rp-14-31.pdf

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Rev. Proc. 2014-31

SECTION 1. PURPOSE
This revenue procedure provides issuers of qualified mortgage bonds, as defined
in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit
certificates, as defined in section 25(c), with (1) the nationwide average purchase price
for residences located in the United States, and (2) average area purchase price safe
harbors for residences located in statistical areas in each state, the District of Columbia,
Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and
Guam.
SECTION 2. BACKGROUND
.01 Section 103(a) provides that, except as provided in section 103(b), gross
income does not include interest on any state or local bond. Section 103(b)(1) provides
that section 103(a) shall not apply to any private activity bond that is not a "qualified
bond" within the meaning of section 141. Section 141(e) provides, in part, that the term
"qualified bond" means any private activity bond if such bond (1) is a qualified mortgage
bond under section 143, (2) meets the volume cap requirements under section 146, and
(3) meets the applicable requirements under section 147.

2
.02 Section 143(a)(1) provides that the term "qualified mortgage bond" means a
bond that is issued as part of a qualified mortgage issue. Section 143(a)(2)(A) provides
that the term "qualified mortgage issue" means an issue of one or more bonds by a
state or political subdivision thereof, but only if: (i) all proceeds of the issue (exclusive of
issuance costs and a reasonably required reserve) are to be used to finance owner-
occupied residences; (ii) the issue meets the requirements of subsections (c), (d), (e),
(f), (g), (h), (i), and (m)(7) of section 143; (iii) the issue does not meet the private
business tests of paragraphs (1) and (2) of section 141(b); and (iv) with respect to
amounts received more than 10 years after the date of issuance, repayments of
$250,000 or more of principal on mortgage financing provided by the issue are used by
the close of the first semiannual period beginning after the date the prepayment (or
complete repayment) is received to redeem bonds that are part of the issue.
Average Area Purchase Price
.03 Section 143(e)(1) provides that an issue of bonds meets the purchase price
requirements of section 143(e) if the acquisition cost of each residence financed by the
issue does not exceed 90 percent of the average area purchase price applicable to
such residence. Section 143(e)(5) provides that, in the case of a targeted area
residence (as defined in section 143(j)), section 143(e)(1) shall be applied by
substituting 110 percent for 90 percent.
.04 Section 143(e)(2) provides that the term "average area purchase price"
means, with respect to any residence, the average purchase price of single-family
residences (in the statistical area in which the residence is located) that were purchased

3
during the most recent 12-month period for which sufficient statistical information is
available. Under sections 143(e)(3) and (4), respectively, separate determinations are
to be made for new and existing residences, and for two-, three-, and four-family
residences.
.05 Section 143(e)(2) provides that the determination of the average area
purchase price for a statistical area shall be made as of the date on which the
commitment to provide the financing is made or, if earlier, the date of the purchase of
the residence.
.06 Section 143(k)(2)(A) provides that the term "statistical area" means (i) a
metropolitan statistical area (MSA), and (ii) any county (or the portion thereof) that is not
within an MSA. Section 143(k)(2)(C) further provides that if sufficient recent statistical
information with respect to a county (or portion thereof) is unavailable, the Secretary
may substitute another area for which there is sufficient recent statistical information for
such county (or portion thereof). In the case of any portion of a State which is not within
a county, section 143(k)(2)(D) provides that the Secretary may designate as a county
any area that is the equivalent of a county. Section 6a.103A-1(b)(4)(i) of the Temporary
Income Tax Regulations (issued under section 103A of the Internal Revenue Code of
1954, the predecessor of section 143) provides that the term “State” includes a
possession of the United States and the District of Columbia.
.07 Section 6a.103A-2(f)(5)(i) provides that an issuer may rely upon the average
area purchase price safe harbors published by the Department of the Treasury for the
statistical area in which a residence is located. Section 6a.103A-2(f)(5)(i) further

4
provides that an issuer may use an average area purchase price limitation different from
the published safe harbor if the issuer has more accurate and comprehensive data for
the statistical area.
Qualified Mortgage Credit Certificate Program
.08 Section 25(c) permits a state or political subdivision to establish a qualified
mortgage credit certificate program. In general, a qualified mortgage credit certificate
program is a program under which the issuing authority elects not to issue an amount of
private activity bonds that it may otherwise issue during the calendar year under section
146, and in their place, issues mortgage credit certificates to taxpayers in connection
with the acquisition of their principal residences. Section 25(a)(1) provides, in general,
that the holder of a mortgage credit certificate may claim a federal income tax credit
equal to the product of the credit rate specified in the certificate and the interest paid or
accrued during the tax year on the remaining principal of the indebtedness incurred to
acquire the residence. Section 25(c)(2)(A)(iii)(III) generally provides that residences
acquired in connection with the issuance of mortgage credit certificates must meet the
purchase price requirements of section 143(e).
Income Limitations for Qualified Mortgage Bonds and Mortgage Credit Certificates
.09 Section 143(f) imposes limitations on the income of mortgagors for whom
financing may be provided by qualified mortgage bonds. In addition, section
25(c)(2)(A)(iii)(IV) provides that holders of mortgage credit certificates must meet the
income requirement of section 143(f). Generally, under sections 143(f)(1) and
25(c)(2)(A)(iii)(IV), the income requirement is met only if all owner-financing under a

5
qualified mortgage bond and all mortgage credit certificates issued under a qualified
mortgage credit certificate program are provided to mortgagors whose family income is
115 percent or less of the applicable median family income. Section 143(f)(5), however,
generally provides for an upward adjustment to the percentage limitation in high housing
cost areas. High housing cost areas are defined in section 143(f)(5)(C) as any
statistical area for which the housing cost/income ratio is greater than 1.2.
.10 Under section 143(f)(5)(D), the housing cost/income ratio with respect to any
statistical area is determined by dividing (a) the applicable housing price ratio for such
area by (b) the ratio that the area median gross income for such area bears to the
median gross income for the United States. The applicable housing price ratio is the
new housing price ratio (new housing average area purchase price divided by the new
housing average purchase price for the United States) or the existing housing price ratio
(existing housing average area purchase price divided by the existing housing average
purchase price for the United States), whichever results in the housing cost/income ratio
being closer to 1.
Average Area and Nationwide Purchase Price Limitations
.11 Average area purchase price safe harbors for each state, the District of
Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin
Islands, and Guam were last published in Rev. Proc. 2013-28, 2013-27 I.R.B. 28.
.12 The nationwide average purchase price limitation was last published in
section 4.02 of Rev. Proc. 2013-28. Guidance with respect to the United States and
area median gross income figures that are to be used in computing the housing

