rp-24-21.pdf

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Part III

Administrative, Procedural, and Miscellaneous

26 CFR 601.601: Rules and Regulations
(Also Part 1, §§ 25, 143, 6a.103A-1(b)(4), 6a.103A-2(f)(5).)

Rev. Proc. 2024-21

SECTION 1. PURPOSE
This revenue procedure provides issuers of qualified mortgage bonds, as defined in
§ 143(a) of the Internal Revenue Code (Code), and issuers of mortgage credit
certificates, as defined in § 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 7 of this revenue procedure requests comments on the available data
and method used for calculating the average area purchase price safe harbors.

2
SECTION 2. BACKGROUND
.01 Section 103(a) provides that, except as provided in § 103(b), gross income does
not include interest on any State or local bond. Section 103(b)(1) provides that § 103(a)
shall not apply to any private activity bond that is not a "qualified bond" within the
meaning of § 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
§ 143, (2) meets the volume cap requirements under § 146, and (3) meets the
applicable requirements under § 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 § 143; (iii) the issue does not meet the private business
tests of paragraphs (1) and (2) of § 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 § 143(e) if the acquisition cost of each residence financed by the issue

3
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 § 143(j)), § 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 §§ 143(e)(3) and (4), respectively, separate determinations of average area
purchase price are to be made for new and existing residences, and for two-, three-,
and four-family residences.
.05 Section 143(e)(2) also provides that the determination of the average area
purchase price 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, § 143(k)(2)(D) provides that the Secretary may designate an area that is the
equivalent of a county. Section 6a.103A-1(b)(4)(i) of the Income Tax Regulations
(is sued under § 103A of the Internal Revenue Code of 1954, the predecessor of § 143

4
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 thereof 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 § 146, and in its 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 § 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

5
financing may be provided by qualified mortgage bonds. In addition,
§ 25(c)(2)(A)(iii)(IV) provides that holders of mortgage credit certificates must meet the
income requirement of § 143(f). Generally, under §§ 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 § 143(f)(5)(C) as any statistical area for
which the housing cost/income ratio is greater than 1.2.
.10 Under § 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. 2023-22, 2023-19 I.R.B. 838.

6
.12 The nationwide average purchase price was last published in section 4.02 of
Rev. Proc. 2023-22. Guidance with respect to the United States and area median gross
income figures that are used in computing the housing cost/income ratio described in
§ 143(f)(5) was published in Rev. Proc. 2021-19, 2021-15 I.R.B. 1008.
.13 This revenue procedure uses Federal Housing Administration (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.
.15 The average area purchase price safe harbors listed in section 4.01 of this
revenue procedure are based on FHA loan limits released November 28, 2023. 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 November 28, 2023.

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.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 §§ 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 November 28,
2023, 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

8
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 0.878.
.04 If, pursuant to § 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. 23-01, 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
requirements of §§ 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
§ 143(f)(5).

9
.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
§ 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. 2023-22, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.
2023-22 in computing the housing cost/income ratio under § 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. 2023-22, the issuer must use the
average area purchase price safe harbors set forth in section 4.01 of Rev. Proc. 2023-
22 in computing the housing cost/income ratio under § 143(f)(5).
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.

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2024 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
$621,082 $795,068 $961,077 $1,194,424
HOONAH-ANGOON C
AK
$597,497 $764,874 $924,559 $1,149,020
JUNEAU CITY AND
AK
$630,255 $806,860 $975,262 $1,212,028
KODIAK ISLAND B
AK
$589,635 $754,847 $912,425 $1,133,923
SITKA CITY AND
AK
$668,253 $855,455 $1,034,055 $1,285,120
SKAGWAY MUNICIP
AK
$597,497 $764,874 $924,559 $1,149,020

COCONINO
AZ
$598,807 $766,583 $926,610 $1,151,583
MARICOPA
AZ
$604,049 $773,305 $934,700 $1,161,667
PINAL
AZ
$604,049 $773,305 $934,700 $1,161,667

ALAMEDA
CA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
ALPINE
CA
$573,912 $734,680 $888,099 $1,103,672
CONTRA COSTA
CA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
EL DORADO
CA
$870,040 $1,113,812 $1,346,362 $1,673,197
INYO
CA
$579,153 $741,402 $896,189 $1,113,756
LOS ANGELES
CA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
MARIN
CA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
MENDOCINO
CA
$622,393 $796,777 $963,128 $1,196,931
MONO
CA
$790,111 $1,011,495 $1,222,681 $1,519,493
MONTEREY
CA
$1,048,240 $1,341,919 $1,622,095 $2,015,869
NAPA
CA
$1,159,616 $1,484,514 $1,794,428 $2,230,075
NEVADA
CA
$733,768 $939,372 $1,135,461 $1,411,137
ORANGE
CA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
PLACER
CA
$870,040 $1,113,812 $1,346,362 $1,673,197
RIVERSIDE
CA
$733,768 $939,372 $1,135,461 $1,411,137
SACRAMENTO
CA
$870,040 $1,113,812 $1,346,362 $1,673,197
SAN BENITO
CA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
SAN BERNARDINO
CA
$733,768 $939,372 $1,135,461 $1,411,137
SAN DIEGO
CA
$1,146,513 $1,467,765 $1,774,204 $2,204,894
SAN FRANCISCO
CA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
SAN JOAQUIN
CA
$748,182 $957,830 $1,157,793 $1,438,824
SAN LUIS OBISPO
CA
$1,058,723 $1,355,364 $1,638,331 $2,036,036
SAN MATEO
CA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
SANTA BARBARA
CA
$955,209 $1,222,852 $1,478,133 $1,836,984
SANTA CLARA
CA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
SANTA CRUZ
CA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
SOLANO
CA
$780,939 $999,759 $1,208,439 $1,501,832
SONOMA
CA
$999,759 $1,279,879 $1,547,066 $1,922,667
STANISLAUS
CA
$589,635 $754,847 $912,425 $1,133,923
VENTURA
CA
$1,087,550 $1,392,280 $1,682,939 $2,091,468
YOLO
CA
$870,040 $1,113,812 $1,346,362 $1,673,197

