2024-07880. Indexing Methodology for Title I Manufactured Home Loan Limits; Correction

AGENCY:

Office of the Assistant Secretary for Housing—Federal Housing Commissioner, Department of Housing and Urban Development (HUD).

ACTION:

Correcting amendment.

SUMMARY:

The Department of the Housing and Urban Development (HUD) is correcting a final rule entitled, “Indexing Methodology for Title 1 Manufactured Home Loan Limits” that published in the Federal Register on February 28, 2024.

DATES:

Effective April 15, 2024.

FOR FURTHER INFORMATION CONTACT:

With respect to this technical correction, contact Aaron Santa Anna, Associate General Counsel for Legislation and Regulations, Department of Housing and Urban Development, 451 7th Street SW, Room 10238, Washington, DC 20410; telephone number 202-708-1793 (this is not a toll-free number). HUD welcomes and is prepared to receive calls from individuals who are deaf or hard of hearing, as well as individuals with speech or communication disabilities. To learn more about how to make an accessible telephone call, please visit https://www.fcc.gov/​consumers/​guides/​telecommunications-relay-service-trs.

SUPPLEMENTARY INFORMATION:

On February 28, 2024 (89 FR 14582) (FR Doc. 2024-04138), HUD published a final rule that amends the maximum loan limits for manufactured home loans insured under Title I of the National Housing Act and required regulations to implement future indexing of the loan limit amounts for manufactured homes originated under the Manufactured Home Loan program.

In reviewing the February 28, 2024, final rule, HUD identified inadvertent errors in amendatory instruction 3. This document corrects this error.

List of Subjects in 24 CFR Part 201

• Claims
• Health facilities
• Historic preservation
• Home improvement
• Loan programs—housing and community development
• Manufactured homes
• Mortgage insurance
• Reporting and recordkeeping requirements

Accordingly, 24 CFR part 201 is corrected by making the following correcting amendments:

PART 201—TITLE I PROPERTY IMPROVEMENT AND MANUFACTURED HOME LOANS

1. The authority for 24 CFR part 201 continues to read as follows:

Authority: 12 U.S.C. 1703; 15 U.S.C. 1639c; 42 U.S.C. 3535(d).

2. Amend § 201.10 by adding paragraphs (d)(1)(i) through (vii) and (d)(2)(i) and (ii) to read as follows:

§ 201.10

Loan amounts.

* * * * *

(d) * * *

(1) * * *

(i) 130 percent of the sum of the wholesale (base) prices of the home and any itemized options and the charge for freight, as detailed in the manufacturer's invoice;

(ii) The charge for any sales taxes to be paid by the dealer, as detailed in the manufacturer's invoice;

(iii) The actual dealer's cost of transportation to the homesite, set-up and anchoring, including the rental of wheels and axles (if not included in the freight charge);

(iv) The actual dealer's cost of purchasing and installing a central air conditioning system or heat pump, if not installed by the manufacturer;

(v) The appraised value of the developed manufactured home lot (as determined by a HUD-approved appraisal, including on-site water and utility connections, sanitary facilities, site improvements and landscaping) or the purchase price, whichever is less;

(vi) The actual dealer's cost of appurtenances to the home such as a permanent foundation, garage, carport or patio; and

(vii) Any applicable charges authorized at § 201.25(b).

(2) * * *

(i) 95 percent of the total appraised value of the home, the lot, and any appurtenances (as determined by a HUD-approved appraisal), plus 95 percent of any applicable charges authorized at § 201.25(b); or

(ii) 95 percent of the purchase price of the home, the lot, and any appurtenances.

* * * * *

Department of Housing and Urban Development.

Aaron Santa Anna,

Associate General Counsel, Office of Legislation and Regulations.