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Federal Register / Vol. 86, No. 172 / Thursday, September 9, 2021 / Notices
by statute, or the document preempts state law, unless the agency meets the consultation and funding requirements of section 6 of the executive order. This notice merely designates DDAs and QCTs as required under IRC Section 42, as amended, for the use by political subdivisions of the states in allocating the LIHTC. This notice also details the technical methods used in making such designations. As a result, this notice is not subject to review under the order.
Todd M. Richardson, General Deputy Assistant Secretary for Policy Development and Research.
FR Doc. 202119498 Filed 9821; 8:45 am BILLING CODE 421067P

DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
Docket No. FR6274N01

Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs; Annual Indexing of Substantial Rehabilitation Threshold Office of the Assistant Secretary for HousingFederal Housing Commissioner, Housing and Urban Development HUD.
ACTION: Notice.
AGENCY:

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 2021. HUD is also providing notice of adjustment to the per unit cost threshold for determining substantial rehabilitation in the Multifamily Housing Programs pursuant to its administrative guidance for Calendar Year 2021.
DATES: Effective January 1, 2021.
FOR FURTHER INFORMATION CONTACT:
Patricia M. Burke, Director, Office of Multifamily Production, Department of Housing and Urban Development, 451
Seventh Street SW, Washington, DC
204108000, telephone 202 4025693
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 8778339.
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:
I. Section 207c3A 12 U.S.C.
1713c3A;
II. Section 213b2A 12 U.S.C.
1715eb2A;

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SUMMARY:

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III. Section 220d3BiiiI 12 U.S.C.
1715kd3BiiiI;
IV. Section 221d4iiI 12 U.S.C.
1715ld4iiI;
V. Section 231c2A 12 U.S.C.
1715vc2A; and VI. Section 234e3A 12 U.S.C.
1715ye3A.
Section 206A goes on to state that the preceding Dollar Amounts shall be adjusted annually commencing in 2004 on the effective date of the Federal Reserve Boards 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 CPIU 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 Acts 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 CPIU
used for the HOEPA adjustment is a 0.3
percent increase and the effective date of the HOEPA adjustment is January 1, 2021. The Dollar Amounts under Section 206A have been adjusted correspondingly and have an effective date of January 1, 2021.
These revised statutory limits may be applied to FHA multifamily mortgage insurance applications submitted or amended on or after January 1, 2021, so long as the loan has not been initially endorsed.
The adjusted Dollar Amounts for Calendar Year 2021 are shown below.
To implement the Consumer Finance Protection Bureaus adjustment, a onetime proration is required to the 0.3
percent figure, which was computed from April 2019 to April 2020 see 85
FR 50944, Aug. 19, 2020. Because
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HUDs previous Dollar Amounts utilized CPIU data through December 2019, only interim CPIU data from January 2020 through April 2020 is reflected in the table calculations. The overall impact of this adjustment resulted in no change for Calendar Year 2021, because CPIU showed minor inflation of 1 percent in January and February 2020, but was fully offset by minor deflation of 1% in March and April 2020, associated with COVID19
pandemic economic disruptions.
Moving forward in future years HUD
will continue to utilize the CFPBs time period April to April used for the HOEPA CPIU adjustment, which is typically published in the August preceding the following January effective date.
Basic Statutory Mortgage Limits for Calendar Year 2021 Multifamily Loan Program Section 207Multifamily Housing;
Section 207 pursuant to Section 223f Purchase or Refinance Housing; and, Section 220Housing in Urban Renewal Areas Bedrooms 0
1
2
3
4+

Non-elevator $54,892
60,807
72,633
89,525
101,352

Elevator $64,026
70,944
86,990
108,951
123,193

Section 213Cooperatives Bedrooms 0
1
2
3
4+

Non-elevator $59,488
68,592
82,723
105,887
117,966

Elevator $63,342
71,764
87,265
112,895
123,927

Section 234Condominium Housing Bedrooms 0
1
2
3
4+

Non-elevator $60,702
69,991
84,411
108,050
120,372

Elevator $63,881
73,230
89,049
115,201
126,454

Section 221d4Moderate Income Housing Bedrooms 0
1
2
3
4+

Non-elevator $54,628
62,013
74,959
94,085
106,314

Elevator $59,010
67,649
82,262
106,418
116,817

Section 231Housing for the Elderly
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