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HUD Publishes FAQ on Section 221(d)(3) Limits for 2013
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HUD has published the following FAQ:
Q: Where can I find the 221(d)(3) limits for 2013?
A: Starting in 2013, Section 221(d)(3) program limits will no longer be calculated and published by HUD due to the elimination of the 221(d)(3) Mortgage Program. The HOME statute and the HOME regulation at 24 CFR 92.250(a) limit the amount of HOME funds that a PJ may invest in a HOME-assisted unit. The maximum HOME per-unit subsidy limit is set at the basic Section 221(d)(3)(ii) mortgage limit for elevator-type projects, by bedroom size (with adjustments up to 240% for “high cost” geographic areas).
Because HUD is no longer calculating 221(d)(3) limits, PJs must continue to use the 2012 published Section 221(d)(3) limits for all HOME projects, until further notice from the Office of Community Planning and Development at HUD. These limits were published in December 2011, and became effective January 1, 2012.
View 2012 Section 221(d)(3) limits for all HOME projects.
View all HOME FAQs.
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