{
  "_comment": "Every number the sizer, chooser and program pages use, with its source. Update when HUD issues the next annual limits notice, high-cost Mortgagee Letter, MIP notice or ratio change.",
  "checked": "2026-10-24",
  "limits": {
    "source": "HUD, Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs, FR Doc 2026-08795 (May 6, 2026), effective January 1, 2026",
    "url": "https://www.federalregister.gov/d/2026-08795",
    "increase": "2.3%",
    "s207": {
      "label": "Section 207, 207 pursuant to 223(f), and 220",
      "nonElevator": [
        68733,
        76138,
        90947,
        112100,
        126909
      ],
      "elevator": [
        80170,
        88832,
        108925,
        136424,
        154259
      ]
    },
    "s221d4": {
      "label": "Section 221(d)(4)",
      "nonElevator": [
        68401,
        77649,
        93859,
        117808,
        133121
      ],
      "elevator": [
        73889,
        84706,
        103004,
        133252,
        146274
      ]
    },
    "s231": {
      "label": "Section 231",
      "nonElevator": [
        65032,
        72702,
        86818,
        104483,
        122838
      ],
      "elevator": [
        73889,
        84706,
        103004,
        133252,
        146274
      ]
    },
    "mhpPerSpace": 31553
  },
  "hcp": {
    "source": "HUD Mortgagee Letter 2026-05 (May 20, 2026), effective January 1, 2026",
    "url": "https://www.hud.gov/sites/default/files/hudclips/documents/2026-05hsgml.pdf",
    "standard": 270,
    "waiver": 315,
    "special": 405,
    "specialAreas": [
      "AK",
      "HI",
      "GU",
      "VI"
    ],
    "subRehabBase": 20406,
    "largeLoan": 130000000
  },
  "ratios": {
    "source": "HUD Mortgagee Letter 2025-03 (January 8, 2025); Middle Income tier: Mortgagee Letter 2026-01 (January 22, 2026); large loans: Mortgagee Letter 2023-14",
    "url": "https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf",
    "market": {
      "label": "Market rate (or tax credits without a 10% rent advantage)",
      "ltv": 0.87,
      "dscr": 1.15,
      "vacancy": 7
    },
    "affordable": {
      "label": "Affordable (tax credit or Section 8 rents at least 10% below market)",
      "ltv": 0.9,
      "dscr": 1.11,
      "vacancy": 5
    },
    "assisted": {
      "label": "90% or more of units with rental assistance",
      "ltv": 0.9,
      "dscr": 1.11,
      "vacancy": 3
    },
    "middle": {
      "label": "Middle income (221(d)(4) only: half the units at or below 120% of area income)",
      "ltv": 0.9,
      "dscr": 1.11,
      "vacancy": 7
    },
    "large": {
      "_note": "ML 2023-14. HUD has not published a large-loan ratio for the 2026 middle-income tier; the sizer applies the market-rate one and says so.",
      "market": {
        "ltv": 0.75,
        "dscr": 1.3,
        "cashOutLtv": 0.7
      },
      "affordable": {
        "ltv": 0.8,
        "dscr": 1.25,
        "cashOutLtv": 0.7
      },
      "assisted": {
        "ltv": 0.87,
        "dscr": 1.15,
        "cashOutLtv": 0.8
      }
    },
    "cashOutLtv": 0.8,
    "a7Dscr": 1.11,
    "a7DscrAssisted": 1.05
  },
  "mip": {
    "source": "90 FR 45789, FR Doc 2025-18379 (September 23, 2025): applications submitted or amended on or after October 1, 2025",
    "url": "https://www.federalregister.gov/d/2025-18379",
    "annual": 0.25,
    "upfront": 0.25,
    "prior": {
      "221(d)(4)": [
        0.65,
        0.65
      ],
      "223(f)": [
        0.6,
        1.0
      ],
      "223(a)(7)": [
        0.5,
        0.5
      ],
      "241(a)": [
        0.95,
        0.95
      ],
      "220, 213, 231, 207": [
        0.7,
        0.7
      ]
    }
  },
  "fees": {
    "source": "HUD MAP Guide (2020 edition, revised March 19, 2021), sections 3.1.8, 3.1.9, 3.1.11 and 18.3.7",
    "applicationFee": 0.3,
    "applicationFeeA7": 0.15,
    "inspectionFeeNc": 0.5,
    "lenderFeeCap": 3.5,
    "lenderFeeCapBond": 5.5,
    "a7LenderFee": "3.5% on the first $2 million, 2% above"
  },
  "terms": {
    "source": "HUD MAP Guide sections 3.1.6, 3.7.20 and 18.3.4; 12 U.S.C. 1715n(a)(7)",
    "d4Years": 40,
    "fYears": 35,
    "fMinYears": 10,
    "a7Extension": 12
  },
  "benchmark": {
    "rate": 5.54,
    "source": "Median note rate on the 572 FHA-insured apartment loans with an initial endorsement between September 28, 2025 and September 30, 2026, in HUD's Insured Multifamily Mortgages active file (current as of September 30, 2026)",
    "url": "https://www.hud.gov/hud-partners/multifamily-fhasl-active"
  }
}