Type:Notice
Citation:89 FR 107155
Reading Time:about 3 minutes
The Department of Housing and Urban Development (HUD) has announced an adjustment to the Basic Statutory Mortgage Limits for its Multifamily Housing Programs. This change, effective January 1, 2025, reflects a 3.4% increase based on the Consumer Price Index for All Urban Consumers. The adjusted mortgage limits apply to FHA multifamily mortgage insurance applications submitted on or after this date. This adjustment does not require environmental review as it does not affect the physical state of project areas.
Simple Explanation
The HUD is changing the rules for loans on big apartment buildings, making them a little more expensive to keep up with prices. They did this by checking a special list of things people buy to see how much more they cost now.