rp-17-27.pdf

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

Rev. Proc. 2017-27

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

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

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

4
6a.103A-2(f)(5)(i) further provides that an issuer may use an average area purchase
price limitation different from the published safe harbor if the issuer has more accurate
and comprehensive data for the statistical area.
Qualified Mortgage Credit Certificate Program
.08 Section 25(c) permits a state or political subdivision to establish a qualified
mortgage credit certificate program. In general, a qualified mortgage credit certificate
program is a program under which the issuing authority elects not to issue an amount of
private activity bonds that it may otherwise issue during the calendar year under section
146, and in their place, issues mortgage credit certificates to taxpayers in connection
with the acquisition of their principal residences. Section 25(a)(1) provides, in general,
that the holder of a mortgage credit certificate may claim a federal income tax credit
equal to the product of the credit rate specified in the certificate and the interest paid or
accrued during the tax year on the remaining principal of the indebtedness incurred to
acquire the residence. Section 25(c)(2)(A)(iii)(III) generally provides that residences
acquired in connection with the issuance of mortgage credit certificates must meet the
purchase price requirements of section 143(e).
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

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qualified mortgage bond and all mortgage credit certificates issued under a qualified
mortgage credit certificate program are provided to mortgagors whose family income is
115 percent or less of the applicable median family income. Section 143(f)(5),
however, generally provides for an upward adjustment to the percentage limitation in
high housing cost areas. High housing cost areas are defined in section 143(f)(5)(C) as
any statistical area for which the housing cost/income ratio is greater than 1.2.
.10 Under section 143(f)(5)(D), the housing cost/income ratio with respect to any
statistical area is determined by dividing (a) the applicable housing price ratio for such
area by (b) the ratio that the area median gross income for such area bears to the
median gross income for the United States. The applicable housing price ratio is the
new housing price ratio (new housing average area purchase price divided by the new
housing average purchase price for the United States) or the existing housing price
ratio (existing housing average area purchase price divided by the existing housing
average purchase price for the United States), whichever results in the housing
cost/income ratio being closer to 1.
Average Area and Nationwide Purchase Price Limitations
.11 Average area purchase price safe harbors for each state, the District of
Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin
Islands, and Guam were last published in Rev. Proc. 2016-25, 2016-18 I.R.B. 678.
.12 The nationwide average purchase price limitation was last published in
section 4.02 of Rev. Proc. 2016-25. Guidance with respect to the United States and
area median gross income figures that are to be used in computing the housing

6
cost/income ratio described in section 143(f)(5) was last published in Rev. Proc. 2016-
26, 2016-22 I.R.B. 1018.
.13 This revenue procedure uses FHA loan limits for a given statistical area to
calculate the average area purchase price safe harbor for that area. FHA sets limits on
the dollar value of loans it will insure based on median home prices and conforming
loan limits established by the Federal Home Loan Mortgage Corporation. In particular,
FHA sets an area's loan limit at 95 percent of the median home sales price for the area,
subject to certain floors and caps measured against conforming loan limits.
.14 To calculate the average area purchase price safe harbors in this revenue
procedure, the FHA loan limits are adjusted to take into account the differences
between average and median purchase prices. Because FHA loan limits do not
differentiate between new and existing residences, this revenue procedure contains a
single average area purchase price safe harbor for both new and existing residences in
a statistical area. The Treasury Department and the Internal Revenue Service (IRS)
have determined that FHA loan limits provide a reasonable basis for determining
average area purchase price safe harbors. If the Treasury Department and the IRS
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 1, 2016. FHA

7
loan limits are available for statistical areas in each state, the District of Columbia,
Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and
Guam. See section 3.03 of this revenue procedure with respect to FHA loan limits
revised after December 1, 2016.
.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
1, 2016, 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 .9775.
.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. 2016-25, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.
2016-25 in computing the housing cost/income ratio under section 143(f)(5). Likewise,
if, pursuant to section 6.04 of this revenue procedure, an issuer relies on the nationwide
average purchase price published in Rev. Proc. 2016-25, 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.

2017 Average Area Purchase Prices for Mortgage Revenue Bonds

County Name State
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit

HALE AL $338,824 $433,760 $524,297 $651,560
PICKENS AL $338,824 $433,760 $524,297 $651,560
RUSSELL AL $296,471 $379,540 $458,772 $570,128
TUSCALOOSA AL $338,824 $433,760 $524,297 $651,560

