rp-20-18.pdf

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Part III

Administrative, Procedural, and Miscellaneous

26 CFR 601.601: Rules and Regulations
(Also Part 1, §§ 143(e)(2), 6a.103A-2(f)(3), 6a.103A-2(f)(5).)

Rev. Proc. 2020-18

SECTION 1. PURPOSE
This revenue procedure provides issuers of qualified mortgage bonds, as defined
in section 143(a) of the Internal Revenue Code (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

2
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.
.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

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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
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 Income

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Tax Regulations (issued under section 103A of the Internal Revenue Code of 1954, the
predecessor of section 143 of the Code) 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
(Treasury Department) for the statistical area in which a residence is located. Section
6a.103A-2(f)(5)(i) further 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).

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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
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

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.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. 2019-14, 2019-15 I.R.B. 948.
.12 The nationwide average purchase price limitation was last published in
section 4.02 of Rev. Proc. 2019-14. Guidance with respect to the United States and
area median gross income figures that are to be used in computing the housing
cost/income ratio described in section 143(f)(5) was last published in Rev. Proc. 2019-
21, 2019-21 I.R.B. 1190.
.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 (IRS)
have determined that FHA loan limits provide a reasonable basis for determining
average area purchase price safe harbors. If the Treasury Department and the IRS

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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 3, 2019. FHA
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 3, 2019.
.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

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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.
.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
3, 2019, 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 1.0135.
.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

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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
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. 2019-14, the issuer

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must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.
2019-14 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. 2019-14, the issuer may not rely on the
average area purchase price safe harbors published in this revenue procedure.
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.
2020 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 AK $380,110 $486,620 $588,197 $730,966
ANCHORAGE MUNIC AK $406,208 $520,019 $628,551 $781,187
JUNEAU CITY AND AK $449,325 $575,222 $695,299 $864,067
KETCHIKAN GATEW AK $364,225 $466,246 $563,629 $700,429
KODIAK ISLAND B AK $402,804 $515,628 $623,322 $774,626
MATANUSKA-SUSIT AK $406,208 $520,019 $628,551 $781,187
NOME CENSUS ARE AK $385,784 $493,872 $596,978 $741,869
NORTH SLOPE BOR AK $327,916 $419,774 $507,439 $630,623
PETERSBURG CENS AK $327,916 $419,774 $507,439 $630,623
SITKA CITY AND AK $479,960 $614,442 $742,708 $923,019
SKAGWAY MUNICIP AK $409,611 $524,360 $633,830 $787,699
WRANGELL CITY A AK $327,916 $419,774 $507,439 $630,623
YAKUTAT CITY AN AK $415,285 $531,612 $642,611 $798,651

COCONINO AZ $357,417 $457,563 $553,072 $687,356

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ALAMEDA CA $755,386 $967,246 $1,169,117 $1,452,905
ALPINE CA $457,267 $585,385 $707,582 $879,360
AMADOR CA $350,609 $448,831 $542,514 $674,233
CALAVERAS CA $368,764 $472,067 $570,634 $709,161
CONTRA COSTA CA $755,386 $967,246 $1,169,117 $1,452,905
EL DORADO CA $561,656 $719,028 $869,148 $1,080,096
HUMBOLDT CA $340,397 $435,758 $526,728 $654,599
INYO CA $368,764 $472,067 $570,634 $709,161
LOS ANGELES CA $755,386 $967,246 $1,169,117 $1,452,905
MARIN CA $755,386 $967,246 $1,169,117 $1,452,905
MENDOCINO CA $403,938 $517,108 $625,048 $776,797
MONO CA $521,943 $668,165 $807,679 $1,003,728
MONTEREY CA $663,775 $849,760 $1,027,161 $1,276,490
NAPA CA $754,547 $965,939 $1,167,612 $1,451,079
NEVADA CA $479,960 $614,442 $742,708 $923,019
ORANGE CA $755,386 $967,246 $1,169,117 $1,452,905
PLACER CA $561,656 $719,028 $869,148 $1,080,096
PLUMAS CA $332,455 $425,595 $514,444 $639,355
RIVERSIDE CA $436,843 $559,238 $675,960 $840,091
SACRAMENTO CA $561,656 $719,028 $869,148 $1,080,096
SAN BENITO CA $755,386 $967,246 $1,169,117 $1,452,905
SAN BERNARDINO CA $436,843 $559,238 $675,960 $840,091
SAN DIEGO CA $692,141 $886,069 $1,071,068 $1,331,052
SAN FRANCISCO CA $755,386 $967,246 $1,169,117 $1,452,905
SAN JOAQUIN CA $442,517 $566,490 $684,741 $850,993
SAN LUIS OBISPO CA $680,795 $871,516 $1,053,505 $1,309,247
SAN MATEO CA $755,386 $967,246 $1,169,117 $1,452,905
SANTA BARBARA CA $644,486 $825,044 $997,315 $1,239,392
SANTA CLARA CA $755,386 $967,246 $1,169,117 $1,452,905
SANTA CRUZ CA $755,386 $967,246 $1,169,117 $1,452,905
SOLANO CA $499,249 $639,108 $772,554 $960,118
SONOMA CA $695,545 $890,410 $1,076,297 $1,337,614
STANISLAUS CA $360,821 $461,904 $558,350 $693,868
SUTTER CA $340,397 $435,758 $526,728 $654,599
VENTURA CA $703,488 $900,573 $1,088,630 $1,352,857
YOLO CA $561,656 $719,028 $869,148 $1,080,096

