82_FR_51852 82 FR 51638 - Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs

82 FR 51638 - Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Federal Register Volume 82, Issue 214 (November 7, 2017)

Page Range51638-51638
FR Document2017-24171

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 2017.

Federal Register, Volume 82 Issue 214 (Tuesday, November 7, 2017) 
[Federal Register Volume 82, Number 214 (Tuesday, November 7, 2017)]
[Notices]
[Page 51638]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-24171]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-6045-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.

-----------------------------------------------------------------------

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 2017.

DATES: January 1, 2017.

FOR FURTHER INFORMATION CONTACT: Daniel J. Sullivan, Deputy Director, 
Office of Multifamily Development, Department of Housing and Urban 
Development, 451 Seventh Street SW., Washington, DC 20410-8000, 
telephone (202) 402-6130 (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 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 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 Bureau of Consumer 
Financial Protection 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 2.1 percent and the 
effective date of the HOEPA adjustment is January 1, 2017. The Dollar 
Amounts have been adjusted correspondingly and have an effective date 
of January 1, 2017.
    These revised statutory limits, high cost areas and per unit cost 
thresholds for substantial rehabilitation may be applied to FHA 
multifamily mortgage insurance applications submitted or amended on or 
after July 1, 2017, so long as the loan has not been initially 
endorsed.
    The adjusted Dollar Amounts for Calendar Year 2017 are shown below:

Basic Statutory Mortgage Limits for Calendar Year 2017

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.......................................         $51,575         $60,158
1.......................................          57,133          66,657
2.......................................          68,244          81,734
3.......................................          84,116         102,368
4+......................................          95,228         115,749
------------------------------------------------------------------------

Section 213--Cooperatives

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $55,894         $59,515
1.......................................          64,447          67,428
2.......................................          77,725          81,993
3.......................................          99,489         106,073
4+......................................         110,837         116,438
------------------------------------------------------------------------

Section 234--Condominium Housing

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $57,035         $60,021
1.......................................          65,762          68,806
2.......................................          79,311          83,667
3.......................................         101,521         108,239
4+......................................         113,098         118,812
------------------------------------------------------------------------

Section 221(d)(4)--Moderate Income Housing

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $51,328         $55,445
1.......................................          58,266          63,562
2.......................................          70,429          77,291
3.......................................          88,400          99,988
4+......................................          99,890         109,758
------------------------------------------------------------------------

Section 231--Housing for the Elderly

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $48,800         $55,445
1.......................................          54,555          63,562
2.......................................          65,147          77,291
3.......................................          78,401          99,988
4+......................................          92,173         109,758
------------------------------------------------------------------------

Section 207--Manufactured Home Parks Per Space--$23,678

Per Unit Limit for Substantial Rehabilitation for Calendar Year 2017

    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 Consumer Financial Protection Bureau 
or other inflation cost index published by HUD. Accordingly, the 2017 
base amount per dwelling unit to determine substantial rehabilitation 
for FHA insured loan programs is $15,315.

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: October 31, 2017.
Dana T. Wade,
General Deputy Assistant Secretary for Housing.
[FR Doc. 2017-24171 Filed 11-6-17; 8:45 am]
 BILLING CODE 4210-67-P

