Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs, 7316 [E8-2215]

Agencies

• DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Federal Register Volume 73, Number 26 (Thursday, February 7, 2008)]
[Notices]
[Page 7316]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-2215]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5184-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 2008.

EFFECTIVE DATE: January 1, 2008.

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 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 2.56 percent and the 
effective date of the HOEPA adjustment is January 1, 2008. The Dollar 
Amounts have been adjusted correspondingly and have an effective date 
of January 1, 2008.
    The adjusted Dollar Amounts for calendar year 2008 are shown below:

Basic Statutory Mortgage Limits for Calendar Year 2008

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.......................................         $43,704          50,429
1.......................................          48,411          56,480
2.......................................          57,824          69,256
3.......................................          71,273          86,739
4+......................................          80,688          98,075
------------------------------------------------------------------------

 Section 213--Cooperatives

------------------------------------------------------------------------
                Bedrooms                   Non-Elevator      Elevator
------------------------------------------------------------------------
0.......................................         $47,362          50,429
1.......................................          54,608          57,135
2.......................................          65,859          69,475
3.......................................          84,299          89,878
4+......................................          93,914          98,659
------------------------------------------------------------------------

 Section 221(d)(3)--Moderate Income Housing
 Section 234--Condominium Housing

------------------------------------------------------------------------
                Bedrooms                   Non-Elevator      Elevator
------------------------------------------------------------------------
0.......................................         $48,328          50,859
1.......................................          55,722          58,300
2.......................................          67,202          70,893
3.......................................          86,020          91,712
4+......................................          95,830         100,672
------------------------------------------------------------------------

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

------------------------------------------------------------------------
                Bedrooms                   Non-Elevator      Elevator
------------------------------------------------------------------------
0.......................................         $43,493          46,981
1.......................................          49,370          53,858
2.......................................          59,675          65,490
3.......................................          74,903          84,722
4+......................................          84,878          93,000
------------------------------------------------------------------------

 Section 231--Housing for the Elderly

------------------------------------------------------------------------
                Bedrooms                   Non-Elevator      Elevator
------------------------------------------------------------------------
0.......................................         $41,352          46,981
1.......................................          46,227          53,858
2.......................................          55,202          65,490
3.......................................          66,431          84,722
4+......................................          78,100          93,000
------------------------------------------------------------------------

 Section 207--Manufactured Home Parks
Per Space--$20,065

    Dated: January 30, 2008.
Brian D. Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. E8-2215 Filed 2-6-08; 8:45 am]
BILLING CODE 4210-67-P