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YUBA CA $340,397 $435,758 $526,728 $654,599

ADAMS CO $567,329 $726,280 $877,929 $1,091,048
ARAPAHOE CO $567,329 $726,280 $877,929 $1,091,048
BOULDER CO $635,408 $813,451 $983,255 $1,221,977
BROOMFIELD CO $567,329 $726,280 $877,929 $1,091,048
CHAFFEE CO $364,225 $466,246 $563,629 $700,429
CLEAR CREEK CO $567,329 $726,280 $877,929 $1,091,048
DENVER CO $567,329 $726,280 $877,929 $1,091,048
DOUGLAS CO $567,329 $726,280 $877,929 $1,091,048
EAGLE CO $755,386 $967,246 $1,169,117 $1,452,905
EL PASO CO $351,744 $450,262 $544,290 $676,404
ELBERT CO $567,329 $726,280 $877,929 $1,091,048
GARFIELD CO $755,386 $967,246 $1,169,117 $1,452,905
GILPIN CO $567,329 $726,280 $877,929 $1,091,048
GRAND CO $467,479 $598,458 $723,369 $898,994
GUNNISON CO $366,494 $469,156 $567,132 $704,820
HINSDALE CO $422,093 $540,344 $653,168 $811,724
JEFFERSON CO $567,329 $726,280 $877,929 $1,091,048
LA PLATA CO $416,419 $533,092 $644,387 $800,822
LARIMER CO $448,190 $573,742 $693,523 $861,896
MONTROSE CO $419,823 $537,433 $649,666 $807,334
OURAY CO $419,823 $537,433 $649,666 $807,334
PARK CO $567,329 $726,280 $877,929 $1,091,048
PITKIN CO $755,386 $967,246 $1,169,117 $1,452,905
ROUTT CO $629,735 $806,150 $974,474 $1,211,025
SAN MIGUEL CO $755,386 $967,246 $1,169,117 $1,452,905
SUMMIT CO $712,565 $912,216 $1,102,641 $1,370,321
TELLER CO $351,744 $450,262 $544,290 $676,404
WELD CO $399,400 $511,287 $618,043 $768,065

FAIRFIELD CT $593,426 $759,678 $918,284 $1,141,219
HARTFORD CT $348,340 $445,921 $539,012 $669,892
LITCHFIELD CT $352,879 $451,742 $546,066 $678,624
MIDDLESEX CT $348,340 $445,921 $539,012 $669,892
TOLLAND CT $348,340 $445,921 $539,012 $669,892
WINDHAM CT $334,724 $428,506 $517,947 $643,696

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DISTRICT OF COLUMBIA DC $755,386 $967,246 $1,169,117 $1,452,905

NEW CASTLE DE $402,804 $515,628 $623,322 $774,626
SUSSEX DE $340,397 $435,758 $526,728 $654,599

BAKER FL $368,764 $472,067 $570,634 $709,161
BROWARD FL $368,764 $472,067 $570,634 $709,161
CLAY FL $368,764 $472,067 $570,634 $709,161
COLLIER FL $444,786 $569,401 $688,293 $855,384
DUVAL FL $368,764 $472,067 $570,634 $709,161
MARTIN FL $346,071 $443,010 $535,509 $665,501
MIAMI-DADE FL $368,764 $472,067 $570,634 $709,161
MONROE FL $544,636 $697,223 $842,804 $1,047,388
NASSAU FL $368,764 $472,067 $570,634 $709,161
OKALOOSA FL $385,784 $493,872 $596,978 $741,869
PALM BEACH FL $368,764 $472,067 $570,634 $709,161
ST. JOHNS FL $368,764 $472,067 $570,634 $709,161
ST. LUCIE FL $346,071 $443,010 $535,509 $665,501
WALTON FL $385,784 $493,872 $596,978 $741,869

BARROW GA $395,996 $506,945 $612,765 $761,553
BARTOW GA $395,996 $506,945 $612,765 $761,553
BUTTS GA $395,996 $506,945 $612,765 $761,553
CARROLL GA $395,996 $506,945 $612,765 $761,553
CHEROKEE GA $395,996 $506,945 $612,765 $761,553
CLARKE GA $374,437 $479,319 $579,415 $720,064
CLAYTON GA $395,996 $506,945 $612,765 $761,553
COBB GA $395,996 $506,945 $612,765 $761,553
COWETA GA $395,996 $506,945 $612,765 $761,553
DAWSON GA $395,996 $506,945 $612,765 $761,553
DEKALB GA $395,996 $506,945 $612,765 $761,553
DOUGLAS GA $395,996 $506,945 $612,765 $761,553
FAYETTE GA $395,996 $506,945 $612,765 $761,553
FORSYTH GA $395,996 $506,945 $612,765 $761,553
FULTON GA $395,996 $506,945 $612,765 $761,553
GREENE GA $508,327 $650,751 $786,614 $977,582

