rp-12-25.pdf

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Rev. Proc. 2012-25

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.
.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

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

3
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
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.

4
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
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,

5
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. 2011-23, 2011-15 I.R.B. 626.
.12 The nationwide average purchase price limitation was last published in
section 4.02 of Rev. Proc. 2011-23. 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. 2012-
16, 2012-10 I.R.B. 452.
.13 This revenue procedure uses FHA loan limits for a given statistical area to

6
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 02, 2011. 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

7
revised after December 02, 2011.
.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
02, 2011, 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 .975.
.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. 2011-23, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.
2011-23 in computing the housing cost/income ratio under section 143(f)(5). Likewise,
if, pursuant to section 6.05 of this revenue procedure, an issuer relies on the nationwide
average purchase price published in Rev. Proc. 2011-23, 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.
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name
State One-Unit
Limit
Tw
o-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit

ALEUTIANS WEST AK $365,641 $468,051 $565,795 $703,128
ANCHORAGE AK $356,410 $456,256 $551,538 $685,385
BRISTOL BAY AK $300,769 $385,026 $465,385 $578,410
DENALI AK $324,359 $415,231 $501,897 $623,744
DILLINGHAM AK $341,026 $436,564 $527,692 $655,795
FAIRBANKS NORTH AK $324,359 $415,231 $501,897 $623,744
JUNEAU AK $408,974 $523,538 $632,872 $786,513
KETCHIKAN GATEW AK $330,256 $422,769 $511,026 $635,128
KODIAK ISLAND AK $343,231 $439,385 $531,128 $660,051
MATANUSKA-SUSIT AK $356,410 $456,256 $551,538 $685,385
NOME AK $281,897 $360,872 $436,205 $542,103
NORTH SLOPE AK $314,923 $403,128 $487,333 $605,641
PETERSBURG
CENS AK $297,231 $380,513 $459,949 $571,590
SITKA AK $442,308 $566,205 $684,462 $850,615
VALDEZ-CORDOVA AK $278,359 $356,359 $430,718 $535,282
YAKUTAT CITY AK $398,667 $510,359 $616,923 $766,667

BALDWIN AL $292,308 $374,205 $452,308 $562,103
RUSSELL AL $297,231 $380,513 $459,949 $571,590

APACHE AZ $288,462 $369,282 $446,359 $554,718
COCONINO AZ $461,538 $590,821 $714,205 $887,590
GILA AZ $333,333 $426,718 $515,795 $641,026
MARICOPA AZ $355,128 $454,615 $549,538 $682,923
MOHAVE AZ $330,769 $423,436 $511,846 $636,103
NAVAJO AZ $316,667 $405,385 $490,000 $608,974
PIMA AZ $324,359 $415,231 $501,897 $623,744

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PINAL AZ $355,128 $454,615 $549,538 $682,923
YAVAPAI AZ $400,000 $512,051 $618,974 $769,231

ALAMEDA CA $748,462 $958,154 $1,158,205 $1,439,385
ALPINE CA $561,538 $718,872 $868,923 $1,079,897
AMADOR CA $455,128 $582,615 $704,256 $875,231
BUTTE CA $410,256 $525,179 $634,821 $788,974
CALAVERAS CA $474,359 $607,231 $734,051 $912,256
COLUSA CA $407,692 $521,897 $630,872 $784,000
CONTRA COSTA CA $748,462 $958,154 $1,158,205 $1,439,385
DEL NORTE CA $319,231 $408,667 $494,000 $613,897
EL DORADO CA $594,872 $761,538 $920,513 $1,144,000
FRESNO CA $391,026 $500,564 $605,077 $751,949
GLENN CA $294,872 $377,487 $456,308 $567,077
HUMBOLDT CA $403,846 $516,974 $624,923 $776,615
IMPERIAL CA $333,333 $426,718 $515,795 $641,026
INYO CA $448,718 $574,410 $694,359 $862,923
KERN CA $378,205 $484,154 $585,231 $727,333
KINGS CA $333,333 $426,718 $515,795 $641,026
LAKE CA $411,538 $526,821 $636,821 $791,436
LASSEN CA $292,308 $374,205 $452,308 $562,103
LOS ANGELES CA $748,462 $958,154 $1,158,205 $1,439,385
MADERA CA $435,897 $558,000 $674,513 $838,256
MARIN CA $748,462 $958,154 $1,158,205 $1,439,385
MARIPOSA CA $423,077 $541,590 $654,667 $813,590
MENDOCINO CA $525,641 $672,923 $813,385 $1,010,872
MERCED CA $484,615 $620,410 $749,897 $931,949
MONO CA $542,564 $694,564 $839,590 $1,043,385
MONTEREY CA $748,462 $958,154 $1,158,205 $1,439,385
NAPA CA $748,462 $958,154 $1,158,205 $1,439,385
NEVADA CA $576,923 $738,564 $892,769 $1,109,487
ORANGE CA $748,462 $958,154 $1,158,205 $1,439,385
PLACER CA $594,872 $761,538 $920,513 $1,144,000
PLUMAS CA $420,513 $538,308 $650,718 $808,667
RIVERSIDE CA $512,821 $656,513 $793,538 $986,205
SACRAMENTO CA $594,872 $761,538 $920,513 $1,144,000
SAN BENITO CA $748,462 $958,154 $1,158,205 $1,439,385
SAN BERNARDINO CA $512,821 $656,513 $793,538 $986,205
SAN DIEGO CA $715,385 $915,846 $1,107,026 $1,375,744
SAN FRANCISCO CA $748,462 $958,154 $1,158,205 $1,439,385
SAN JOAQUIN CA $501,282 $641,744 $775,692 $964,000
SAN LUIS OBISPO CA $705,128 $902,667 $1,091,128 $1,356,051
SAN MATEO CA $748,462 $958,154 $1,158,205 $1,439,385

12
SANTA BARBARA CA $748,462 $958,154 $1,158,205 $1,439,385
SANTA CLARA CA $748,462 $958,154 $1,158,205 $1,439,385
SANTA CRUZ CA $748,462 $958,154 $1,158,205 $1,439,385
SHASTA CA $434,615 $556,359 $672,513 $835,795
SIERRA CA $312,564 $400,103 $483,641 $601,077
SISKIYOU CA $301,282 $385,692 $466,205 $579,385
SOLANO CA $571,795 $732,000 $884,821 $1,099,641
SONOMA CA $679,487 $869,846 $1,051,487 $1,306,718
STANISLAUS CA $434,615 $556,359 $672,513 $835,795
SUTTER CA $435,897 $558,000 $674,513 $838,256
TEHAMA CA $320,513 $410,308 $495,949 $616,359
TULARE CA $333,333 $426,718 $515,795 $641,026
TUOLUMNE CA $448,718 $574,410 $694,359 $862,923
VENTURA CA $748,462 $958,154 $1,158,205 $1,439,385
YOLO CA $594,872 $761,538 $920,513 $1,144,000
YUBA CA $435,897 $558,000 $674,513 $838,256

