[Federal Register Volume 76, Number 37 (Thursday, February 24, 2011)]
[Notices]
[Pages 10387-10388]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-4146]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5388-N-02]
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 has adjusted the Basic Statutory Mortgage Limits for Multifamily
Housing Programs for Calendar Year 2011.
DATES: Effective Date: January 1, 2011.
FOR FURTHER INFORMATION CONTACT: Joseph A. Sealey, Director, Technical
Support Division, Office of Multifamily Development, Department of
Housing and Urban Development, 451 Seventh Street, SW., Washington, DC
20410-8000, telephone (202) 402-2559 (this is not a toll-free number).
Hearing or speech-impaired individuals may access
[[Page 10388]]
this number through TTY by calling the toll-free Federal Information
Relay Service at (800) 877-8339.
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 2.2 percent and the
effective date of the HOEPA adjustment is January 1, 2011. The Dollar
Amounts have been adjusted correspondingly and have an effective date
of January 1, 2011.
The adjusted Dollar Amounts for Calendar Year 2011 are shown below:
Basic Statutory Mortgage Limits for Calendar Year 2011
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....................................... $46,079 53,171
1....................................... 51,043 59,551
2....................................... 60,969 73,022
3....................................... 75,149 91,456
4+...................................... 85,077 103,410
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Section 213--Cooperatives
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Bedrooms Non-elevator Elevator
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0....................................... $49,937 53,171
1....................................... 57,577 60,242
2....................................... 69,440 73,253
3....................................... 88,884 94,766
4+...................................... 99,022 104,026
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Section 221(d)(3)--Moderate Income Housing
Section 234--Condominium Housing
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Bedrooms Non-elevator Elevator
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0....................................... $50,956 53,624
1....................................... 58,752 61,471
2....................................... 70,857 74,749
3....................................... 90,699 96,700
4+...................................... 101,042 106,147
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Section 221(d)(4)--Moderate Income Housing
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Bedrooms Non-elevator Elevator
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0....................................... $45,858 49,536
1....................................... 52,055 56,787
2....................................... 62,921 69,052
3....................................... 78,977 89,330
4+...................................... 89,495 98,058
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Section 231--Housing for the Elderly
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Bedrooms Non-elevator Elevator
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0....................................... $43,600 49,536
1....................................... 48,741 56,787
2....................................... 58,203 69,052
3....................................... 70,044 89,330
4+...................................... 82,348 98,058
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Section 207--Manufactured Home Parks
Per Space $21,155
Dated: January 12, 2011.
David H. Stevens,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2011-4146 Filed 2-23-11; 8:45 am]
BILLING CODE 4210-67-P