Notice: Mortgage and Loan Insurance Programs: Multifamily Mortgage Insurance Premiums

Wednesday,
June 28, 2006
Part VI
Department of
Housing and Urban
Development
Changes in Certain Multifamily Mortgage
Insurance Premiums; Notice
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36968 Federal Register / Vol. 71, No. 124 / Wednesday, June 28, 2006 / Notices
DEPARTMENT OF HOUSING AND Development, 451 Seventh Street, SW., Listed below are the sections of the
URBAN DEVELOPMENT Washington, DC 20410–8000, Act that will have an increase in the
Telephone: (202) 708–1142 (this is not MIP rate. All increases apply to insured
[Docket No. FR–4679–N–11]
a toll-free number). Hearing-or speech- loans without LIHTC:
Changes in Certain Multifamily impaired individuals may access these • 207 Manufactured Home Parks and
Mortgage Insurance Premiums numbers through TTY by calling the New Construction/Substantial
Federal Information Relay Service at Rehabilitation (NC/SR): The MIP will
AGENCY: Office of the Assistant (800) 877–8339 (this is a toll-free increase from 50 to 77 basis points.
Secretary for Housing—Federal Housing number). • 221(d)(4) NC/SR: The MIP will
Commissioner, HUD. SUPPLEMENTARY INFORMATION: increase from 45 to 77 basis points.
ACTION: Notice. • 232 NC/SR Health Care Facilities:
Introduction The MIP will increase from 57 to 80
SUMMARY: In accordance with HUD HUD’s regulations at 24 CFR 207.252, basis points.
regulations, this notice announces 207.252a and 207.254 provide that • 220 Urban Renewal Housing: The
changes in the mortgage insurance instead of setting the MIP at one specific MIP will increase from 50 to 77 basis
premiums (MIP) for Federal Housing rate for all programs, the Secretary is points.
Administration (FHA) multifamily permitted to change an MIP program by • 231 Elderly Housing: The MIP will
mortgage insurance programs whose program within the full range of HUD’s increase from 50 to 77 basis points.
commitments will be issued or reissued statutory authority of one fourth of one • 207/223(f) Refinance or Purchase of
in Fiscal Year 2007. Under the percent to one percent of the Apartments: The MIP will increase from
Department of Housing and Urban outstanding mortgage principal per 45 to 77 basis points.
Development Reform Act of 1989 and annum through a notice, as provided in • 232/223(f) Refinance or Purchase of
HUD’s implementing instructions, a section 203(c)(1) of the National Health Care Facilities: The MIP will
sponsor is required to submit a Housing Act (the Act) (12 U.S.C. increase from 50 to 80 basis points.
certification regarding governmental 1709(c)(1)). The rule states that HUD • 223(a)(7) Refinance of Apartments:
assistance, including any low-income will provide a 30-day period for public The MIP will increase from 45 to 77
housing tax credits, with all mortgage comment on notices changing MIPs in basis points.
insurance applications. multifamily insured housing programs. • 223(a)(7) Refinance of Health Care
DATES: Comment Due Date: July 28, Pursuant to this 30-day comment Facilities: The MIP will increase from
2006. procedure, this notice announces 50 to 80 basis points.
changes for FY 2006 in the MIP for • 241(a) Improvements/Additions for
ADDRESSES: Interested persons are
programs authorized under the Act. The Health Care Facilities: The MIP will
invited to submit comments regarding
effective date for these changes is increase from 57 to 80 basis points.
this notice to the Regulations Division, • 242 Hospitals: The MIP will
Office of General Counsel, Room 10276, October 1, 2006.
These changes affect multifamily increase from 50 to 80 basis points.
Department of Housing and Urban • Title XI—Group Practice: The MIP
Development, 451 Seventh Street, SW., housing commitments issued or
reissued on or after October 1, 2006. will increase from 50 to 80 basis points.
Washington, DC 20410–0500. Interested
A. The following MIPs are unchanged: Credit Subsidy
persons also may submit comments • All sections of the Act where the
electronically through The Federal mortgagor equity is produced from the Appropriated positive credit subsidy
eRulemaking Portal at proceeds of the sale of low-income is required for loan guarantee
www.regulations.gov. HUD strongly housing tax credits (LIHTC): The MIP commitments under the three sections
encourages commenters to submit remains at 45 basis points. of the Act listed. The MIPs remain the
comments electronically in order to • The following sections of the Act, same as specified earlier in this notice.
make them immediately available to the without LIHTC: Section 213 Cooperative If the mortgagor’s equity is produced
public. Commenters should follow the Housing remains at 50 basis points, from LIHTC for Sections 221(d)(3) and
instructions provided on that site to section 221(d)(3) Nonprofit/Cooperative 241(a), a credit subsidy obligation will
submit comments electronically. mortgagor remains at 80 basis points, not be required. Only nonprofit and
Facsimile (fax) comments are not section 223(d) Operating Loss Loans for nonprofit cooperative mortgagors can
acceptable. In all cases, communications apartments and health care facilities obtain a 100 percent mortgage under
must refer to the docket number and remain at 80 basis points and section Section 221(d)(3) of the Act. The
title. All comments and 241(a) Improvements/Additions for nonprofits cannot be under the control
communications submitted to HUD will apartments only remain at 80 basis or influence of profit-motivated entities
be available, without change, for public points. and continue to require HUD approval
inspection and copying between 8 a.m. • Premiums for risk sharing prior to issuance of the firm
and 5 p.m. weekdays at the above applications under sections 542(b) and commitment.