11

ADAMS
CO
$930,313 $1,190,949 $1,439,622 $1,789,073
ARAPAHOE
CO
$930,313 $1,190,949 $1,439,622 $1,789,073
BOULDER
CO
$976,174 $1,249,685 $1,510,606 $1,877,319
BROOMFIELD
CO
$930,313 $1,190,949 $1,439,622 $1,789,073
CHAFFEE
CO
$720,665 $922,566 $1,115,180 $1,385,899
CLEAR CREEK
CO
$930,313 $1,190,949 $1,439,622 $1,789,073
DENVER
CO
$930,313 $1,190,949 $1,439,622 $1,789,073
DOUGLAS
CO
$930,313 $1,190,949 $1,439,622 $1,789,073
EAGLE
CO
$1,310,101 $1,677,470 $2,027,576 $2,519,879
EL PASO
CO
$589,635 $754,847 $912,425 $1,133,923
ELBERT
CO
$930,313 $1,190,949 $1,439,622 $1,789,073
GARFIELD
CO
$1,310,101 $1,677,470 $2,027,576 $2,519,879
GILPIN
CO
$930,313 $1,190,949 $1,439,622 $1,789,073
GRAND
CO
$851,695 $1,090,341 $1,317,935 $1,637,876
GUNNISON
CO
$721,976 $924,275 $1,117,231 $1,388,406
JEFFERSON
CO
$930,313 $1,190,949 $1,439,622 $1,789,073
LA PLATA
CO
$746,871 $956,121 $1,155,742 $1,436,317
LARIMER
CO
$720,665 $922,566 $1,115,180 $1,385,899
MONTROSE
CO
$639,427 $818,596 $989,448 $1,229,689
OURAY
CO
$639,427 $818,596 $989,448 $1,229,689
PARK
CO
$930,313 $1,190,949 $1,439,622 $1,789,073
PITKIN
CO
$1,310,101 $1,677,470 $2,027,576 $2,519,879
ROUTT
CO
$1,153,065 $1,476,139 $1,784,345 $2,217,484
SAN JUAN
CO
$589,635 $754,847 $912,425 $1,133,923
SAN MIGUEL
CO
$1,191,063 $1,524,791 $1,843,137 $2,290,576
SUMMIT
CO
$1,146,513 $1,467,765 $1,774,204 $2,204,894
TELLER
CO
$589,635 $754,847 $912,425 $1,133,923
WELD
CO
$638,116 $816,887 $987,454 $1,227,182

FAIRFIELD
CT
$818,938 $1,048,411 $1,267,289 $1,574,924

DISTRICT OF COL
DC
$1,310,101 $1,677,470 $2,027,576 $2,519,879

NEW CASTLE
DE
$635,496 $813,526 $983,409 $1,222,112

BAKER
FL
$643,358 $823,609 $995,544 $1,237,266
BROWARD
FL
$707,562 $905,816 $1,094,899 $1,360,719
CLAY
FL
$643,358 $823,609 $995,544 $1,237,266
COLLIER
FL
$832,041 $1,065,160 $1,287,513 $1,600,105
DUVAL
FL
$643,358 $823,609 $995,544 $1,237,266
MANATEE
FL
$623,703 $798,429 $965,122 $1,199,438
MARTIN
FL
$622,393 $796,777 $963,128 $1,196,931
MIAMI-DADE
FL
$707,562 $905,816 $1,094,899 $1,360,719
MONROE
FL
$1,058,723 $1,355,364 $1,638,331 $2,036,036
NASSAU
FL
$643,358 $823,609 $995,544 $1,237,266
OKALOOSA
FL
$687,908 $880,636 $1,064,477 $1,322,891
PALM BEACH
FL
$707,562 $905,816 $1,094,899 $1,360,719
SARASOTA
FL
$623,703 $798,429 $965,122 $1,199,438
ST. JOHNS
FL
$643,358 $823,609 $995,544 $1,237,266

