[Federal Register: March 1, 2004 (Volume 69, Number 40)]
[Notices]
[Page 9632-9633]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr01mr04-88]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4902-N-01]
Adjustments to Statutory Mortgage Limits for Sections 207 and 213
of the National Housing Act Multifamily Housing Programs
AGENCY: Office of the Assistant Secretary for Housing--Federal Housing
Commissioner, HUD.
ACTION: Notice.
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SUMMARY: The recently enacted FHA Multifamily Loan Limit Adjustment Act
of 2003 made adjustments to certain maximum mortgage amount limits.
This notice advises of HUD adjustment of these mortgage limits
consistent with the new law.
EFFECTIVE DATE: January 1, 2004.
FOR FURTHER INFORMATION CONTACT: Michael McCullough, Director, Office
of Multifamily Development, Department of Housing and Urban
Development, 451 Seventh Street, SW., Washington, DC 20410-8000,
telephone (202) 708-1142 (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 (the Act) (12 U.S.C. 1701 et seq.) by adding a new section
206A (12 U.S.C. 1712a). Under section 206A, maximum mortgage amounts
(collectively referred to as ``dollar amounts'') shall be adjusted
annually, commencing in 2004, for a number of programs under the Act.
Accordingly, on November 1, 2003 (68 FR 65724), HUD published notice of
the basic statutory mortgage limits for multifamily housing programs.
Subsequently, enactment of the FHA Multifamily Loan Limit
Adjustment Act of 2003 (section 302 of Pub. L. 108-186, approved
December 16, 2003) established ``catch-up adjustments'' to two programs
under the Act. Under section 302(c), captioned ``Catch-up Adjustments
to Certain Maximum Mortgage Amount Limits,'' the adjustments affect the
following sections of the Act: (1) Section 207(c)(3)(A) (12 U.S.C.
1713(c)(3)(A)); and (2) section 213(b)(2)(A) (12 U.S.C.
1715e(b)(2)(A)).
The new dollar amounts in these sections have been adjusted by HUD
according to the FHA Downpayment Simplification Act of 2002, using 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 has
been calculated
[[Page 9633]]
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.
The percentage change in the CPI-U is 2.22 percent and the
effective date of the HOEPA adjustment is January 1, 2004. The dollar
amounts have been adjusted correspondingly and have an effective date
of January 1, 2004.
The adjusted dollar amounts for calendar year 2004 are as follows:
Basic Statutory Mortgage Limits for Calendar Year 2004
Multifamily Loan Program
Section 213--Cooperatives
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Bedrooms Non-elevator Elevator
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0............................................ $42,121 44,849
1............................................ 48,565 50,813
2............................................ 58,572 61,787
3............................................ 74,971 79,932
4+........................................... 83,521 87,741
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Section 207 `` Manufactured Home Parks
Per Space $17,847
Dated: February 20, 2004.
John C. Weicher,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 04-4481 Filed 2-27-04; 8:45 am]
BILLING CODE 4210-27-P