ADAMS CO $416,667 $533,385 $644,769 $801,282
ARAPAHOE CO $416,667 $533,385 $644,769 $801,282
ARCHULETA CO $325,641 $416,872 $503,897 $626,205
BOULDER CO $471,795 $603,949 $730,051 $907,282
BROOMFIELD CO $416,667 $533,385 $644,769 $801,282
CHAFFEE CO $287,179 $367,641 $444,359 $552,256
CLEAR CREEK CO $416,667 $533,385 $644,769 $801,282
DENVER CO $416,667 $533,385 $644,769 $801,282
DOUGLAS CO $416,667 $533,385 $644,769 $801,282
EAGLE CO $748,462 $958,154 $1,158,205 $1,439,385
ELBERT CO $416,667 $533,385 $644,769 $801,282
EL PASO CO $333,333 $426,718 $515,795 $641,026
GARFIELD CO $435,897 $558,000 $674,513 $838,256
GILPIN CO $416,667 $533,385 $644,769 $801,282
GRAND CO $365,385 $467,744 $565,385 $702,667
GUNNISON CO $444,872 $569,487 $688,410 $855,538
HINSDALE CO $571,795 $732,000 $884,821 $1,099,641
JEFFERSON CO $416,667 $533,385 $644,769 $801,282
LAKE CO $748,462 $958,154 $1,158,205 $1,439,385
LA PLATA CO $455,128 $582,615 $704,256 $875,231
LARIMER CO $320,513 $410,308 $495,949 $616,359
MESA CO $380,769 $487,436 $589,231 $732,256
MINERAL CO $307,692 $393,897 $476,103 $591,692
OURAY CO $494,872 $633,538 $765,795 $951,692
PARK CO $416,667 $533,385 $644,769 $801,282
PITKIN CO $748,462 $958,154 $1,158,205 $1,439,385

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ROUTT CO $692,308 $886,256 $1,071,333 $1,331,385
SAN JUAN CO $435,897 $558,000 $674,513 $838,256
SAN MIGUEL CO $667,949 $855,077 $1,033,590 $1,284,513
SUMMIT CO $748,462 $958,154 $1,158,205 $1,439,385
TELLER CO $333,333 $426,718 $515,795 $641,026
WELD CO $428,205 $548,154 $662,615 $823,487

FAIRFIELD CT $726,923 $930,615 $1,124,872 $1,397,949
HARTFORD CT $451,282 $577,692 $698,308 $867,846
LITCHFIELD CT $384,615 $492,359 $595,179 $739,641
MIDDLESEX CT $451,282 $577,692 $698,308 $867,846
NEW HAVEN CT $397,436 $508,769 $614,974 $764,308
NEW LONDON CT $408,974 $523,538 $632,872 $786,513
TOLLAND CT $451,282 $577,692 $698,308 $867,846
WINDHAM CT $279,487 $357,795 $432,462 $537,487

DISTRICT OF COL DC $748,462 $958,154 $1,158,205 $1,439,385

KENT DE $385,897 $494,000 $597,128 $742,103
NEW CASTLE DE $430,769 $551,436 $666,564 $828,410
SUSSEX DE $384,615 $492,359 $595,179 $739,641

BAKER FL $397,436 $508,769 $614,974 $764,308
BAY FL $406,410 $520,256 $628,872 $781,538
BREVARD FL $298,718 $382,410 $462,256 $574,462
BROWARD FL $434,615 $556,359 $672,513 $835,795
CHARLOTTE FL $303,846 $388,974 $470,154 $584,308
CLAY FL $397,436 $508,769 $614,974 $764,308
COLLIER FL $544,872 $697,538 $843,128 $1,047,846
DUVAL FL $397,436 $508,769 $614,974 $764,308
FLAGLER FL $294,872 $377,487 $456,308 $567,077
FRANKLIN FL $312,821 $400,462 $484,051 $601,590
HERNANDO FL $300,000 $384,051 $464,205 $576,923
HILLSBOROUGH FL $300,000 $384,051 $464,205 $576,923
INDIAN RIVER FL $291,026 $372,564 $450,308 $559,641
LAKE FL $362,821 $464,462 $561,436 $697,744
LEE FL $365,385 $467,744 $565,385 $702,667
MANATEE FL $453,846 $580,974 $702,308 $872,769
MARTIN FL $384,615 $492,359 $595,179 $739,641
MIAMI-DADE FL $434,615 $556,359 $672,513 $835,795
MONROE FL $748,462 $958,154 $1,158,205 $1,439,385
NASSAU FL $397,436 $508,769 $614,974 $764,308
OKALOOSA FL $320,513 $410,308 $495,949 $616,359

14
ORANGE FL $362,821 $464,462 $561,436 $697,744
OSCEOLA FL $362,821 $464,462 $561,436 $697,744
PALM BEACH FL $434,615 $556,359 $672,513 $835,795
PASCO FL $300,000 $384,051 $464,205 $576,923
PINELLAS FL $300,000 $384,051 $464,205 $576,923
ST. JOHNS FL $397,436 $508,769 $614,974 $764,308
ST. LUCIE FL $384,615 $492,359 $595,179 $739,641
SARASOTA FL $453,846 $580,974 $702,308 $872,769
SEMINOLE FL $362,821 $464,462 $561,436 $697,744
SUMTER FL $285,897 $366,000 $442,410 $549,795
VOLUSIA FL $311,538 $398,821 $482,051 $599,128
WALTON FL $372,092 $476,308 $575,795 $715,538

BARROW GA $355,128 $454,615 $549,538 $682,923
BARTOW GA $355,128 $454,615 $549,538 $682,923
BRANTLEY GA $283,333 $362,718 $438,410 $544,872
BUTTS GA $355,128 $454,615 $549,538 $682,923
CARROLL GA $355,128 $454,615 $549,538 $682,923
CHATTAHOOCHEE GA $297,231 $380,513 $459,949 $571,590
CHEROKEE GA $355,128 $454,615 $549,538 $682,923
CLARKE GA $306,410 $392,256 $474,154 $589,231
CLAYTON GA $355,128 $454,615 $549,538 $682,923
COBB GA $355,128 $454,615 $549,538 $682,923
COWETA GA $355,128 $454,615 $549,538 $682,923
DAWSON GA $355,128 $454,615 $549,538 $682,923
DEKALB GA $355,128 $454,615 $549,538 $682,923
DOUGLAS GA $355,128 $454,615 $549,538 $682,923
FAYETTE GA $355,128 $454,615 $549,538 $682,923
FORSYTH GA $355,128 $454,615 $549,538 $682,923
FULTON GA $355,128 $454,615 $549,538 $682,923
GLYNN GA $283,333 $362,718 $438,410 $544,872
GREENE GA $679,487 $869,846 $1,051,487 $1,306,718
GWINNETT GA $355,128 $454,615 $549,538 $682,923
HARALSON GA $355,128 $454,615 $549,538 $682,923
HARRIS GA $297,231 $380,513 $459,949 $571,590
HEARD GA $355,128 $454,615 $549,538 $682,923
HENRY GA $355,128 $454,615 $549,538 $682,923
JASPER GA $355,128 $454,615 $549,538 $682,923
LAMAR GA $355,128 $454,615 $549,538 $682,923
MCINTOSH GA $283,333 $362,718 $438,410 $544,872
MADISON GA $306,410 $392,256 $474,154 $589,231
MARION GA $297,231 $380,513 $459,949 $571,590
MERIWETHER GA $355,128 $454,615 $549,538 $682,923

15
MUSCOGEE GA $297,231 $380,513 $459,949 $571,590
NEWTON GA $355,128 $454,615 $549,538 $682,923
OCONEE GA $306,410 $392,256 $474,154 $589,231
OGLETHORPE GA $306,410 $392,256 $474,154 $589,231
PAULDING GA $355,128 $454,615 $549,538 $682,923
PICKENS GA $355,128 $454,615 $549,538 $682,923
PIKE GA $355,128 $454,615 $549,538 $682,923
ROCKDALE GA $355,128 $454,615 $549,538 $682,923
SPALDING GA $355,128 $454,615 $549,538 $682,923
WALTON GA $355,128 $454,615 $549,538 $682,923

