Notice2022-05578
Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs; Annual Indexing of Substantial Rehabilitation Threshold
Primary source
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Published
March 17, 2022
Issuing agencies
Housing and Urban Development Department
Abstract
In accordance with Section 206A of the National Housing Act, HUD is providing notice of adjustment to the Basic Statutory Mortgage Limits for Multifamily Housing Programs for Calendar Year 2022. HUD is also providing notice of adjustment to the per unit cost threshold for determining substantial rehabilitation in the Multifamily Housing Programs pursuant to its administrative guidance for Calendar Year 2022.
Full Text
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<title>Federal Register, Volume 87 Issue 52 (Thursday, March 17, 2022)</title>
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[Federal Register Volume 87, Number 52 (Thursday, March 17, 2022)]
[Notices]
[Pages 15258-15259]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-05578]
[[Page 15258]]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-6314-N-01]
Annual Indexing of Basic Statutory Mortgage Limits for
Multifamily Housing Programs; Annual Indexing of Substantial
Rehabilitation Threshold
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 is providing notice of adjustment to the Basic Statutory Mortgage
Limits for Multifamily Housing Programs for Calendar Year 2022. HUD is
also providing notice of adjustment to the per unit cost threshold for
determining substantial rehabilitation in the Multifamily Housing
Programs pursuant to its administrative guidance for Calendar Year
2022.
DATES: Applicable date: January 1, 2022.
FOR FURTHER INFORMATION CONTACT: Thomas Bernaciak, Deputy Director,
Office of Multifamily Production, Department of Housing and Urban
Development, 451 Seventh Street SW, Washington, DC 20410-8000,
telephone (202) 402-3242 (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: Section 206A of the National Housing Act (12
U.S.C. 1712a) provides authority for the annual adjustment for the
following FHA multifamily statutory dollar limits:
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)).
Section 206A states that the preceding ``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). 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.
(b) Notification
The Federal Reserve Board on a timely basis shall notify the
Secretary, or his designee, in writing of the adjustment described in
subsection (a) and of the effective date of such adjustment to permit
the Secretary to undertake publication in the Federal Register of
corresponding adjustments to the Dollar Amounts. The dollar amount of
any adjustment shall be rounded to the next lower dollar.
Note that 206A has not been updated to reflect the fact that HOEPA
has been revised to use $1,000 as the basis for the adjustment rather
than $400, and the Consumer Finance Protection Bureau has replaced the
Federal Reserve Board in administering the adjustment. These changes
were made by the Dodd-Frank Wall Street Reform and Consumer Protection
Act's amendments to the Truth in Lending Act, as further explained in
the regulatory implementation of said changes found in the Federal
Register notice published on January 31, 2013 (78 FR 6856, 6879).
The percentage change in the CPI-U used for the HOEPA adjustment is
a 4.2 percent increase and the effective date of the HOEPA adjustment
is January 1, 2022. The Dollar Amounts under Section 206A have been
adjusted correspondingly and have an effective date of January 1, 2022,
in accordance with the Federal Register notice published on November 2,
2021 (86 FR 60357).
These revised statutory limits may be applied to FHA multifamily
mortgage insurance applications submitted or amended on or after
January 1, 2022, so long as the loan has not been initially endorsed.
The adjusted Dollar Amounts for Calendar Year 2022 are shown below.
Basic Statutory Mortgage Limits for Calendar Year 2022 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....................................... $57,197 $66,715
1....................................... 63,360 73,923
2....................................... 75,683 90,643
3....................................... 93,285 113,526
4+...................................... 105,608 128,367
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Section 213--Cooperatives
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Bedrooms Non-elevator Elevator
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0....................................... $61,986 $66,002
1....................................... 71,472 74,778
2....................................... 86,197 90,930
3....................................... 110,334 117,636
4+...................................... 122,920 129,131
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Section 234--Condominium Housing
------------------------------------------------------------------------
Bedrooms Non-elevator Elevator
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0....................................... $63,251 $66,564
1....................................... 72,930 76,305
2....................................... 87,956 92,789
3....................................... 112,588 120,039
4+...................................... 125,427 131,765
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Section 221(d)(4)--Moderate Income Housing
------------------------------------------------------------------------
Bedrooms Non-elevator Elevator
------------------------------------------------------------------------
0....................................... $56,922 $61,488
1....................................... 64,617 70,490
2....................................... 78,107 85,717
3....................................... 98,036 110,887
4+...................................... 110,779 121,723
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Section 231--Housing for the Elderly
------------------------------------------------------------------------
Bedrooms Non-elevator Elevator
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0....................................... $54,118 $61,488
1....................................... 60,501 70,490
2....................................... 72,248 85,717
3....................................... 86,947 110,887
4+...................................... 102,221 121,723
------------------------------------------------------------------------
Section 207--Manufactured Home Parks per Space--$26,258
Indexing of per Unit Limit for Substantial Rehabilitation for Calendar
Year 2022
[[Page 15259]]
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 5.1.2.A.2.b of the 2020 MAP
guide requires that this base amount be annually adjusted for inflation
based on the percentage change published by the Bureau of Labor
Statistics of the Department of Labor or other inflation cost index.
Applying the HOEPA adjustment to the base amount, the 2022 base amount
per dwelling unit to determine substantial rehabilitation for FHA
insured loan programs is $16,983.
This per unit cost threshold for substantial rehabilitation may be
applied to FHA multifamily mortgage insurance applications submitted or
amended on or after January 1, 2022, so long as the loan has not been
initially endorsed.
Environmental Impact
This notice involves the statutorily required establishment of
mortgage limits and discretionary establishment of cost limits which do
not constitute development decisions 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).
Lopa P. Kolluri,
Principal Deputy Assistant Secretary for the Office of Housing--Federal
Housing Administration.
[FR Doc. 2022-05578 Filed 3-16-22; 8:45 am]
BILLING CODE 4210-67-P
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</html>Indexed from Federal Register on March 17, 2022.
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