12
ST. LUCIE
FL
$622,393 $796,777 $963,128 $1,196,931
WALTON
FL
$687,908 $880,636 $1,064,477 $1,322,891

BARROW
GA
$740,320 $947,746 $1,145,602 $1,423,727
BARTOW
GA
$740,320 $947,746 $1,145,602 $1,423,727
BUTTS
GA
$740,320 $947,746 $1,145,602 $1,423,727
CARROLL
GA
$740,320 $947,746 $1,145,602 $1,423,727
CHEROKEE
GA
$740,320 $947,746 $1,145,602 $1,423,727
CLARKE
GA
$622,393 $796,777 $963,128 $1,196,931
CLAYTON
GA
$740,320 $947,746 $1,145,602 $1,423,727
COBB
GA
$740,320 $947,746 $1,145,602 $1,423,727
COWETA
GA
$740,320 $947,746 $1,145,602 $1,423,727
DAWSON
GA
$740,320 $947,746 $1,145,602 $1,423,727
DEKALB
GA
$740,320 $947,746 $1,145,602 $1,423,727
DOUGLAS
GA
$740,320 $947,746 $1,145,602 $1,423,727
FAYETTE
GA
$740,320 $947,746 $1,145,602 $1,423,727
FORSYTH
GA
$740,320 $947,746 $1,145,602 $1,423,727
FULTON
GA
$740,320 $947,746 $1,145,602 $1,423,727
GREENE
GA
$602,738 $771,596 $932,706 $1,159,103
GWINNETT
GA
$740,320 $947,746 $1,145,602 $1,423,727
HARALSON
GA
$740,320 $947,746 $1,145,602 $1,423,727
HEARD
GA
$740,320 $947,746 $1,145,602 $1,423,727
HENRY
GA
$740,320 $947,746 $1,145,602 $1,423,727
JASPER
GA
$740,320 $947,746 $1,145,602 $1,423,727
LAMAR
GA
$740,320 $947,746 $1,145,602 $1,423,727
MADISON
GA
$622,393 $796,777 $963,128 $1,196,931
MERIWETHER
GA
$740,320 $947,746 $1,145,602 $1,423,727
MORGAN
GA
$740,320 $947,746 $1,145,602 $1,423,727
NEWTON
GA
$740,320 $947,746 $1,145,602 $1,423,727
OCONEE
GA
$622,393 $796,777 $963,128 $1,196,931
OGLETHORPE
GA
$622,393 $796,777 $963,128 $1,196,931
PAULDING
GA
$740,320 $947,746 $1,145,602 $1,423,727
PICKENS
GA
$740,320 $947,746 $1,145,602 $1,423,727
PIKE
GA
$740,320 $947,746 $1,145,602 $1,423,727
ROCKDALE
GA
$740,320 $947,746 $1,145,602 $1,423,727
SPALDING
GA
$740,320 $947,746 $1,145,602 $1,423,727
WALTON
GA
$740,320 $947,746 $1,145,602 $1,423,727

HAWAII
HI
$589,635 $754,847 $912,425 $1,133,923
HONOLULU
HI
$888,384 $1,137,284 $1,374,733 $1,708,461
KALAWAO
HI
$1,139,962 $1,459,390 $1,764,063 $2,192,304
KAUAI
HI
$1,172,719 $1,501,320 $1,814,709 $2,255,255
MAUI
HI
$1,139,962 $1,459,390 $1,764,063 $2,192,304

ADA
ID
$668,253 $855,455 $1,034,055 $1,285,120
BLAINE
ID
$864,798 $1,107,090 $1,338,216 $1,663,113
BOISE
ID
$668,253 $855,455 $1,034,055 $1,285,120
BONNER
ID
$596,187 $763,222 $922,566 $1,146,513
CAMAS
ID
$864,798 $1,107,090 $1,338,216 $1,663,113
CANYON
ID
$668,253 $855,455 $1,034,055 $1,285,120

13
GEM
ID
$668,253 $855,455 $1,034,055 $1,285,120
KOOTENAI
ID
$652,530 $835,345 $1,009,729 $1,254,869
OWYHEE
ID
$668,253 $855,455 $1,034,055 $1,285,120
TETON
ID
$1,310,101 $1,677,470 $2,027,576 $2,519,879
VALLEY
ID
$653,840 $837,054 $1,011,780 $1,257,376

BARNSTABLE
MA
$851,695 $1,090,341 $1,317,935 $1,637,876
BRISTOL
MA
$838,592 $1,073,535 $1,297,653 $1,612,695
DUKES
MA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
ESSEX
MA
$982,725 $1,258,059 $1,520,746 $1,889,909
MIDDLESEX
MA
$982,725 $1,258,059 $1,520,746 $1,889,909
NANTUCKET
MA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
NORFOLK
MA
$982,725 $1,258,059 $1,520,746 $1,889,909
PLYMOUTH
MA
$982,725 $1,258,059 $1,520,746 $1,889,909
SUFFOLK
MA
$982,725 $1,258,059 $1,520,746 $1,889,909

