Notice2024-31184
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
December 31, 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 2025.
Full Text
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<title>Federal Register, Volume 89 Issue 250 (Tuesday, December 31, 2024)</title>
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[Federal Register Volume 89, Number 250 (Tuesday, December 31, 2024)]
[Notices]
[Pages 107155-107156]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-31184]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-6510-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 2025.
DATES: Adjustment applicable January 1, 2025.
FOR FURTHER INFORMATION CONTACT: Margaret Lawrence, Deputy Director,
Office of Multifamily Production, Department of Housing and Urban
Development, 451 Seventh Street SW, Washington, DC 20410-8000,
telephone (202) 431-7397 (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 107156]]
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 that the preceding
(a) ``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 3.4 percent increase and the effective date of the HOEPA adjustment
is January 1, 2025. The Dollar Amounts under Section 206A have been
adjusted correspondingly and have an effective date of January 1, 2025.
(see 89 FR 95080, Dec. 2, 2024).
These revised statutory limits may be applied to FHA multifamily
mortgage insurance applications submitted or amended on or after
January 1, 2025, so long as the loan has not been initially endorsed.
The adjusted Dollar Amounts for Calendar Year 2025 are shown below.
Basic Statutory Mortgage Limits for Calendar Year 2025 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....................................... $67,188 $78,368
1....................................... 74,427 86,835
2....................................... 88,903 106,477
3....................................... 109,580 133,357
4+...................................... 124,056 150,791
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Section 213--Cooperatives
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Bedrooms Non-elevator Elevator
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0....................................... $72,813 $77,531
1....................................... 83,956 87,840
2....................................... 101,254 106,814
3....................................... 129,607 138,184
4+...................................... 144,391 151,687
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Section 234--Condominium Housing
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Bedrooms Non-elevator Elevator
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0....................................... $74,299 $78,191
1....................................... 85,670 89,634
2....................................... 103,320 108,998
3....................................... 132,254 141,008
4+...................................... 147,337 154,782
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Section 221(d)(4)--Moderate Income Housing
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Bedrooms Non-elevator Elevator
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0....................................... $66,864 $72,228
1....................................... 75,904 82,802
2....................................... 91,749 100,689
3....................................... 115,160 130,257
4+...................................... 130,129 142,986
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Section 231--Housing for the Elderly
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Bedrooms Non-elevator Elevator
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0....................................... $63,570 $72,228
1....................................... 71,068 82,802
2....................................... 84,867 100,689
3....................................... 102,134 130,257
4+...................................... 120,077 142,986
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Section 207--Manufactured Home Parks per Space--$30,844
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).
Jeffrey D. Little,
General Deputy Assistant Secretary for Housing.
[FR Doc. 2024-31184 Filed 12-30-24; 8:45 am]
BILLING CODE 4210-67-P
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</html>Indexed from Federal Register on December 31, 2024.
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