rp-16-25.pdf

Preserve advance releases and the authoritative Internal Revenue Bulletin rendition; directory timestamps are file-publication metadata, not legal effective dates. HTML bulletins begin June 2003; earlier available issues require full PDF parsing.

This collection currently includes the publisher’s available advance-release directory. Historical bulletin renditions are discovered separately; an advance-release record alone does not certify the collection archive complete.

26 CFR 6a.103A-2: Qualified mortgage bond

Rev. Proc. 2016-25

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

3
purchased 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. 2015-31, 2015-23 I.R.B. 1017.
.12 The nationwide average purchase price limitation was last published in
section 4.02 of Rev. Proc. 2015-31. 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. 2015-
23, 2015-13 I.R.B. 820.
.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 9, 2015. 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 9, 2015.
.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
9, 2015, 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 .9545.
.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. 2015-31, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.
2015-31 in computing the housing cost/income ratio under section 143(f)(5). Likewise,
if, pursuant to section 6.04 of this revenue procedure, an issuer relies on the nationwide
average purchase price published in Rev. Proc. 2015-31, 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.
2016 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 $403,614 $516,710 $624,568 $776,166
ANCHORAGE MUNICIPALITY AK $409,639 $524,411 $633,892 $787,742
BRISTOL BAY BOROUGH AK $328,916 $421,058 $508,958 $632,530
DENALI BOROUGH AK $312,048 $399,476 $482,871 $600,105
FAIRBANKS NORTH STAR AK $287,952 $368,622 $445,574 $553,745
HAINES BOROUGH AK $297,590 $380,932 $460,503 $572,289
JUNEAU CITY AND BOROUGH AK $428,916 $549,083 $663,698 $824,830
KETCHIKAN GATEWAY BOROUGH AK $337,349 $431,849 $522,001 $648,769
KODIAK ISLAND BOROUGH AK $400,000 $512,048 $618,963 $769,251
MATANUSKA-SUSITNA BOROUGH AK $409,639 $524,411 $633,892 $787,742
NOME CENSUS AREA AK $298,795 $382,504 $462,336 $574,594
NORTH SLOPE BOROUGH AK $348,193 $445,731 $538,816 $669,618
PETERSBURG CENSUS AREA AK $348,193 $445,731 $538,816 $669,618
SITKA CITY AND BOROUGH AK $473,494 $606,129 $732,687 $910,581
SKAGWAY MUNICIPALITY AK $403,614 $516,710 $624,568 $776,166
VALDEZ-CORDOVA CENSUS AK $307,229 $393,295 $475,380 $590,833
WRANGELL CITY AND BOROUGH AK $348,193 $445,731 $538,816 $669,618
YAKUTAT CITY AND BOROUGH AK $440,964 $564,484 $682,347 $848,036

HALE AL $346,988 $444,212 $536,930 $667,260
PICKENS AL $346,988 $444,212 $536,930 $667,260
RUSSELL AL $303,614 $388,685 $469,827 $583,866
TUSCALOOSA AL $346,988 $444,212 $536,930 $667,260

11
COCONINO AZ $379,518 $485,856 $587,271 $729,859

ALAMEDA CA $655,317 $838,947 $1,014,091 $1,260,267
ALPINE CA $485,542 $621,582 $751,336 $933,735
AMADOR CA $348,193 $445,731 $538,816 $669,618
BUTTE CA $307,229 $393,295 $475,380 $590,833
CALAVERAS CA $391,566 $501,257 $605,919 $753,012
CONTRA COSTA CA $655,317 $838,947 $1,014,091 $1,260,267
EL DORADO CA $497,590 $636,983 $769,984 $956,888
FRESNO CA $295,181 $377,894 $456,784 $567,627
HUMBOLDT CA $343,373 $439,550 $531,325 $660,346
INYO CA $386,747 $495,076 $598,481 $743,740
LOS ANGELES CA $655,317 $838,947 $1,014,091 $1,260,267
MARIN CA $655,317 $838,947 $1,014,091 $1,260,267
MARIPOSA CA $337,349 $431,849 $522,001 $648,769
MENDOCINO CA $391,566 $501,257 $605,919 $753,012
MONO CA $554,217 $709,481 $857,622 $1,065,794
MONTEREY CA $554,217 $709,481 $857,622 $1,065,794
NAPA CA $655,317 $838,947 $1,014,091 $1,260,267
NEVADA CA $500,000 $640,073 $773,704 $961,551
ORANGE CA $655,317 $838,947 $1,014,091 $1,260,267
PLACER CA $497,590 $636,983 $769,984 $956,888
PLUMAS CA $353,012 $451,912 $546,255 $678,889
RIVERSIDE CA $373,494 $478,104 $577,947 $718,229
SACRAMENTO CA $497,590 $636,983 $769,984 $956,888
SAN BENITO CA $655,317 $838,947 $1,014,091 $1,260,267
SAN BERNARDINO CA $373,494 $478,104 $577,947 $718,229
SAN DIEGO CA $608,434 $778,889 $941,540 $1,170,089
SAN FRANCISCO CA $655,317 $838,947 $1,014,091 $1,260,267
SAN JOAQUIN CA $349,398 $447,302 $540,650 $671,922
SAN LUIS OBISPO CA $587,952 $752,698 $909,796 $1,130,697
SAN MATEO CA $655,317 $838,947 $1,014,091 $1,260,267
SANTA BARBARA CA $655,317 $838,947 $1,014,091 $1,260,267
SANTA CLARA CA $655,317 $838,947 $1,014,091 $1,260,267
SANTA CRUZ CA $655,317 $838,947 $1,014,091 $1,260,267
SHASTA CA $286,747 $367,051 $443,688 $551,441
SIERRA CA $319,277 $408,696 $494,028 $613,986
SOLANO CA $419,277 $536,721 $648,821 $806,286

12
SONOMA CA $580,723 $743,426 $898,638 $1,116,763
STANISLAUS CA $289,157 $370,141 $447,459 $556,050
TUOLUMNE CA $346,988 $444,212 $536,930 $667,260
VENTURA CA $632,530 $809,743 $978,785 $1,216,396
YOLO CA $497,590 $636,983 $769,984 $956,888