6
cost/income ratio described in section 143(f)(5) was last published in Rev. Proc. 2014-
23, 2014-12 I.R.B. 684.
.13 This revenue procedure uses FHA loan limits for a given statistical area to
calculate the average area purchase price safe harbor for that area. FHA sets limits on
the dollar value of loans it will insure based on median home prices and conforming loan
limits established by the Federal Home Loan Mortgage Corporation. In particular, FHA
sets an area's loan limit at 95 percent of the median home sales price for the area,
subject to certain floors and caps measured against conforming loan limits.
.14 To calculate the average area purchase price safe harbors in this revenue
procedure, the FHA loan limits are adjusted to take into account the differences
between average and median purchase prices. Because FHA loan limits do not
differentiate between new and existing residences, this revenue procedure contains a
single average area purchase price safe harbor for both new and existing residences in
a statistical area. The Treasury Department and the Internal Revenue Service have
determined that FHA loan limits provide a reasonable basis for determining average
area purchase price safe harbors. If the Treasury Department and the Internal Revenue
Service become aware of other sources of average purchase price data, including data
that differentiate between new and existing residences, consideration will be given as to
whether such data provide a more accurate method for calculating average area
purchase price safe harbors.
.15 The average area purchase price safe harbors listed in section 4.01 of this
revenue procedure are based on FHA loan limits released December 6, 2013. FHA

7
loan limits are available for statistical areas in each state, the District of Columbia,
Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and
Guam. See section 3.03 of this revenue procedure with respect to FHA loan limits
revised after December 6, 2013.
.16 OMB Bulletin No. 03-04, dated and effective June 6, 2003, revised the
definitions of the nation’s metropolitan areas and recognized 49 new metropolitan
statistical areas. The OMB bulletin no longer includes primary metropolitan statistical
areas.
SECTION 3. APPLICATION

Average Area Purchase Price Safe Harbors
.01 Average area purchase price safe harbors for statistical areas in each state,
the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa,
the Virgin Islands, and Guam are set forth in section 4.01 of this revenue procedure.
Average area purchase price safe harbors are provided for single-family and two to
four-family residences. For each type of residence, section 4.01 of this revenue
procedure contains a single safe harbor that may be used for both new and existing
residences. Issuers of qualified mortgage bonds and issuers of mortgage credit
certificates may rely on these safe harbors to satisfy the requirements of sections
143(e) and (f). Section 4.01 of this revenue procedure provides safe harbors for MSAs
and for certain counties and county equivalents. If no purchase price safe harbor is
available for a statistical area, the safe harbor for "ALL OTHER AREAS" may be used
for that statistical area.

8
.02 If a residence is in an MSA, the safe harbor applicable to it is the limitation of
that MSA. If an MSA falls in more than one state, the MSA is listed in section 4.01 of
this revenue procedure under each state.
.03 If the FHA revises the FHA loan limit for any statistical area after December
6, 2013, an issuer of qualified mortgage bonds or mortgage credit certificates may use
the revised FHA loan limit for that statistical area to compute (as provided in the next
sentence) a revised average area purchase price safe harbor for the statistical area
provided that the issuer maintains records evidencing the revised FHA loan limit. The
revised average area purchase price safe harbor for that statistical area is computed by
dividing the revised FHA loan limit by .92.
.04 If, pursuant to section 6a.103A-2(f)(5)(i), an issuer uses more accurate and
comprehensive data to determine the average area purchase price for a statistical area,
the issuer must make separate average area purchase price determinations for new
and existing residences. Moreover, when computing the average area purchase price
for a statistical area that is an MSA, as defined in OMB Bulletin No. 03-04, the issuer
must make the computation for the entire applicable MSA. When computing the
average area purchase price for a statistical area that is not an MSA, the issuer must
make the computation for the entire statistical area and may not combine statistical
areas. Thus, for example, the issuer may not combine two or more counties.

.05 If an issuer receives a ruling permitting it to rely on an average area purchase
price limitation that is higher than the applicable safe harbor in this revenue procedure,
the issuer may rely on that higher limitation for the purpose of satisfying the

9
requirements of section 143(e) and (f) for bonds sold, and mortgage credit certificates
issued, not more than 30 months following the termination date of the 12-month period
used by the issuer to compute the limitation.
Nationwide Average Purchase Price
.06 Section 4.02 of this revenue procedure sets forth a single nationwide average
purchase price for purposes of computing the housing cost/income ratio under section
143(f)(5).
.07 Issuers must use the nationwide average purchase price set forth in section
4.02 of this revenue procedure when computing the housing cost/income ratio under
section 143(f)(5) regardless of whether they are relying on the average area purchase
price safe harbors contained in this revenue procedure or using more accurate and
comprehensive data to determine average area purchase prices for new and existing
residences for a statistical area that are different from the published safe harbors in this
revenue procedure.
.08 If, pursuant to section 6.02 of this revenue procedure, an issuer relies on the
average area purchase price safe harbors contained in Rev. Proc. 2013-28, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.
2013-28 in computing the housing cost/income ratio under section 143(f)(5). Likewise,
if, pursuant to section 6.05 of this revenue procedure, an issuer relies on the nationwide
average purchase price published in Rev. Proc. 2013-28, the issuer may not rely on the
average area purchase price safe harbors published in this revenue procedure.

10
SECTION 4. AVERAGE AREA AND NATIONWIDE AVERAGE PURCHASE PRICES
.01 Average area purchase prices for single-family and two to four-family
residences in MSAs, and for certain counties and county equivalents are set forth
below. The safe harbor for “ALL OTHER AREAS” (found at the end of the table below)
may be used for a statistical area that is not listed below.
2014 Average Area Purchase Prices for Mortgage Revenue Bonds
County
Name State One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit

ALEUTIANS WEST CENSUS AK $418,750$536,087 $647,989$805,272
ANCHORAGE MUNICIPALITY AK $386,250$494,457 $597,663$742,772
BRISTOL BAY BOROUGH AK $318,750$408,043 $493,207$612,989
DENALI BOROUGH AK $323,750$414,457 $500,978$622,609
FAIRBANKS NORTH STAR AK $298,750$382,446 $462,283$574,511
HAINES BOROUGH AK $308,750$395,217 $477,772$593,750
JUNEAU CITY AND
BOROUGH
AK $393,750$504,076 $609,293$757,228
KETCHIKAN GATEWAY
BOROUGH
AK $350,000$448,043 $541,576$673,098
KODIAK ISLAND BOROUGH AK $415,000$531,250 $642,174$798,098
MATANUSKA-SUSITNA
BOROUGH
AK $386,250$494,457 $597,663$742,772
NOME CENSUS AREA AK $298,750$382,446 $462,283$574,511
NORTH SLOPE BOROUGH AK $361,250$462,446 $559,022$694,728
PETERSBURG CENSUS
AREA
AK $361,250$462,446 $559,022$694,728
SITKA CITY AND BOROUGH AK $436,250$558,478 $675,054$838,967
VALDEZ-CORDOVA CENSUS AK $318,750$408,043 $493,207$612,989
WRANGELL CITY AND
BOROUGH
AK $361,250$462,446 $559,022$694,728
YAKUTAT CITY AND
BOROUGH
AK $457,500$585,652 $707,935$879,837

