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Notice

Annual Indexing of Basic Statutory Mortgage; Limits for Multifamily Housing Programs

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Information about this document as published in the Federal Register.

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Start Preamble

AGENCY:

Office of the Assistant Secretary for Housing-Federal Housing Commissioner, HUD.

ACTION:

Notice.

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 2004.

EFFECTIVE DATE:

January 1, 2004.

Start Further Info

FOR FURTHER INFORMATION CONTACT:

Michael McCullough, Director, Office of Multifamily Development, Department of Housing and Urban Development, 451 Seventh Street SW., Washington, DC 20410-8000, telephone (202) 708-1142 (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.

End Further Info End Preamble Start Supplemental Information

SUPPLEMENTARY INFORMATION:

The FHA Downpayment 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:

(1) Section 207(c)(3)(A) (12 U.S.C. 1713(c)(3)(A));

(2) Section 213(b)(2)(A) (12 U.S.C. 1715e(b)(2)(A));

(3) Section 220(d)(3)(B)(iii)(I) (12 U.S.C. 1715k(d)(3)(B)(iii)(I));

(4) Section 221(d)(3)(ii)(I) (12 U.S.C. 1715l(d)(3)(ii)(I));

(5) Section 221(d)(4)(ii)(I) (12 U.S.C. 1715l(d)(4)(ii)(I));

(6) Section 231(c)(2)(A) (12 U.S.C. 1715v(c)(2)(A)); and

(7) Section 234(e)(3)(A) (12 U.S.C. 1715y(e)(3)(A));

The dollar amounts in these sections, which are collectively referred to as the “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) (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 Federal Reserve Board 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 2.22 percent and the effective date of the HOEPA adjustment is January 1, 2004. The Dollar Amounts have been adjusted correspondingly and have an effective date of January 1, 2004.

The adjusted Dollar Amounts for calendar year 2004 are shown below:

Basic Statutory Mortgage Limits for Calendar Year 2004

Multifamily Loan Program

  • Section 207—Multifamily Housing. Start Printed Page 65725
  • Section 207 pursuant to section 223(f)—Purchase or refinance housing.
  • Section 213—Cooperatives.
  • Section 220—Housing in urban renewal areas.
BedroomsNon-ElevatorElevator
0$38,869$44,849
143,05550,230
251,42661,592
363,38677,140
4+71,75887,221
  • Section 221(d)(3)—Moderate income housing.
  • Section 234—Condominium housing.
BedroomsNon-ElevatorElevator
0$42,980$45,232
149,55751,849
259,76663,049
376,50181,563
4+85,22589,531
  • Section 221(d)(4)—Moderate income housing.
BedroomsNon-ElevatorElevator
0$38,682$41,783
143,90747,899
253,07258,243
366,61575,346
4+75,48582,708
  • Section 231—Housing for the Elderly.
BedroomsNon-ElevatorElevator
0$36,776$41,783
141,11247,899
249,09458,243
359,08075,346
4+69,45882,708
  • Section 207—Manufactured Home Parks.

Per Space—$11,499.

Start Signature

Dated: November 14, 2003.

John C. Weicher,

Assistant Secretary for Housing-Federal Housing Commissioner.

End Signature End Supplemental Information

[FR Doc. 03-29059 Filed 11-20-03; 8:45 am]

BILLING CODE 4210-27-P