ADAMS CO $480,723 $615,401 $743,897 $924,463
ARAPAHOE CO $480,723 $615,401 $743,897 $924,463
ARCHULETA CO $298,795 $382,504 $462,336 $574,594
BOULDER CO $497,590 $636,983 $769,984 $956,888
BROOMFIELD CO $480,723 $615,401 $743,897 $924,463
CHAFFEE CO $287,952 $368,622 $445,574 $553,745
CLEAR CREEK CO $480,723 $615,401 $743,897 $924,463
DENVER CO $480,723 $615,401 $743,897 $924,463
DOUGLAS CO $480,723 $615,401 $743,897 $924,463
EAGLE CO $655,317 $838,947 $1,014,091 $1,260,267
ELBERT CO $480,723 $615,401 $743,897 $924,463
GARFIELD CO $655,317 $838,947 $1,014,091 $1,260,267
GILPIN CO $480,723 $615,401 $743,897 $924,463
GRAND CO $349,398 $447,302 $540,650 $671,922
GUNNISON CO $374,699 $479,675 $579,832 $720,587
HINSDALE CO $448,193 $573,756 $693,557 $861,917
JEFFERSON CO $480,723 $615,401 $743,897 $924,463
LA PLATA CO $398,795 $510,529 $617,077 $766,894
LARIMER CO $356,627 $456,522 $551,860 $685,804
MESA CO $296,386 $379,413 $458,617 $569,984
OURAY CO $445,783 $570,665 $689,838 $857,255
PARK CO $480,723 $615,401 $743,897 $924,463
PITKIN CO $655,317 $838,947 $1,014,091 $1,260,267
ROUTT CO $655,317 $838,947 $1,014,091 $1,260,267
SAN MIGUEL CO $655,317 $838,947 $1,014,091 $1,260,267
SUMMIT CO $655,317 $838,947 $1,014,091 $1,260,267
WELD CO $304,819 $390,204 $471,661 $586,171

FAIRFIELD CT $630,120 $806,653 $975,065 $1,211,786
HARTFORD CT $369,880 $473,494 $572,342 $711,315
LITCHFIELD CT $374,699 $479,675 $579,832 $720,587
MIDDLESEX CT $369,880 $473,494 $572,342 $711,315

13
NEW HAVEN CT $320,482 $410,267 $495,914 $616,291
NEW LONDON CT $293,976 $376,323 $454,898 $565,322
TOLLAND CT $369,880 $473,494 $572,342 $711,315
WINDHAM CT $298,795 $382,504 $462,336 $574,594

DISTRICT OF COL DC $655,317 $838,947 $1,014,091 $1,260,267

NEW CASTLE DE $397,590 $508,958 $615,244 $764,589
SUSSEX DE $331,325 $424,149 $512,677 $637,140

BAKER FL $331,325 $424,149 $512,677 $637,140
BROWARD FL $361,446 $462,703 $559,298 $695,076
CLAY FL $331,325 $424,149 $512,677 $637,140
COLLIER FL $469,880 $601,519 $727,082 $903,614
DUVAL FL $331,325 $424,149 $512,677 $637,140
LAKE FL $287,952 $368,622 $445,574 $553,745
MANATEE FL $298,795 $382,504 $462,336 $574,594
MARTIN FL $331,325 $424,149 $512,677 $637,140
MIAMI-DADE FL $361,446 $462,703 $559,298 $695,076
MONROE FL $554,217 $709,481 $857,622 $1,065,794
NASSAU FL $331,325 $424,149 $512,677 $637,140
OKALOOSA FL $343,373 $439,550 $531,325 $660,346
ORANGE FL $287,952 $368,622 $445,574 $553,745
OSCEOLA FL $287,952 $368,622 $445,574 $553,745
PALM BEACH FL $361,446 $462,703 $559,298 $695,076
SARASOTA FL $298,795 $382,504 $462,336 $574,594
SEMINOLE FL $287,952 $368,622 $445,574 $553,745
ST. JOHNS FL $331,325 $424,149 $512,677 $637,140
ST. LUCIE FL $331,325 $424,149 $512,677 $637,140
SUMTER FL $301,205 $385,595 $466,108 $579,256
WALTON FL $343,373 $439,550 $531,325 $660,346

BARROW GA $359,036 $459,612 $555,579 $690,466
BARTOW GA $359,036 $459,612 $555,579 $690,466
BUTTS GA $359,036 $459,612 $555,579 $690,466
CARROLL GA $359,036 $459,612 $555,579 $690,466
CHATTAHOOCHEE GA $303,614 $388,685 $469,827 $583,866
CHEROKEE GA $359,036 $459,612 $555,579 $690,466

14
CLARKE GA $336,145 $430,330 $520,168 $646,412
CLAYTON GA $359,036 $459,612 $555,579 $690,466
COBB GA $359,036 $459,612 $555,579 $690,466
COWETA GA $359,036 $459,612 $555,579 $690,466
DAWSON GA $359,036 $459,612 $555,579 $690,466
DEKALB GA $359,036 $459,612 $555,579 $690,466
DOUGLAS GA $359,036 $459,612 $555,579 $690,466
FAYETTE GA $359,036 $459,612 $555,579 $690,466
FORSYTH GA $359,036 $459,612 $555,579 $690,466
FULTON GA $359,036 $459,612 $555,579 $690,466
GREENE GA $539,759 $690,990 $835,254 $1,038,030
GWINNETT GA $359,036 $459,612 $555,579 $690,466
HARALSON GA $359,036 $459,612 $555,579 $690,466
HARRIS GA $303,614 $388,685 $469,827 $583,866
HEARD GA $359,036 $459,612 $555,579 $690,466
HENRY GA $359,036 $459,612 $555,579 $690,466
JASPER GA $359,036 $459,612 $555,579 $690,466
LAMAR GA $359,036 $459,612 $555,579 $690,466
MADISON GA $336,145 $430,330 $520,168 $646,412
MARION GA $303,614 $388,685 $469,827 $583,866
MERIWETHER GA $359,036 $459,612 $555,579 $690,466
MORGAN GA $359,036 $459,612 $555,579 $690,466
MUSCOGEE GA $303,614 $388,685 $469,827 $583,866
NEWTON GA $359,036 $459,612 $555,579 $690,466
OCONEE GA $336,145 $430,330 $520,168 $646,412
OGLETHORPE GA $336,145 $430,330 $520,168 $646,412
PAULDING GA $359,036 $459,612 $555,579 $690,466
PICKENS GA $359,036 $459,612 $555,579 $690,466
PIKE GA $359,036 $459,612 $555,579 $690,466
ROCKDALE GA $359,036 $459,612 $555,579 $690,466
SPALDING GA $359,036 $459,612 $555,579 $690,466
WALTON GA $359,036 $459,612 $555,579 $690,466