RUSSELL AL $315,000$403,261 $487,446$605,761

11

COCONINO AZ $393,750$504,076 $609,293$757,228

ALAMEDA CA $679,891$870,408 $1,052,120$1,307,527
ALPINE CA $503,750$644,891 $779,511$968,750
AMADOR CA $361,250$462,446 $559,022$694,728
BUTTE CA $318,750$408,043 $493,207$612,989
CALAVERAS CA $406,250$520,054 $628,641$781,250
CONTRA COSTA CA $679,891$870,408 $1,052,120$1,307,527
EL DORADO CA $516,250$660,870 $798,859$992,772
FRESNO CA $306,250$392,065 $473,913$588,913
HUMBOLDT CA $356,250$456,033 $551,250$685,109
INYO CA $401,250$513,641 $620,924$771,630
LOS ANGELES CA $679,891$870,408 $1,052,120$1,307,527
MARIN CA $679,891$870,408 $1,052,120$1,307,527
MARIPOSA CA $350,000$448,043 $541,576$673,098
MENDOCINO CA $406,250$520,054 $628,641$781,250
MONO CA $575,000$736,087 $889,783$1,105,761
MONTEREY CA $525,000$672,065 $812,391$1,009,620
NAPA CA $643,750$824,130 $996,141$1,237,989
NEVADA CA $518,750$664,076 $802,717$997,609
ORANGE CA $679,891$870,408 $1,052,120$1,307,527
PLACER CA $516,250$660,870 $798,859$992,772
PLUMAS CA $366,250$468,859 $566,739$704,348
RIVERSIDE CA $386,250$494,457 $597,663$742,772
SACRAMENTO CA $516,250$660,870 $798,859$992,772
SAN BENITO CA $679,891$870,408 $1,052,120$1,307,527
SAN BERNARDINO CA $386,250$494,457 $597,663$742,772
SAN DIEGO CA $593,750$760,109 $918,804$1,141,848
SAN FRANCISCO CA $679,891$870,408 $1,052,120$1,307,527
SAN JOAQUIN CA $331,250$424,022 $512,554$637,011
SAN LUIS OBISPO CA $610,000$780,924 $943,913$1,173,098
SAN MATEO CA $679,891$870,408 $1,052,120$1,307,527
SANTA BARBARA CA $679,891$870,408 $1,052,120$1,307,527
SANTA CLARA CA $679,891$870,408 $1,052,120$1,307,527
SANTA CRUZ CA $679,891$870,408 $1,052,120$1,307,527

12
SHASTA CA $297,500$380,815 $460,326$572,12
0
SIERRA CA $331,250$424,022 $512,554$637,011
SOLANO CA $435,000$556,848 $673,152$836,522
SONOMA CA $566,250$724,891 $876,250$1,088,967
STANISLAUS CA $300,000$384,022 $464,239$576,902
TUOLUMNE CA $360,000$460,870 $557,065$692,283
VENTURA CA $650,000$832,120 $1,005,815$1,250,000
YOLO CA $516,250$660,870 $798,859$992,772

ADAMS CO $425,000$544,076 $657,663$817,283
ARAPAHOE CO $425,000$544,076 $657,663$817,283
ARCHULETA CO $310,000$396,848 $479,674$596,141
BOULDER CO $443,750$568,043 $686,685$853,370
BROOMFIELD CO $425,000$544,076 $657,663$817,283
CHAFFEE CO $298,750$382,446 $462,283$574,511
CLEAR CREEK CO $425,000$544,076 $657,663$817,283
DENVER CO $425,000$544,076 $657,663$817,283
DOUGLAS CO $425,000$544,076 $657,663$817,283
EAGLE CO $679,891$870,408 $1,052,120$1,307,527
ELBERT CO $425,000$544,076 $657,663$817,283
GARFIELD CO $679,891$870,408 $1,052,120$1,307,527
GILPIN CO $425,000$544,076 $657,663$817,283
GRAND CO $362,500$464,076 $560,924$697,120
GUNNISON CO $388,750$497,663 $601,576$747,609
HINSDALE CO $465,000$595,272 $719,565$894,239
JEFFERSON CO $425,000$544,076 $657,663$817,283
LA PLATA CO $412,500$528,043 $638,315$793,261
LARIMER CO $300,000$384,022 $464,239$576,902
MESA CO $307,500$393,641 $475,815$591,359
OURAY CO $462,500$592,065 $715,707$889,402
PARK CO $425,000$544,076 $657,663$817,283
PITKIN CO $679,891$870,408 $1,052,120$1,307,527
ROUTT CO $679,891$870,408 $1,052,120$1,307,527
SAN MIGUEL CO $679,891$870,408 $1,052,120$1,307,527
SUMMIT CO $679,891$870,408 $1,052,120$1,307,527

13
FAIRFIELD CT $653,750$836,902 $1,011,630$1,257,22
8
HARTFORD CT $383,750$491,250 $593,804$737,989
LITCHFIELD CT $388,750$497,663 $601,576$747,609
MIDDLESEX CT $383,750$491,250 $593,804$737,989
NEW HAVEN CT $332,500$425,652 $514,511$639,402
NEW LONDON CT $305,000$390,435 $471,957$586,522
TOLLAND CT $383,750$491,250 $593,804$737,989
WINDHAM CT $310,000$396,848 $479,674$596,141

COLUMBIA DC $679,891$870,408 $1,052,120$1,307,527

NEW CASTLE

DE $412,500$528,043 $638,315$793,261
SUSSEX DE $343,750$440,054 $531,902$661,033

BAKER FL $331,250$424,022 $512,554$637,011
BROWARD FL $375,000$480,054 $580,272$721,141
CLAY FL $331,250$424,022 $512,554$637,011
COLLIER FL $487,500$624,076 $754,348$937,500
DUVAL FL $331,250$424,022 $512,554$637,011
LAKE FL $298,750$382,446 $462,283$574,511
MANATEE FL $310,000$396,848 $479,674$596,141
MARTIN FL $343,750$440,054 $531,902$661,033
MIAMI-DADE FL $375,000$480,054 $580,272$721,141
MONROE FL $575,000$736,087 $889,783$1,105,761
NASSAU FL $331,250$424,022 $512,554$637,011
OKALOOSA FL $353,750$452,826 $547,391$680,272
ORANGE FL $298,750$382,446 $462,283$574,511
OSCEOLA FL $298,750$382,446 $462,283$574,511
PALM BEACH FL $375,000$480,054 $580,272$721,141
SARASOTA FL $310,000$396,848 $479,674$596,141
SEMINOLE FL $298,750$382,446 $462,283$574,511
ST. JOHNS FL $331,250$424,022 $512,554$637,011
ST. LUCIE FL $343,750$440,054 $531,902$661,033
WALTON FL $353,750$452,826 $547,391$680,272