ANNE ARUNDEL
MD
$759,974 $972,927 $1,176,023 $1,461,498
BALTIMORE
MD
$759,974 $972,927 $1,176,023 $1,461,498
BALTIMORE CITY
MD
$759,974 $972,927 $1,176,023 $1,461,498
CALVERT
MD
$1,310,101 $1,677,470 $2,027,576 $2,519,879
CARROLL
MD
$759,974 $972,927 $1,176,023 $1,461,498
CECIL
MD
$635,496 $813,526 $983,409 $1,222,112
CHARLES
MD
$1,310,101 $1,677,470 $2,027,576 $2,519,879
FREDERICK
MD
$1,310,101 $1,677,470 $2,027,576 $2,519,879
HARFORD
MD
$759,974 $972,927 $1,176,023 $1,461,498
HOWARD
MD
$759,974 $972,927 $1,176,023 $1,461,498
MONTGOMERY
MD
$1,310,101 $1,677,470 $2,027,576 $2,519,879
PRINCE GEORGE'S
MD
$1,310,101 $1,677,470 $2,027,576 $2,519,879
QUEEN ANNE'S
MD
$759,974 $972,927 $1,176,023 $1,461,498

CUMBERLAND
ME
$622,393 $796,777 $963,128 $1,196,931
SAGADAHOC
ME
$622,393 $796,777 $963,128 $1,196,931
YORK
ME
$622,393 $796,777 $963,128 $1,196,931

ANOKA
MN
$587,015 $751,486 $908,380 $1,128,909
CARVER
MN
$587,015 $751,486 $908,380 $1,128,909
CHISAGO
MN
$587,015 $751,486 $908,380 $1,128,909
DAKOTA
MN
$587,015 $751,486 $908,380 $1,128,909
HENNEPIN
MN
$587,015 $751,486 $908,380 $1,128,909
ISANTI
MN
$587,015 $751,486 $908,380 $1,128,909
LE SUEUR
MN
$587,015 $751,486 $908,380 $1,128,909
MILLE LACS
MN
$587,015 $751,486 $908,380 $1,128,909
RAMSEY
MN
$587,015 $751,486 $908,380 $1,128,909
SCOTT
MN
$587,015 $751,486 $908,380 $1,128,909
SHERBURNE
MN
$587,015 $751,486 $908,380 $1,128,909
WASHINGTON
MN
$587,015 $751,486 $908,380 $1,128,909
WRIGHT
MN
$587,015 $751,486 $908,380 $1,128,909

BROADWATER
MT
$568,670 $728,014 $879,952 $1,093,588
CARBON
MT
$859,557 $1,100,368 $1,330,126 $1,653,030

14
FLATHEAD
MT
$636,806 $815,235 $985,403 $1,224,618
GALLATIN
MT
$818,938 $1,048,411 $1,267,289 $1,574,924
MISSOULA
MT
$622,393 $796,777 $963,128 $1,196,931
PARK
MT
$642,047 $821,957 $993,550 $1,234,702
RAVALLI
MT
$575,222 $736,389 $890,093 $1,106,179
STILLWATER
MT
$859,557 $1,100,368 $1,330,126 $1,653,030
YELLOWSTONE
MT
$859,557 $1,100,368 $1,330,126 $1,653,030

CAMDEN
NC
$786,180 $1,006,425 $1,216,586 $1,511,916
CHATHAM
NC
$686,598 $878,984 $1,062,483 $1,320,384
CURRITUCK
NC
$786,180 $1,006,425 $1,216,586 $1,511,916
DARE
NC
$703,631 $900,746 $1,088,803 $1,353,142
DURHAM
NC
$686,598 $878,984 $1,062,483 $1,320,384
FRANKLIN
NC
$602,738 $771,596 $932,706 $1,159,103
GATES
NC
$786,180 $1,006,425 $1,216,586 $1,511,916
GRANVILLE
NC
$686,598 $878,984 $1,062,483 $1,320,384
JOHNSTON
NC
$602,738 $771,596 $932,706 $1,159,103
ORANGE
NC
$686,598 $878,984 $1,062,483 $1,320,384
PASQUOTANK
NC
$917,210 $1,174,200 $1,419,340 $1,763,892
PERQUIMANS
NC
$917,210 $1,174,200 $1,419,340 $1,763,892
PERSON
NC
$686,598 $878,984 $1,062,483 $1,320,384
WAKE
NC
$602,738 $771,596 $932,706 $1,159,103

