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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 [www.gpo.gov]
[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 https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs.

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

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
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

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
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
------------------------------------------------------------------------

Section 234--Condominium Housing

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
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
------------------------------------------------------------------------

Section 221(d)(4)--Moderate Income Housing

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
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
------------------------------------------------------------------------

Section 231--Housing for the Elderly

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
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
------------------------------------------------------------------------

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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