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BARROW GA $348,750$446,467 $539,674$670,65
2
BARTOW GA $348,750$446,467 $539,674$670,652
BUTTS GA $348,750$446,467 $539,674$670,652
CARROLL GA $348,750$446,467 $539,674$670,652
CHATTAHOOCHEE GA $315,000$403,261 $487,446$605,761
CHEROKEE GA $348,750$446,467 $539,674$670,652
CLARKE GA $348,750$446,467 $539,674$670,652
CLAYTON GA $348,750$446,467 $539,674$670,652
COBB GA $348,750$446,467 $539,674$670,652
COWETA GA $348,750$446,467 $539,674$670,652
DAWSON GA $348,750$446,467 $539,674$670,652
DEKALB GA $348,750$446,467 $539,674$670,652
DOUGLAS GA $348,750$446,467 $539,674$670,652
FAYETTE GA $348,750$446,467 $539,674$670,652
FORSYTH GA $348,750$446,467 $539,674$670,652
FULTON GA $348,750$446,467 $539,674$670,652
GREENE GA $560,000$716,902 $866,576$1,076,957
GWINNETT GA $348,750$446,467 $539,674$670,652
HARALSON GA $348,750$446,467 $539,674$670,652
HARRIS GA $315,000$403,261 $487,446$605,761
HEARD GA $348,750$446,467 $539,674$670,652
HENRY GA $348,750$446,467 $539,674$670,652
JASPER GA $348,750$446,467 $539,674$670,652
LAMAR GA $348,750$446,467 $539,674$670,652
MADISON GA $348,750$446,467 $539,674$670,652
MARION GA $315,000$403,261 $487,446$605,761
MERIWETHER GA $348,750$446,467 $539,674$670,652
MORGAN GA $348,750$446,467 $539,674$670,652
MUSCOGEE GA $315,000$403,261 $487,446$605,761
NEWTON GA $348,750$446,467 $539,674$670,652
OCONEE GA $348,750$446,467 $539,674$670,652
OGLETHORPE GA $348,750$446,467 $539,674$670,652
PAULDING GA $348,750$446,467 $539,674$670,652
PICKENS GA $348,750$446,467 $539,674$670,652
PIKE GA $348,750$446,467 $539,674$670,652
ROCKDALE GA $348,750$446,467 $539,674$670,652

15
SPALDING GA $348,750$446,467 $539,674$670,65
2
WALTON GA $348,750$446,467 $539,674$670,652

HAWAII HI $400,000$512,065 $618,967$769,239
HONOLULU HI $783,750$1,003,315 $1,212,826$1,507,228
KALAWAO HI $715,000$915,326 $1,106,413$1,375,000
KAUAI HI $775,000$992,120 $1,199,293$1,490,380
MAUI HI $715,000$915,326 $1,106,413$1,375,000

BLAINE ID $679,891$870,408 $1,052,120$1,307,527
CAMAS ID $679,891$870,408 $1,052,120$1,307,527
LINCOLN ID $679,891$870,408 $1,052,120$1,307,527
TETON ID $679,891$870,408 $1,052,120$1,307,527
VALLEY ID $296,250$379,239 $458,424$569,728

BOONE IL $368,750$472,065 $570,598$709,130
COOK IL $397,500$508,859 $615,109$764,402
DEKALB IL $397,500$508,859 $615,109$764,402
DUPAGE IL $397,500$508,859 $615,109$764,402
GRUNDY IL $397,500$508,859 $615,109$764,402
KANE IL $397,500$508,859 $615,109$764,402
KENDALL IL $397,500$508,859 $615,109$764,402
LAKE IL $397,500$508,859 $615,109$764,402
MCHENRY IL $397,500$508,859 $615,109$764,402
WILL IL $397,500$508,859 $615,109$764,402
WINNEBAGO IL $368,750$472,065 $570,598$709,130

JASPER IN $397,500$508,859 $615,109$764,402
LAKE IN $397,500$508,859 $615,109$764,402
NEWTON IN $397,500$508,859 $615,109$764,402
PORTER IN $397,500$508,859 $615,109$764,402

JOHNSON KS $302,500$387,228 $468,098$581,739
LEAVENWORTH KS $302,500$387,228 $468,098$581,739
LINN KS $302,500$387,228 $468,098$581,739
MIAMI KS $302,500$387,228 $468,098$581,739

16
WYANDOTTE KS $302,500$387,228 $468,098$581,73
9

BARNSTABLE MA $441,250$564,891 $682,826$848,533
BRISTOL MA $463,750$593,696 $717,609$891,848
DUKES MA $679,891$870,408 $1,052,120$1,307,527
ESSEX MA $511,250$654,457 $791,141$983,152
HAMPDEN MA $298,750$382,446 $462,283$574,511
HAMPSHIRE MA $298,750$382,446 $462,283$574,511
MIDDLESEX MA $511,250$654,457 $791,141$983,152
NANTUCKET MA $679,891$870,408 $1,052,120$1,307,527
NORFOLK MA $511,250$654,457 $791,141$983,152
PLYMOUTH MA $511,250$654,457 $791,141$983,152
SUFFOLK MA $511,250$654,457 $791,141$983,152
WORCESTER MA $310,000$396,848 $479,674$596,141

ANNE ARUNDEL MD $537,500$688,098 $831,739$1,033,641
BALTIMORE MD $537,500$688,098 $831,739$1,033,641
BALTIMORE CITY MD $537,500$688,098 $831,739$1,033,641
CALVERT MD $679,891$870,408 $1,052,120$1,307,527
CARROLL MD $537,500$688,098 $831,739$1,033,641
CECIL MD $412,500$528,043 $638,315$793,261
CHARLES MD $679,891$870,408 $1,052,120$1,307,527
FREDERICK MD $679,891$870,408 $1,052,120$1,307,527
HARFORD MD $537,500$688,098 $831,739$1,033,641
HOWARD MD $537,500$688,098 $831,739$1,033,641
KENT MD $316,250$404,837 $489,348$608,152
MONTGOMERY MD $679,891$870,408 $1,052,120$1,307,527
PRINCE GEORGE'S MD $679,891$870,408 $1,052,120$1,307,527
QUEEN ANNE'S MD $537,500$688,098 $831,739$1,033,641
SOMERSET MD $343,750$440,054 $531,902$661,033
ST. MARY'S MD $377,500$483,261 $584,130$725,978
TALBOT MD $416,250$532,880 $644,130$800,489
WICOMICO MD $343,750$440,054 $531,902$661,033
WORCESTER MD $343,750$440,054 $531,902$661,033

CUMBERLAND ME $308,750$395,217 $477,772$593,750

17
HANCOCK ME $295,000$377,663 $456,467$567,28
3
KNOX ME $303,750$388,859 $470,000$584,130
SAGADAHOC ME $308,750$395,217 $477,772$593,750
YORK ME $308,750$395,217 $477,772$593,750

