Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs, 25855 [E6-6543]

Agencies

• DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Federal Register Volume 71, Number 84 (Tuesday, May 2, 2006)]
[Notices]
[Page 25855]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-6543]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4964-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 2006.

EFFECTIVE DATE: January 1, 2006.

FOR FURTHER INFORMATION CONTACT: Joseph E. Malloy, Acting 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 3.51 percent and the 
effective date of the HOEPA adjustment is January 1, 2006. The Dollar 
Amounts have been adjusted correspondingly and have an effective date 
of January 1, 2006.
    The adjusted Dollar Amounts for calendar year 2006 are shown below:

Basic Statutory Mortgage Limits for Calendar Year 2006

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.

------------------------------------------------------------------------
                                                    Non-
                   Bedrooms                       elevator     Elevator
------------------------------------------------------------------------
0.............................................      $41,154       47,486
1.............................................       45,585       53,183
2.............................................       54,449       65,213
3.............................................       67,112       81,675
4+............................................       75,977       92,349
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     Section 213--Cooperatives.

------------------------------------------------------------------------
                                                    Non-
                   Bedrooms                       elevator     Elevator
------------------------------------------------------------------------
0.............................................      $44,597       47,486
1.............................................       51,420       53,800
2.............................................       62,015       65,419
3.............................................       79,378       84,631
4+............................................       88,431       92,900
------------------------------------------------------------------------

     Section 221(d)(3)--Moderate income housing.
     Section 234--Condominium housing.

------------------------------------------------------------------------
                                                    Non-
                   Bedrooms                       elevator     Elevator
------------------------------------------------------------------------
0.............................................      $45,507       47,890
1.............................................       52,470       54,897
2.............................................       63,279       66,755
3.............................................       80,998       86,358
4+............................................       90,235       94,795
------------------------------------------------------------------------

     Section 221(d)(4)--Moderate income housing.

------------------------------------------------------------------------
                                                    Non-
                   Bedrooms                       elevator     Elevator
------------------------------------------------------------------------
0.............................................      $40,955       44,239
1.............................................       46,488       50,714
2.............................................       56,192       61,667
3.............................................       70,531       79,776
4+............................................       79,923       87,571
------------------------------------------------------------------------

    Section 231--Housing for the Elderly.

------------------------------------------------------------------------
                                                    Non-
                   Bedrooms                       elevator     Elevator
------------------------------------------------------------------------
0.............................................      $38,938       44,239
1.............................................       43,529       50,714
2.............................................       51,980       61,667
3.............................................       62,553       79,776
4+............................................       73,541       87,571
------------------------------------------------------------------------

     Section 207--Manufactured Home Parks.
    Per Space--$18,895

    Dated: April 19, 2006.
Brian D. Montgomery,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. E6-6543 Filed 5-1-06; 8:45 am]
BILLING CODE 4210-67-P