BILLINGS
ND
$579,153 $741,402 $896,189 $1,113,756
STARK
ND
$579,153 $741,402 $896,189 $1,113,756

DAWSON
NE
$687,908 $880,636 $1,064,477 $1,322,891
GOSPER
NE
$687,908 $880,636 $1,064,477 $1,322,891

ROCKINGHAM
NH
$982,725 $1,258,059 $1,520,746 $1,889,909
STRAFFORD
NH
$982,725 $1,258,059 $1,520,746 $1,889,909

BERGEN
NJ
$1,310,101 $1,677,470 $2,027,576 $2,519,879
BURLINGTON
NJ
$635,496 $813,526 $983,409 $1,222,112
CAMDEN
NJ
$635,496 $813,526 $983,409 $1,222,112
CAPE MAY
NJ
$635,496 $813,526 $983,409 $1,222,112
ESSEX
NJ
$1,310,101 $1,677,470 $2,027,576 $2,519,879
GLOUCESTER
NJ
$635,496 $813,526 $983,409 $1,222,112
HUDSON
NJ
$1,310,101 $1,677,470 $2,027,576 $2,519,879
HUNTERDON
NJ
$1,310,101 $1,677,470 $2,027,576 $2,519,879
MIDDLESEX
NJ
$1,310,101 $1,677,470 $2,027,576 $2,519,879
MONMOUTH
NJ
$1,310,101 $1,677,470 $2,027,576 $2,519,879
MORRIS
NJ
$1,310,101 $1,677,470 $2,027,576 $2,519,879
OCEAN
NJ
$1,310,101 $1,677,470 $2,027,576 $2,519,879
PASSAIC
NJ
$1,310,101 $1,677,470 $2,027,576 $2,519,879
SALEM
NJ
$635,496 $813,526 $983,409 $1,222,112
SOMERSET
NJ
$1,310,101 $1,677,470 $2,027,576 $2,519,879
SUSSEX
NJ
$1,310,101 $1,677,470 $2,027,576 $2,519,879
UNION
NJ
$1,310,101 $1,677,470 $2,027,576 $2,519,879

15
LOS ALAMOS
NM
$712,804 $912,539 $1,103,045 $1,370,802
SANTA FE
NM
$617,152 $790,054 $954,981 $1,186,848

CARSON CITY
NV
$581,773 $744,763 $900,233 $1,118,826
DOUGLAS
NV
$749,492 $959,482 $1,159,787 $1,441,331
STOREY
NV
$707,562 $905,816 $1,094,899 $1,360,719
WASHOE
NV
$707,562 $905,816 $1,094,899 $1,360,719

BRONX
NY
$1,310,101 $1,677,470 $2,027,576 $2,519,879
KINGS
NY
$1,310,101 $1,677,470 $2,027,576 $2,519,879
NASSAU
NY
$1,310,101 $1,677,470 $2,027,576 $2,519,879
NEW YORK
NY
$1,310,101 $1,677,470 $2,027,576 $2,519,879
PUTNAM
NY
$1,310,101 $1,677,470 $2,027,576 $2,519,879
QUEENS
NY
$1,310,101 $1,677,470 $2,027,576 $2,519,879
RICHMOND
NY
$1,310,101 $1,677,470 $2,027,576 $2,519,879
ROCKLAND
NY
$1,310,101 $1,677,470 $2,027,576 $2,519,879
SUFFOLK
NY
$1,310,101 $1,677,470 $2,027,576 $2,519,879
WESTCHESTER
NY
$1,310,101 $1,677,470 $2,027,576 $2,519,879

DELAWARE
OH
$622,393 $796,777 $963,128 $1,196,931
FAIRFIELD
OH
$622,393 $796,777 $963,128 $1,196,931
FRANKLIN
OH
$622,393 $796,777 $963,128 $1,196,931
HOCKING
OH
$622,393 $796,777 $963,128 $1,196,931
LICKING
OH
$622,393 $796,777 $963,128 $1,196,931
MADISON
OH
$622,393 $796,777 $963,128 $1,196,931
MORROW
OH
$622,393 $796,777 $963,128 $1,196,931
PERRY
OH
$622,393 $796,777 $963,128 $1,196,931
PICKAWAY
OH
$622,393 $796,777 $963,128 $1,196,931
UNION
OH
$622,393 $796,777 $963,128 $1,196,931

BENTON
OR
$681,356 $872,261 $1,054,336 $1,310,301
CLACKAMAS
OR
$774,388 $991,328 $1,198,298 $1,489,242
CLATSOP
OR
$602,738 $771,596 $932,706 $1,159,103
COLUMBIA
OR
$774,388 $991,328 $1,198,298 $1,489,242
DESCHUTES
OR
$786,180 $1,006,425 $1,216,586 $1,511,916
HOOD RIVER
OR
$825,489 $1,056,786 $1,277,429 $1,587,515
MULTNOMAH
OR
$774,388 $991,328 $1,198,298 $1,489,242
WASHINGTON
OR
$774,388 $991,328 $1,198,298 $1,489,242
YAMHILL
OR
$774,388 $991,328 $1,198,298 $1,489,242

BUCKS
PA
$635,496 $813,526 $983,409 $1,222,112
CHESTER
PA
$635,496 $813,526 $983,409 $1,222,112
DELAWARE
PA
$635,496 $813,526 $983,409 $1,222,112
MONTGOMERY
PA
$635,496 $813,526 $983,409 $1,222,112
PHILADELPHIA
PA
$635,496 $813,526 $983,409 $1,222,112
PIKE
PA
$1,310,101 $1,677,470 $2,027,576 $2,519,879

BRISTOL
RI
$838,592 $1,073,535 $1,297,653 $1,612,695
KENT
RI
$838,592 $1,073,535 $1,297,653 $1,612,695
NEWPORT
RI
$838,592 $1,073,535 $1,297,653 $1,612,695

16
PROVIDENCE
RI
$838,592 $1,073,535 $1,297,653 $1,612,695
WASHINGTON
RI
$838,592 $1,073,535 $1,297,653 $1,612,695

BEAUFORT
SC
$622,393 $796,777 $963,128 $1,196,931
BERKELEY
SC
$668,253 $855,455 $1,034,055 $1,285,120
CHARLESTON
SC
$668,253 $855,455 $1,034,055 $1,285,120
DORCHESTER
SC
$668,253 $855,455 $1,034,055 $1,285,120
JASPER
SC
$622,393 $796,777 $963,128 $1,196,931

