Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs, 3264 [05-1086]

Agencies

• DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Federal Register Volume 70, Number 13 (Friday, January 21, 2005)]
[Notices]
[Page 3264]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-1086]



[[Page 3263]]

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Part II





Department of Housing and Urban Development





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

Federal Register / Vol. 70, No. 13 / Friday, January 21, 2005 / 
Notices

[[Page 3264]]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4964-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 has adjusted the basic statutory mortgage limits for multifamily 
housing programs for calendar year 2005.

EFFECTIVE DATE: January 1, 2005.

FOR FURTHER INFORMATION CONTACT: Michael L. 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.

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 2.29 percent and the 
effective date of the HOEPA adjustment is January 1, 2005. The Dollar 
Amounts have been adjusted correspondingly and have an effective date 
of January 1, 2005.
    The adjusted Dollar Amounts for calendar year 2005 are shown below:

Basic Statutory Mortgage Limits for Calendar Year 2005

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....................................            $39,759          45,876
1....................................             44,040          51,380
2....................................             52,603          63,002
3....................................             64,837          78,906
4+...................................             73,401          89,218
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     Section 213--Cooperatives

------------------------------------------------------------------------
               Bedrooms                   Non-elevator       Elevator
------------------------------------------------------------------------
0....................................            $43,085          45,876
1....................................             49,677          51,976
2....................................             59,913          63,201
3....................................             76,687          81,762
4+...................................             85,433          89,750
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     Section 221(d)(3)--Moderate income housing
     Section 234--Condominium housing

------------------------------------------------------------------------
               Bedrooms                   Non-elevator       Elevator
------------------------------------------------------------------------
0....................................            $43,964          46,267
1....................................             50,691          53,036
2....................................             61,134          64,492
3....................................             78,252          83,430
4+...................................             87,176          91,581
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     Section 221(d)(4)--Moderate income housing

------------------------------------------------------------------------
               Bedrooms                   Non-elevator       Elevator
------------------------------------------------------------------------
0....................................            $39,567          42,739
1....................................             44,912          48,995
2....................................             54,287          59,576
3....................................             68,140          77,071
4+...................................             77,213          84,602
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     Section 231--Housing for the Elderly

------------------------------------------------------------------------
               Bedrooms                   Non-elevator       Elevator
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0....................................            $37,618          42,739
1....................................             42,053          48,995
2....................................             50,218          59,576
3....................................             60,432          77,071
4+...................................             71,048          84,602
------------------------------------------------------------------------

     Section 207--Manufactured Home Parks
    Per Space: $18,255.

    Dated: January 11, 2005.
Sean Cassidy,
General Deputy, Assistant Secretary for Housing.
[FR Doc. 05-1086 Filed 1-19-05; 8:45 am]
BILLING CODE 4210-27-P