HAWAII HI $634,615 $812,410 $982,051 $1,220,410
HONOLULU HI $814,103 $1,042,205 $1,259,795 $1,565,590
KALAWAO HI $734,615 $940,462 $1,136,769 $1,412,769
KAUAI HI $793,590 $1,015,949 $1,228,051 $1,526,154
MAUI HI $810,256 $1,037,282 $1,253,846 $1,558,205

ADA ID $311,538 $398,821 $482,051 $599,128
ADAMS ID $280,769 $359,436 $434,462 $539,949
BLAINE ID $748,462 $958,154 $1,158,205 $1,439,385
BOISE ID $311,538 $398,821 $482,051 $599,128
CANYON ID $311,538 $398,821 $482,051 $599,128
GEM ID $311,538 $398,821 $482,051 $599,128
KOOTENAI ID $293,590 $375,846 $454,308 $564,564
OWYHEE ID $311,538 $398,821 $482,051 $599,128
TETON ID $711,538 $910,872 $1,101,077 $1,368,359
VALLEY ID $474,359 $607,231 $734,051 $912,256

BOND IL $288,462 $369,282 $446,359 $554,718
BOONE IL $347,949 $445,436 $538,410 $669,128
CALHOUN IL $288,462 $369,282 $446,359 $554,718
CLINTON IL $288,462 $369,282 $446,359 $554,718
COOK IL $420,513 $538,308 $650,718 $808,667
DEKALB IL $420,513 $538,308 $650,718 $808,667
DUPAGE IL $420,513 $538,308 $650,718 $808,667
GRUNDY IL $420,513 $538,308 $650,718 $808,667
JERSEY IL $288,462 $369,282 $446,359 $554,718
KANE IL $420,513 $538,308 $650,718 $808,667
KENDALL IL $420,513 $538,308 $650,718 $808,667
LAKE IL $420,513 $538,308 $650,718 $808,667
MCHENRY IL $420,513 $538,308 $650,718 $808,667
MACOUPIN IL $288,462 $369,282 $446,359 $554,718
MADISON IL $288,462 $369,282 $446,359 $554,718

16
MONROE IL $288,462 $369,282 $446,359 $554,718
ST. CLAIR IL $288,462 $369,282 $446,359 $554,718
WILL IL $420,513 $538,308 $650,718 $808,667
WINNEBAGO IL $347,949 $445,436 $538,410 $669,128

CLARK IN $310,256 $397,179 $480,103 $596,667
DEARBORN IN $346,154 $443,128 $535,641 $665,692
FLOYD IN $310,256 $397,179 $480,103 $596,667
FRANKLIN IN $346,154 $443,128 $535,641 $665,692
HARRISON IN $310,256 $397,179 $480,103 $596,667
JASPER IN $420,513 $538,308 $650,718 $808,667
LAKE IN $420,513 $538,308 $650,718 $808,667
NEWTON IN $420,513 $538,308 $650,718 $808,667
OHIO IN $346,154 $443,128 $535,641 $665,692
PORTER IN $420,513 $538,308 $650,718 $808,667
WASHINGTON IN $310,256 $397,179 $480,103 $596,667

BOONE KY $346,154 $443,128 $535,641 $665,692
BRACKEN KY $346,154 $443,128 $535,641 $665,692
BULLITT KY $310,256 $397,179 $480,103 $596,667
CAMPBELL KY $346,154 $443,128 $535,641 $665,692
GALLATIN KY $346,154 $443,128 $535,641 $665,692
GRANT KY $346,154 $443,128 $535,641 $665,692
HENRY KY $310,256 $397,179 $480,103 $596,667
JEFFERSON KY $310,256 $397,179 $480,103 $596,667
KENTON KY $346,154 $443,128 $535,641 $665,692
MEADE KY $310,256 $397,179 $480,103 $596,667
NELSON KY $310,256 $397,179 $480,103 $596,667
OLDHAM KY $310,256 $397,179 $480,103 $596,667
PENDLETON KY $346,154 $443,128 $535,641 $665,692
SHELBY KY $310,256 $397,179 $480,103 $596,667
SPENCER KY $310,256 $397,179 $480,103 $596,667
TRIMBLE KY $310,256 $397,179 $480,103 $596,667

ASCENSION LA $287,179 $367,641 $444,359 $552,256
EAST BATON ROUG LA $287,179 $367,641 $444,359 $552,256
EAST FELICIANA LA $287,179 $367,641 $444,359 $552,256
IBERVILLE LA $287,179 $367,641 $444,359 $552,256
JEFFERSON LA $294,872 $377,487 $456,308 $567,077
LIVINGSTON LA $287,179 $367,641 $444,359 $552,256
ORLEANS LA $294,872 $377,487 $456,308 $567,077
PLAQUEMINES LA $294,872 $377,487 $456,308 $567,077
POINTE COUPEE LA $287,179 $367,641 $444,359 $552,256

17
ST. BERNARD LA $294,872 $377,487 $456,308 $567,077
ST. CHARLES LA $294,872 $377,487 $456,308 $567,077
ST. HELENA LA $287,179 $367,641 $444,359 $552,256
ST. JOHN THE BA LA $294,872 $377,487 $456,308 $567,077
ST. TAMMANY LA $294,872 $377,487 $456,308 $567,077
WEST BATON
ROUG LA $287,179 $367,641 $444,359 $552,256
WEST FELICIANA LA $287,179 $367,641 $444,359 $552,256

BARNSTABLE MA $474,359 $607,231 $734,051 $912,256
BRISTOL MA $487,179 $623,692 $753,897 $936,872
DUKES MA $748,462 $958,154 $1,158,205 $1,439,385
ESSEX MA $537,179 $687,692 $831,231 $1,033,026
FRANKLIN MA $326,923 $418,513 $505,897 $628,718
HAMPDEN MA $326,923 $418,513 $505,897 $628,718
HAMPSHIRE MA $326,923 $418,513 $505,897 $628,718
MIDDLESEX MA $537,179 $687,692 $831,231 $1,033,026
NANTUCKET MA $748,462 $958,154 $1,158,205 $1,439,385
NORFOLK MA $537,179 $687,692 $831,231 $1,033,026
PLYMOUTH MA $537,179 $687,692 $831,231 $1,033,026
SUFFOLK MA $537,179 $687,692 $831,231 $1,033,026
WORCESTER MA $394,872 $505,487 $611,026 $759,385

ANNE ARUNDEL MD $574,359 $735,282 $888,769 $1,104,564
BALTIMORE MD $574,359 $735,282 $888,769 $1,104,564
CALVERT MD $748,462 $958,154 $1,158,205 $1,439,385
CARROLL MD $574,359 $735,282 $888,769 $1,104,564
CECIL MD $430,769 $551,436 $666,564 $828,410
CHARLES MD $748,462 $958,154 $1,158,205 $1,439,385
FREDERICK MD $748,462 $958,154 $1,158,205 $1,439,385
GARRETT MD $448,718 $574,410 $694,359 $862,923
HARFORD MD $574,359 $735,282 $888,769 $1,104,564
HOWARD MD $574,359 $735,282 $888,769 $1,104,564
KENT MD $352,564 $451,333 $545,538 $678,000
MONTGOMERY MD $748,462 $958,154 $1,158,205 $1,439,385
PRINCE GEORGE'S MD $748,462 $958,154 $1,158,205 $1,439,385
QUEEN ANNE'S MD $574,359 $735,282 $888,769 $1,104,564
ST. MARY'S MD $410,256 $525,179 $634,821 $788,974
SOMERSET MD $337,179 $431,641 $521,744 $648,410
TALBOT MD $455,128 $582,615 $704,256 $875,231
WASHINGTON MD $387,179 $495,641 $599,128 $744,564
WICOMICO MD $337,179 $431,641 $521,744 $648,410
WORCESTER MD $448,718 $574,410 $694,359 $862,923

