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Notice

Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs

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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 2012.

DATES:

Effective Date: January 1, 2012.

Start Further Info

FOR FURTHER INFORMATION CONTACT:

Robert A. Arbios, Director, Policy-Division, Office of Multifamily Development, Department of Housing and Urban Development, 451 Seventh Street SW., Washington, DC 20410-8000, telephone (202) 402-2913 (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 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:

(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 3.2% and the effective date of the HOEPA adjustment is January 1, 2012. The Dollar Amounts have been adjusted correspondingly and have an effective date of January 1, 2012.

The adjusted Dollar Amounts for Calendar Year 2012 are shown below:

Basic Statutory Mortgage Limits For Calendar Year 2012

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.
BedroomsNon-ElevatorElevator
0$47,55354,872
152,67661,456
262,92075,358
377,55394,382
4+87,799106,719
  • Section 213—Cooperatives.
BedroomsNon-ElevatorElevator
0$51,53454,872
159,41962,169
271,66275,597
391,72897,798
Start Printed Page 79705
4+102,190107,354
  • Section 221(d)(3)—Moderate Income Housing.
  • Section 234—Condominium Housing.
BedroomsNon-ElevatorElevator
0$52,58655,339
160,63263,438
273,12477,140
393,60199,794
4+104,275109,543
  • Section 221(d)(4)—Moderate Income Housing.
BedroomsNon-ElevatorElevator
0$47,32551,121
153,72058,604
264,93471,261
381,50492,188
4+92,358101,195
  • Section 231—Housing for the Elderly.
BedroomsNon-ElevatorElevator
0$44,99551,121
150,30058,604
260,06571,261
372,28592,188
4+84,983101,195
  • Section 207—Manufactured Home Parks Per Space—$21,831.
Start Signature

Dated: December 16, 2011.

Ronald Spraker,

Associate General Deputy Assistant Secretary Housing—Federal Housing Commissioner.

End Signature End Supplemental Information

[FR Doc. 2011-32811 Filed 12-21-11; 8:45 am]

BILLING CODE 4210-67-P