14
GWINNETT GA $395,996 $506,945 $612,765 $761,553
HARALSON GA $395,996 $506,945 $612,765 $761,553
HEARD GA $395,996 $506,945 $612,765 $761,553
HENRY GA $395,996 $506,945 $612,765 $761,553
JASPER GA $395,996 $506,945 $612,765 $761,553
LAMAR GA $395,996 $506,945 $612,765 $761,553
MADISON GA $374,437 $479,319 $579,415 $720,064
MERIWETHER GA $395,996 $506,945 $612,765 $761,553
MORGAN GA $395,996 $506,945 $612,765 $761,553
NEWTON GA $395,996 $506,945 $612,765 $761,553
OCONEE GA $374,437 $479,319 $579,415 $720,064
OGLETHORPE GA $374,437 $479,319 $579,415 $720,064
PAULDING GA $395,996 $506,945 $612,765 $761,553
PICKENS GA $395,996 $506,945 $612,765 $761,553
PIKE GA $395,996 $506,945 $612,765 $761,553
ROCKDALE GA $395,996 $506,945 $612,765 $761,553
SPALDING GA $395,996 $506,945 $612,765 $761,553
WALTON GA $395,996 $506,945 $612,765 $761,553

HAWAII HI $385,784 $493,872 $596,978 $741,869
HONOLULU HI $711,430 $910,736 $1,100,914 $1,368,151
KALAWAO HI $680,795 $871,516 $1,053,505 $1,309,247
KAUAI HI $703,488 $900,573 $1,088,630 $1,352,857
MAUI HI $680,795 $871,516 $1,053,505 $1,309,247

ADA ID $361,956 $463,335 $560,077 $696,088
BLAINE ID $637,678 $816,362 $986,758 $1,226,318
BOISE ID $361,956 $463,335 $560,077 $696,088
CAMAS ID $637,678 $816,362 $986,758 $1,226,318
CANYON ID $361,956 $463,335 $560,077 $696,088
GEM ID $361,956 $463,335 $560,077 $696,088
KOOTENAI ID $331,320 $424,115 $512,668 $637,135
OWYHEE ID $361,956 $463,335 $560,077 $696,088
TETON ID $755,386 $967,246 $1,169,117 $1,452,905

BOONE IL $334,724 $428,506 $517,947 $643,696
COOK IL $363,091 $464,815 $561,853 $698,259

15
DEKALB IL $363,091 $464,815 $561,853 $698,259
DUPAGE IL $363,091 $464,815 $561,853 $698,259
GRUNDY IL $363,091 $464,815 $561,853 $698,259
KANE IL $363,091 $464,815 $561,853 $698,259
KENDALL IL $363,091 $464,815 $561,853 $698,259
LAKE IL $363,091 $464,815 $561,853 $698,259
MCHENRY IL $363,091 $464,815 $561,853 $698,259
WILL IL $363,091 $464,815 $561,853 $698,259
WINNEBAGO IL $334,724 $428,506 $517,947 $643,696

BOONE IN $350,609 $448,831 $542,514 $674,233
BROWN IN $350,609 $448,831 $542,514 $674,233
CLARK IN $329,051 $421,254 $509,165 $632,794
FLOYD IN $329,051 $421,254 $509,165 $632,794
HAMILTON IN $350,609 $448,831 $542,514 $674,233
HANCOCK IN $350,609 $448,831 $542,514 $674,233
HARRISON IN $329,051 $421,254 $509,165 $632,794
HENDRICKS IN $350,609 $448,831 $542,514 $674,233
JASPER IN $363,091 $464,815 $561,853 $698,259
JOHNSON IN $350,609 $448,831 $542,514 $674,233
LAKE IN $363,091 $464,815 $561,853 $698,259
MADISON IN $350,609 $448,831 $542,514 $674,233
MARION IN $350,609 $448,831 $542,514 $674,233
MORGAN IN $350,609 $448,831 $542,514 $674,233
NEWTON IN $363,091 $464,815 $561,853 $698,259
PORTER IN $363,091 $464,815 $561,853 $698,259
PUTNAM IN $350,609 $448,831 $542,514 $674,233
SHELBY IN $350,609 $448,831 $542,514 $674,233
WASHINGTON IN $329,051 $421,254 $509,165 $632,794

JOHNSON KS $347,205 $444,490 $537,285 $667,721
LEAVENWORTH KS $347,205 $444,490 $537,285 $667,721
LINN KS $347,205 $444,490 $537,285 $667,721
MIAMI KS $347,205 $444,490 $537,285 $667,721
WYANDOTTE KS $347,205 $444,490 $537,285 $667,721

BULLITT KY $329,051 $421,254 $509,165 $632,794

16
HENRY KY $329,051 $421,254 $509,165 $632,794
JEFFERSON KY $329,051 $421,254 $509,165 $632,794
OLDHAM KY $329,051 $421,254 $509,165 $632,794
SHELBY KY $329,051 $421,254 $509,165 $632,794
SPENCER KY $329,051 $421,254 $509,165 $632,794