ANOKA MN $346,250$443,261 $535,815$665,870
CARVER MN $346,250$443,261 $535,815$665,870
CHISAGO MN $346,250$443,261 $535,815$665,870
COOK MN $307,500$393,641 $475,815$591,359
DAKOTA MN $346,250$443,261 $535,815$665,870
HENNEPIN MN $346,250$443,261 $535,815$665,870
ISANTI MN $346,250$443,261 $535,815$665,870
LE SUEUR MN $346,250$443,261 $535,815$665,870
MILLE LACS MN $346,250$443,261 $535,815$665,870
RAMSEY MN $346,250$443,261 $535,815$665,870
SCOTT MN $346,250$443,261 $535,815$665,870
SHERBURNE MN $346,250$443,261 $535,815$665,870
SIBLEY MN $346,250$443,261 $535,815$665,870
WASHINGTON MN $346,250$443,261 $535,815$665,870
WRIGHT MN $346,250$443,261 $535,815$665,870

BATES MO $302,500$387,228 $468,098$581,739
CALDWELL MO $302,500$387,228 $468,098$581,739
CASS MO $302,500$387,228 $468,098$581,739
CLAY MO $302,500$387,228 $468,098$581,739
CLINTON MO $302,500$387,228 $468,098$581,739
JACKSON MO $302,500$387,228 $468,098$581,739
LAFAYETTE MO $302,500$387,228 $468,098$581,739
PLATTE MO $302,500$387,228 $468,098$581,739
RAY MO $302,500$387,228 $468,098$581,739

COPIAH MS $300,000$384,022 $464,239$576,902
HINDS MS $300,000$384,022 $464,239$576,902
MADISON MS $300,000$384,022 $464,239$576,902
RANKIN MS $300,000$384,022 $464,239$576,902
SIMPSON MS $300,000$384,022 $464,239$576,902

18
YAZOO MS $300,000$384,022 $464,239$576,90
2

FLATHEAD MT $327,500$419,239 $506,793$629,783
GALLATIN MT $376,250$481,630 $582,228$723,533
JEFFERSON MT $311,250$398,424 $481,630$598,533
LEWIS AND CLARK MT $311,250$398,424 $481,630$598,533
MADISON MT $353,750$452,826 $547,391$680,272
MISSOULA MT $307,500$393,641 $475,815$591,359
SWEET GRASS MT $315,000$403,261 $487,446$605,761

CAMDEN NC $679,891$870,408 $1,052,120$1,307,527
CHATHAM NC $363,750$465,652 $562,880$699,511
CURRITUCK NC $498,750$638,478 $771,793$959,130
DARE NC $425,000$544,076 $657,663$817,283
DURHAM NC $363,750$465,652 $562,880$699,511
FRANKLIN NC $305,000$390,435 $471,957$586,522
GATES NC $498,750$638,478 $771,793$959,130
HYDE NC $525,000$672,065 $812,391$1,009,620
JOHNSTON NC $305,000$390,435 $471,957$586,522
ORANGE NC $363,750$465,652 $562,880$699,511
PASQUOTANK NC $679,891$870,408 $1,052,120$1,307,527
PERQUIMANS NC $679,891$870,408 $1,052,120$1,307,527
PERSON NC $363,750$465,652 $562,880$699,511
TYRRELL NC $425,000$544,076 $657,663$817,283
WAKE NC $305,000$390,435 $471,957$586,522
WATAUGA NC $298,750$382,446 $462,283$574,511

BILLINGS ND $331,250$424,022 $512,554$637,011
STARK ND $297,500$380,815 $460,326$572,120
WILLIAMS ND $300,000$384,022 $464,239$576,902

HILLSBOROUGH NH $321,250$411,250 $497,120$617,772
ROCKINGHAM NH $511,250$654,457 $791,141$983,152
STRAFFORD NH $511,250$654,457 $791,141$983,152

ATLANTIC NJ $343,750$440,054 $531,902$661,033

19
BERGEN NJ $679,891$870,408 $1,052,120$1,307,52
7
BURLINGTON NJ $412,500$528,043 $638,315$793,261
CAMDEN NJ $412,500$528,043 $638,315$793,261
CAPE MAY NJ $450,000$576,087 $696,359$865,380
ESSEX NJ $679,891$870,408 $1,052,120$1,307,527
GLOUCESTER NJ $412,500$528,043 $638,315$793,261
HUDSON NJ $679,891$870,408 $1,052,120$1,307,527
HUNTERDON NJ $679,891$870,408 $1,052,120$1,307,527
MERCER NJ $375,000$480,054 $580,272$721,141
MIDDLESEX NJ $679,891$870,408 $1,052,120$1,307,527
MONMOUTH NJ $679,891$870,408 $1,052,120$1,307,527
MORRIS NJ $679,891$870,408 $1,052,120$1,307,527
OCEAN NJ $679,891$870,408 $1,052,120$1,307,527
PASSAIC NJ $679,891$870,408 $1,052,120$1,307,527
SALEM NJ $412,500$528,043 $638,315$793,261
SOMERSET NJ $679,891$870,408 $1,052,120$1,307,527
SUSSEX NJ $679,891$870,408 $1,052,120$1,307,527
UNION NJ $679,891$870,408 $1,052,120$1,307,527
WARREN NJ $405,000$518,478 $626,685$778,859

LOS ALAMOS NM $413,750$529,674 $640,217$795,652
SANTA FE NM $400,000$512,065 $618,967$769,239
TAOS NM $311,250$398,424 $481,630$598,533

CARSON CITY NV $311,250$398,424 $481,630$598,533
CLARK NV $312,500$400,054 $483,587$600,978
DOUGLAS NV $381,250$488,043 $589,946$733,152
STOREY NV $353,750$452,826 $547,391$680,272
WASHOE NV $353,750$452,826 $547,391$680,272

ALBANY NY $317,500$406,467 $491,304$610,543
BRONX NY $679,891$870,408 $1,052,120$1,307,527
DUTCHESS NY $679,891$870,408 $1,052,120$1,307,527
KINGS NY $679,891$870,408 $1,052,120$1,307,527
NASSAU NY $679,891$870,408 $1,052,120$1,307,527
NEW YORK NY $679,891$870,408 $1,052,120$1,307,527

20
ORANGE NY $679,891$870,408 $1,052,120$1,307,52
7
PUTNAM NY $679,891$870,408 $1,052,120$1,307,527
QUEENS NY $679,891$870,408 $1,052,120$1,307,527
RENSSELAER NY $317,500$406,467 $491,304$610,543
RICHMOND NY $679,891$870,408 $1,052,120$1,307,527
ROCKLAND NY $679,891$870,408 $1,052,120$1,307,527
SARATOGA NY $317,500$406,467 $491,304$610,543
SCHENECTADY NY $317,500$406,467 $491,304$610,543
SCHOHARIE NY $317,500$406,467 $491,304$610,543
SUFFOLK NY $679,891$870,408 $1,052,120$1,307,527
WESTCHESTER NY $679,891$870,408 $1,052,120$1,307,527