LAWRENCE
SD
$617,152 $790,054 $954,981 $1,186,848

CANNON
TN
$1,074,447 $1,375,474 $1,662,658 $2,066,287
CHEATHAM
TN
$1,074,447 $1,375,474 $1,662,658 $2,066,287
DAVIDSON
TN
$1,074,447 $1,375,474 $1,662,658 $2,066,287
DICKSON
TN
$1,074,447 $1,375,474 $1,662,658 $2,066,287
MACON
TN
$1,074,447 $1,375,474 $1,662,658 $2,066,287
MAURY
TN
$1,074,447 $1,375,474 $1,662,658 $2,066,287
ROBERTSON
TN
$1,074,447 $1,375,474 $1,662,658 $2,066,287
RUTHERFORD
TN
$1,074,447 $1,375,474 $1,662,658 $2,066,287
SMITH
TN
$1,074,447 $1,375,474 $1,662,658 $2,066,287
SUMNER
TN
$1,074,447 $1,375,474 $1,662,658 $2,066,287
TROUSDALE
TN
$1,074,447 $1,375,474 $1,662,658 $2,066,287
WILLIAMSON
TN
$1,074,447 $1,375,474 $1,662,658 $2,066,287
WILSON
TN
$1,074,447 $1,375,474 $1,662,658 $2,066,287

ATASCOSA
TX
$635,496 $813,526 $983,409 $1,222,112
BANDERA
TX
$635,496 $813,526 $983,409 $1,222,112
BASTROP
TX
$651,219 $833,693 $1,007,735 $1,252,363
BEXAR
TX
$635,496 $813,526 $983,409 $1,222,112
CALDWELL
TX
$651,219 $833,693 $1,007,735 $1,252,363
COLLIN
TX
$642,047 $821,957 $993,550 $1,234,702
COMAL
TX
$635,496 $813,526 $983,409 $1,222,112
DALLAS
TX
$642,047 $821,957 $993,550 $1,234,702
DENTON
TX
$642,047 $821,957 $993,550 $1,234,702
ELLIS
TX
$642,047 $821,957 $993,550 $1,234,702
GUADALUPE
TX
$635,496 $813,526 $983,409 $1,222,112
HAYS
TX
$651,219 $833,693 $1,007,735 $1,252,363
HUNT
TX
$642,047 $821,957 $993,550 $1,234,702
JOHNSON
TX
$642,047 $821,957 $993,550 $1,234,702
KAUFMAN
TX
$642,047 $821,957 $993,550 $1,234,702
KENDALL
TX
$635,496 $813,526 $983,409 $1,222,112
MEDINA
TX
$635,496 $813,526 $983,409 $1,222,112
PARKER
TX
$642,047 $821,957 $993,550 $1,234,702
ROCKWALL
TX
$642,047 $821,957 $993,550 $1,234,702
TARRANT
TX
$642,047 $821,957 $993,550 $1,234,702
TRAVIS
TX
$651,219 $833,693 $1,007,735 $1,252,363
WILLIAMSON
TX
$651,219 $833,693 $1,007,735 $1,252,363
WILSON
TX
$635,496 $813,526 $983,409 $1,222,112
WISE
TX
$642,047 $821,957 $993,550 $1,234,702

17
BOX ELDER
UT
$847,764 $1,085,271 $1,311,896 $1,630,356
DAVIS
UT
$847,764 $1,085,271 $1,311,896 $1,630,356
GRAND
UT
$691,839 $885,649 $1,070,573 $1,330,468
JUAB
UT
$685,287 $877,275 $1,060,432 $1,317,878
MORGAN
UT
$847,764 $1,085,271 $1,311,896 $1,630,356
RICH
UT
$660,392 $845,429 $1,021,921 $1,270,023
SALT LAKE
UT
$706,252 $904,107 $1,092,905 $1,358,212
SUMMIT
UT
$1,310,101 $1,677,470 $2,027,576 $2,519,879
TOOELE
UT
$706,252 $904,107 $1,092,905 $1,358,212
UTAH
UT
$685,287 $877,275 $1,060,432 $1,317,878
WASATCH
UT
$1,310,101 $1,677,470 $2,027,576 $2,519,879
WASHINGTON
UT
$676,115 $865,539 $1,046,247 $1,300,217
WAYNE
UT
$1,136,031 $1,454,320 $1,757,968 $2,184,727
WEBER
UT
$847,764 $1,085,271 $1,311,896 $1,630,356

