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[Federal Register Volume 82, Number 214 (Tuesday, November 7, 2017)]
[Notices]
[Page 51638]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-24171]

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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-6045-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 has adjusted the Basic Statutory Mortgage Limits for Multifamily 
Housing Programs for Calendar Year 2017.

DATES: January 1, 2017.

FOR FURTHER INFORMATION CONTACT: Daniel J. Sullivan, Deputy Director, 
Office of Multifamily Development, Department of Housing and Urban 
Development, 451 Seventh Street SW., Washington, DC 20410-8000, 
telephone (202) 402-6130 (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 Down Payment 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:

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)(4)(ii)(I) (12 U.S.C. 1715l(d)(4)(ii)(I));
V. Section 231(c)(2)(A) (12 U.S.C. 1715v(c)(2)(A)); and
VI. Section 234(e)(3)(A) (12 U.S.C. 1715y(e)(3)(A)).

    The Dollar Amounts in these sections are the base per unit 
statutory limits for FHA's multifamily mortgage programs collectively 
referred to as the `Dollar Amounts.' They are adjusted annually 
(commencing in 2004) on the effective date of the Consumer Financial 
Protection Bureau'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 Bureau of Consumer 
Financial Protection 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 2.1 percent and the 
effective date of the HOEPA adjustment is January 1, 2017. The Dollar 
Amounts have been adjusted correspondingly and have an effective date 
of January 1, 2017.
    These revised statutory limits, high cost areas and per unit cost 
thresholds for substantial rehabilitation may be applied to FHA 
multifamily mortgage insurance applications submitted or amended on or 
after July 1, 2017, so long as the loan has not been initially 
endorsed.
    The adjusted Dollar Amounts for Calendar Year 2017 are shown below:

Basic Statutory Mortgage Limits for Calendar Year 2017

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      Elevator
------------------------------------------------------------------------
0.......................................         $51,575         $60,158
1.......................................          57,133          66,657
2.......................................          68,244          81,734
3.......................................          84,116         102,368
4+......................................          95,228         115,749
------------------------------------------------------------------------

Section 213--Cooperatives

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $55,894         $59,515
1.......................................          64,447          67,428
2.......................................          77,725          81,993
3.......................................          99,489         106,073
4+......................................         110,837         116,438
------------------------------------------------------------------------

Section 234--Condominium Housing

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $57,035         $60,021
1.......................................          65,762          68,806
2.......................................          79,311          83,667
3.......................................         101,521         108,239
4+......................................         113,098         118,812
------------------------------------------------------------------------

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

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $51,328         $55,445
1.......................................          58,266          63,562
2.......................................          70,429          77,291
3.......................................          88,400          99,988
4+......................................          99,890         109,758
------------------------------------------------------------------------

Section 231--Housing for the Elderly

------------------------------------------------------------------------
                Bedrooms                   Non-elevator      Elevator
------------------------------------------------------------------------
0.......................................         $48,800         $55,445
1.......................................          54,555          63,562
2.......................................          65,147          77,291
3.......................................          78,401          99,988
4+......................................          92,173         109,758
------------------------------------------------------------------------

Section 207--Manufactured Home Parks Per Space--$23,678

Per Unit Limit for Substantial Rehabilitation for Calendar Year 2017

    The 2016 Multifamily Accelerated Processing (MAP) Guide established 
a base amount of $15,000 per unit to define substantial rehabilitation 
for FHA insured loan programs. Section 5.1.D.2 of the MAP guide 
requires that this base amount be adjusted periodically based on the 
percentage change published by the Consumer Financial Protection Bureau 
or other inflation cost index published by HUD. Accordingly, the 2017 
base amount per dwelling unit to determine substantial rehabilitation 
for FHA insured loan programs is $15,315.

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).

    Dated: October 31, 2017.
Dana T. Wade,
General Deputy Assistant Secretary for Housing.
[FR Doc. 2017-24171 Filed 11-6-17; 8:45 am]
 BILLING CODE 4210-67-P
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