ALEUTIANS WEST AK $394,118 $504,552 $609,872 $757,903
ANCHORAGE MUNIC AK $405,882 $519,591 $628,082 $780,563
BRISTOL BAY BOR AK $321,176 $411,151 $496,982 $617,647
DENALI BOROUGH AK $304,706 $390,077 $471,509 $585,985
HAINES BOROUGH AK $290,588 $371,969 $449,668 $558,824
HOONAH-ANGOON C AK $288,235 $369,003 $446,036 $554,271
JUNEAU CITY AND AK $435,294 $557,238 $673,606 $837,084
KETCHIKAN GATEW AK $332,941 $426,189 $515,192 $640,256
KODIAK ISLAND B AK $390,588 $500,000 $604,399 $751,151
MATANUSKA-SUSIT AK $405,882 $519,591 $628,082 $780,563
NOME CENSUS ARE AK $361,176 $462,353 $558,875 $694,578
NORTH SLOPE BOR AK $340,000 $435,243 $526,138 $653,862
PETERSBURG CENS AK $340,000 $435,243 $526,138 $653,862
SITKA CITY AND AK $462,353 $591,867 $715,448 $889,156
SKAGWAY MUNICIP AK $424,706 $543,683 $657,187 $816,726
VALDEZ-CORDOVA AK $300,000 $384,041 $464,194 $576,931

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WRANGELL CITY A AK $340,000 $435,243 $526,138 $653,862
YAKUTAT CITY AN AK $430,588 $551,202 $666,292 $828,082

COCONINO AZ $370,588 $474,425 $573,453 $712,685
MARICOPA AZ $285,882 $365,985 $442,353 $549,770
PINAL AZ $285,882 $365,985 $442,353 $549,770

ALAMEDA CA $650,793 $833,248 $1,007,187 $1,251,637
CONTRA COSTA CA $650,793 $833,248 $1,007,187 $1,251,637
LOS ANGELES CA $650,793 $833,248 $1,007,187 $1,251,637
MARIN CA $650,793 $833,248 $1,007,187 $1,251,637
NAPA CA $650,793 $833,248 $1,007,187 $1,251,637
ORANGE CA $650,793 $833,248 $1,007,187 $1,251,637
SAN BENITO CA $650,793 $833,248 $1,007,187 $1,251,637
SAN FRANCISCO CA $650,793 $833,248 $1,007,187 $1,251,637
SAN MATEO CA $650,793 $833,248 $1,007,187 $1,251,637
SANTA BARBARA CA $650,793 $833,248 $1,007,187 $1,251,637
SANTA CLARA CA $650,793 $833,248 $1,007,187 $1,251,637
SANTA CRUZ CA $650,793 $833,248 $1,007,187 $1,251,637
VENTURA CA $650,793 $833,248 $1,007,187 $1,251,637
ALPINE CA $474,118 $606,957 $733,657 $911,765
AMADOR CA $340,000 $435,243 $526,138 $653,862
BUTTE CA $300,000 $384,041 $464,194 $576,931
CALAVERAS CA $382,353 $489,463 $591,662 $735,294
EL DORADO CA $500,000 $640,102 $773,708 $961,535
FRESNO CA $288,235 $369,003 $446,036 $554,271
HUMBOLDT CA $335,294 $429,207 $518,824 $644,808
INYO CA $377,647 $483,427 $584,399 $726,240
MARIPOSA CA $329,412 $421,688 $509,719 $633,504
MENDOCINO CA $382,353 $489,463 $591,662 $735,294
MONO CA $541,176 $692,788 $837,442 $1,040,716
MONTEREY CA $588,235 $753,043 $910,281 $1,131,253
NEVADA CA $488,235 $625,013 $755,499 $938,926
PLACER CA $500,000 $640,102 $773,708 $961,535
PLUMAS CA $344,706 $441,279 $533,402 $662,916
RIVERSIDE CA $388,235 $496,982 $600,767 $746,598
SACRAMENTO CA $500,000 $640,102 $773,708 $961,535
SAN BERNARDINO CA $388,235 $496,982 $600,767 $746,598

12
SAN DIEGO CA $627,059 $802,762 $970,332 $1,205,882
SAN JOAQUIN CA $370,588 $474,425 $573,453 $712,685
SAN LUIS OBISPO CA $600,000 $768,082 $928,440 $1,153,862
SIERRA CA $311,765 $399,079 $482,404 $599,540
SOLANO CA $441,176 $564,757 $682,711 $848,440
SONOMA CA $609,412 $780,153 $943,018 $1,171,969
STANISLAUS CA $305,882 $391,560 $473,299 $588,235
SUTTER CA $282,353 $361,432 $436,931 $542,967
TUOLUMNE CA $338,824 $433,760 $524,297 $651,560
YOLO CA $500,000 $640,102 $773,708 $961,535
YUBA CA $282,353 $361,432 $436,931 $542,967