18
BALTIMORE CITY MD $574,359 $735,282 $888,769 $1,104,564

CUMBERLAND ME $346,154 $443,128 $535,641 $665,692
HANCOCK ME $279,487 $357,795 $432,462 $537,487
KNOX ME $286,615 $366,923 $443,487 $551,179
LINCOLN ME $326,923 $418,513 $505,897 $628,718
SAGADAHOC ME $346,154 $443,128 $535,641 $665,692
YORK ME $346,154 $443,128 $535,641 $665,692

BERRIEN MI $306,410 $392,256 $474,154 $589,231
KALAMAZOO MI $293,590 $375,846 $454,308 $564,564
LAPEER MI $305,128 $390,615 $472,154 $586,769
LENAWEE MI $305,128 $390,615 $472,154 $586,769
LIVINGSTON MI $305,128 $390,615 $472,154 $586,769
MACOMB MI $305,128 $390,615 $472,154 $586,769
MONROE MI $305,128 $390,615 $472,154 $586,769
OAKLAND MI $305,128 $390,615 $472,154 $586,769
ST. CLAIR MI $305,128 $390,615 $472,154 $586,769
VAN BUREN MI $293,590 $375,846 $454,308 $564,564
WASHTENAW MI $353,846 $452,974 $547,538 $680,462
WAYNE MI $305,128 $390,615 $472,154 $586,769

ANOKA MN $374,359 $479,231 $579,282 $719,897
CARVER MN $374,359 $479,231 $579,282 $719,897
CHISAGO MN $374,359 $479,231 $579,282 $719,897
COOK MN $303,846 $388,974 $470,154 $584,308
DAKOTA MN $374,359 $479,231 $579,282 $719,897
HENNEPIN MN $374,359 $479,231 $579,282 $719,897
ISANTI MN $374,359 $479,231 $579,282 $719,897
RAMSEY MN $374,359 $479,231 $579,282 $719,897
SCOTT MN $374,359 $479,231 $579,282 $719,897
SHERBURNE MN $374,359 $479,231 $579,282 $719,897
WASHINGTON MN $374,359 $479,231 $579,282 $719,897
WRIGHT MN $374,359 $479,231 $579,282 $719,897

CRAWFORD MO $288,462 $369,282 $446,359 $554,718
FRANKLIN MO $288,462 $369,282 $446,359 $554,718
JEFFERSON MO $288,462 $369,282 $446,359 $554,718
LINCOLN MO $288,462 $369,282 $446,359 $554,718
ST. CHARLES MO $288,462 $369,282 $446,359 $554,718
ST. LOUIS MO $288,462 $369,282 $446,359 $554,718
WARREN MO $288,462 $369,282 $446,359 $554,718
WASHINGTON MO $288,462 $369,282 $446,359 $554,718

19
ST. LOUIS CITY MO $288,462 $369,282 $446,359 $554,718

CARBON MT $298,718 $382,410 $462,256 $574,462
FLATHEAD MT $309,026 $395,590 $478,205 $594,256
GALLATIN MT $396,154 $507,128 $613,026 $761,846
JEFFERSON MT $350,000 $448,051 $541,590 $673,077
LAKE MT $308,974 $395,538 $478,103 $594,154
LEWIS AND CLARK MT $350,000 $448,051 $541,590 $673,077
MADISON MT $288,974 $369,949 $447,179 $555,692
MISSOULA MT $298,718 $382,410 $462,256 $574,462
RAVALLI MT $311,538 $398,821 $482,051 $599,128
SWEET GRASS MT $355,128 $454,615 $549,538 $682,923
YELLOWSTONE MT $298,718 $382,410 $462,256 $574,462

ANSON NC $311,538 $398,821 $482,051 $599,128
BRUNSWICK NC $311,538 $398,821 $482,051 $599,128
BUNCOMBE NC $311,538 $398,821 $482,051 $599,128
CABARRUS NC $311,538 $398,821 $482,051 $599,128
CAMDEN NC $748,462 $958,154 $1,158,205 $1,439,385
CARTERET NC $294,872 $377,487 $456,308 $567,077
CHATHAM NC $343,231 $439,385 $531,128 $660,051
CURRITUCK NC $470,615 $602,462 $728,256 $905,026
DARE NC $471,795 $603,949 $730,051 $907,282
DURHAM NC $343,231 $439,385 $531,128 $660,051
FRANKLIN NC $302,564 $387,333 $468,205 $581,846
GASTON NC $311,538 $398,821 $482,051 $599,128
HAYWOOD NC $311,538 $398,821 $482,051 $599,128
HENDERSON NC $311,538 $398,821 $482,051 $599,128
HYDE NC $495,385 $634,154 $766,564 $952,667
JOHNSTON NC $302,564 $387,333 $468,205 $581,846
MADISON NC $311,538 $398,821 $482,051 $599,128
MECKLENBURG NC $311,538 $398,821 $482,051 $599,128
NEW HANOVER NC $311,538 $398,821 $482,051 $599,128
ONSLOW NC $314,103 $402,103 $486,051 $604,051
ORANGE NC $343,231 $439,385 $531,128 $660,051
PASQUOTANK NC $748,462 $958,154 $1,158,205 $1,439,385
PENDER NC $311,538 $398,821 $482,051 $599,128
PERQUIMANS NC $748,462 $958,154 $1,158,205 $1,439,385
PERSON NC $343,231 $439,385 $531,128 $660,051
TRANSYLVANIA NC $301,282 $385,692 $466,205 $579,385
UNION NC $311,538 $398,821 $482,051 $599,128
WAKE NC $302,564 $387,333 $468,205 $581,846
WATAUGA NC $292,308 $374,205 $452,308 $562,103

20

BILLINGS ND $312,564 $400,103 $483,641 $601,077
STARK ND $312,564 $400,103 $483,641 $601,077

BELKNAP NH $288,462 $369,282 $446,359 $554,718
GRAFTON NH $288,462 $369,282 $446,359 $554,718
HILLSBOROUGH NH $412,821 $528,462 $638,821 $793,897
MERRIMACK NH $310,256 $397,179 $480,103 $596,667
ROCKINGHAM NH $537,179 $687,692 $831,231 $1,033,026
STRAFFORD NH $537,179 $687,692 $831,231 $1,033,026