ALBEMARLE
VA
$621,082 $795,068 $961,077 $1,194,424
ALEXANDRIA CITY
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
AMELIA
VA
$719,355 $920,913 $1,113,186 $1,383,393
ARLINGTON
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
CHARLES CITY
VA
$719,355 $920,913 $1,113,186 $1,383,393
CHARLOTTESVILLE
VA
$621,082 $795,068 $961,077 $1,194,424
CHESAPEAKE CITY
VA
$786,180 $1,006,425 $1,216,586 $1,511,916
CHESTERFIELD
VA
$719,355 $920,913 $1,113,186 $1,383,393
CLARKE
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
COLONIAL HEIGHT
VA
$719,355 $920,913 $1,113,186 $1,383,393
CULPEPER
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
DINWIDDIE
VA
$719,355 $920,913 $1,113,186 $1,383,393
FAIRFAX
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
FAIRFAX CITY
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
FALLS CHURCH CI
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
FAUQUIER
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
FLUVANNA
VA
$621,082 $795,068 $961,077 $1,194,424
FRANKLIN CITY
VA
$786,180 $1,006,425 $1,216,586 $1,511,916
FREDERICKSBURG
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
GLOUCESTER
VA
$786,180 $1,006,425 $1,216,586 $1,511,916
GOOCHLAND
VA
$719,355 $920,913 $1,113,186 $1,383,393
GREENE
VA
$621,082 $795,068 $961,077 $1,194,424
HAMPTON CITY
VA
$786,180 $1,006,425 $1,216,586 $1,511,916
HANOVER
VA
$719,355 $920,913 $1,113,186 $1,383,393
HENRICO
VA
$719,355 $920,913 $1,113,186 $1,383,393
HOPEWELL CITY
VA
$719,355 $920,913 $1,113,186 $1,383,393
ISLE OF WIGHT
VA
$786,180 $1,006,425 $1,216,586 $1,511,916
JAMES CITY
VA
$786,180 $1,006,425 $1,216,586 $1,511,916
KING AND QUEEN
VA
$719,355 $920,913 $1,113,186 $1,383,393
KING WILLIAM
VA
$719,355 $920,913 $1,113,186 $1,383,393
LOUDOUN
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
MADISON
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
MANASSAS CITY
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
MANASSAS PARK C
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
MATHEWS
VA
$786,180 $1,006,425 $1,216,586 $1,511,916

18
NELSON
VA
$621,082 $795,068 $961,077 $1,194,424
NEW KENT
VA
$719,355 $920,913 $1,113,186 $1,383,393
NEWPORT NEWS CI
VA
$786,180 $1,006,425 $1,216,586 $1,511,916
NORFOLK CITY
VA
$786,180 $1,006,425 $1,216,586 $1,511,916
PETERSBURG CITY
VA
$719,355 $920,913 $1,113,186 $1,383,393
POQUOSON CITY
VA
$786,180 $1,006,425 $1,216,586 $1,511,916
PORTSMOUTH CITY
VA
$786,180 $1,006,425 $1,216,586 $1,511,916
POWHATAN
VA
$719,355 $920,913 $1,113,186 $1,383,393
PRINCE GEORGE
VA
$719,355 $920,913 $1,113,186 $1,383,393
PRINCE WILLIAM
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
RAPPAHANNOCK
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
RICHMOND CITY
VA
$719,355 $920,913 $1,113,186 $1,383,393
SOUTHAMPTON
VA
$786,180 $1,006,425 $1,216,586 $1,511,916
SPOTSYLVANIA
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
STAFFORD
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
SUFFOLK CITY
VA
$786,180 $1,006,425 $1,216,586 $1,511,916
SUSSEX
VA
$719,355 $920,913 $1,113,186 $1,383,393
VIRGINIA BEACH
VA
$786,180 $1,006,425 $1,216,586 $1,511,916
WARREN
VA
$1,310,101 $1,677,470 $2,027,576 $2,519,879
WILLIAMSBURG CI
VA
$786,180 $1,006,425 $1,216,586 $1,511,916
YORK
VA
$786,180 $1,006,425 $1,216,586 $1,511,916

CHITTENDEN
VT
$589,635 $754,847 $912,425 $1,133,923
FRANKLIN
VT
$589,635 $754,847 $912,425 $1,133,923
GRAND ISLE
VT
$589,635 $754,847 $912,425 $1,133,923

CHELAN
WA
$576,532 $738,041 $892,144 $1,108,742
CLARK
WA
$774,388 $991,328 $1,198,298 $1,489,242
DOUGLAS
WA
$576,532 $738,041 $892,144 $1,108,742
ISLAND
WA
$655,150 $838,706 $1,013,831 $1,259,939
JEFFERSON
WA
$589,635 $754,847 $912,425 $1,133,923
KING
WA
$1,113,756 $1,425,835 $1,723,501 $2,141,886
KITSAP
WA
$642,047 $821,957 $993,550 $1,234,702
PIERCE
WA
$1,113,756 $1,425,835 $1,723,501 $2,141,886
SKAGIT
WA
$621,082 $795,068 $961,077 $1,194,424
SKAMANIA
WA
$774,388 $991,328 $1,198,298 $1,489,242
SNOHOMISH
WA
$1,113,756 $1,425,835 $1,723,501 $2,141,886
THURSTON
WA
$622,393 $796,777 $963,128 $1,196,931
WHATCOM
WA
$687,908 $880,636 $1,064,477 $1,322,891
WHITMAN
WA
$602,738 $771,596 $932,706 $1,159,103