BARNSTABLE MA $465,210 $595,547 $719,866 $894,653
BRISTOL MA $453,863 $580,994 $702,304 $872,799
DUKES MA $755,386 $967,246 $1,169,117 $1,452,905
ESSEX MA $680,795 $871,516 $1,053,505 $1,309,247
MIDDLESEX MA $680,795 $871,516 $1,053,505 $1,309,247
NANTUCKET MA $755,386 $967,246 $1,169,117 $1,452,905
NORFOLK MA $680,795 $871,516 $1,053,505 $1,309,247
PLYMOUTH MA $680,795 $871,516 $1,053,505 $1,309,247
SUFFOLK MA $680,795 $871,516 $1,053,505 $1,309,247
WORCESTER MA $334,724 $428,506 $517,947 $643,696

ANNE ARUNDEL MD $514,000 $658,003 $795,395 $988,484
BALTIMORE MD $514,000 $658,003 $795,395 $988,484
BALTIMORE CITY MD $514,000 $658,003 $795,395 $988,484
CALVERT MD $755,386 $967,246 $1,169,117 $1,452,905
CARROLL MD $514,000 $658,003 $795,395 $988,484
CECIL MD $402,804 $515,628 $623,322 $774,626
CHARLES MD $755,386 $967,246 $1,169,117 $1,452,905
FREDERICK MD $755,386 $967,246 $1,169,117 $1,452,905
HARFORD MD $514,000 $658,003 $795,395 $988,484
HOWARD MD $514,000 $658,003 $795,395 $988,484
MONTGOMERY MD $755,386 $967,246 $1,169,117 $1,452,905
PRINCE GEORGE'S MD $755,386 $967,246 $1,169,117 $1,452,905
QUEEN ANNE'S MD $514,000 $658,003 $795,395 $988,484
SOMERSET MD $340,397 $435,758 $526,728 $654,599
ST. MARY'S MD $342,667 $438,669 $530,231 $658,990
TALBOT MD $377,841 $483,710 $584,694 $726,625
WICOMICO MD $340,397 $435,758 $526,728 $654,599
WORCESTER MD $340,397 $435,758 $526,728 $654,599

CUMBERLAND ME $361,956 $463,335 $560,077 $696,088

17
SAGADAHOC ME $361,956 $463,335 $560,077 $696,088
YORK ME $361,956 $463,335 $560,077 $696,088

ANOKA MN $377,841 $483,710 $584,694 $726,625
CARVER MN $377,841 $483,710 $584,694 $726,625
CHISAGO MN $377,841 $483,710 $584,694 $726,625
DAKOTA MN $377,841 $483,710 $584,694 $726,625
HENNEPIN MN $377,841 $483,710 $584,694 $726,625
ISANTI MN $377,841 $483,710 $584,694 $726,625
LE SUEUR MN $377,841 $483,710 $584,694 $726,625
MILLE LACS MN $377,841 $483,710 $584,694 $726,625
RAMSEY MN $377,841 $483,710 $584,694 $726,625
SCOTT MN $377,841 $483,710 $584,694 $726,625
SHERBURNE MN $377,841 $483,710 $584,694 $726,625
WASHINGTON MN $377,841 $483,710 $584,694 $726,625
WRIGHT MN $377,841 $483,710 $584,694 $726,625

BATES MO $347,205 $444,490 $537,285 $667,721
CALDWELL MO $347,205 $444,490 $537,285 $667,721
CASS MO $347,205 $444,490 $537,285 $667,721
CLAY MO $347,205 $444,490 $537,285 $667,721
CLINTON MO $347,205 $444,490 $537,285 $667,721
JACKSON MO $347,205 $444,490 $537,285 $667,721
LAFAYETTE MO $347,205 $444,490 $537,285 $667,721
PLATTE MO $347,205 $444,490 $537,285 $667,721
RAY MO $347,205 $444,490 $537,285 $667,721

CAMDEN NC $452,728 $579,563 $700,577 $870,628
CHATHAM NC $408,477 $522,929 $632,103 $785,529
CURRITUCK NC $452,728 $579,563 $700,577 $870,628
DARE NC $385,784 $493,872 $596,978 $741,869
DURHAM NC $408,477 $522,929 $632,103 $785,529
FRANKLIN NC $348,340 $445,921 $539,012 $669,892
GATES NC $452,728 $579,563 $700,577 $870,628
GRANVILLE NC $408,477 $522,929 $632,103 $785,529
HYDE NC $476,556 $610,051 $737,429 $916,458
JOHNSTON NC $348,340 $445,921 $539,012 $669,892

18
ORANGE NC $408,477 $522,929 $632,103 $785,529
PASQUOTANK NC $755,386 $967,246 $1,169,117 $1,452,905
PERQUIMANS NC $755,386 $967,246 $1,169,117 $1,452,905
PERSON NC $408,477 $522,929 $632,103 $785,529
WAKE NC $348,340 $445,921 $539,012 $669,892

BILLINGS ND $334,724 $428,506 $517,947 $643,696
STARK ND $334,724 $428,506 $517,947 $643,696

LINCOLN NE $427,766 $547,596 $661,950 $822,627
LOGAN NE $427,766 $547,596 $661,950 $822,627
MCPHERSON NE $427,766 $547,596 $661,950 $822,627

HILLSBOROUGH NH $334,724 $428,506 $517,947 $643,696
ROCKINGHAM NH $680,795 $871,516 $1,053,505 $1,309,247
STRAFFORD NH $680,795 $871,516 $1,053,505 $1,309,247