ATLANTIC NJ $465,385 $595,744 $720,154 $894,974
BERGEN NJ $748,462 $958,154 $1,158,205 $1,439,385
BURLINGTON NJ $430,769 $551,436 $666,564 $828,410
CAMDEN NJ $430,769 $551,436 $666,564 $828,410
CAPE MAY NJ $500,000 $640,103 $773,692 $961,538
CUMBERLAND NJ $415,385 $531,744 $642,769 $798,821
ESSEX NJ $748,462 $958,154 $1,158,205 $1,439,385
GLOUCESTER NJ $430,769 $551,436 $666,564 $828,410
HUDSON NJ $748,462 $958,154 $1,158,205 $1,439,385
HUNTERDON NJ $748,462 $958,154 $1,158,205 $1,439,385
MERCER NJ $451,282 $577,692 $698,308 $867,846
MIDDLESEX NJ $748,462 $958,154 $1,158,205 $1,439,385
MONMOUTH NJ $748,462 $958,154 $1,158,205 $1,439,385
MORRIS NJ $748,462 $958,154 $1,158,205 $1,439,385
OCEAN NJ $748,462 $958,154 $1,158,205 $1,439,385
PASSAIC NJ $748,462 $958,154 $1,158,205 $1,439,385
SALEM NJ $430,769 $551,436 $666,564 $828,410
SOMERSET NJ $748,462 $958,154 $1,158,205 $1,439,385
SUSSEX NJ $748,462 $958,154 $1,158,205 $1,439,385
UNION NJ $748,462 $958,154 $1,158,205 $1,439,385
WARREN NJ $412,821 $528,462 $638,821 $793,897

LOS ALAMOS NM $390,410 $499,795 $604,103 $750,769
SAN JUAN NM $288,462 $369,282 $446,359 $554,718
SANTA FE NM $438,462 $561,282 $678,462 $843,179
TAOS NM $293,692 $375,949 $454,462 $564,769

CLARK NV $410,256 $525,179 $634,821 $788,974
DOUGLAS NV $480,769 $615,487 $743,949 $924,564
ELKO NV $333,333 $426,718 $515,795 $641,026
EUREKA NV $333,333 $426,718 $515,795 $641,026
LYON NV $339,744 $434,923 $525,744 $653,333

21
NYE NV $333,333 $426,718 $515,795 $641,026
STOREY NV $414,103 $530,103 $640,769 $796,359
WASHOE NV $414,103 $530,103 $640,769 $796,359
CARSON CITY NV $408,974 $523,538 $632,872 $786,513
ALBANY NY $320,513 $410,308 $495,949 $616,359
BRONX NY $748,462 $958,154 $1,158,205 $1,439,385
COLUMBIA NY $283,333 $362,718 $438,410 $544,872
DUTCHESS NY $455,128 $582,615 $704,256 $875,231
ERIE NY $283,333 $362,718 $438,410 $544,872
KINGS NY $748,462 $958,154 $1,158,205 $1,439,385
MADISON NY $288,462 $369,282 $446,359 $554,718
NASSAU NY $748,462 $958,154 $1,158,205 $1,439,385
NEW YORK NY $748,462 $958,154 $1,158,205 $1,439,385
NIAGARA NY $283,333 $362,718 $438,410 $544,872
ONONDAGA NY $288,462 $369,282 $446,359 $554,718
ORANGE NY $455,128 $582,615 $704,256 $875,231
OSWEGO NY $288,462 $369,282 $446,359 $554,718
PUTNAM NY $748,462 $958,154 $1,158,205 $1,439,385
QUEENS NY $748,462 $958,154 $1,158,205 $1,439,385
RENSSELAER NY $320,513 $410,308 $495,949 $616,359
RICHMOND NY $748,462 $958,154 $1,158,205 $1,439,385
ROCKLAND NY $748,462 $958,154 $1,158,205 $1,439,385
SARATOGA NY $320,513 $410,308 $495,949 $616,359
SCHENECTADY NY $320,513 $410,308 $495,949 $616,359
SCHOHARIE NY $320,513 $410,308 $495,949 $616,359
SUFFOLK NY $748,462 $958,154 $1,158,205 $1,439,385
ULSTER NY $416,667 $533,385 $644,769 $801,282
WESTCHESTER NY $748,462 $958,154 $1,158,205 $1,439,385

ASHTABULA OH $298,718 $382,410 $462,256 $574,462
ATHENS OH $443,590 $567,846 $686,410 $853,077
BROWN OH $346,154 $443,128 $535,641 $665,692
BUTLER OH $346,154 $443,128 $535,641 $665,692
CARROLL OH $284,615 $364,359 $440,410 $547,333
CLERMONT OH $346,154 $443,128 $535,641 $665,692
CUYAHOGA OH $306,410 $392,256 $474,154 $589,231
DELAWARE OH $350,000 $448,051 $541,590 $673,077
FAIRFIELD OH $350,000 $448,051 $541,590 $673,077
FRANKLIN OH $350,000 $448,051 $541,590 $673,077
GEAUGA OH $306,410 $392,256 $474,154 $589,231
GREENE OH $278,205 $356,154 $430,513 $535,026
HAMILTON OH $346,154 $443,128 $535,641 $665,692
LAKE OH $306,410 $392,256 $474,154 $589,231

22
LICKING OH $350,000 $448,051 $541,590 $673,077
LORAIN OH $306,410 $392,256 $474,154 $589,231
MADISON OH $350,000 $448,051 $541,590 $673,077
MEDINA OH $306,410 $392,256 $474,154 $589,231
MERCER OH $300,000 $384,051 $464,205 $576,923
MIAMI OH $278,205 $356,154 $430,513 $535,026
MONTGOMERY OH $278,205 $356,154 $430,513 $535,026
MORROW OH $350,000 $448,051 $541,590 $673,077
PICKAWAY OH $350,000 $448,051 $541,590 $673,077
PORTAGE OH $338,462 $433,282 $523,744 $650,872
PREBLE OH $278,205 $356,154 $430,513 $535,026
STARK OH $284,615 $364,359 $440,410 $547,333
SUMMIT OH $338,462 $433,282 $523,744 $650,872
UNION OH $350,000 $448,051 $541,590 $673,077
VAN WERT OH $308,974 $395,538 $478,103 $594,154
WARREN OH $346,154 $443,128 $535,641 $665,692

BENTON OR $346,154 $443,128 $535,641 $665,692
CLACKAMAS OR $429,487 $549,795 $664,615 $825,949
CLATSOP OR $356,410 $456,256 $551,538 $685,385
COLUMBIA OR $429,487 $549,795 $664,615 $825,949
CURRY OR $360,256 $461,179 $557,487 $692,821
DESCHUTES OR $458,974 $587,538 $710,205 $882,667
HOOD RIVER OR $403,846 $516,974 $624,923 $776,615
JACKSON OR $433,333 $554,718 $670,564 $833,333
JOSEPHINE OR $333,333 $426,718 $515,795 $641,026
LANE OR $352,564 $451,333 $545,538 $678,000
LINCOLN OR $320,513 $410,308 $495,949 $616,359
MARION OR $302,564 $387,333 $468,205 $581,846
MULTNOMAH OR $429,487 $549,795 $664,615 $825,949
POLK OR $302,564 $387,333 $468,205 $581,846
TILLAMOOK OR $352,564 $451,333 $545,538 $678,000
WASHINGTON OR $429,487 $549,795 $664,615 $825,949
YAMHILL OR $429,487 $549,795 $664,615 $825,949

ALLEGHENY PA $335,897 $430,000 $519,795 $645,949
ARMSTRONG PA $335,897 $430,000 $519,795 $645,949
BEAVER PA $335,897 $430,000 $519,795 $645,949
BERKS PA $307,692 $393,897 $476,103 $591,692
BUCKS PA $430,769 $551,436 $666,564 $828,410
BUTLER PA $335,897 $430,000 $519,795 $645,949
CARBON PA $412,821 $528,462 $638,821 $793,897
CENTRE PA $287,179 $367,641 $444,359 $552,256