HAWAII HI $385,542 $493,557 $596,595 $741,435
HONOLULU HI $755,422 $967,051 $1,168,989 $1,452,750
KALAWAO HI $689,157 $882,242 $1,066,422 $1,325,301
KAUAI HI $746,988 $956,260 $1,155,946 $1,436,511
MAUI HI $689,157 $882,242 $1,066,422 $1,325,301

15

BLAINE ID $655,317 $838,947 $1,014,091 $1,260,267
CAMAS ID $655,317 $838,947 $1,014,091 $1,260,267
LINCOLN ID $655,317 $838,947 $1,014,091 $1,260,267
TETON ID $655,317 $838,947 $1,014,091 $1,260,267
VALLEY ID $285,542 $365,532 $441,854 $549,136

BOONE IL $355,422 $455,003 $549,974 $683,499
COOK IL $383,133 $490,466 $592,876 $736,773
DEKALB IL $383,133 $490,466 $592,876 $736,773
DUPAGE IL $383,133 $490,466 $592,876 $736,773
GRUNDY IL $383,133 $490,466 $592,876 $736,773
KANE IL $383,133 $490,466 $592,876 $736,773
KENDALL IL $383,133 $490,466 $592,876 $736,773
LAKE IL $383,133 $490,466 $592,876 $736,773
MCHENRY IL $383,133 $490,466 $592,876 $736,773
WILL IL $383,133 $490,466 $592,876 $736,773
WINNEBAGO IL $355,422 $455,003 $549,974 $683,499

BOONE IN $313,253 $400,995 $484,704 $602,410
BROWN IN $313,253 $400,995 $484,704 $602,410
CLARK IN $301,205 $385,595 $466,108 $579,256
FLOYD IN $301,205 $385,595 $466,108 $579,256
HAMILTON IN $313,253 $400,995 $484,704 $602,410
HANCOCK IN $313,253 $400,995 $484,704 $602,410
HARRISON IN $301,205 $385,595 $466,108 $579,256
HENDRICKS IN $313,253 $400,995 $484,704 $602,410
JASPER IN $383,133 $490,466 $592,876 $736,773
JOHNSON IN $313,253 $400,995 $484,704 $602,410
LAKE IN $383,133 $490,466 $592,876 $736,773
MADISON IN $313,253 $400,995 $484,704 $602,410
MARION IN $313,253 $400,995 $484,704 $602,410
MORGAN IN $313,253 $400,995 $484,704 $602,410
NEWTON IN $383,133 $490,466 $592,876 $736,773
PORTER IN $383,133 $490,466 $592,876 $736,773
PUTNAM IN $313,253 $400,995 $484,704 $602,410
SCOTT IN $301,205 $385,595 $466,108 $579,256
SHELBY IN $313,253 $400,995 $484,704 $602,410

16
WASHINGTON IN $301,205 $385,595 $466,108 $579,256

JOHNSON KS $291,566 $373,232 $451,179 $560,712
LEAVENWORTH KS $291,566 $373,232 $451,179 $560,712
LINN KS $291,566 $373,232 $451,179 $560,712
MIAMI KS $291,566 $373,232 $451,179 $560,712
WYANDOTTE KS $291,566 $373,232 $451,179 $560,712

BULLITT KY $301,205 $385,595 $466,108 $579,256
HENRY KY $301,205 $385,595 $466,108 $579,256
JEFFERSON KY $301,205 $385,595 $466,108 $579,256
OLDHAM KY $301,205 $385,595 $466,108 $579,256
SHELBY KY $301,205 $385,595 $466,108 $579,256
SPENCER KY $301,205 $385,595 $466,108 $579,256
TRIMBLE KY $301,205 $385,595 $466,108 $579,256

BARNSTABLE MA $425,301 $544,474 $658,146 $817,863
BRISTOL MA $446,988 $572,237 $691,671 $859,612
DUKES MA $655,317 $838,947 $1,014,091 $1,260,267
ESSEX MA $548,193 $701,781 $848,298 $1,054,217
HAMPDEN MA $297,590 $380,932 $460,503 $572,289
HAMPSHIRE MA $297,590 $380,932 $460,503 $572,289
MIDDLESEX MA $548,193 $701,781 $848,298 $1,054,217
NANTUCKET MA $655,317 $838,947 $1,014,091 $1,260,267
NORFOLK MA $548,193 $701,781 $848,298 $1,054,217
PLYMOUTH MA $548,193 $701,781 $848,298 $1,054,217
SUFFOLK MA $548,193 $701,781 $848,298 $1,054,217
WORCESTER MA $298,795 $382,504 $462,336 $574,594

ANNE ARUNDEL MD $542,169 $694,081 $838,973 $1,042,640
BALTIMORE MD $542,169 $694,081 $838,973 $1,042,640
BALTIMORE CITY MD $542,169 $694,081 $838,973 $1,042,640
CALVERT MD $655,317 $838,947 $1,014,091 $1,260,267
CARROLL MD $542,169 $694,081 $838,973 $1,042,640
CECIL MD $397,590 $508,958 $615,244 $764,589
CHARLES MD $655,317 $838,947 $1,014,091 $1,260,267
FREDERICK MD $655,317 $838,947 $1,014,091 $1,260,267
HARFORD MD $542,169 $694,081 $838,973 $1,042,640