BERGEN NJ $755,386 $967,246 $1,169,117 $1,452,905
BURLINGTON NJ $402,804 $515,628 $623,322 $774,626
CAMDEN NJ $402,804 $515,628 $623,322 $774,626
CAPE MAY NJ $408,477 $522,929 $632,103 $785,529
ESSEX NJ $755,386 $967,246 $1,169,117 $1,452,905
GLOUCESTER NJ $402,804 $515,628 $623,322 $774,626
HUDSON NJ $755,386 $967,246 $1,169,117 $1,452,905
HUNTERDON NJ $755,386 $967,246 $1,169,117 $1,452,905
MERCER NJ $340,397 $435,758 $526,728 $654,599
MIDDLESEX NJ $755,386 $967,246 $1,169,117 $1,452,905
MONMOUTH NJ $755,386 $967,246 $1,169,117 $1,452,905
MORRIS NJ $755,386 $967,246 $1,169,117 $1,452,905
OCEAN NJ $755,386 $967,246 $1,169,117 $1,452,905
PASSAIC NJ $755,386 $967,246 $1,169,117 $1,452,905
SALEM NJ $402,804 $515,628 $623,322 $774,626
SOMERSET NJ $755,386 $967,246 $1,169,117 $1,452,905
SUSSEX NJ $755,386 $967,246 $1,169,117 $1,452,905
UNION NJ $755,386 $967,246 $1,169,117 $1,452,905
WARREN NJ $367,629 $470,636 $568,858 $706,990

19
CATRON NM $395,996 $506,945 $612,765 $761,553
LOS ALAMOS NM $425,497 $544,685 $658,447 $818,286
SANTA FE NM $375,572 $480,799 $581,142 $722,234

CARSON CITY NV $356,283 $456,083 $551,296 $685,136
CLARK NV $340,397 $435,758 $526,728 $654,599
DOUGLAS NV $453,863 $580,994 $702,304 $872,799
STOREY NV $431,170 $551,986 $667,179 $829,188
WASHOE NV $431,170 $551,986 $667,179 $829,188

BRONX NY $755,386 $967,246 $1,169,117 $1,452,905
DUTCHESS NY $351,744 $450,262 $544,290 $676,404
KINGS NY $755,386 $967,246 $1,169,117 $1,452,905
NASSAU NY $755,386 $967,246 $1,169,117 $1,452,905
NEW YORK NY $755,386 $967,246 $1,169,117 $1,452,905
ORANGE NY $351,744 $450,262 $544,290 $676,404
PUTNAM NY $755,386 $967,246 $1,169,117 $1,452,905
QUEENS NY $755,386 $967,246 $1,169,117 $1,452,905
RICHMOND NY $755,386 $967,246 $1,169,117 $1,452,905
ROCKLAND NY $755,386 $967,246 $1,169,117 $1,452,905
SUFFOLK NY $755,386 $967,246 $1,169,117 $1,452,905
WESTCHESTER NY $755,386 $967,246 $1,169,117 $1,452,905

DELAWARE OH $368,764 $472,067 $570,634 $709,161
FAIRFIELD OH $368,764 $472,067 $570,634 $709,161
FRANKLIN OH $368,764 $472,067 $570,634 $709,161
HOCKING OH $368,764 $472,067 $570,634 $709,161
LICKING OH $368,764 $472,067 $570,634 $709,161
MADISON OH $368,764 $472,067 $570,634 $709,161
MORROW OH $368,764 $472,067 $570,634 $709,161
PERRY OH $368,764 $472,067 $570,634 $709,161
PICKAWAY OH $368,764 $472,067 $570,634 $709,161
UNION OH $368,764 $472,067 $570,634 $709,161

BENTON OR $397,130 $508,376 $614,541 $763,723
CLACKAMAS OR $484,499 $620,214 $749,713 $931,751
CLATSOP OR $340,397 $435,758 $526,728 $654,599

20
COLUMBIA OR $484,499 $620,214 $749,713 $931,751
DESCHUTES OR $425,497 $544,685 $658,447 $818,286
HOOD RIVER OR $470,883 $602,799 $728,648 $905,556
JACKSON OR $329,051 $421,254 $509,165 $632,794
MARION OR $338,128 $432,847 $523,225 $650,258
MULTNOMAH OR $484,499 $620,214 $749,713 $931,751
POLK OR $338,128 $432,847 $523,225 $650,258
WASHINGTON OR $484,499 $620,214 $749,713 $931,751
YAMHILL OR $484,499 $620,214 $749,713 $931,751

BUCKS PA $402,804 $515,628 $623,322 $774,626
CARBON PA $367,629 $470,636 $568,858 $706,990
CHESTER PA $402,804 $515,628 $623,322 $774,626
DELAWARE PA $402,804 $515,628 $623,322 $774,626
LEHIGH PA $367,629 $470,636 $568,858 $706,990
MONTGOMERY PA $402,804 $515,628 $623,322 $774,626
NORTHAMPTON PA $367,629 $470,636 $568,858 $706,990
PHILADELPHIA PA $402,804 $515,628 $623,322 $774,626
PIKE PA $755,386 $967,246 $1,169,117 $1,452,905