23
CHESTER PA $430,769 $551,436 $666,564 $828,410
DELAWARE PA $430,769 $551,436 $666,564 $828,410
FAYETTE PA $335,897 $430,000 $519,795 $645,949
LANCASTER PA $393,590 $503,846 $609,026 $756,923
LEHIGH PA $412,821 $528,462 $638,821 $793,897
MONTGOMERY PA $430,769 $551,436 $666,564 $828,410
NORTHAMPTON PA $412,821 $528,462 $638,821 $793,897
PHILADELPHIA PA $430,769 $551,436 $666,564 $828,410
PIKE PA $748,462 $958,154 $1,158,205 $1,439,385
WASHINGTON PA $335,897 $430,000 $519,795 $645,949
WESTMORELAND PA $335,897 $430,000 $519,795 $645,949
YORK PA $435,897 $558,000 $674,513 $838,256

BRISTOL RI $487,179 $623,692 $753,897 $936,872
KENT RI $487,179 $623,692 $753,897 $936,872
NEWPORT RI $487,179 $623,692 $753,897 $936,872
PROVIDENCE RI $487,179 $623,692 $753,897 $936,872
WASHINGTON RI $487,179 $623,692 $753,897 $936,872

BEAUFORT SC $397,436 $508,769 $614,974 $764,308
BERKELEY SC $343,590 $439,846 $531,692 $660,769
CHARLESTON SC $343,590 $439,846 $531,692 $660,769
DORCHESTER SC $343,590 $439,846 $531,692 $660,769
GEORGETOWN SC $405,128 $518,615 $626,923 $779,077
GREENVILLE SC $302,564 $387,333 $468,205 $581,846
HORRY SC $293,590 $375,846 $454,308 $564,564
JASPER SC $397,436 $508,769 $614,974 $764,308
LAURENS SC $302,564 $387,333 $468,205 $581,846
PICKENS SC $302,564 $387,333 $468,205 $581,846
YORK SC $311,538 $398,821 $482,051 $599,128

CANNON TN $443,590 $567,846 $686,410 $853,077
CHEATHAM TN $443,590 $567,846 $686,410 $853,077
DAVIDSON TN $443,590 $567,846 $686,410 $853,077
DICKSON TN $443,590 $567,846 $686,410 $853,077
HICKMAN TN $443,590 $567,846 $686,410 $853,077
MACON TN $443,590 $567,846 $686,410 $853,077
ROBERTSON TN $443,590 $567,846 $686,410 $853,077
RUTHERFORD TN $443,590 $567,846 $686,410 $853,077
SMITH TN $443,590 $567,846 $686,410 $853,077
SUMNER TN $443,590 $567,846 $686,410 $853,077
TROUSDALE TN $443,590 $567,846 $686,410 $853,077
WILLIAMSON TN $443,590 $567,846 $686,410 $853,077

24
WILSON TN $443,590 $567,846 $686,410 $853,077

ATASCOSA TX $341,026 $436,564 $527,692 $655,795
BANDERA TX $341,026 $436,564 $527,692 $655,795
BASTROP TX $296,154 $379,128 $458,256 $569,538
BEXAR TX $341,026 $436,564 $527,692 $655,795
CALDWELL TX $296,154 $379,128 $458,256 $569,538
COMAL TX $341,026 $436,564 $527,692 $655,795
GUADALUPE TX $341,026 $436,564 $527,692 $655,795
HAYS TX $296,154 $379,128 $458,256 $569,538
JEFF DAVIS TX $278,205 $356,154 $430,513 $535,026
KENDALL TX $341,026 $436,564 $527,692 $655,795
MEDINA TX $341,026 $436,564 $527,692 $655,795
TRAVIS TX $296,154 $379,128 $458,256 $569,538
WILLIAMSON TX $296,154 $379,128 $458,256 $569,538
WILSON TX $341,026 $436,564 $527,692 $655,795

DAGGETT UT $310,205 $397,128 $480,000 $596,564
DAVIS UT $407,692 $521,897 $630,872 $784,000
JUAB UT $332,051 $425,077 $513,795 $638,564
KANE UT $393,590 $503,846 $609,026 $756,923
MORGAN UT $407,692 $521,897 $630,872 $784,000
RICH UT $304,308 $389,538 $470,872 $585,179
SALT LAKE UT $748,462 $958,154 $1,158,205 $1,439,385
SUMMIT UT $748,462 $958,154 $1,158,205 $1,439,385
TOOELE UT $748,462 $958,154 $1,158,205 $1,439,385
UTAH UT $332,051 $425,077 $513,795 $638,564
WASATCH UT $442,308 $566,205 $684,462 $850,615
WASHINGTON UT $382,051 $489,077 $591,179 $734,718
WEBER UT $407,692 $521,897 $630,872 $784,000

ALBEMARLE VA $448,205 $573,795 $693,538 $861,949
AMELIA VA $549,641 $703,641 $850,513 $1,057,026
AMHERST VA $299,590 $383,538 $463,590 $576,103
APPOMATTOX VA $299,590 $383,538 $463,590 $576,103
ARLINGTON VA $748,462 $958,154 $1,158,205 $1,439,385
BEDFORD VA $299,590 $383,538 $463,590 $576,103
BOTETOURT VA $287,179 $367,641 $444,359 $552,256
CAMPBELL VA $299,590 $383,538 $463,590 $576,103
CAROLINE VA $549,641 $703,641 $850,513 $1,057,026
CHARLES CITY VA $549,641 $703,641 $850,513 $1,057,026
CHESTERFIELD VA $549,641 $703,641 $850,513 $1,057,026
CLARKE VA $748,462 $958,154 $1,158,205 $1,439,385

25
CRAIG VA $287,179 $367,641 $444,359 $552,256
CULPEPER VA $392,308 $502,205 $607,077 $754,462
CUMBERLAND VA $549,641 $703,641 $850,513 $1,057,026
DINWIDDIE VA $549,641 $703,641 $850,513 $1,057,026
ESSEX VA $384,615 $492,359 $595,179 $739,641
FAIRFAX VA $748,462 $958,154 $1,158,205 $1,439,385
FAUQUIER VA $748,462 $958,154 $1,158,205 $1,439,385
FLUVANNA VA $448,205 $573,795 $693,538 $861,949
FRANKLIN VA $287,179 $367,641 $444,359 $552,256
FREDERICK VA $487,179 $623,692 $753,897 $936,872
GILES VA $299,590 $383,538 $463,590 $576,103
GLOUCESTER VA $470,615 $602,462 $728,256 $905,026
GOOCHLAND VA $549,641 $703,641 $850,513 $1,057,026
GREENE VA $448,205 $573,795 $693,538 $861,949
HANOVER VA $549,641 $703,641 $850,513 $1,057,026
HENRICO VA $549,641 $703,641 $850,513 $1,057,026
HIGHLAND VA $294,872 $377,487 $456,308 $567,077
ISLE OF WIGHT VA $470,615 $602,462 $728,256 $905,026
JAMES CITY VA $470,615 $602,462 $728,256 $905,026
KING AND QUEEN VA $549,641 $703,641 $850,513 $1,057,026
KING GEORGE VA $396,154 $507,128 $613,026 $761,846
KING WILLIAM VA $549,641 $703,641 $850,513 $1,057,026
LANCASTER VA $558,974 $715,590 $864,974 $1,074,974
LOUDOUN VA $748,462 $958,154 $1,158,205 $1,439,385
LOUISA VA $549,641 $703,641 $850,513 $1,057,026
MADISON VA $284,615 $364,359 $440,410 $547,333
MATHEWS VA $470,615 $602,462 $728,256 $905,026
MIDDLESEX VA $338,462 $433,282 $523,744 $650,872
MONTGOMERY VA $299,590 $383,538 $463,590 $576,103
NELSON VA $448,205 $573,795 $693,538 $861,949
NEW KENT VA $549,641 $703,641 $850,513 $1,057,026
NORTHUMBERLAND VA $402,564 $515,333 $622,923 $774,154
ORANGE VA $339,744 $434,923 $525,744 $653,333
POWHATAN VA $549,641 $703,641 $850,513 $1,057,026
PRINCE GEORGE VA $549,641 $703,641 $850,513 $1,057,026
PRINCE WILLIAM VA $748,462 $958,154 $1,158,205 $1,439,385
PULASKI VA $299,590 $383,538 $463,590 $576,103
RAPPAHANNOCK VA $369,179 $472,615 $571,282 $709,949
RICHMOND VA $307,692 $393,897 $476,103 $591,692
ROANOKE VA $287,179 $367,641 $444,359 $552,256
ROCKINGHAM VA $284,256 $363,897 $439,846 $546,615
SPOTSYLVANIA VA $748,462 $958,154 $1,158,205 $1,439,385
STAFFORD VA $748,462 $958,154 $1,158,205 $1,439,385