17
HOWARD MD $542,169 $694,081 $838,973 $1,042,640
KENT MD $304,819 $390,204 $471,661 $586,171
MONTGOMERY MD $655,317 $838,947 $1,014,091 $1,260,267
PRINCE GEORGE'S MD $655,317 $838,947 $1,014,091 $1,260,267
QUEEN ANNE'S MD $542,169 $694,081 $838,973 $1,042,640
SOMERSET MD $331,325 $424,149 $512,677 $637,140
ST. MARY'S MD $363,855 $465,794 $563,017 $699,738
TALBOT MD $401,205 $513,620 $620,849 $771,556
WICOMICO MD $331,325 $424,149 $512,677 $637,140
WORCESTER MD $331,325 $424,149 $512,677 $637,140

CUMBERLAND ME $316,867 $405,657 $490,309 $609,377
HANCOCK ME $284,337 $364,013 $439,969 $546,778
KNOX ME $292,771 $374,804 $453,012 $563,017
SAGADAHOC ME $316,867 $405,657 $490,309 $609,377
YORK ME $316,867 $405,657 $490,309 $609,377

ANOKA MN $342,169 $438,030 $529,492 $657,988
CARVER MN $342,169 $438,030 $529,492 $657,988
CHISAGO MN $342,169 $438,030 $529,492 $657,988
COOK MN $296,386 $379,413 $458,617 $569,984
DAKOTA MN $342,169 $438,030 $529,492 $657,988
HENNEPIN MN $342,169 $438,030 $529,492 $657,988
ISANTI MN $342,169 $438,030 $529,492 $657,988
LE SUEUR MN $342,169 $438,030 $529,492 $657,988
MILLE LACS MN $342,169 $438,030 $529,492 $657,988
RAMSEY MN $342,169 $438,030 $529,492 $657,988
SCOTT MN $342,169 $438,030 $529,492 $657,988
SHERBURNE MN $342,169 $438,030 $529,492 $657,988
SIBLEY MN $342,169 $438,030 $529,492 $657,988
WASHINGTON MN $342,169 $438,030 $529,492 $657,988
WRIGHT MN $342,169 $438,030 $529,492 $657,988

BATES MO $291,566 $373,232 $451,179 $560,712
CALDWELL MO $291,566 $373,232 $451,179 $560,712
CASS MO $291,566 $373,232 $451,179 $560,712
CLAY MO $291,566 $373,232 $451,179 $560,712
CLINTON MO $291,566 $373,232 $451,179 $560,712

18
JACKSON MO $291,566 $373,232 $451,179 $560,712
LAFAYETTE MO $291,566 $373,232 $451,179 $560,712
PLATTE MO $291,566 $373,232 $451,179 $560,712
RAY MO $291,566 $373,232 $451,179 $560,712

COPIAH MS $291,566 $373,232 $451,179 $560,712
HINDS MS $291,566 $373,232 $451,179 $560,712
MADISON MS $291,566 $373,232 $451,179 $560,712
RANKIN MS $291,566 $373,232 $451,179 $560,712
SIMPSON MS $291,566 $373,232 $451,179 $560,712
YAZOO MS $291,566 $373,232 $451,179 $560,712

FALLON MT $296,386 $379,413 $458,617 $569,984
FLATHEAD MT $315,663 $404,086 $488,476 $607,019
GALLATIN MT $362,651 $464,222 $561,184 $697,381
JEFFERSON MT $300,000 $384,023 $464,222 $576,899
LEWIS AND CLARK MT $300,000 $384,023 $464,222 $576,899
MADISON MT $340,964 $436,459 $527,606 $655,684
MISSOULA MT $303,614 $388,685 $469,827 $583,866
SWEET GRASS MT $303,614 $388,685 $469,827 $583,866

CABARRUS NC $293,976 $376,323 $454,898 $565,322
CAMDEN NC $655,317 $838,947 $1,014,091 $1,260,267
CHATHAM NC $367,470 $470,403 $568,622 $706,653
CURRITUCK NC $480,723 $615,401 $743,897 $924,463
DARE NC $409,639 $524,411 $633,892 $787,742
DURHAM NC $367,470 $470,403 $568,622 $706,653
FRANKLIN NC $301,205 $385,595 $466,108 $579,256
GASTON NC $293,976 $376,323 $454,898 $565,322
GATES NC $480,723 $615,401 $743,897 $924,463
HYDE NC $506,024 $647,774 $783,028 $973,127
IREDELL NC $293,976 $376,323 $454,898 $565,322
JOHNSTON NC $301,205 $385,595 $466,108 $579,256
LINCOLN NC $293,976 $376,323 $454,898 $565,322
MECKLENBURG NC $293,976 $376,323 $454,898 $565,322
ORANGE NC $367,470 $470,403 $568,622 $706,653
PASQUOTANK NC $655,317 $838,947 $1,014,091 $1,260,267
PERQUIMANS NC $655,317 $838,947 $1,014,091 $1,260,267

19
PERSON NC $367,470 $470,403 $568,622 $706,653
ROWAN NC $293,976 $376,323 $454,898 $565,322
TYRRELL NC $409,639 $524,411 $633,892 $787,742
UNION NC $293,976 $376,323 $454,898 $565,322
WAKE NC $301,205 $385,595 $466,108 $579,256
WATAUGA NC $287,952 $368,622 $445,574 $553,745

BILLINGS ND $355,422 $455,003 $549,974 $683,499
BURLEIGH ND $307,229 $393,295 $475,380 $590,833
MCINTOSH ND $298,795 $382,504 $462,336 $574,594
MCKENZIE ND $313,253 $400,995 $484,704 $602,410
MORTON ND $307,229 $393,295 $475,380 $590,833
OLIVER ND $307,229 $393,295 $475,380 $590,833
SIOUX ND $307,229 $393,295 $475,380 $590,833
STARK ND $322,892 $413,358 $499,633 $620,953
WILLIAMS ND $345,783 $442,640 $535,045 $664,955