DELAWARE OH $337,500$432,065 $522,228$649,022
FAIRFIELD OH $337,500$432,065 $522,228$649,022
FRANKLIN OH $337,500$432,065 $522,228$649,022
HOCKING OH $337,500$432,065 $522,228$649,022
LICKING OH $337,500$432,065 $522,228$649,022
MADISON OH $337,500$432,065 $522,228$649,022
MORROW OH $337,500$432,065 $522,228$649,022
PERRY OH $337,500$432,065 $522,228$649,022
PICKAWAY OH $337,500$432,065 $522,228$649,022
UNION OH $337,500$432,065 $522,228$649,022

BENTON OR $325,000$416,033 $502,880$625,000
CLACKAMAS OR $393,750$504,076 $609,293$757,228
CLATSOP OR $306,250$392,065 $473,913$588,913
COLUMBIA OR $393,750$504,076 $609,293$757,228
CURRY OR $356,250$456,033 $551,250$685,109
DESCHUTES OR $332,500$425,652 $514,511$639,402
HOOD RIVER OR $403,750$516,848 $624,783$776,467
JACKSON OR $303,750$388,859 $470,000$584,130
LINCOLN OR $300,000$384,022 $464,239$576,902
MULTNOMAH OR $393,750$504,076 $609,293$757,228
TILLAMOOK OR $312,500$400,054 $483,587$600,978
WASHINGTON OR $393,750$504,076 $609,293$757,228
YAMHILL OR $393,750$504,076 $609,293$757,228

21

BUCKS PA $412,500$528,043 $638,315$793,261
CARBON PA $405,000$518,478 $626,685$778,859
CHESTER PA $412,500$528,043 $638,315$793,261
DELAWARE PA $412,500$528,043 $638,315$793,261
LEHIGH PA $405,000$518,478 $626,685$778,859
MONTGOMERY PA $412,500$528,043 $638,315$793,261
NORTHAMPTON PA $405,000$518,478 $626,685$778,859
PHILADELPHIA PA $412,500$528,043 $638,315$793,261
PIKE PA $679,891$870,408 $1,052,120$1,307,527

BRISTOL RI $463,750$593,696 $717,609$891,848
KENT RI $463,750$593,696 $717,609$891,848
NEWPORT RI $463,750$593,696 $717,609$891,848
PROVIDENCE RI $463,750$593,696 $717,609$891,848
WASHINGTON RI $463,750$593,696 $717,609$891,848

BEAUFORT SC $381,250$488,043 $589,946$733,152
BERKELEY SC $335,000$428,859 $518,370$644,239
CHARLESTON SC $335,000$428,859 $518,370$644,239
DORCHESTER SC $335,000$428,859 $518,370$644,239
GEORGETOWN SC $356,250$456,033 $551,250$685,109
JASPER SC $381,250$488,043 $589,946$733,152

CANNON TN $427,500$547,283 $661,522$822,120
CHEATHAM TN $427,500$547,283 $661,522$822,120
DAVIDSON TN $427,500$547,283 $661,522$822,120
DICKSON TN $427,500$547,283 $661,522$822,120
HICKMAN TN $427,500$547,283 $661,522$822,120
MACON TN $427,500$547,283 $661,522$822,120
MAURY TN $427,500$547,283 $661,522$822,120
ROBERTSON TN $427,500$547,283 $661,522$822,120
RUTHERFORD TN $427,500$547,283 $661,522$822,120
SMITH TN $427,500$547,283 $661,522$822,120
SUMNER TN $427,500$547,283 $661,522$822,120
TROUSDALE TN $427,500$547,283 $661,522$822,120

22
WILLIAMSON TN $427,500$547,283 $661,522$822,12
0
WILSON TN $427,500$547,283 $661,522$822,120

ATASCOSA TX $343,750$440,054 $531,902$661,033
AUSTIN TX $321,250$411,250 $497,120$617,772
BANDERA TX $343,750$440,054 $531,902$661,033
BASTROP TX $332,500$425,652 $514,511$639,402
BEXAR TX $343,750$440,054 $531,902$661,033
BRAZORIA TX $321,250$411,250 $497,120$617,772
CALDWELL TX $332,500$425,652 $514,511$639,402
CHAMBERS TX $321,250$411,250 $497,120$617,772
COLLIN TX $312,500$400,054 $483,587$600,978
COMAL TX $343,750$440,054 $531,902$661,033
DALLAS TX $312,500$400,054 $483,587$600,978
DENTON TX $312,500$400,054 $483,587$600,978
ELLIS TX $312,500$400,054 $483,587$600,978
FORT BEND TX $321,250$411,250 $497,120$617,772
GALVESTON TX $321,250$411,250 $497,120$617,772
GUADALUPE TX $343,750$440,054 $531,902$661,033
HARRIS TX $321,250$411,250 $497,120$617,772
HAYS TX $332,500$425,652 $514,511$639,402
HOOD TX $312,500$400,054 $483,587$600,978
HUNT TX $312,500$400,054 $483,587$600,978
JOHNSON TX $312,500$400,054 $483,587$600,978
KAUFMAN TX $312,500$400,054 $483,587$600,978
KENDALL TX $343,750$440,054 $531,902$661,033
LIBERTY TX $321,250$411,250 $497,120$617,772
MEDINA TX $343,750$440,054 $531,902$661,033
MONTGOMERY TX $321,250$411,250 $497,120$617,772
PARKER TX $312,500$400,054 $483,587$600,978
ROCKWALL TX $312,500$400,054 $483,587$600,978
SOMERVELL TX $312,500$400,054 $483,587$600,978
TARRANT TX $312,500$400,054 $483,587$600,978
TRAVIS TX $332,500$425,652 $514,511$639,402
WALLER TX $321,250$411,250 $497,120$617,772
WILLIAMSON TX $332,500$425,652 $514,511$639,402

23
WILSON TX $343,750$440,054 $531,902$661,03
3
WISE TX $312,500$400,054 $483,587$600,978

BOX ELDER UT $423,750$542,446 $655,707$814,891
DAGGETT UT $328,750$420,870 $508,696$632,228
DAVIS UT $423,750$542,446 $655,707$814,891
MORGAN UT $423,750$542,446 $655,707$814,891
RICH UT $322,500$412,826 $499,022$620,163
SALT LAKE UT $326,250$417,663 $504,837$627,391
SUMMIT UT $652,500$835,326 $1,009,728$1,254,837
TOOELE UT $326,250$417,663 $504,837$627,391
WASATCH UT $360,000$460,870 $557,065$692,283
WASHINGTON UT $302,500$387,228 $468,098$581,739
WEBER UT $423,750$542,446 $655,707$814,891