51638 Federal Register / Vol. 82, No. 214 / Tuesday, November 7, 2017 / Notices Dated: November 1, 2017. $400 figure in the Home Ownership and Section 221(d)(4)—Moderate Income Natasha M. Copeland, Equity Protection Act of 1994 (HOEPA) Housing Program Analyst, Office of Federal Advisory (Pub. L. 103–325, approved September Committee Policy. 23, 1994). The adjustment of the Dollar Bedrooms Non-elevator Elevator [FR Doc. 2017–24143 Filed 11–6–17; 8:45 am] Amounts shall be calculated using the BILLING CODE 4140–01–P percentage change in the Consumer 0 ................ $51,328 $55,445 Price Index for All Urban Consumers 1 ................ 58,266 63,562 (CPI–U) as applied by the Bureau of 2 ................ 70,429 77,291 Consumer Financial Protection for 3 ................ 88,400 99,988 DEPARTMENT OF HOUSING AND 4+ .............. 99,890 109,758 URBAN DEVELOPMENT purposes of the above-described HOEPA adjustment. [Docket No. FR–6045–N–01] Section 231—Housing for the Elderly HUD has been notified of the Annual Indexing of Basic Statutory percentage change in the CPI–U used for the HOEPA adjustment and the effective Bedrooms Non-elevator Elevator Mortgage Limits for Multifamily Housing Programs date of the HOEPA adjustment. The 0 ................ $48,800 $55,445 percentage change in the CPI–U is 2.1 1 ................ 54,555 63,562 AGENCY: Office of the Assistant percent and the effective date of the 2 ................ 65,147 77,291 Secretary for Housing—Federal Housing HOEPA adjustment is January 1, 2017. 3 ................ 78,401 99,988 Commissioner, HUD. The Dollar Amounts have been adjusted 4+ .............. 92,173 109,758 ACTION: Notice. correspondingly and have an effective date of January 1, 2017. SUMMARY: In accordance with Section Section 207—Manufactured Home Parks These revised statutory limits, high 206A of the National Housing Act, HUD Per Space—$23,678 cost areas and per unit cost thresholds has adjusted the Basic Statutory for substantial rehabilitation may be Per Unit Limit for Substantial Mortgage Limits for Multifamily applied to FHA multifamily mortgage Rehabilitation for Calendar Year 2017 Housing Programs for Calendar Year insurance applications submitted or 2017. amended on or after July 1, 2017, so The 2016 Multifamily Accelerated DATES: January 1, 2017. long as the loan has not been initially Processing (MAP) Guide established a FOR FURTHER INFORMATION CONTACT: endorsed. base amount of $15,000 per unit to Daniel J. Sullivan, Deputy Director, The adjusted Dollar Amounts for define substantial rehabilitation for FHA Office of Multifamily Development, Calendar Year 2017 are shown below: insured loan programs. Section 5.1.D.2 Department of Housing and Urban of the MAP guide requires that this base Basic Statutory Mortgage Limits for amount be adjusted periodically based Development, 451 Seventh Street SW., Calendar Year 2017 Washington, DC 20410–8000, telephone on the percentage change published by (202) 402–6130 (this is not a toll-free Multifamily Loan Program the Consumer Financial Protection number). Hearing or speech-impaired Bureau or other inflation cost index Section 207—Multifamily Housing individuals may access this number published by HUD. Accordingly, the through TTY by calling the toll-free Section 207 pursuant to Section 223(f)— 2017 base amount per dwelling unit to Federal Information Relay Service at Purchase or Refinance Housing determine substantial rehabilitation for (800) 877–8339. Section 220—Housing in Urban FHA insured loan programs is $15,315. SUPPLEMENTARY INFORMATION: The FHA Renewal Areas Environmental Impact Down Payment Simplification Act of 2002 (Pub. L. 107–326, approved Bedrooms Non-elevator Elevator This issuance establishes mortgage December 4, 2002) amended the and cost limits that do not constitute a National Housing Act by adding a new 0 ................ $51,575 $60,158 1 ................ 57,133 66,657 development decision affecting the Section 206A (12 U.S.C. 1712a). Under 2 ................ 68,244 81,734 physical condition of specific project Section 206A, the following are affected: 3 ................ 84,116 102,368 areas or building sites. Accordingly, I. Section 207(c)(3)(A) (12 U.S.C. 4+ .............. 95,228 115,749 under 24 CFR 50.19(c)(6), this notice is 1713(c)(3)(A)); categorically excluded from II. Section 213(b)(2)(A) (12 U.S.C. Section 213—Cooperatives environmental review under the 1715e(b)(2)(A)); National Environmental Policy Act of III. Section 220(d)(3)(B)(iii)(I) (12 U.S.C. Bedrooms Non-elevator Elevator 1969 (42 U.S.C. 4321). 1715k(d)(3)(B)(iii)(I)); IV. Section 221(d)(4)(ii)(I) (12 U.S.C. 0 ................ $55,894 $59,515 Dated: October 31, 2017. 1715l(d)(4)(ii)(I)); 1 ................ 64,447 67,428 Dana T. Wade, V. Section 231(c)(2)(A) (12 U.S.C. 2 ................ 77,725 81,993 3 ................ 99,489 106,073 General Deputy Assistant Secretary for 1715v(c)(2)(A)); and 4+ .............. 110,837 116,438 Housing. VI. Section 234(e)(3)(A) (12 U.S.C. [FR Doc. 2017–24171 Filed 11–6–17; 8:45 am] 1715y(e)(3)(A)). Section 234—Condominium Housing BILLING CODE 4210–67–P The Dollar Amounts in these sections ethrower on DSK3G9T082PROD with NOTICES are the base per unit statutory limits for Bedrooms Non-elevator Elevator FHA’s multifamily mortgage programs collectively referred to as the ‘Dollar 0 ................ $57,035 $60,021 Amounts.’ They are adjusted annually 1 ................ 65,762 68,806 2 ................ 79,311 83,667 (commencing in 2004) on the effective 3 ................ 101,521 108,239 date of the Consumer Financial 4+ .............. 113,098 118,812 Protection Bureau’s adjustment of the VerDate Sep<11>2014 17:29 Nov 06, 2017 Jkt 244001 PO 00000 Frm 00042 Fmt 4703 Sfmt 9990 E:\FR\FM\07NON1.SGM 07NON1


Document Created: 2018-10-25 10:26:41
Document Modified: 2018-10-25 10:26:41
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice.
DatesJanuary 1, 2017.
ContactDaniel J. Sullivan, Deputy Director, Office of Multifamily Development, Department of Housing and Urban Development, 451 Seventh Street SW., Washington, DC 20410-8000, telephone (202) 402-6130 (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.
FR Citation82 FR 51638 
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