HILLSBOROUGH NH $309,639 $396,386 $479,151 $595,443
ROCKINGHAM NH $548,193 $701,781 $848,298 $1,054,217
STRAFFORD NH $548,193 $701,781 $848,298 $1,054,217

ATLANTIC NJ $331,325 $424,149 $512,677 $637,140
BERGEN NJ $655,317 $838,947 $1,014,091 $1,260,267
BURLINGTON NJ $397,590 $508,958 $615,244 $764,589
CAMDEN NJ $397,590 $508,958 $615,244 $764,589
CAPE MAY NJ $433,735 $555,265 $671,189 $834,102
ESSEX NJ $655,317 $838,947 $1,014,091 $1,260,267
GLOUCESTER NJ $397,590 $508,958 $615,244 $764,589
HUDSON NJ $655,317 $838,947 $1,014,091 $1,260,267
HUNTERDON NJ $655,317 $838,947 $1,014,091 $1,260,267
MERCER NJ $361,446 $462,703 $559,298 $695,076
MIDDLESEX NJ $655,317 $838,947 $1,014,091 $1,260,267
MONMOUTH NJ $655,317 $838,947 $1,014,091 $1,260,267
MORRIS NJ $655,317 $838,947 $1,014,091 $1,260,267
OCEAN NJ $655,317 $838,947 $1,014,091 $1,260,267
PASSAIC NJ $655,317 $838,947 $1,014,091 $1,260,267
SALEM NJ $397,590 $508,958 $615,244 $764,589
SOMERSET NJ $655,317 $838,947 $1,014,091 $1,260,267

20
SUSSEX NJ $655,317 $838,947 $1,014,091 $1,260,267
UNION NJ $655,317 $838,947 $1,014,091 $1,260,267
WARREN NJ $390,361 $499,738 $604,034 $750,707

CATRON NM $404,819 $518,229 $626,401 $778,523
LOS ALAMOS NM $398,795 $510,529 $617,077 $766,894
SANTA FE NM $385,542 $493,557 $596,595 $741,435
TAOS NM $300,000 $384,023 $464,222 $576,899

CARSON CITY NV $300,000 $384,023 $464,222 $576,899
CLARK NV $301,205 $385,595 $466,108 $579,256
DOUGLAS NV $367,470 $470,403 $568,622 $706,653
STOREY NV $340,964 $436,459 $527,606 $655,684
WASHOE NV $340,964 $436,459 $527,606 $655,684

ALBANY NY $306,024 $391,776 $473,546 $588,476
BRONX NY $655,317 $838,947 $1,014,091 $1,260,267
DUTCHESS NY $655,317 $838,947 $1,014,091 $1,260,267
KINGS NY $655,317 $838,947 $1,014,091 $1,260,267
NASSAU NY $655,317 $838,947 $1,014,091 $1,260,267
NEW YORK NY $655,317 $838,947 $1,014,091 $1,260,267
ORANGE NY $655,317 $838,947 $1,014,091 $1,260,267
PUTNAM NY $655,317 $838,947 $1,014,091 $1,260,267
QUEENS NY $655,317 $838,947 $1,014,091 $1,260,267
RENSSELAER NY $306,024 $391,776 $473,546 $588,476
RICHMOND NY $655,317 $838,947 $1,014,091 $1,260,267
ROCKLAND NY $655,317 $838,947 $1,014,091 $1,260,267
SARATOGA NY $306,024 $391,776 $473,546 $588,476
SCHENECTADY NY $306,024 $391,776 $473,546 $588,476
SCHOHARIE NY $306,024 $391,776 $473,546 $588,476
SUFFOLK NY $655,317 $838,947 $1,014,091 $1,260,267
WESTCHESTER NY $655,317 $838,947 $1,014,091 $1,260,267

DELAWARE OH $331,325 $424,149 $512,677 $637,140
FAIRFIELD OH $331,325 $424,149 $512,677 $637,140
FRANKLIN OH $331,325 $424,149 $512,677 $637,140
HOCKING OH $331,325 $424,149 $512,677 $637,140
LICKING OH $331,325 $424,149 $512,677 $637,140

21
MADISON OH $331,325 $424,149 $512,677 $637,140
MORROW OH $331,325 $424,149 $512,677 $637,140
PERRY OH $331,325 $424,149 $512,677 $637,140
PICKAWAY OH $331,325 $424,149 $512,677 $637,140
UNION OH $331,325 $424,149 $512,677 $637,140

BENTON OR $316,867 $405,657 $490,309 $609,377
CLACKAMAS OR $385,542 $493,557 $596,595 $741,435
CLATSOP OR $295,181 $377,894 $456,784 $567,627
COLUMBIA OR $385,542 $493,557 $596,595 $741,435
CURRY OR $343,373 $439,550 $531,325 $660,346
DESCHUTES OR $325,301 $416,448 $503,353 $625,563
HOOD RIVER OR $389,157 $498,167 $602,200 $748,402
JACKSON OR $292,771 $374,804 $453,012 $563,017
LINCOLN OR $289,157 $370,141 $447,459 $556,050
MULTNOMAH OR $385,542 $493,557 $596,595 $741,435
TILLAMOOK OR $301,205 $385,595 $466,108 $579,256
WASHINGTON OR $385,542 $493,557 $596,595 $741,435
YAMHILL OR $385,542 $493,557 $596,595 $741,435

BUCKS PA $397,590 $508,958 $615,244 $764,589
CARBON PA $390,361 $499,738 $604,034 $750,707
CHESTER PA $397,590 $508,958 $615,244 $764,589
DELAWARE PA $397,590 $508,958 $615,244 $764,589
LEHIGH PA $390,361 $499,738 $604,034 $750,707
MONTGOMERY PA $397,590 $508,958 $615,244 $764,589
NORTHAMPTON PA $390,361 $499,738 $604,034 $750,707
PHILADELPHIA PA $397,590 $508,958 $615,244 $764,589
PIKE PA $655,317 $838,947 $1,014,091 $1,260,267