26
SURRY VA $470,615 $602,462 $728,256 $905,026
SUSSEX VA $549,641 $703,641 $850,513 $1,057,026
WARREN VA $748,462 $958,154 $1,158,205 $1,439,385
YORK VA $470,615 $602,462 $728,256 $905,026
ALEXANDRIA VA $748,462 $958,154 $1,158,205 $1,439,385
BEDFORD IND VA $299,590 $383,538 $463,590 $576,103
CHARLOTTESVILLE VA $448,205 $573,795 $693,538 $861,949
CHESAPEAKE VA $470,615 $602,462 $728,256 $905,026
COLONIAL HEIGHT VA $549,641 $703,641 $850,513 $1,057,026
FAIRFAX IND VA $748,462 $958,154 $1,158,205 $1,439,385
FALLS CHURCH VA $748,462 $958,154 $1,158,205 $1,439,385
FREDERICKSBURG VA $748,462 $958,154 $1,158,205 $1,439,385
HAMPTON VA $470,615 $602,462 $728,256 $905,026
HARRISONBURG VA $284,256 $363,897 $439,846 $546,615
HOPEWELL VA $549,641 $703,641 $850,513 $1,057,026
LEXINGTON VA $303,846 $388,974 $470,154 $584,308
LYNCHBURG VA $299,590 $383,538 $463,590 $576,103
MANASSAS VA $748,462 $958,154 $1,158,205 $1,439,385
MANASSAS PARK VA $748,462 $958,154 $1,158,205 $1,439,385
NEWPORT NEWS VA $470,615 $602,462 $728,256 $905,026
NORFOLK VA $470,615 $602,462 $728,256 $905,026
PETERSBURG VA $549,641 $703,641 $850,513 $1,057,026
POQUOSON VA $470,615 $602,462 $728,256 $905,026
PORTSMOUTH VA $470,615 $602,462 $728,256 $905,026
RADFORD VA $299,590 $383,538 $463,590 $576,103
RICHMOND IND VA $549,641 $703,641 $850,513 $1,057,026
ROANOKE IND VA $287,179 $367,641 $444,359 $552,256
SALEM VA $287,179 $367,641 $444,359 $552,256
SUFFOLK VA $470,615 $602,462 $728,256 $905,026
VIRGINIA BEACH VA $470,615 $602,462 $728,256 $905,026
WILLIAMSBURG VA $470,615 $602,462 $728,256 $905,026
WINCHESTER VA $487,179 $623,692 $753,897 $936,872

BENNINGTON VT $284,256 $363,897 $439,846 $546,615
CHITTENDEN VT $326,923 $418,513 $505,897 $628,718
FRANKLIN VT $326,923 $418,513 $505,897 $628,718
GRAND ISLE VT $326,923 $418,513 $505,897 $628,718
LAMOILLE VT $283,077 $362,359 $438,051 $544,359
ORANGE VT $288,462 $369,282 $446,359 $554,718
WINDSOR VT $288,462 $369,282 $446,359 $554,718

BENTON WA $282,051 $361,077 $436,462 $542,410
CHELAN WA $351,487 $449,949 $543,897 $675,949

27
CLALLAM WA $393,949 $504,308 $609,590 $757,590
CLARK WA $429,487 $549,795 $664,615 $825,949
DOUGLAS WA $351,487 $449,949 $543,897 $675,949
FRANKLIN WA $282,051 $361,077 $436,462 $542,410
ISLAND WA $391,026 $500,564 $605,077 $751,949
JEFFERSON WA $448,718 $574,410 $694,359 $862,923
KING WA $582,051 $745,128 $900,667 $1,119,333
KITSAP WA $487,179 $623,692 $753,897 $936,872
KITTITAS WA $337,179 $431,641 $521,744 $648,410
MASON WA $317,949 $407,026 $492,000 $611,436
PIERCE WA $582,051 $745,128 $900,667 $1,119,333
SAN JUAN WA $608,974 $779,590 $942,359 $1,171,128
SKAGIT WA $383,333 $490,718 $593,179 $737,179
SKAMANIA WA $429,487 $549,795 $664,615 $825,949
SNOHOMISH WA $582,051 $745,128 $900,667 $1,119,333
THURSTON WA $370,513 $474,308 $573,333 $712,513
WHATCOM WA $384,615 $492,359 $595,179 $739,641

COLUMBIA WI $301,282 $385,692 $466,205 $579,385
DANE WI $301,282 $385,692 $466,205 $579,385
IOWA WI $301,282 $385,692 $466,205 $579,385
KENOSHA WI $420,513 $538,308 $650,718 $808,667
MILWAUKEE WI $323,077 $413,590 $499,949 $621,282
OZAUKEE WI $323,077 $413,590 $499,949 $621,282
PIERCE WI $374,359 $479,231 $579,282 $719,897
ST. CROIX WI $374,359 $479,231 $579,282 $719,897
WALWORTH WI $285,897 $366,000 $442,410 $549,795
WASHINGTON WI $323,077 $413,590 $499,949 $621,282
WAUKESHA WI $323,077 $413,590 $499,949 $621,282

BERKELEY WV $387,179 $495,641 $599,128 $744,564
HAMPSHIRE WV $487,179 $623,692 $753,897 $936,872
JEFFERSON WV $748,462 $958,154 $1,158,205 $1,439,385
MORGAN WV $387,179 $495,641 $599,128 $744,564
SHERIDAN WY $279,487 $357,795 $432,462 $537,487
SUBLETTE WY $306,410 $392,256 $474,154 $589,231
TETON WY $711,538 $910,872 $1,101,077 $1,368,359

MANUA AS $312,821 $400,462 $484,051 $601,590

GUAM GU $667,949 $855,077 $1,033,590 $1,284,513

NORTHERN ISLAND MP $620,513 $794,359 $960,205 $1,193,333

28
ROTA MP $485,897 $622,051 $751,897 $934,410
SAIPAN MP $625,641 $800,923 $968,154 $1,203,179
TINIAN MP $629,487 $805,846 $974,103 $1,210,564