BRISTOL RI $453,863 $580,994 $702,304 $872,799
KENT RI $453,863 $580,994 $702,304 $872,799
NEWPORT RI $453,863 $580,994 $702,304 $872,799
PROVIDENCE RI $453,863 $580,994 $702,304 $872,799
WASHINGTON RI $453,863 $580,994 $702,304 $872,799

BEAUFORT SC $346,071 $443,010 $535,509 $665,501
BERKELEY SC $385,784 $493,872 $596,978 $741,869
CHARLESTON SC $385,784 $493,872 $596,978 $741,869
DORCHESTER SC $385,784 $493,872 $596,978 $741,869
JASPER SC $346,071 $443,010 $535,509 $665,501

CANNON TN $555,982 $711,776 $860,367 $1,069,193
CHEATHAM TN $555,982 $711,776 $860,367 $1,069,193
DAVIDSON TN $555,982 $711,776 $860,367 $1,069,193
DICKSON TN $555,982 $711,776 $860,367 $1,069,193
MACON TN $555,982 $711,776 $860,367 $1,069,193

21
MAURY TN $555,982 $711,776 $860,367 $1,069,193
ROBERTSON TN $555,982 $711,776 $860,367 $1,069,193
RUTHERFORD TN $555,982 $711,776 $860,367 $1,069,193
SMITH TN $555,982 $711,776 $860,367 $1,069,193
SUMNER TN $555,982 $711,776 $860,367 $1,069,193
TROUSDALE TN $555,982 $711,776 $860,367 $1,069,193
WILLIAMSON TN $555,982 $711,776 $860,367 $1,069,193
WILSON TN $555,982 $711,776 $860,367 $1,069,193

ATASCOSA TX $388,053 $496,783 $600,481 $746,260
BANDERA TX $388,053 $496,783 $600,481 $746,260
BASTROP TX $399,400 $511,287 $618,043 $768,065
BEXAR TX $388,053 $496,783 $600,481 $746,260
CALDWELL TX $399,400 $511,287 $618,043 $768,065
COLLIN TX $399,400 $511,287 $618,043 $768,065
COMAL TX $388,053 $496,783 $600,481 $746,260
DALLAS TX $399,400 $511,287 $618,043 $768,065
DENTON TX $399,400 $511,287 $618,043 $768,065
ELLIS TX $399,400 $511,287 $618,043 $768,065
GUADALUPE TX $388,053 $496,783 $600,481 $746,260
HAYS TX $399,400 $511,287 $618,043 $768,065
HUNT TX $399,400 $511,287 $618,043 $768,065
JOHNSON TX $399,400 $511,287 $618,043 $768,065
KAUFMAN TX $399,400 $511,287 $618,043 $768,065
KENDALL TX $388,053 $496,783 $600,481 $746,260
MARTIN TX $336,993 $431,417 $521,449 $648,038
MEDINA TX $388,053 $496,783 $600,481 $746,260
MIDLAND TX $336,993 $431,417 $521,449 $648,038
PARKER TX $399,400 $511,287 $618,043 $768,065
ROCKWALL TX $399,400 $511,287 $618,043 $768,065
TARRANT TX $399,400 $511,287 $618,043 $768,065
TRAVIS TX $399,400 $511,287 $618,043 $768,065
WILLIAMSON TX $399,400 $511,287 $618,043 $768,065
WILSON TX $388,053 $496,783 $600,481 $746,260
WISE TX $399,400 $511,287 $618,043 $768,065

BOX ELDER UT $637,678 $816,362 $986,758 $1,226,318

22
DAVIS UT $637,678 $816,362 $986,758 $1,226,318
JUAB UT $395,996 $506,945 $612,765 $761,553
MORGAN UT $637,678 $816,362 $986,758 $1,226,318
RICH UT $369,898 $473,547 $572,410 $711,332
SALT LAKE UT $410,746 $525,840 $635,606 $789,919
SUMMIT UT $755,386 $967,246 $1,169,117 $1,452,905
TOOELE UT $410,746 $525,840 $635,606 $789,919
UTAH UT $395,996 $506,945 $612,765 $761,553
WASATCH UT $755,386 $967,246 $1,169,117 $1,452,905
WASHINGTON UT $372,168 $476,408 $575,913 $715,722
WEBER UT $637,678 $816,362 $986,758 $1,226,318

ALBEMARLE VA $431,170 $551,986 $667,179 $829,188
ALEXANDRIA CITY VA $755,386 $967,246 $1,169,117 $1,452,905
AMELIA VA $528,751 $676,897 $818,187 $1,016,851
ARLINGTON VA $755,386 $967,246 $1,169,117 $1,452,905
CHARLES CITY VA $528,751 $676,897 $818,187 $1,016,851
CHARLOTTESVILLE VA $431,170 $551,986 $667,179 $829,188
CHESAPEAKE CITY VA $452,728 $579,563 $700,577 $870,628
CHESTERFIELD VA $528,751 $676,897 $818,187 $1,016,851
CLARKE VA $755,386 $967,246 $1,169,117 $1,452,905
COLONIAL HEIGHT VA $528,751 $676,897 $818,187 $1,016,851
CULPEPER VA $755,386 $967,246 $1,169,117 $1,452,905
DINWIDDIE VA $528,751 $676,897 $818,187 $1,016,851
FAIRFAX VA $755,386 $967,246 $1,169,117 $1,452,905
FAIRFAX CITY VA $755,386 $967,246 $1,169,117 $1,452,905
FALLS CHURCH CI VA $755,386 $967,246 $1,169,117 $1,452,905
FAUQUIER VA $755,386 $967,246 $1,169,117 $1,452,905
FLUVANNA VA $431,170 $551,986 $667,179 $829,188
FRANKLIN CITY VA $452,728 $579,563 $700,577 $870,628
FREDERICKSBURG VA $755,386 $967,246 $1,169,117 $1,452,905
GLOUCESTER VA $452,728 $579,563 $700,577 $870,628
GOOCHLAND VA $528,751 $676,897 $818,187 $1,016,851
GREENE VA $431,170 $551,986 $667,179 $829,188
HAMPTON CITY VA $452,728 $579,563 $700,577 $870,628
HANOVER VA $528,751 $676,897 $818,187 $1,016,851
HENRICO VA $528,751 $676,897 $818,187 $1,016,851