BRISTOL RI $446,988 $572,237 $691,671 $859,612
KENT RI $446,988 $572,237 $691,671 $859,612
NEWPORT RI $446,988 $572,237 $691,671 $859,612
PROVIDENCE RI $446,988 $572,237 $691,671 $859,612
WASHINGTON RI $446,988 $572,237 $691,671 $859,612

BEAUFORT SC $367,470 $470,403 $568,622 $706,653
BERKELEY SC $349,398 $447,302 $540,650 $671,922

22
CHARLESTON SC $349,398 $447,302 $540,650 $671,922
CHESTER SC $293,976 $376,323 $454,898 $565,322
DORCHESTER SC $349,398 $447,302 $540,650 $671,922
GEORGETOWN SC $343,373 $439,550 $531,325 $660,346
JASPER SC $367,470 $470,403 $568,622 $706,653
LANCASTER SC $293,976 $376,323 $454,898 $565,322
YORK SC $293,976 $376,323 $454,898 $565,322

CANNON TN $457,831 $586,118 $708,434 $880,461
CHEATHAM TN $457,831 $586,118 $708,434 $880,461
DAVIDSON TN $457,831 $586,118 $708,434 $880,461
DICKSON TN $457,831 $586,118 $708,434 $880,461
HICKMAN TN $457,831 $586,118 $708,434 $880,461
MACON TN $457,831 $586,118 $708,434 $880,461
MAURY TN $457,831 $586,118 $708,434 $880,461
ROBERTSON TN $457,831 $586,118 $708,434 $880,461
RUTHERFORD TN $457,831 $586,118 $708,434 $880,461
SMITH TN $457,831 $586,118 $708,434 $880,461
SUMNER TN $457,831 $586,118 $708,434 $880,461
TROUSDALE TN $457,831 $586,118 $708,434 $880,461
WILLIAMSON TN $457,831 $586,118 $708,434 $880,461
WILSON TN $457,831 $586,118 $708,434 $880,461

ATASCOSA TX $331,325 $424,149 $512,677 $637,140
AUSTIN TX $345,783 $442,640 $535,045 $664,955
BANDERA TX $331,325 $424,149 $512,677 $637,140
BASTROP TX $349,398 $447,302 $540,650 $671,922
BEXAR TX $331,325 $424,149 $512,677 $637,140
BRAZORIA TX $345,783 $442,640 $535,045 $664,955
CALDWELL TX $349,398 $447,302 $540,650 $671,922
CHAMBERS TX $345,783 $442,640 $535,045 $664,955
COLLIN TX $350,602 $448,821 $542,535 $674,227
COMAL TX $331,325 $424,149 $512,677 $637,140
DALLAS TX $350,602 $448,821 $542,535 $674,227
DENTON TX $350,602 $448,821 $542,535 $674,227
ELLIS TX $350,602 $448,821 $542,535 $674,227
FORT BEND TX $345,783 $442,640 $535,045 $664,955
GALVESTON TX $345,783 $442,640 $535,045 $664,955

23
GUADALUPE TX $331,325 $424,149 $512,677 $637,140
HARRIS TX $345,783 $442,640 $535,045 $664,955
HAYS TX $349,398 $447,302 $540,650 $671,922
HOOD TX $350,602 $448,821 $542,535 $674,227
HUNT TX $350,602 $448,821 $542,535 $674,227
JOHNSON TX $350,602 $448,821 $542,535 $674,227
KAUFMAN TX $350,602 $448,821 $542,535 $674,227
KENDALL TX $331,325 $424,149 $512,677 $637,140
LIBERTY TX $345,783 $442,640 $535,045 $664,955
MARTIN TX $298,795 $382,504 $462,336 $574,594
MEDINA TX $331,325 $424,149 $512,677 $637,140
MIDLAND TX $298,795 $382,504 $462,336 $574,594
MONTGOMERY TX $345,783 $442,640 $535,045 $664,955
PARKER TX $350,602 $448,821 $542,535 $674,227
ROCKWALL TX $350,602 $448,821 $542,535 $674,227
SOMERVELL TX $350,602 $448,821 $542,535 $674,227
TARRANT TX $350,602 $448,821 $542,535 $674,227
TRAVIS TX $349,398 $447,302 $540,650 $671,922
WALLER TX $345,783 $442,640 $535,045 $664,955
WILLIAMSON TX $349,398 $447,302 $540,650 $671,922
WILSON TX $331,325 $424,149 $512,677 $637,140
WISE TX $350,602 $448,821 $542,535 $674,227

BOX ELDER UT $408,434 $522,839 $632,006 $785,437
DAGGETT UT $316,867 $405,657 $490,309 $609,377
DAVIS UT $408,434 $522,839 $632,006 $785,437
JUAB UT $318,072 $407,177 $492,195 $611,682
MORGAN UT $408,434 $522,839 $632,006 $785,437
RICH UT $310,843 $397,905 $480,985 $597,748
SALT LAKE UT $327,711 $419,539 $507,124 $630,225
SUMMIT UT $628,916 $805,134 $973,232 $1,209,481
TOOELE UT $327,711 $419,539 $507,124 $630,225
UTAH UT $318,072 $407,177 $492,195 $611,682
WASATCH UT $384,337 $491,985 $594,709 $739,130
WASHINGTON UT $301,205 $385,595 $466,108 $579,256
WEBER UT $408,434 $522,839 $632,006 $785,437

