Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs, 25683 [2018-11854]

Download as PDF 25683 Federal Register / Vol. 83, No. 107 / Monday, June 4, 2018 / Notices DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–6103–N–01] Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs Office of the Assistant Secretary for Housing—Federal Housing Commissioner, HUD. ACTION: Notice. AGENCY: In accordance with the National Housing Act, HUD has adjusted the Basic Statutory Mortgage Limits for Multifamily Housing Programs for Calendar Year 2018. DATES: January 1, 2018. FOR FURTHER INFORMATION CONTACT: Patricia M. Burke, Acting Director, Office of Multifamily Development, Department of Housing and Urban Development, 451 Seventh Street SW, Washington, DC 20410–8000, telephone (202) 402–5693 (this is not a toll-free number). Hearing or speech-impaired individuals may access this number through TTY by calling the toll-free Federal 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 (CFPB’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 CFPB for purposes of the above-described HOEPA adjustment. The percentage change in the CPI–U used for the HOEPA adjustment is 2.1 sradovich on DSK3GMQ082PROD with NOTICES SUMMARY: VerDate Sep<11>2014 18:35 Jun 01, 2018 Jkt 244001 percent and the effective date of the HOEPA adjustment is January 1, 2018. The Dollar Amounts under Section 206A have been adjusted correspondingly and have an effective date of January 1, 2018. The adjusted Dollar Amounts for Calendar Year 2018 are shown below: Basic Statutory Mortgage Limits for Calendar Year 2018 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 0 ................ 1 ................ 2 ................ 3 ................ 4+ .............. Non-elevator $52,658 58,332 69,677 85,882 97,227 Elevator $61,421 68,056 83,450 104,517 118,179 SECTION 213—COOPERATIVES Bedrooms 0 ................ 1 ................ 2 ................ 3 ................ 4+ .............. Non-elevator $57,067 65,800 79,357 101,578 113,164 Elevator $60,764 68,843 83,714 108,300 118,883 SECTION 234—CONDOMINIUM HOUSING Bedrooms 0 ................ 1 ................ 2 ................ 3 ................ 4+ .............. Non-elevator $58,232 67,143 80,976 103,652 115,473 Elevator $61,281 70,250 85,424 110,512 121,307 SECTION 221(D)(4)—MODERATE INCOME HOUSING Bedrooms 0 ................ 1 ................ 2 ................ 3 ................ 4+ .............. Non-elevator $52,405 59,489 71,908 90,256 101,987 0 1 2 3 ................ ................ ................ ................ PO 00000 Frm 00044 Non-elevator $49,824 55,700 66,515 80,047 Fmt 4703 Sfmt 4703 Bedrooms Non-elevator 4+ .............. 94,108 Elevator 112,062 Section 207—Manufactured Home Parks per Space—$24,175 Per Unit Limit for Substantial Rehabilitation for Calendar Year 2018 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 CFPB or other inflation cost index published by HUD. Applying the HOEPA adjustment the base amount, the 2018 base amount per dwelling unit to determine substantial rehabilitation for FHA insured loan programs is $15,636. 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: May 25, 2018. Dana T. Wade, General Deputy Assistant Secretary for Housing. [FR Doc. 2018–11854 Filed 6–1–18; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–7001–N–26] 30-Day Notice of Proposed Information Collection: CDBG Urban County $56,609 Qualification/New York Towns 64,896 Qualification/Requalification Process Elevator 78,914 102,087 112,062 SECTION 231—HOUSING FOR THE ELDERLY Bedrooms SECTION 231—HOUSING FOR THE ELDERLY—Continued Office of the Chief Information Officer, HUD. ACTION: Notice. AGENCY: HUD is seeking approval from the Office of Management and Budget (OMB) for the information collection Elevator described below. In accordance with the $56,609 Paperwork Reduction Act, HUD is 64,896 requesting comment from all interested 78,914 parties on the proposed collection of 102,087 information. The purpose of this notice SUMMARY: E:\FR\FM\04JNN1.SGM 04JNN1

Agencies

[Federal Register Volume 83, Number 107 (Monday, June 4, 2018)]
[Notices]
[Page 25683]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-11854]



[[Page 25683]]

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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-6103-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 the National Housing Act, HUD has adjusted 
the Basic Statutory Mortgage Limits for Multifamily Housing Programs 
for Calendar Year 2018.

DATES: January 1, 2018.

FOR FURTHER INFORMATION CONTACT: Patricia M. Burke, Acting Director, 
Office of Multifamily Development, Department of Housing and Urban 
Development, 451 Seventh Street SW, Washington, DC 20410-8000, 
telephone (202) 402-5693 (this is not a toll-free number). Hearing or 
speech-impaired individuals may access this number through TTY by 
calling the toll-free Federal 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 (CFPB'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 CFPB for 
purposes of the above-described HOEPA adjustment.
    The percentage change in the CPI-U used for the HOEPA adjustment is 
2.1 percent and the effective date of the HOEPA adjustment is January 
1, 2018. The Dollar Amounts under Section 206A have been adjusted 
correspondingly and have an effective date of January 1, 2018.
    The adjusted Dollar Amounts for Calendar Year 2018 are shown below:

Basic Statutory Mortgage Limits for Calendar Year 2018

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.......................................         $52,658         $61,421
1.......................................          58,332          68,056
2.......................................          69,677          83,450
3.......................................          85,882         104,517
4+......................................          97,227         118,179
------------------------------------------------------------------------


                        Section 213--Cooperatives
------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $57,067         $60,764
1.......................................          65,800          68,843
2.......................................          79,357          83,714
3.......................................         101,578         108,300
4+......................................         113,164         118,883
------------------------------------------------------------------------


                    Section 234--Condominium Housing
------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $58,232         $61,281
1.......................................          67,143          70,250
2.......................................          80,976          85,424
3.......................................         103,652         110,512
4+......................................         115,473         121,307
------------------------------------------------------------------------


               Section 221(D)(4)--Moderate Income Housing
------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $52,405         $56,609
1.......................................          59,489          64,896
2.......................................          71,908          78,914
3.......................................          90,256         102,087
4+......................................         101,987         112,062
------------------------------------------------------------------------


                  Section 231--Housing for the Elderly
------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $49,824         $56,609
1.......................................          55,700          64,896
2.......................................          66,515          78,914
3.......................................          80,047         102,087
4+......................................          94,108         112,062
------------------------------------------------------------------------

Section 207--Manufactured Home Parks per Space--$24,175
Per Unit Limit for Substantial Rehabilitation for Calendar Year 2018
    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 CFPB or other inflation cost index 
published by HUD. Applying the HOEPA adjustment the base amount, the 
2018 base amount per dwelling unit to determine substantial 
rehabilitation for FHA insured loan programs is $15,636.

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: May 25, 2018.
Dana T. Wade,
General Deputy Assistant Secretary for Housing.
[FR Doc. 2018-11854 Filed 6-1-18; 8:45 am]
 BILLING CODE 4210-67-P