EAGLE CO $650,793 $833,248 $1,007,187 $1,251,637
GARFIELD CO $650,793 $833,248 $1,007,187 $1,251,637
PITKIN CO $650,793 $833,248 $1,007,187 $1,251,637
SAN MIGUEL CO $650,793 $833,248 $1,007,187 $1,251,637
SUMMIT CO $650,793 $833,248 $1,007,187 $1,251,637
ADAMS CO $504,706 $646,087 $781,023 $970,588
ARAPAHOE CO $504,706 $646,087 $781,023 $970,588
ARCHULETA CO $291,765 $373,504 $451,458 $561,074
BOULDER CO $541,176 $692,788 $837,442 $1,040,716
BROOMFIELD CO $504,706 $646,087 $781,023 $970,588
CLEAR CREEK CO $504,706 $646,087 $781,023 $970,588
DENVER CO $504,706 $646,087 $781,023 $970,588
DOUGLAS CO $504,706 $646,087 $781,023 $970,588
ELBERT CO $504,706 $646,087 $781,023 $970,588
EL PASO CO $291,765 $373,504 $451,458 $561,074
GILPIN CO $504,706 $646,087 $781,023 $970,588
GRAND CO $341,176 $436,777 $527,928 $656,113
GUNNISON CO $365,882 $468,389 $566,189 $703,632
HINSDALE CO $437,647 $560,256 $677,238 $841,637
JEFFERSON CO $504,706 $646,087 $781,023 $970,588
LA PLATA CO $394,118 $504,552 $609,872 $757,903
LARIMER CO $384,706 $492,481 $595,294 $739,795
MESA CO $289,412 $370,486 $447,826 $556,573
OURAY CO $435,294 $557,238 $673,606 $837,084
PARK CO $504,706 $646,087 $781,023 $970,588
ROUTT CO $649,412 $831,355 $1,004,910 $1,248,900

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TELLER CO $291,765 $373,504 $451,458 $561,074
WELD CO $329,412 $421,688 $509,719 $633,504

FAIRFIELD CT $615,294 $787,673 $952,123 $1,183,274
HARTFORD CT $361,176 $462,353 $558,875 $694,578
LITCHFIELD CT $365,882 $468,389 $566,189 $703,632
MIDDLESEX CT $361,176 $462,353 $558,875 $694,578
NEW HAVEN CT $312,941 $400,614 $484,246 $601,790
NEW LONDON CT $287,059 $367,468 $444,194 $552,020
TOLLAND CT $361,176 $462,353 $558,875 $694,578
WINDHAM CT $294,118 $376,522 $455,141 $565,627

DISTRICT OF COL DC $650,793 $833,248 $1,007,187 $1,251,637

NEW CASTLE DE $388,235 $496,982 $600,767 $746,598
SUSSEX DE $323,529 $414,169 $500,614 $622,148

BAKER FL $337,647 $432,225 $522,455 $649,309
BROWARD FL $352,941 $451,816 $546,138 $678,721
CLAY FL $337,647 $432,225 $522,455 $649,309
COLLIER FL $461,176 $590,384 $713,657 $886,905
DUVAL FL $337,647 $432,225 $522,455 $649,309
LAKE FL $283,529 $362,967 $438,721 $545,217
MANATEE FL $294,118 $376,522 $455,141 $565,627
MARTIN FL $323,529 $414,169 $500,614 $622,148
MIAMI-DADE FL $352,941 $451,816 $546,138 $678,721
MONROE FL $541,176 $692,788 $837,442 $1,040,716
NASSAU FL $337,647 $432,225 $522,455 $649,309
OKALOOSA FL $349,412 $447,315 $540,665 $671,918
ORANGE FL $283,529 $362,967 $438,721 $545,217
OSCEOLA FL $283,529 $362,967 $438,721 $545,217
PALM BEACH FL $352,941 $451,816 $546,138 $678,721
ST. JOHNS FL $337,647 $432,225 $522,455 $649,309
ST. LUCIE FL $323,529 $414,169 $500,614 $622,148
SARASOTA FL $294,118 $376,522 $455,141 $565,627
SEMINOLE FL $283,529 $362,967 $438,721 $545,217
SUMTER FL $294,118 $376,522 $455,141 $565,627
WALTON FL $349,412 $447,315 $540,665 $671,918