ALBEMARLE VA $457,831 $586,118 $708,434 $880,461

24
ALEXANDRIA CITY VA $655,317 $838,947 $1,014,091 $1,260,267
AMELIA VA $561,446 $718,753 $868,779 $1,079,728
AMHERST VA $306,024 $391,776 $473,546 $588,476
APPOMATTOX VA $306,024 $391,776 $473,546 $588,476
ARLINGTON VA $655,317 $838,947 $1,014,091 $1,260,267
BEDFORD VA $306,024 $391,776 $473,546 $588,476
BEDFORD CITY VA $306,024 $391,776 $473,546 $588,476
BUCKINGHAM VA $457,831 $586,118 $708,434 $880,461
CAMPBELL VA $306,024 $391,776 $473,546 $588,476
CAROLINE VA $561,446 $718,753 $868,779 $1,079,728
CHARLES CITY VA $561,446 $718,753 $868,779 $1,079,728
CHARLOTTESVIL LE VA $457,831 $586,118 $708,434 $880,461
CHESAPEAKE CITY VA $480,723 $615,401 $743,897 $924,463
CHESTERFIELD VA $561,446 $718,753 $868,779 $1,079,728
CLARKE VA $655,317 $838,947 $1,014,091 $1,260,267
COLONIAL HEIGHT VA $561,446 $718,753 $868,779 $1,079,728
CULPEPER VA $655,317 $838,947 $1,014,091 $1,260,267
DINWIDDIE VA $561,446 $718,753 $868,779 $1,079,728
FAIRFAX VA $655,317 $838,947 $1,014,091 $1,260,267
FAIRFAX CITY VA $655,317 $838,947 $1,014,091 $1,260,267
FALLS CHURCH CI VA $655,317 $838,947 $1,014,091 $1,260,267
FAUQUIER VA $655,317 $838,947 $1,014,091 $1,260,267
FLOYD VA $306,024 $391,776 $473,546 $588,476
FLUVANNA VA $457,831 $586,118 $708,434 $880,461
FREDERICK VA $284,337 $364,013 $439,969 $546,778
FREDERICKSBURG VA $655,317 $838,947 $1,014,091 $1,260,267
GILES VA $306,024 $391,776 $473,546 $588,476
GLOUCESTER VA $480,723 $615,401 $743,897 $924,463
GOOCHLAND VA $561,446 $718,753 $868,779 $1,079,728
GREENE VA $457,831 $586,118 $708,434 $880,461
HAMPTON CITY VA $480,723 $615,401 $743,897 $924,463
HANOVER VA $561,446 $718,753 $868,779 $1,079,728
HARRISONBURG CI VA $290,361 $371,713 $449,293 $558,355
HENRICO VA $561,446 $718,753 $868,779 $1,079,728
HOPEWELL CITY VA $561,446 $718,753 $868,779 $1,079,728
ISLE OF WIGHT VA $480,723 $615,401 $743,897 $924,463
JAMES CITY VA $480,723 $615,401 $743,897 $924,463
KING GEORGE VA $367,470 $470,403 $568,622 $706,653

25
KING WILLIAM VA $561,446 $718,753 $868,779 $1,079,728
LANCASTER VA $463,855 $593,819 $717,758 $892,038
LEXINGTON CITY VA $304,819 $390,204 $471,661 $586,171
LOUDOUN VA $655,317 $838,947 $1,014,091 $1,260,267
LYNCHBURG CITY VA $306,024 $391,776 $473,546 $588,476
MANASSAS CITY VA $655,317 $838,947 $1,014,091 $1,260,267
MANASSAS PARK C VA $655,317 $838,947 $1,014,091 $1,260,267
MATHEWS VA $480,723 $615,401 $743,897 $924,463
MONTGOMERY VA $306,024 $391,776 $473,546 $588,476
NELSON VA $457,831 $586,118 $708,434 $880,461
NEW KENT VA $561,446 $718,753 $868,779 $1,079,728
NEWPORT NEWS CI VA $480,723 $615,401 $743,897 $924,463
NORFOLK CITY VA $480,723 $615,401 $743,897 $924,463
NORTHUMBERL AND VA $333,735 $427,239 $516,448 $641,802
PETERSBURG CITY VA $561,446 $718,753 $868,779 $1,079,728
POQUOSON CITY VA $480,723 $615,401 $743,897 $924,463
PORTSMOUTH CITY VA $480,723 $615,401 $743,897 $924,463
POWHATAN VA $561,446 $718,753 $868,779 $1,079,728
PRINCE GEORGE VA $561,446 $718,753 $868,779 $1,079,728
PRINCE WILLIAM VA $655,317 $838,947 $1,014,091 $1,260,267
PULASKI VA $306,024 $391,776 $473,546 $588,476
RADFORD CITY VA $306,024 $391,776 $473,546 $588,476
RAPPAHANNOCK VA $655,317 $838,947 $1,014,091 $1,260,267
RICHMOND CITY VA $561,446 $718,753 $868,779 $1,079,728
ROCKINGHAM VA $290,361 $371,713 $449,293 $558,355
SPOTSYLVANIA VA $655,317 $838,947 $1,014,091 $1,260,267
STAFFORD VA $655,317 $838,947 $1,014,091 $1,260,267
SUFFOLK CITY VA $480,723 $615,401 $743,897 $924,463
SUSSEX VA $561,446 $718,753 $868,779 $1,079,728
VIRGINIA BEACH VA $480,723 $615,401 $743,897 $924,463
WARREN VA $655,317 $838,947 $1,014,091 $1,260,267
WILLIAMSBURG CI VA $480,723 $615,401 $743,897 $924,463
WINCHESTER CITY VA $284,337 $364,013 $439,969 $546,778
YORK VA $480,723 $615,401 $743,897 $924,463

BENNINGTON VT $290,361 $371,713 $449,293 $558,355
CHITTENDEN VT $359,036 $459,612 $555,579 $690,466
FRANKLIN VT $359,036 $459,612 $555,579 $690,466

26
GRAND ISLE VT $359,036 $459,612 $555,579 $690,466
LAMOILLE VT $289,157 $370,141 $447,459 $556,050

CHELAN WA $359,036 $459,612 $555,579 $690,466
CLALLAM WA $402,410 $515,139 $622,682 $773,861
CLARK WA $385,542 $493,557 $596,595 $741,435
DOUGLAS WA $359,036 $459,612 $555,579 $690,466
ISLAND WA $337,349 $431,849 $522,001 $648,769
JEFFERSON WA $337,349 $431,849 $522,001 $648,769
KING WA $566,265 $724,935 $876,270 $1,088,999
KITSAP WA $321,687 $411,786 $497,800 $618,649
PIERCE WA $566,265 $724,935 $876,270 $1,088,999
SAN JUAN WA $506,024 $647,774 $783,028 $973,127
SKAGIT WA $330,120 $422,577 $510,843 $634,835
SKAMANIA WA $385,542 $493,557 $596,595 $741,435
SNOHOMISH WA $566,265 $724,935 $876,270 $1,088,999
THURSTON WA $307,229 $393,295 $475,380 $590,833
WHATCOM WA $319,277 $408,696 $494,028 $613,986