ALBEMARLE VA $475,000$608,098 $735,000$913,478
ALEXANDRIA CITY VA $679,891$870,408 $1,052,120$1,307,527
AMELIA VA $582,500$745,707 $901,359$1,120,217
AMHERST VA $317,500$406,467 $491,304$610,543
APPOMATTOX VA $317,500$406,467 $491,304$610,543
ARLINGTON VA $679,891$870,408 $1,052,120$1,307,527
BEDFORD VA $317,500$406,467 $491,304$610,543
BEDFORD CITY VA $317,500$406,467 $491,304$610,543
BUCKINGHAM VA $475,000$608,098 $735,000$913,478
CAMPBELL VA $317,500$406,467 $491,304$610,543
CAROLINE VA $582,500$745,707 $901,359$1,120,217
CHARLES CITY VA $582,500$745,707 $901,359$1,120,217
CHARLOTTESVILLE CITY VA $475,000$608,098 $735,000$913,478
CHESAPEAKE CITY VA $498,750$638,478 $771,793$959,130
CHESTERFIELD VA $582,500$745,707 $901,359$1,120,217
CLARKE VA $679,891$870,408 $1,052,120$1,307,527
COLONIAL HEIGHTS CITY VA $582,500$745,707 $901,359$1,120,217
CULPEPER VA $679,891$870,408 $1,052,120$1,307,527
DINWIDDIE VA $582,500$745,707 $901,359$1,120,217
FAIRFAX VA $679,891$870,408 $1,052,120$1,307,527
FAIRFAX CITY VA $679,891$870,408 $1,052,120$1,307,527

24
FALLS CHURCH CITY VA $679,891$870,408 $1,052,120$1,307,52
7
FAUQUIER VA $679,891$870,408 $1,052,120$1,307,527
FLOYD VA $317,500$406,467 $491,304$610,543
FLUVANNA VA $475,000$608,098 $735,000$913,478
FREDERICK VA $295,000$377,663 $456,467$567,283
FREDERICKSBURG CITY VA $679,891$870,408 $1,052,120$1,307,527
GILES VA $317,500$406,467 $491,304$610,543
GLOUCESTER VA $498,750$638,478 $771,793$959,130
GOOCHLAND VA $582,500$745,707 $901,359$1,120,217
GREENE VA $475,000$608,098 $735,000$913,478
HAMPTON CITY VA $498,750$638,478 $771,793$959,130
HANOVER VA $582,500$745,707 $901,359$1,120,217
HARRISONBURG CITY VA $301,250$385,652 $466,141$579,293
HENRICO VA $582,500$745,707 $901,359$1,120,217
HOPEWELL CITY VA $582,500$745,707 $901,359$1,120,217
ISLE OF WIGHT VA $498,750$638,478 $771,793$959,130
JAMES CITY VA $498,750$638,478 $771,793$959,130
KING GEORGE VA $381,250$488,043 $589,946$733,152
KING WILLIAM VA $582,500$745,707 $901,359$1,120,217
LANCASTER VA $481,250$616,087 $744,674$925,489
LOUDOUN VA $679,891$870,408 $1,052,120$1,307,527
LYNCHBURG CITY VA $317,500$406,467 $491,304$610,543
MANASSAS CITY VA $679,891$870,408 $1,052,120$1,307,527
MANASSAS PARK CITY VA $679,891$870,408 $1,052,120$1,307,527
MATHEWS VA $498,750$638,478 $771,793$959,130
MONTGOMERY VA $317,500$406,467 $491,304$610,543
NELSON VA $475,000$608,098 $735,000$913,478
NEW KENT VA $582,500$745,707 $901,359$1,120,217
NEWPORT NEWS CITY VA $498,750$638,478 $771,793$959,130
NORFOLK CITY VA $498,750$638,478 $771,793$959,130
NORTHUMBERLAND VA $346,250$443,261 $535,815$665,870
PETERSBURG CITY VA $582,500$745,707 $901,359$1,120,217
POQUOSON CITY VA $498,750$638,478 $771,793$959,130
PORTSMOUTH CITY VA $498,750$638,478 $771,793$959,130
POWHATAN VA $582,500$745,707 $901,359$1,120,217
PRINCE GEORGE VA $582,500$745,707 $901,359$1,120,217

25
PRINCE WILLIAM VA $679,891$870,408 $1,052,120$1,307,52
7
PULASKI VA $317,500$406,467 $491,304$610,543
RADFORD CITY VA $317,500$406,467 $491,304$610,543
RAPPAHANNOCK VA $679,891$870,408 $1,052,120$1,307,527
RICHMOND CITY VA $582,500$745,707 $901,359$1,120,217
ROCKINGHAM VA $301,250$385,652 $466,141$579,293
SPOTSYLVANIA VA $679,891$870,408 $1,052,120$1,307,527
STAFFORD VA $679,891$870,408 $1,052,120$1,307,527
SUFFOLK CITY VA $498,750$638,478 $771,793$959,130
SUSSEX VA $582,500$745,707 $901,359$1,120,217
VIRGINIA BEACH CITY VA $498,750$638,478 $771,793$959,130
WARREN VA $679,891$870,408 $1,052,120$1,307,527
WILLIAMSBURG CITY VA $498,750$638,478 $771,793$959,130
WINCHESTER CITY VA $295,000$377,663 $456,467$567,283
YORK VA $498,750$638,478 $771,793$959,130

BENNINGTON VT $301,250$385,652 $466,141$579,293
CHITTENDEN VT $372,500$476,848 $576,413$716,359
FRANKLIN VT $372,500$476,848 $576,413$716,359
GRAND ISLE VT $372,500$476,848 $576,413$716,359
LAMOILLE VT $300,000$384,022 $464,239$576,902

CHELAN WA $372,500$476,848 $576,413$716,359
CLALLAM WA $417,500$534,457 $646,033$802,880
CLARK WA $393,750$504,076 $609,293$757,228
DOUGLAS WA $372,500$476,848 $576,413$716,359
ISLAND WA $350,000$448,043 $541,576$673,098
JEFFERSON WA $350,000$448,043 $541,576$673,098
KING WA $550,000$704,076 $851,087$1,057,717
KITSAP WA $333,750$427,228 $516,467$641,848
PIERCE WA $550,000$704,076 $851,087$1,057,717
SAN JUAN WA $525,000$672,065 $812,391$1,009,620
SKAGIT WA $342,500$438,424 $530,000$658,641
SKAMANIA WA $393,750$504,076 $609,293$757,228
SNOHOMISH WA $550,000$704,076 $851,087$1,057,717
THURSTON WA $318,750$408,043 $493,207$612,989

26
WHATCOM WA $331,250$424,022 $512,554$637,011

KENOSHA WI $397,500$508,859 $615,109$764,402
MILWAUKEE WI $313,750$401,630 $485,489$603,370
OZAUKEE WI $313,750$401,630 $485,489$603,370
PIERCE WI $346,250$443,261 $535,815$665,870
ST. CROIX WI $346,250$443,261 $535,815$665,870
WASHINGTON WI $313,750$401,630 $485,489$603,370
WAUKESHA WI $313,750$401,630 $485,489$603,370

