[Federal Register Volume 76, Number 37 (Thursday, February 24, 2011)]
[Notices]
[Pages 10387-10388]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-4146]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5388-N-02]


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 has adjusted the Basic Statutory Mortgage Limits for Multifamily 
Housing Programs for Calendar Year 2011.

DATES: Effective Date: January 1, 2011.

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 
20410-8000, telephone (202) 402-2559 (this is not a toll-free number). 
Hearing or speech-impaired individuals may access

[[Page 10388]]

this number through TTY by calling the toll-free Federal Information 
Relay Service at (800) 877-8339.

SUPPLEMENTARY INFORMATION: The FHA Downpayment Simplification Act of 
2002 (Pub. L. 107-326, 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. 103-325, 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 (CPI-U) as applied by the Federal Reserve Board for purposes 
of the above-described HOEPA adjustment.
    HUD has been notified of the percentage change in the CPI-U used 
for the HOEPA adjustment and the effective date of the HOEPA 
adjustment. The percentage change in the CPI-U is 2.2 percent and the 
effective date of the HOEPA adjustment is January 1, 2011. The Dollar 
Amounts have been adjusted correspondingly and have an effective date 
of January 1, 2011.
    The adjusted Dollar Amounts for Calendar Year 2011 are shown below:

Basic Statutory Mortgage Limits for Calendar Year 2011

Multifamily Loan Program

    <bullet> Section 207--Multifamily Housing
    <bullet> Section 207 pursuant to Section 223(f)--Purchase or 
Refinance Housing
    <bullet> Section 220--Housing in Urban Renewal Areas

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                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $46,079          53,171
1.......................................          51,043          59,551
2.......................................          60,969          73,022
3.......................................          75,149          91,456
4+......................................          85,077         103,410
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    <bullet> Section 213--Cooperatives

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $49,937          53,171
1.......................................          57,577          60,242
2.......................................          69,440          73,253
3.......................................          88,884          94,766
4+......................................          99,022         104,026
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    <bullet> Section 221(d)(3)--Moderate Income Housing
    <bullet> Section 234--Condominium Housing

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $50,956          53,624
1.......................................          58,752          61,471
2.......................................          70,857          74,749
3.......................................          90,699          96,700
4+......................................         101,042         106,147
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    <bullet> Section 221(d)(4)--Moderate Income Housing

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                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $45,858          49,536
1.......................................          52,055          56,787
2.......................................          62,921          69,052
3.......................................          78,977          89,330
4+......................................          89,495          98,058
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    <bullet> Section 231--Housing for the Elderly

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
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0.......................................         $43,600          49,536
1.......................................          48,741          56,787
2.......................................          58,203          69,052
3.......................................          70,044          89,330
4+......................................          82,348          98,058
------------------------------------------------------------------------

    <bullet> Section 207--Manufactured Home Parks

Per Space $21,155

    Dated: January 12, 2011.
David H. Stevens,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2011-4146 Filed 2-23-11; 8:45 am]
BILLING CODE 4210-67-P