Federal Register: February 4, 2010 (Volume 75, Number 23)
DOCID: fr04fe10-64 FR Doc 2010-2361
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Housing and Urban Development Department
Docket ID: [Docket No. FR-5388-N-01]
NOTICE: NOTICES
DOCID: fr04fe10-64
ACTION: Agency Information Collection Activities; Proposals, Submissions, and Approvals:
DOCUMENT ACTION: Notice.
SUBJECT CATEGORY:
Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs
DATES: Effective Date: January 1, 2010.
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 2010.
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 0.9926 percent (1.00.0074) and the effective date of the HOEPA adjustment is January 1, 2010. The Dollar Amounts have been adjusted correspondingly and have an effective date of January 1, 2010.
The adjusted Dollar Amounts for calendar year 2010 are shown below: Basic Statutory Mortgage Limits for Calendar Year 2010
Multifamily Loan Program
[squf] Section 207Multifamily Housing
[squf] Section 207 pursuant to Section 223(f)Purchase or refinance housing
[squf] Section 220Housing in urban renewal areas
Bedrooms NonElevator Elevator
0....................................... $45,088 $52,027
1....................................... 49,945 58,270
2....................................... 59,657 71,451
3....................................... 73,532 89,488
4+...................................... 83,246 101,184 [squf] Section 213Cooperatives
Bedrooms NonElevator Elevator
0....................................... $48,863 $52,027
1....................................... 56,338 58,946
2....................................... 67,946 71,677
3....................................... 86,971 92,727
4+...................................... 96,891 101,787 [squf] Section 221(d)(3)Moderate income housing
[squf] Section 234Condominium housing
Bedrooms NonElevator Elevator
0....................................... $49,860 $52,470
1....................................... 57,488 60,148
2....................................... 69,332 73,140
3....................................... 88,747 94,619
4+...................................... 98,867 103,863 [squf] Section 221(d)(4)Moderate income housing
Bedrooms NonElevator Elevator
0....................................... $44,871 $48,470
1....................................... 50,935 55,565
2....................................... 61,567 67,566
3....................................... 77,277 87,408
4+...................................... 87,569 95,948 [squf] Section 231Housing for the Elderly
Bedrooms NonElevator Elevator
0....................................... $42,662 $48,470
1....................................... 47,692 55,565
2....................................... 56,951 67,566
3....................................... 68,537 87,408
4+...................................... 80,576 95,948 [squf] Section 207Manufactured Home Parks
Per Space $20,700
Dated: January 26, 2010.
David H. Stevens,
Assistant Secretary for HousingFederal Housing Commissioner. [FR Doc. 20102361 Filed 2310; 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.