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 Department of Housing and Urban Development [Docket No. FR-5184-N-01]
 AGENCY: Office of the Assistant Secretary for Housing—Federal Housing Commissioner, HUD.
 ACTION: Notice.
 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 2008.
 EFFECTIVE DATE: January 1, 2008.
 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 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 2.56 percent and the effective date of the HOEPA adjustment is January 1, 2008. The Dollar Amounts have been adjusted correspondingly and have an effective date of January 1, 2008. The adjusted Dollar Amounts for calendar year 2008 are shown below: Basic Statutory Mortgage Limits for Calendar Year 2008 Multifamily Loan Program • Section 207—Multifamily Housing • Section 207 Pursuant to Section 223(f)—Purchase or Refinance Housing • Section 220—Housing in Urban Renewal Areas Bedrooms
Non-Elevator
Elevator0
$43,704
50,4291
48,411
56,4802
57,824
69,2563
71,273
86,7394+
80,688
98,075
 • Section 213—Cooperatives Bedrooms
Non-Elevator
Elevator0
$47,362
50,4291
54,608
57,1352
65,859
69,4753
84,299
89,8784+
93,914
98,659
 • Section 221(d)(3)—Moderate Income Housing • Section 234—Condominium Housing Bedrooms
Non-Elevator
Elevator0
$48,328
50,8591
55,722
58,3002
67,202
70,8933
86,020
91,7124+
95,830
100,672
 • Section 221(d)(4)—Moderate Income Housing Bedrooms
Non-Elevator
Elevator0
$43,493
46,9811
49,370
53,8582
59,675
65,4903
74,903
84,7224+
84,878
93,000
 • Section 231—Housing for the Elderly Bedrooms
Non-Elevator
Elevator0
$41,352
46,9811
46,227
53,8582
55,202
65,4903
66,431
84,7224+
78,100
93,000
 • Section 207—Manufactured Home Parks Per Space—$20,065 Dated: January 30, 2008. Brian D. Montgomery, Assistant Secretary for Housing—Federal Housing Commissioner.


[FR Doc. E8-2215 Filed 2-6-08; 8:45 am] BILLING CODE 4210-67-P