23
HOPEWELL CITY VA $528,751 $676,897 $818,187 $1,016,851
ISLE OF WIGHT VA $452,728 $579,563 $700,577 $870,628
JAMES CITY VA $452,728 $579,563 $700,577 $870,628
KING AND QUEEN VA $528,751 $676,897 $818,187 $1,016,851
KING GEORGE VA $346,071 $443,010 $535,509 $665,501
KING WILLIAM VA $528,751 $676,897 $818,187 $1,016,851
LANCASTER VA $436,843 $559,238 $675,960 $840,091
LEXINGTON CITY VA $349,475 $447,401 $540,788 $672,063
LOUDOUN VA $755,386 $967,246 $1,169,117 $1,452,905
MADISON VA $755,386 $967,246 $1,169,117 $1,452,905
MANASSAS CITY VA $755,386 $967,246 $1,169,117 $1,452,905
MANASSAS PARK C VA $755,386 $967,246 $1,169,117 $1,452,905
MATHEWS VA $452,728 $579,563 $700,577 $870,628
NELSON VA $431,170 $551,986 $667,179 $829,188
NEW KENT VA $528,751 $676,897 $818,187 $1,016,851
NEWPORT NEWS CI VA $452,728 $579,563 $700,577 $870,628
NORFOLK CITY VA $452,728 $579,563 $700,577 $870,628
PETERSBURG CITY VA $528,751 $676,897 $818,187 $1,016,851
POQUOSON CITY VA $452,728 $579,563 $700,577 $870,628
PORTSMOUTH CITY VA $452,728 $579,563 $700,577 $870,628
POWHATAN VA $528,751 $676,897 $818,187 $1,016,851
PRINCE GEORGE VA $528,751 $676,897 $818,187 $1,016,851
PRINCE WILLIAM VA $755,386 $967,246 $1,169,117 $1,452,905
RAPPAHANNOCK VA $755,386 $967,246 $1,169,117 $1,452,905
RICHMOND CITY VA $528,751 $676,897 $818,187 $1,016,851
SOUTHAMPTON VA $452,728 $579,563 $700,577 $870,628
SPOTSYLVANIA VA $755,386 $967,246 $1,169,117 $1,452,905
STAFFORD VA $755,386 $967,246 $1,169,117 $1,452,905
SUFFOLK CITY VA $452,728 $579,563 $700,577 $870,628
SUSSEX VA $528,751 $676,897 $818,187 $1,016,851
VIRGINIA BEACH VA $452,728 $579,563 $700,577 $870,628
WARREN VA $755,386 $967,246 $1,169,117 $1,452,905
WILLIAMSBURG CI VA $452,728 $579,563 $700,577 $870,628
YORK VA $452,728 $579,563 $700,577 $870,628

CHITTENDEN VT $363,091 $464,815 $561,853 $698,259
FRANKLIN VT $363,091 $464,815 $561,853 $698,259

24
GRAND ISLE VT $363,091 $464,815 $561,853 $698,259

CHELAN WA $340,397 $435,758 $526,728 $654,599
CLALLAM WA $378,976 $485,140 $586,421 $728,796
CLARK WA $484,499 $620,214 $749,713 $931,751
DOUGLAS WA $340,397 $435,758 $526,728 $654,599
ISLAND WA $388,053 $496,783 $600,481 $746,260
JEFFERSON WA $347,205 $444,490 $537,285 $667,721
KING WA $731,854 $936,931 $1,132,487 $1,407,420
KITSAP WA $390,322 $499,693 $603,983 $750,601
PIERCE WA $731,854 $936,931 $1,132,487 $1,407,420
SAN JUAN WA $491,307 $628,946 $760,270 $944,825
SKAGIT WA $368,764 $472,067 $570,634 $709,161
SKAMANIA WA $484,499 $620,214 $749,713 $931,751
SNOHOMISH WA $731,854 $936,931 $1,132,487 $1,407,420
THURSTON WA $365,360 $467,726 $565,356 $702,600
WHATCOM WA $406,208 $520,019 $628,551 $781,187