HAMPSHIRE WV $295,000$377,663 $456,467$567,283
JEFFERSON WV $679,891$870,408 $1,052,120$1,307,527

SUBLETTE WY $312,500$400,054 $483,587$600,978
SWEETWATER WY $318,750$408,043 $493,207$612,989
TETON WY $679,891$870,408 $1,052,120$1,307,527

GUAM GU $612,500$784,130 $947,826$1,177,880

NORTHERN ISLANDS MP $570,000$729,674 $882,011$1,096,141
ROTA MP $446,250$571,250 $690,543$858,152
SAIPAN MP $575,000$736,087 $889,783$1,105,761
TINIAN MP $578,750$740,924 $895,598$1,112,989

AGUAS BUENAS PR $418,750$536,087 $647,989$805,272
AIBONITO PR $418,750$536,087 $647,989$805,272
BARCELONETA PR $418,750$536,087 $647,989$805,272
BARRANQUITAS PR $418,750$536,087 $647,989$805,272
BAYAMON PR $418,750$536,087 $647,989$805,272
CAGUAS PR $418,750$536,087 $647,989$805,272
CANOVANAS PR $418,750$536,087 $647,989$805,272
CAROLINA PR $418,750$536,087 $647,989$805,272
CATANO PR $418,750$536,087 $647,989$805,272
CAYEY PR $418,750$536,087 $647,989$805,272
CEIBA PR $418,750$536,087 $647,989$805,272
CIALES PR $418,750$536,087 $647,989$805,272

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CIDRA PR $418,750$536,087 $647,989$805,27
2
COMERIO PR $418,750$536,087 $647,989$805,272
COROZAL PR $418,750$536,087 $647,989$805,272
CULEBRA PR $307,500$393,641 $475,815$591,359
DORADO PR $418,750$536,087 $647,989$805,272
FAJARDO PR $418,750$536,087 $647,989$805,272
FLORIDA PR $418,750$536,087 $647,989$805,272
GUAYNABO PR $418,750$536,087 $647,989$805,272
GURABO PR $418,750$536,087 $647,989$805,272
HUMACAO PR $418,750$536,087 $647,989$805,272
JUNCOS PR $418,750$536,087 $647,989$805,272
LAS PIEDRAS PR $418,750$536,087 $647,989$805,272
LOIZA PR $418,750$536,087 $647,989$805,272
LUQUILLO PR $418,750$536,087 $647,989$805,272
MANATI PR $418,750$536,087 $647,989$805,272
MAUNABO PR $418,750$536,087 $647,989$805,272
MOROVIS PR $418,750$536,087 $647,989$805,272
NAGUABO PR $418,750$536,087 $647,989$805,272
NARANJITO PR $418,750$536,087 $647,989$805,272
OROCOVIS PR $418,750$536,087 $647,989$805,272
RIO GRANDE PR $418,750$536,087 $647,989$805,272
SAN JUAN PR $418,750$536,087 $647,989$805,272
SAN LORENZO PR $418,750$536,087 $647,989$805,272
TOA ALTA PR $418,750$536,087 $647,989$805,272
TOA BAJA PR $418,750$536,087 $647,989$805,272
TRUJILLO ALTO PR $418,750$536,087 $647,989$805,272
VEGA ALTA PR $418,750$536,087 $647,989$805,272
VEGA BAJA PR $418,750$536,087 $647,989$805,272
YABUCOA PR $418,750$536,087 $647,989$805,272

ST. CROIX ISLAND VI $356,250$456,033 $551,250$685,109
ST. JOHN ISLAND VI $677,500$867,337 $1,048,370$1,302,880
ST. THOMAS ISLAND VI $485,000$620,870 $750,489$932,717

ALL OTHER AREAS (floor): $294,620$377,174 $455,897$566,576

.02 The nationwide average purchase price (for use in the housing cost/income

28
ratio for new and existing residences) is $245,500.
SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2013-28 is obsolete except as provided in section 6 of this revenue
procedure.
SECTION 6. EFFECTIVE DATES
.01 Issuers may rely on this revenue procedure to determine average area
purchase price safe harbors for commitments to provide financing or issue mortgage
credit certificates that are made, or (if the purchase precedes the commitment) for
residences that are purchased, in the period that begins on April 25, 2014, and ends on
the date as of which the safe harbors contained in section 4.01 of this revenue
procedure are rendered obsolete by a new revenue procedure.
.02 Notwithstanding section 5 of this revenue procedure, issuers may continue to
rely on the average area purchase price safe harbors contained in Rev. Proc. 2013-28,
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before May 25, 2014, if the commitments to provide
financing or issue mortgage credit certificates are made on or before June 24, 2014.
.03 Except as provided in section 6.04, issuers must use the nationwide average
purchase price limitation contained in this revenue procedure for commitments to
provide financing or issue mortgage credit certificates that are made, or (if the purchase
precedes the commitment) for residences that are purchased, in the period that begins
on April 25, 2014, and ends on the date when the nationwide average purchase price
limitation is rendered obsolete by a new revenue procedure.

29
.04 Notwithstanding sections 5 and 6.03 of this revenue procedure, issuers may
continue to rely on the nationwide average purchase price set forth in Rev. Proc. 2013-
28 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before May 25, 2014, if the commitments to provide
financing or issue mortgage credit certificates are made on or before June 24, 2014.
SECTION 7. PAPERWORK REDUCTION ACT
The collection of information contained in this revenue procedure has been
reviewed and approved by the Office of Management and Budget in accordance with
the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1877.
An agency may not conduct or sponsor, and a person is not required to respond
to, a collection of information unless the collection of information displays a valid OMB
control number.
This revenue procedure contains a collection of information requirement in
section 3.03. The purpose of the collection of information is to verify the applicable FHA
loan limit that issuers of qualified mortgage bonds and qualified mortgage certificates
have used to calculate the average area purchase price for a given metropolitan
statistical area for purposes of section 143(e) and 25(c). The collection of information is
required to obtain the benefit of using revisions to FHA loan limits to determine average
area purchase prices. The likely respondents are state and local governments.
The estimated total annual reporting and/or recordkeeping burden is: 15 hours.
The estimated annual burden per respondent and/or recordkeeper: 15 minutes.
The estimated number of respondents and/or recordkeepers: 60.

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Books or records relating to a collection of information must be retained as long
as their contents may become material in the administration of any internal revenue law.
Generally tax returns and tax return information are confidential, as required by 26
U.S.C. 6103.
SECTION 8. DRAFTING INFORMATION
The principal authors of this revenue procedure are David White and James
Polfer of the Office of Associate Chief Counsel (Financial Institutions & Products). For
further information regarding this revenue procedure contact David E. White on (202)
317-4562 (not a toll free call).