COLUMBIA WI $284,337 $364,013 $439,969 $546,778
DANE WI $284,337 $364,013 $439,969 $546,778
GREEN WI $284,337 $364,013 $439,969 $546,778
IOWA WI $284,337 $364,013 $439,969 $546,778
KENOSHA WI $383,133 $490,466 $592,876 $736,773
MILWAUKEE WI $302,410 $387,114 $467,941 $581,561
OZAUKEE WI $302,410 $387,114 $467,941 $581,561
PIERCE WI $342,169 $438,030 $529,492 $657,988
ST. CROIX WI $342,169 $438,030 $529,492 $657,988
WASHINGTON WI $302,410 $387,114 $467,941 $581,561
WAUKESHA WI $302,410 $387,114 $467,941 $581,561

HAMPSHIRE WV $284,337 $364,013 $439,969 $546,778
JEFFERSON WV $655,317 $838,947 $1,014,091 $1,260,267

SUBLETTE WY $301,205 $385,595 $466,108 $579,256
SWEETWATER WY $325,301 $416,448 $503,353 $625,563
TETON WY $655,317 $838,947 $1,014,091 $1,260,267

27
GUAM GU $590,361 $755,788 $913,567 $1,135,306

NORTHERN ISLAND MP $549,398 $703,300 $850,131 $1,056,522
ROTA MP $430,120 $550,602 $665,584 $827,135
SAIPAN MP $554,217 $709,481 $857,622 $1,065,794
TINIAN MP $557,831 $714,144 $863,227 $1,072,761

AGUAS BUENAS PR $403,614 $516,710 $624,568 $776,166
AIBONITO PR $403,614 $516,710 $624,568 $776,166
BARCELONETA PR $403,614 $516,710 $624,568 $776,166
BARRANQUITAS PR $403,614 $516,710 $624,568 $776,166
BAYAMON PR $403,614 $516,710 $624,568 $776,166
CAGUAS PR $403,614 $516,710 $624,568 $776,166
CANOVANAS PR $403,614 $516,710 $624,568 $776,166
CAROLINA PR $403,614 $516,710 $624,568 $776,166
CATANO PR $403,614 $516,710 $624,568 $776,166
CAYEY PR $403,614 $516,710 $624,568 $776,166
CEIBA PR $403,614 $516,710 $624,568 $776,166
CIALES PR $403,614 $516,710 $624,568 $776,166
CIDRA PR $403,614 $516,710 $624,568 $776,166
COMERIO PR $403,614 $516,710 $624,568 $776,166
COROZAL PR $403,614 $516,710 $624,568 $776,166
CULEBRA PR $296,386 $379,413 $458,617 $569,984
DORADO PR $403,614 $516,710 $624,568 $776,166
FAJARDO PR $403,614 $516,710 $624,568 $776,166
FLORIDA PR $403,614 $516,710 $624,568 $776,166
GUAYNABO PR $403,614 $516,710 $624,568 $776,166
GURABO PR $403,614 $516,710 $624,568 $776,166
HUMACAO PR $403,614 $516,710 $624,568 $776,166
JUNCOS PR $403,614 $516,710 $624,568 $776,166
LAS PIEDRAS PR $403,614 $516,710 $624,568 $776,166
LOIZA PR $403,614 $516,710 $624,568 $776,166
LUQUILLO PR $403,614 $516,710 $624,568 $776,166
MANATI PR $403,614 $516,710 $624,568 $776,166
MAUNABO PR $403,614 $516,710 $624,568 $776,166
MOROVIS PR $403,614 $516,710 $624,568 $776,166
NAGUABO PR $403,614 $516,710 $624,568 $776,166
NARANJITO PR $403,614 $516,710 $624,568 $776,166

28
OROCOVIS PR $403,614 $516,710 $624,568 $776,166
RIO GRANDE PR $403,614 $516,710 $624,568 $776,166
SAN JUAN PR $403,614 $516,710 $624,568 $776,166
SAN LORENZO PR $403,614 $516,710 $624,568 $776,166
TOA ALTA PR $403,614 $516,710 $624,568 $776,166
TOA BAJA PR $403,614 $516,710 $624,568 $776,166
TRUJILLO ALTO PR $403,614 $516,710 $624,568 $776,166
VEGA ALTA PR $403,614 $516,710 $624,568 $776,166
VEGA BAJA PR $403,614 $516,710 $624,568 $776,166
YABUCOA PR $403,614 $516,710 $624,568 $776,166

ST. CROIX ISLAN VI $343,373 $439,550 $531,325 $660,346
ST. JOHN ISLAND VI $653,012 $835,987 $1,010,477 $1,255,788
ST. THOMAS ISLA VI $467,470 $598,428 $723,363 $899,005

All other areas (floor):

$283,971 $363,541 $439,419 $546,097

National Average Housing Price:

$266,400

.02 The nationwide average purchase price (for use in the housing cost/income
ratio for new and existing residences) is $266,400.
SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2015-31 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 15, 2016, and ends on

29
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. 2015-31,
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before May 15, 2016, if the commitments to provide
financing or issue mortgage credit certificates are made on or before June 14, 2016.
.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 15, 2016, and ends on the date when the nationwide average purchase price
limitation is rendered obsolete by a new revenue procedure.
.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. 2015-
31 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before May 15, 2016, if the commitments to provide
financing or issue mortgage credit certificates are made on or before June 14, 2016.
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.

30
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.
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)

31
317-4562 (not a toll free call).