Notice2024-02870
Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 13, 2024
Effective
January 1, 2024
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 2024.
Full Text
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<title>Federal Register, Volume 89 Issue 30 (Tuesday, February 13, 2024)</title>
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[Federal Register Volume 89, Number 30 (Tuesday, February 13, 2024)]
[Notices]
[Pages 10089-10090]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-02870]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-6445-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 is providing notice of adjustment to the Basic Statutory Mortgage
Limits for Multifamily Housing Programs for calendar year 2024.
DATES: The adjustments are effective January 1, 2024.
FOR FURTHER INFORMATION CONTACT: Willie Fobbs III, Director, Office of
Multifamily Production, Room 6134, U.S. Department of Housing and Urban
Development, 451 Seventh Street SW, Washington, DC 20410-8000,
telephone (202) 402-6257 (this is not a toll-free number). HUD welcomes
and is prepared to receive calls from individuals who are deaf or hard
of hearing, as well as individuals with speech or communication
disabilities. To learn more about how to make an accessible telephone
call, please visit <a href="https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs">https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs</a>.
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:
[[Page 10090]]
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)(3)(ii)(I) (12 U.S.C. 1715l(d)(3)(ii)(I));
V. Section 221(d)(4)(ii)(I) (12 U.S.C. 1715l(d)(4)(ii)(I));
VI. Section 231(c)(2)(A) (12 U.S.C. 1715v(c)(2)(A)); and
VII. Section 234(e)(3)(A) (12 U.S.C. 1715y(e)(3)(A)).
Section 206A goes on to state:
(a) [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 in order 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 78 FR 6856, 6879
(Jan. 31, 2013).
The percentage change in the CPI-U used for the HOEPA adjustment is
a 4.9 percent increase and the effective date of the HOEPA adjustment
is January 1, 2024. The Dollar Amounts under section 206A have been
adjusted correspondingly and have an effective date of January 1, 2024
(see 88 FR 65113, Sept. 21, 2023).
These revised statutory limits may be applied to FHA multifamily
mortgage insurance applications submitted or amended on or after
January 1, 2024, so long as the loan has not been initially endorsed.
The adjusted Dollar Amounts for Calendar Year 2024 are shown below.
Basic Statutory Mortgage Limits for Calendar Year 2024 Multifamily Loan
Program
Section 207--Multifamily Housing;
Section 207 pursuant to Section 223(f)--Purchase or Refinance Housing;
and,
Section 220--Housing in Urban Renewal Areas
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Bedrooms Non-elevator Elevator
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0....................................... $64,979 $75,792
1....................................... 71,980 83,980
2....................................... 85,980 102,976
3....................................... 105,977 128,972
4+...................................... 119,977 145,833
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Section 213--Cooperatives
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Bedrooms Non-elevator Elevator
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0....................................... $70,419 $74,982
1....................................... 81,196 84,952
2....................................... 97,925 103,302
3....................................... 125,346 133,641
4+...................................... 139,644 146,700
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Section 234--Condominium Housing
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Bedrooms Non-elevator Elevator
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0....................................... $71,856 $75,620
1....................................... 82,853 86,687
2....................................... 99,923 105,414
3....................................... 127,906 136,372
4+...................................... 142,493 149,693
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Section 221(d)(4)--Moderate Income Housing
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Bedrooms Non-elevator Elevator
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0....................................... $64,666 $69,853
1....................................... 73,409 80,080
2....................................... 88,733 97,379
3....................................... 111,374 125,974
4+...................................... 125,851 138,285
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Section 231--Housing for the Elderly
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Bedrooms Non-elevator Elevator
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0....................................... $61,480 $69,853
1....................................... 68,732 80,080
2....................................... 82,077 97,379
3....................................... 98,776 125,974
4+...................................... 116,129 138,285
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Section 207--Manufactured Home Parks
Per Space--$29,830
Environmental Impact
This notice involves a statutorily required establishment of
mortgage loan limits that does 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).
Julia R. Gordon,
Assistant Secretary for Housing--Federal Housing Administration
Commissioner.
[FR Doc. 2024-02870 Filed 2-12-24; 8:45 am]
BILLING CODE 4210-67-P
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</html>Indexed from Federal Register on February 13, 2024.
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