COLUMBIA WI $329,051 $421,254 $509,165 $632,794
DANE WI $329,051 $421,254 $509,165 $632,794
GREEN WI $329,051 $421,254 $509,165 $632,794
IOWA WI $329,051 $421,254 $509,165 $632,794
KENOSHA WI $363,091 $464,815 $561,853 $698,259
MILWAUKEE WI $334,724 $428,506 $517,947 $643,696
OZAUKEE WI $334,724 $428,506 $517,947 $643,696
PIERCE WI $377,841 $483,710 $584,694 $726,625
ST. CROIX WI $377,841 $483,710 $584,694 $726,625
WASHINGTON WI $334,724 $428,506 $517,947 $643,696
WAUKESHA WI $334,724 $428,506 $517,947 $643,696

JEFFERSON WV $755,386 $967,246 $1,169,117 $1,452,905

TETON WY $755,386 $967,246 $1,169,117 $1,452,905

GUAM GU $555,982 $711,776 $860,367 $1,069,193

NORTHERN ISLAND MP $517,404 $662,344 $800,624 $994,996

25
ROTA MP $405,073 $518,539 $626,824 $778,967
SAIPAN MP $521,943 $668,165 $807,679 $1,003,728
TINIAN MP $525,347 $672,556 $812,958 $1,010,289

FLATHEAD MT $339,263 $434,327 $525,001 $652,428
GALLATIN MT $432,305 $553,417 $668,955 $831,359
MISSOULA MT $346,071 $443,010 $535,509 $665,501
PARK MT $332,455 $425,595 $514,444 $639,355

AGUAS BUENAS PR $380,110 $486,620 $588,197 $730,966
AIBONITO PR $380,110 $486,620 $588,197 $730,966
BARCELONETA PR $380,110 $486,620 $588,197 $730,966
BARRANQUITAS PR $380,110 $486,620 $588,197 $730,966
BAYAMON PR $380,110 $486,620 $588,197 $730,966
CAGUAS PR $380,110 $486,620 $588,197 $730,966
CANOVANAS PR $380,110 $486,620 $588,197 $730,966
CAROLINA PR $380,110 $486,620 $588,197 $730,966
CATANO PR $380,110 $486,620 $588,197 $730,966
CAYEY PR $380,110 $486,620 $588,197 $730,966
CAYEY PR $380,110 $486,620 $588,197 $730,966
CEIBA PR $380,110 $486,620 $588,197 $730,966
CIALES PR $380,110 $486,620 $588,197 $730,966
CIDRA PR $380,110 $486,620 $588,197 $730,966
COMERIO PR $380,110 $486,620 $588,197 $730,966
COROZAL PR $380,110 $486,620 $588,197 $730,966
DORADO PR $380,110 $486,620 $588,197 $730,966
FAJARDO PR $380,110 $486,620 $588,197 $730,966
FLORIDA PR $380,110 $486,620 $588,197 $730,966
GUAYNABO PR $380,110 $486,620 $588,197 $730,966
GURABO PR $380,110 $486,620 $588,197 $730,966
HUMACAO PR $380,110 $486,620 $588,197 $730,966
JUNCOS PR $380,110 $486,620 $588,197 $730,966
LAS PIEDRAS PR $380,110 $486,620 $588,197 $730,966
LOIZA PR $380,110 $486,620 $588,197 $730,966
LUQUILLO PR $380,110 $486,620 $588,197 $730,966
MANATI PR $380,110 $486,620 $588,197 $730,966
MAUNABO PR $380,110 $486,620 $588,197 $730,966

26
MOROVIS PR $380,110 $486,620 $588,197 $730,966
NAGUABO PR $380,110 $486,620 $588,197 $730,966
NARANJITO PR $380,110 $486,620 $588,197 $730,966
OROCOVIS PR $380,110 $486,620 $588,197 $730,966
RIO GRANDE PR $380,110 $486,620 $588,197 $730,966
SAN JUAN PR $380,110 $486,620 $588,197 $730,966
SAN LORENZO PR $380,110 $486,620 $588,197 $730,966
TOA ALTA PR $380,110 $486,620 $588,197 $730,966
TOA BAJA PR $380,110 $486,620 $588,197 $730,966
TRUJILLO ALTO PR $380,110 $486,620 $588,197 $730,966
VEGA ALTA PR $380,110 $486,620 $588,197 $730,966
VEGA BAJA PR $380,110 $486,620 $588,197 $730,966
YABUCOA PR $380,110 $486,620 $588,197 $730,966

ST. JOHN ISLAND VI $614,985 $787,305 $951,633 $1,182,659
ST. THOMAS ISLAND VI $440,247 $563,580 $681,239 $846,652

All other areas - 2695
counties (floor):
$327,334 $419,133 $506,600 $629,587

.02 The nationwide average purchase price (for use in the housing cost/income
ratio for new and existing residences) is $308,400.
SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2019-14 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 March 24, 2020, and ends

27
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. 2019-14,
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before April 23, 2020, if the commitments to provide
financing or issue mortgage credit certificates are made on or before May 23, 2020.
.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 March 24, 2020, 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. 2019-
14 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before April 23, 2020, if the commitments to provide
financing or issue mortgage credit certificates are made on or before May 23, 2020.
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.

28
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 sections 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 Timothy
Jones of the Office of Associate Chief Counsel (Financial Institutions & Products). For
further information regarding this revenue procedure contact David White on (202) 317-
4562 (not a toll-free call).