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2024 HUD Multifamily Basic Statutory Limits
Find out the HUD Multifamily Basic Statutory Limits for 2024 and how you can accurately project the limits for 2025.
- Basic Statutory Mortgage Limits for Calendar Year 2024
- Section 207: Multifamily Housing (and Others)
- Section 213: Cooperatives
- Section 234: Condominium Housing
- Section 221(d)(4): Moderate Income Housing
- Section 231: Housing for the Elderly
- Section 207: Manufactured Home Parks
- Per-Unit Limits for Substantial Rehabilitation
- Estimating Future Increases in Limits
- Conclusion
- Get Financing
The Department of Housing and Urban Development (HUD) has released the updated Basic Statutory Mortgage Limits for Multifamily Housing Programs for Calendar Year 2024.
These limits are essential for understanding the maximum mortgage amounts available for various multifamily loan programs backed by the Federal Housing Administration (FHA).
This article provides an overview of the 2024 limits, as well as an explanation of how to estimate potential increases for 2025 and beyond.
Basic Statutory Mortgage Limits for Calendar Year 2024
The adjusted dollar amounts for the 2024 calendar year are shown in the tables below. Please see the information following the tables before making any assumptions about 2025's limits.
Section 207: Multifamily Housing (and Others)
This section also includes housing pursuant to Section 223(f) financing for purchase or refinancing. The same limits are also in place for Section 220 financing for housing HUD considers are located in urban renewal areas.
Bedrooms | Non-elevator | Elevator |
|---|---|---|
0 | $64,979 | $75,792 |
1 | $71,980 | $83,980 |
2 | $85,980 | $102,976 |
3 | $105,977 | $128,972 |
4+ | $119,977 | $145,833 |
Section 213: Cooperatives
Bedrooms | Non-elevator | Elevator |
|---|---|---|
0 | $70,419 | $74,982 |
1 | $81,196 | $84,952 |
2 | $97,925 | $103,302 |
3 | $125,346 | $133,641 |
4+ | $139,644 | $146,700 |
Section 234: Condominium Housing
Bedrooms | Non-elevator | Elevator |
|---|---|---|
0 | $71,856 | $75,620 |
1 | $82,853 | $86,687 |
2 | $99,923 | $105,414 |
3 | $127,906 | $136,372 |
4+ | $142,493 | $149,693 |
Section 221(d)(4): Moderate Income Housing
Bedrooms | Non-elevator | Elevator |
|---|---|---|
0 | $64,666 | $69,853 |
1 | $73,409 | $80,080 |
2 | $88,733 | $97,379 |
3 | $111,374 | $125,974 |
4+ | $125,851 | $138,285 |
Section 231: Housing for the Elderly
Bedrooms | Non-elevator | Elevator |
|---|---|---|
0 | $61,480 | $69,853 |
1 | $68,732 | $80,080 |
2 | $82,077 | $97,379 |
3 | $98,776 | $125,974 |
4+ | $116,129 | $138,285 |
Section 207: Manufactured Home Parks
Manufactured home parks have limits of $29,830 per space for the 2024 calendar year.
Per-Unit Limits for Substantial Rehabilitation
The 2023 base amount per dwelling unit to determine substantial rehabilitation for FHA insured loan programs was $18,392. This amount is adjusted annually for inflation based on the percentage change published by the Bureau of Labor Statistics of the Department of Labor or other inflation cost index. However, in the initial guidance released by HUD, this number is not listed. Once a new figure is released, this article will be updated.
Estimating Future Increases in Limits
Although the official guidance for 2024 limits has not yet been released, it is possible to estimate potential increases based on the adjustment methodology used by HUD. The limits are adjusted annually using the Consumer Price Index for All Urban Consumers (CPI-U) and the Home Ownership and Equity Protection Act (HOEPA) adjustment.
By monitoring changes in the CPI-U and the HOEPA adjustment, you can anticipate how the limits may change in the future. However, it is crucial to note that these estimates are not official, and you should wait for the official HUD guidance for 2024 to update your information accurately.
Conclusion
The 2024 Basic Statutory Mortgage Limits for HUD Multifamily Housing Programs provide essential information for multifamily apartment communities seeking FHA-backed financing. While it is possible to estimate future increases based on the CPI-U and HOEPA adjustment, it is crucial to wait for the official HUD guidance to ensure accurate information.
Keep an eye on HUD announcements and updates for the most current and accurate information on multifamily loan limits.