address. Due to security measures at the 542(c) of the Housing and Community • Section 221(d)(3) for new
HUD Headquarters building, an advance Development Act of 1992 remain at 50 construction or substantial
appointment to review the public basis points. Risk-sharing premiums do rehabilitation (NC/SR).
comments must be scheduled by calling not appear on the following chart • Section 223(d) for operating loss
the Regulations Division at (202) 708– because the premium paid by a risk- loans for both apartments and health
3055 (this is not a toll-free number). sharing Housing Finance Agency care facilities.
Copies of all comments submitted are depends on the percentage of risk • Section 241(a) for supplemental
available for inspection and assumed by it in accordance with loans for additions or improvements for
downloading at www.regulations.gov. regulations at 24 CFR 266.604. The apartments only.
FOR FURTHER INFORMATION CONTACT: Eric premium paid by Fannie Mae or Freddie The mortgage insurance premiums to
Stevenson, Director, Policy Division, Mac is 50% of 50 basis points. The 50 be in effect for FHA firm commitments
Office of Multifamily Development, basis points applies to all risk-sharing issued or reissued in FY 2007 are shown
Department of Housing and Urban loans whether or not they have LIHTC. in the table below:
Federal Register / Vol. 71, No. 124 / Wednesday, June 28, 2006 / Notices 36969
FISCAL YEAR 2007 MIP RATES— Health care facility loan FY07 basis B. Extension of Outstanding Firm
MULTIFAMILY LOAN PROGRAM programs points Commitments
FY07 basis
232 NC/SR Health Care Facili- FHA may extend or amend
Housing loan programs ties ......................................... 80 outstanding firm commitments issued
points
232 NC/SR—Assisted Living prior to October 1, 2006 when the Hub/
207 Multifamily Housing NC/SR Facilities with LIHTC ............. 45 Program Center determines that the
without LIHTC ....................... 77 232/223(f) Refinance for Health underwriting conclusions (rents,
Care Facilities without LIHTC *80
207 Multifamily Housing NC/SR
232/223(f) Refinance for Health
expenses, construction costs, mortgage
with LIHTC ............................ 45
Care Facilities with LIHTC .... *45 amount and cash required to close) are
207 Manufactured Home Parks 223(a)(7) Refinance of Health still valid. If the commitment has been
without LIHTC ....................... 77 Care Facilities without LIHTC 80 extended 90 days from the original
207 Manufactured Home Parks 223(a)(7) Refinance of Health expiration date, the mortgagee must
with LIHTC ............................ 45 Care Facilities with LIHTC .... 45 provide updated appraisal, market cost
221(d)(3) Nonprofit/Cooperative 223d Operating loss loan for and mortgage credit information. If the
mortgagor without LIHTC ...... 80 Health Care Facilities ............ 80 loan is processed under Traditional
221(d)(3) Limited dividend 241(a) Improvements/additions
mortgagor with LIHTC ........... 45 Application Processing, the Hub/
for Health Care Facilities
213 Coop .................................. 50 without LIHTC ....................... 80
program center must update its own
221(d)(4) NC/SR with LIHTC ... 45 241(a) Improvements/additions conclusions (appraisal/market study,
221(d)(4) NC/SR without LIHTC 77 for Health Care Facilities cost and mortgage credit underwriting).
220 Urban Renewal Housing With LIHTC ........................... 45 A new market study is required if the
with LIHTC ............................ 45 242 Hospitals ............................ 80 existing study is over one year old.
220 Urban Renewal Housing Title XI—Group Practice ........... 80
C. Reopening of Expired Firm
without LIHTC ....................... 77 *The First Year MIP for the section 207/ Commitments
231 Elderly Housing without 223(f) loans for apartments is one percent for
LIHTC .................................... 77 the first year, as specified in sections 24 CFR Reopening requests for expired firm
231 Elderly Housing with 207.252b(a). The first year MIP for 232/223(f)
health care facilities remains at 100 basis commitments will be reprocessed by
LIHTC .................................... 45
points. FHA field staff with updated appraisal,
207/223(f) Refinance or Pur-
market, cost and mortgage credit
chase for Apartments with Applicable Mortgage Insurance
LIHTC .................................... *45 information. The new MIP will apply to
Premium procedures reopened commitments which are
207/223(f) Refinance or Pur-
chase for Apartments without The MIP regulations are found in 24 reissued on or after October 1, 2006.
LIHTC .................................... *77 CFR part 207. This notice is published After expiration of the 90-day
223(a)(7) Refinance of Apart- in accordance with the procedures reopening period, mortgagees are
ments with LIHTC ................. 45 stated in 24 CFR 207.252, 207.252(a), required to submit new applications
223(a)(7) Refinance of Apart- and 207.254. with the $3 per thousand application
ments without LIHTC ............ 77
fee.
223d Operating loss loan for Transition Guidelines
Apartments ............................ 80 Dated: June 22, 2006.
241(a) Improvements/additions
A. General
Brian D. Montgomery,
for Apartments/coop .............. 80 FHA will honor outstanding Assistant Secretary for Housing—Federal
241(a) Improvements/additions commitments issued before October 1, Housing Commissioner, H.
for Apartments/coop with
LIHTC .................................... 45
2006 and endorse the notes for [FR Doc. 06–5866 Filed 6–27–06; 8:45 am]
insurance. BILLING CODE 4210–67–P

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June 28, 2006

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