AGUAS BUENAS PR $621,795 $796,000 $962,205 $1,195,795
AIBONITO PR $621,795 $796,000 $962,205 $1,195,795
ARECIBO PR $621,795 $796,000 $962,205 $1,195,795
BARCELONETA PR $621,795 $796,000 $962,205 $1,195,795
BARRANQUITAS PR $621,795 $796,000 $962,205 $1,195,795
BAYAMON PR $621,795 $796,000 $962,205 $1,195,795
CAGUAS PR $621,795 $796,000 $962,205 $1,195,795
CAMUY PR $621,795 $796,000 $962,205 $1,195,795
CANOVANAS PR $621,795 $796,000 $962,205 $1,195,795
CAROLINA PR $621,795 $796,000 $962,205 $1,195,795
CATANO PR $621,795 $796,000 $962,205 $1,195,795
CAYEY PR $621,795 $796,000 $962,205 $1,195,795
CEIBA PR $333,333 $426,718 $515,795 $641,026
CIALES PR $621,795 $796,000 $962,205 $1,195,795
CIDRA PR $621,795 $796,000 $962,205 $1,195,795
COMERIO PR $621,795 $796,000 $962,205 $1,195,795
COROZAL PR $621,795 $796,000 $962,205 $1,195,795
DORADO PR $621,795 $796,000 $962,205 $1,195,795
FAJARDO PR $333,333 $426,718 $515,795 $641,026
FLORIDA PR $621,795 $796,000 $962,205 $1,195,795
GUAYNABO PR $621,795 $796,000 $962,205 $1,195,795
GURABO PR $621,795 $796,000 $962,205 $1,195,795
HATILLO PR $621,795 $796,000 $962,205 $1,195,795
HUMACAO PR $621,795 $796,000 $962,205 $1,195,795
JUNCOS PR $621,795 $796,000 $962,205 $1,195,795
LAS PIEDRAS PR $621,795 $796,000 $962,205 $1,195,795
LOIZA PR $621,795 $796,000 $962,205 $1,195,795
LUQUILLO PR $333,333 $426,718 $515,795 $641,026
MANATI PR $621,795 $796,000 $962,205 $1,195,795
MAUNABO PR $621,795 $796,000 $962,205 $1,195,795
MOROVIS PR $621,795 $796,000 $962,205 $1,195,795
NAGUABO PR $621,795 $796,000 $962,205 $1,195,795
NARANJITO PR $621,795 $796,000 $962,205 $1,195,795
OROCOVIS PR $621,795 $796,000 $962,205 $1,195,795
QUEBRADILLAS PR $621,795 $796,000 $962,205 $1,195,795
RIO GRANDE PR $621,795 $796,000 $962,205 $1,195,795
SAN JUAN PR $621,795 $796,000 $962,205 $1,195,795
SAN LORENZO PR $621,795 $796,000 $962,205 $1,195,795
TOA ALTA PR $621,795 $796,000 $962,205 $1,195,795

29
TOA BAJA PR $621,795 $796,000 $962,205 $1,195,795
TRUJILLO ALTO PR $621,795 $796,000 $962,205 $1,195,795
VEGA ALTA PR $621,795 $796,000 $962,205 $1,195,795
VEGA BAJA PR $621,795 $796,000 $962,205 $1,195,795
YABUCOA PR $621,795 $796,000 $962,205 $1,195,795

ST. CROIX VI $336,154 $430,308 $520,154 $646,462
ST. JOHN VI $639,282 $818,410 $989,231 $1,229,385
ST. THOMAS VI $457,641 $585,846 $708,154 $880,103

All other areas (floor):
$278,000 $355,897 $430,154 $534,615

.02 The nationwide average purchase price (for use in the housing cost/income
ratio for new and existing residences) is $214,000.
SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2011-23 is obsolete except as provided in section 6 of this revenue
procedure.
SECTION 6. EFFECTIVE DATES
.01 Issuers may rely on this revenue procedure to determine average area
purchase price safe harbors for commitments to provide financing or issue mortgage
credit certificates that are made, or (if the purchase precedes the commitment) for
residences that are purchased, in the period that begins on April 25, 2012, 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. 2011-23,

30
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before May 25, 2012, if the commitments to provide
financing or issue mortgage credit certificates are made on or before June 24, 2012.
.03 Except as provided in section 6.04, issuers must use the nationwide average
purchase price limitation contained in this revenue procedure for commitments to
provide financing or issue mortgage credit certificates that are made, or (if the purchase
precedes the commitment) for residences that are purchased, in the period that begins
on April 25, 2012, 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. 2011-
23 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before May 25, 2012, if the commitments to provide
financing or issue mortgage credit certificates are made on or before June 24, 2012.
SECTION 7. REQUEST FOR COMMENTS
Code section 143 requires that the average area purchase prices be based on the most
recent 12-month period for which sufficient statistical information is available. In order
to ensure that the safe harbors reflect accurate and timely price information, the
Treasury Department and the IRS are considering possible changes in the data source
and method used for these safe harbors beginning in 2013. The alternative method
under consideration would involve the use of certain currently available data from the
Department of Housing and Urban Development (“HUD”) regarding county median

31
housing purchase prices instead of the FHA loan limits. Certain aggregate HUD price
data are available at http://www.hud.gov/pub/chums under CY2012 FHA Forward Limits
and certain HUD price data for individual counties is available at
https://entp.hud.gov/idapp/html/hicostlook.cfm.
Absent modifications, the use of HUD data on county median housing purchase prices
potentially would result in significant declines in purchase price limits compared to prior
limits, particularly in rural areas. The Treasury Department and the IRS are considering
certain appropriate modifications to the HUD price data in implementing this alternative
method.
One potential modification would be to consider setting floors on purchase price safe
harbors. Potential approaches to setting floors on purchase prices might include
national average prices, county average prices, rural county average prices, or some
percentile of county average prices. For illustrative purposes only, set forth below are
the floors on mean purchase prices that would result from using one of these
approaches with 2012 data: (1) national average price ($214,000); (2) county average
price ($174,862); (3) rural county average price ($112,864); (4) 25
th
percentile of county
average price ($92,308); (5) 50
th
percentile of county average price ($138,462); or (6)
75
th
percentile of county average price ($214,103).
Another potential modification would be to consider transitional relief to phase in the
effects of the changes over an extended period, as compared with a baseline of the
2012 purchase price safe harbors in section 4.01 of this revenue procedure. Potential
phase-in periods might include a period of three years to five years. In addition, a

32
technical modification will make adjustments for differences between HUD median
prices and the required average prices.
The Treasury Department and the IRS solicit public comments on this alternative
method using current HUD data on county median housing purchase prices, including
particularly comments on potential floors on prices and phase-in periods for the method,
and on whether other methods or data sources should be used to calculate these safe
harbors. Comments should be submitted in writing and can be e-mailed to
notice.comments@irscounsel.treas.gov
(include “Rev. Proc. 2012-25” in the subject
line) or mailed to Office of Associate Chief Counsel (Financial Institutions & Products),
Re: Rev. Proc. 2012-25, CC:FIP:B5, Room 3547, 1111 Constitution Avenue, NW,
Washington, DC 20224. The due date for the public comments is July 15, 2012.
Comments that are submitted will be made available to the public.
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

33
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 9. DRAFTING INFORMATION
The principal authors of this revenue procedure are David E. White and Timothy
L. Jones of the Office of Associate Chief Counsel (Financial Institutions & Products)
.
For further information regarding this revenue procedure contact David E. White on
(202) 622-3980 (not a toll free call).