712a) provides authority for the annual adjustment for the 
following FHA multifamily statutory dollar limits:


[[Page 10090]]


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)(3)(ii)(I) (12 U.S.C. 1715l(d)(3)(ii)(I));
V. Section 221(d)(4)(ii)(I) (12 U.S.C. 1715l(d)(4)(ii)(I));
VI. Section 231(c)(2)(A) (12 U.S.C. 1715v(c)(2)(A)); and
VII. Section 234(e)(3)(A) (12 U.S.C. 1715y(e)(3)(A)).

    Section 206A goes on to state:
    (a) [the preceding] ``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). 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.
    (b) Notification[.] The Federal Reserve Board on a timely basis 
shall notify the Secretary, or his designee, in writing of the 
adjustment described in subsection (a) and of the effective date of 
such adjustment in order to permit the Secretary to undertake 
publication in the Federal Register of corresponding adjustments to the 
Dollar Amounts. The dollar amount of any adjustment shall be rounded to 
the next lower dollar.
    Note that 206A has not been updated to reflect the fact that HOEPA 
has been revised to use $1,000 as the basis for the adjustment rather 
than $400, and the Consumer Finance Protection Bureau has replaced the 
Federal Reserve Board in administering the adjustment. These changes 
were made by the Dodd-Frank Wall Street Reform and Consumer Protection 
Act's amendments to the Truth in Lending Act, as further explained in 
the regulatory implementation of said changes found in 78 FR 6856, 6879 
(Jan. 31, 2013).
    The percentage change in the CPI-U used for the HOEPA adjustment is 
a 4.9 percent increase and the effective date of the HOEPA adjustment 
is January 1, 2024. The Dollar Amounts under section 206A have been 
adjusted correspondingly and have an effective date of January 1, 2024 
(see 88 FR 65113, Sept. 21, 2023).
    These revised statutory limits may be applied to FHA multifamily 
mortgage insurance applications submitted or amended on or after 
January 1, 2024, so long as the loan has not been initially endorsed.
    The adjusted Dollar Amounts for Calendar Year 2024 are shown below.

Basic Statutory Mortgage Limits for Calendar Year 2024 Multifamily Loan 
Program

Section 207--Multifamily Housing;
Section 207 pursuant to Section 223(f)--Purchase or Refinance Housing; 
and,
Section 220--Housing in Urban Renewal Areas

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $64,979         $75,792
1.......................................          71,980          83,980
2.......................................          85,980         102,976
3.......................................         105,977         128,972
4+......................................         119,977         145,833
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Section 213--Cooperatives

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $70,419         $74,982
1.......................................          81,196          84,952
2.......................................          97,925         103,302
3.......................................         125,346         133,641
4+......................................         139,644         146,700
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Section 234--Condominium Housing

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $71,856         $75,620
1.......................................          82,853          86,687
2.......................................          99,923         105,414
3.......................................         127,906         136,372
4+......................................         142,493         149,693
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Section 221(d)(4)--Moderate Income Housing

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $64,666         $69,853
1.......................................          73,409          80,080
2.......................................          88,733          97,379
3.......................................         111,374         125,974
4+......................................         125,851         138,285
------------------------------------------------------------------------

Section 231--Housing for the Elderly

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $61,480         $69,853
1.......................................          68,732          80,080
2.......................................          82,077          97,379
3.......................................          98,776         125,974
4+......................................         116,129         138,285
------------------------------------------------------------------------

Section 207--Manufactured Home Parks
    Per Space--$29,830

Environmental Impact

    This notice involves a statutorily required establishment of 
mortgage loan limits that does 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).

Julia R. Gordon,
Assistant Secretary for Housing--Federal Housing Administration 
Commissioner.
[FR Doc. 2024-02870 Filed 2-12-24; 8:45 am]
BILLING CODE 4210-67-P