PIERCE
WI
$587,015 $751,486 $908,380 $1,128,909
ST. CROIX
WI
$587,015 $751,486 $908,380 $1,128,909

JEFFERSON
WV
$1,310,101 $1,677,470 $2,027,576 $2,519,879

TETON
WY
$1,310,101 $1,677,470 $2,027,576 $2,519,879

GUAM
GU
$642,047 $821,957 $993,550 $1,234,702

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NORTHERN ISLAND
MP
$597,497 $764,874 $924,559 $1,149,020
SAIPAN
MP
$602,738 $771,596 $932,706 $1,159,103
TINIAN
MP
$606,669 $776,666 $938,802 $1,166,680

CULEBRA
PR
$606,669 $776,666 $938,802 $1,166,680

ST. JOHN ISLAND
VI
$1,206,787 $1,544,901 $1,867,463 $2,320,770
ST. THOMAS ISLA
VI
$728,527 $932,649 $1,127,371 $1,401,053

All other areas - 2826
counties (floor):

$567,710 $726,875 $878,614 $1,091,936

.02 The nationwide average purchase price (for use in the housing cost/income ratio
for new and existing residences) is $510,100.
SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2023-22 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 16, 2024, and ends on the date as
of which the safe harbors contained in section 4.01 of this revenue procedure are
rendered obsolete by a new revenue procedure.
.02 Notwithstanding section 5 of this revenue procedure, issuers may continue to
rely on the average area purchase price safe harbors contained in Rev. Proc. 2023-22,
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before May 16, 2024, if the commitments to provide
financing or issue mortgage credit certificates are made on or before June 15, 2024.

20
.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 16, 2024, 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. P roc. 2023-
22 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before May 16, 2024, if the commitments to provide
financing or issue mortgage credit certificates are made on or before June 15, 2024.
SECTION 7. REQUEST FOR COMMENTS
.01 Comments Regarding Guidance in this Revenue Procedure. The Treasury
Department and the IRS are reviewing the available data sources and method used to
determine the average area purchase price safe harbors listed in section 4.01 of this
revenue procedure and are considering possible changes in the data used to determine
these safe harbors beginning in 2025.
The relationship between safe harbor values calculated under the current
methodology and actual area purchase prices has been growing weaker over the past
decade. The current methodology relies on the FHA single family forward mortgage
limits, which are subject to b oth a floor and ceiling. Because 87 percent of counties are
subject to the FHA mortgage limit floor and 2 percent of counties are subject to the FHA
ceiling in 2024, most counties have a safe harbor value that does not closely relate to

21
their average area purchase price under the current methodology.
The Treasury Department and the IRS are considering a shift away from using FHA
mortgage limits as the basis for calculating average purchase prices and using median
purchase prices as reported by the Department of Housing and Urban Development
(HUD) as the basis to make such calculations. The Treasury and IRS solicit public
comments on the use of this data and any alternative data sources that would generate
average area purchase price safe harbors that more closely track area purchase prices.
Implementing such a change using HUD data would lead to large changes in safe
harbors if done in a single year. One approach to implementing this change would be to
phase in the new safe harbor amounts over five years, using the current 2024 values as
a baseline and shifting towards the HUD values over time. The first year would
maintain 80 percent of the 2024 values and 20 percent of values calculated using 2025
HUD data. The second year would be 60 percent of the 2024 values and 40 percent of
the values calculated using 2026 HUD data. The third, fourth, and fifth years would
follow, such that the fifth year would feature 100 percent of actual 2029 price data.
A second approach would instead freeze values at the 2024 levels until such time
when an area’s average purchase price based on HUD data surpasses the frozen
value, after which the safe harbor would follow the HUD data.
The Treasury and IRS also seek comments on these implementation approaches,
as well as any other potential implementation approaches.
.02 Procedures for Submitting Comments.
(1) Deadline. Written comments should be submitted by June 15, 2024.
(2) Form and manner. The subject line for the comments should include a

22
reference to Revenue Procedure 2024-21. All commenters are strongly encouraged
to submit comments electronically. However, comments may be submitted in one of
two ways:
(a) Electronically via the Federal eRulemaking Portal at www.regulations.gov
(type IRS-2024- 0019 in the search field on the regulations.gov homepage to find this
notice and submit comments); or
(b) By mail to: Internal Revenue Service, CC:PA:01:PR (Revenue Procedure
2024-21), Room 5203, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.
(3) Publication of comments. The Treasury Department and the IRS will publish
for public availability any comment submitted electronically or on paper to its public
docket on regulations.gov.
SECTION 8. PAPERWORK REDUCTION ACT
The collection of information contained in this revenue procedure has been reviewed
and approved by the Office of Management and Budget in accordance with the
Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1877.
An agency may not conduct or sponsor, and a person is not required to respond to,
a collection of information unless the collection of information displays a valid OMB
control number.
This revenue procedure contains a collection of information requirement in section
3.03. The purpose of the collection of information is to verify the applicable FHA loan
limit that issuers of qualified mortgage bonds and qualified mortgage certificates have
used to calculate the average area purchase price for a given metropolitan statistical
area for purposes of §§ 143(e) and 25(c). T he collection of information is required to

23
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 9. DRAFTING INFORMATION
The principal authors of this revenue procedure are Zoran Stojanovic and David
White of the Office of Associate Chief Counsel (Financial Institutions & Products). For
further information regarding this revenue procedure contact Mr. White at (202) 317-
4562 (not a toll-free number).