Federal Register: April 6, 2009 (Volume 74, Number 64)
DOCID: fr06ap09-109 FR Doc E9-7651
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Housing and Urban Development Department
Docket ID: [Docket No. FR-5296-N-01]
NOTICE: NOTICES
DOCID: fr06ap09-109
DOCUMENT ACTION: Notice.
SUBJECT CATEGORY:
Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs
DOCUMENT 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 2009.
Effective Date: January 1, 2009.
SUMMARY:
Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs,
SUPPLEMENTAL INFORMATION
The FHA Downpayment Simplification Act of
2002 (Pub. L. 107326, 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. 103325, 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 (CPIU) as applied by the Federal Reserve Board for purposes of the abovedescribed HOEPA adjustment.
HUD has been notified of the percentage change in the CPIU used for the HOEPA adjustment and the effective date of the HOEPA adjustment. The percentage change in the CPIU is 3.94 percent and the effective date of the HOEPA adjustment is January 1, 2009. The Dollar Amounts have been adjusted correspondingly and have an effective date of January 1, 2009.
The adjusted Dollar Amounts for calendar year 2009 are shown below: Basic Statutory Mortgage Limits for Calendar Year 2009
Multifamily Loan Program
Non
Bedrooms elevator Elevator 0............................................... $45,425 52,415 1............................................... 50,318 58,705 2............................................... 60,102 71,984 3............................................... 74,081 90,156 4+.............................................. 83,867 101,939
Non
Bedrooms elevator Elevator 0............................................... $49,228 52,415 1............................................... 56,759 59,386 2............................................... 68,453 72,212 3............................................... 87,620 93,419 4+.............................................. 97,614 102,546
Non
Bedrooms elevator Elevator 0............................................... $50,232 52,862 1............................................... 57,917 60,597 2............................................... 69,849 73,686 3............................................... 89,409 95,325 4+.............................................. 99,605 104,638
Non
Bedrooms elevator Elevator 0............................................... $45,206 48,832 1............................................... 51,315 55,980 2............................................... 62,026 68,070 3............................................... 77,854 88,060 4+.............................................. 88,222 96,664
Non
Bedrooms elevator Elevator 0............................................... $42,981 48,832 1............................................... 48,048 55,980 2............................................... 57,376 68,070 3............................................... 69,048 88,060 4+.............................................. 81,177 96,664
Per Space................................................... $20,855 [[Page 15516]]
Dated: March 24, 2009.
Brian D. Montgomery,
Assistant Secretary for HousingFederal Housing Commissioner. [FR Doc. E97651 Filed 4309; 8:45 am]
BILLING CODE 421067P
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 204108000, telephone (202) 4022559 (this is not a tollfree number). Hearing or speechimpaired individuals may access this number through TTY by calling the tollfree Federal Information Relay Service at (800) 8778339.