14

BARROW GA $367,059 $469,872 $567,980 $705,882
BARTOW GA $367,059 $469,872 $567,980 $705,882
BUTTS GA $367,059 $469,872 $567,980 $705,882
CARROLL GA $367,059 $469,872 $567,980 $705,882
CHATTAHOOCHEE GA $296,471 $379,540 $458,772 $570,128
CHEROKEE GA $367,059 $469,872 $567,980 $705,882
CLARKE GA $328,235 $420,205 $507,928 $631,202
CLAYTON GA $367,059 $469,872 $567,980 $705,882
COBB GA $367,059 $469,872 $567,980 $705,882
COWETA GA $367,059 $469,872 $567,980 $705,882
DAWSON GA $367,059 $469,872 $567,980 $705,882
DEKALB GA $367,059 $469,872 $567,980 $705,882
DOUGLAS GA $367,059 $469,872 $567,980 $705,882
FAYETTE GA $367,059 $469,872 $567,980 $705,882
FORSYTH GA $367,059 $469,872 $567,980 $705,882
FULTON GA $367,059 $469,872 $567,980 $705,882
GREENE GA $527,059 $674,731 $815,601 $1,013,606
GWINNETT GA $367,059 $469,872 $567,980 $705,882
HARALSON GA $367,059 $469,872 $567,980 $705,882
HARRIS GA $296,471 $379,540 $458,772 $570,128
HEARD GA $367,059 $469,872 $567,980 $705,882
HENRY GA $367,059 $469,872 $567,980 $705,882
JASPER GA $367,059 $469,872 $567,980 $705,882
LAMAR GA $367,059 $469,872 $567,980 $705,882
MADISON GA $328,235 $420,205 $507,928 $631,202
MARION GA $296,471 $379,540 $458,772 $570,128
MERIWETHER GA $367,059 $469,872 $567,980 $705,882
MORGAN GA $367,059 $469,872 $567,980 $705,882
MUSCOGEE GA $296,471 $379,540 $458,772 $570,128
NEWTON GA $367,059 $469,872 $567,980 $705,882
OCONEE GA $328,235 $420,205 $507,928 $631,202
OGLETHORPE GA $328,235 $420,205 $507,928 $631,202
PAULDING GA $367,059 $469,872 $567,980 $705,882
PICKENS GA $367,059 $469,872 $567,980 $705,882
PIKE GA $367,059 $469,872 $567,980 $705,882
ROCKDALE GA $367,059 $469,872 $567,980 $705,882
SPALDING GA $367,059 $469,872 $567,980 $705,882

15
WALTON GA $367,059 $469,872 $567,980 $705,882

HONOLULU HI $737,647 $944,297 $1,141,483 $1,418,568
KALAWAO HI $672,941 $861,483 $1,041,330 $1,294,118
KAUAI HI $729,412 $933,760 $1,128,747 $1,402,711
MAUI HI $672,941 $861,483 $1,041,330 $1,294,118
HAWAII HI $376,471 $481,944 $582,558 $723,990

BLAINE ID $650,793 $833,248 $1,007,187 $1,251,637
CAMAS ID $650,793 $833,248 $1,007,187 $1,251,637
LINCOLN ID $650,793 $833,248 $1,007,187 $1,251,637
TETON ID $650,793 $833,248 $1,007,187 $1,251,637

BOONE IL $347,059 $444,297 $537,033 $667,417
COOK IL $374,118 $478,926 $578,926 $719,437
DEKALB IL $374,118 $478,926 $578,926 $719,437
DUPAGE IL $374,118 $478,926 $578,926 $719,437
GRUNDY IL $374,118 $478,926 $578,926 $719,437
KANE IL $374,118 $478,926 $578,926 $719,437
KENDALL IL $374,118 $478,926 $578,926 $719,437
LAKE IL $374,118 $478,926 $578,926 $719,437
MCHENRY IL $374,118 $478,926 $578,926 $719,437
WILL IL $374,118 $478,926 $578,926 $719,437
WINNEBAGO IL $347,059 $444,297 $537,033 $667,417

BOONE IN $315,294 $403,632 $487,877 $606,343
BROWN IN $315,294 $403,632 $487,877 $606,343
CLARK IN $305,882 $391,560 $473,299 $588,235
FLOYD IN $305,882 $391,560 $473,299 $588,235
HAMILTON IN $315,294 $403,632 $487,877 $606,343
HANCOCK IN $315,294 $403,632 $487,877 $606,343
HARRISON IN $305,882 $391,560 $473,299 $588,235
HENDRICKS IN $315,294 $403,632 $487,877 $606,343
JASPER IN $374,118 $478,926 $578,926 $719,437
JOHNSON IN $315,294 $403,632 $487,877 $606,343
LAKE IN $374,118 $478,926 $578,926 $719,437
MADISON IN $315,294 $403,632 $487,877 $606,343
MARION IN $315,294 $403,632 $487,877 $606,343

16
MORGAN IN $315,294 $403,632 $487,877 $606,343
NEWTON IN $374,118 $478,926 $578,926 $719,437
PORTER IN $374,118 $478,926 $578,926 $719,437
PUTNAM IN $315,294 $403,632 $487,877 $606,343
SCOTT IN $305,882 $391,560 $473,299 $588,235
SHELBY IN $315,294 $403,632 $487,877 $606,343
WASHINGTON IN $305,882 $391,560 $473,299 $588,235

JOHNSON KS $315,294 $403,632 $487,877 $606,343
LEAVENWORTH KS $315,294 $403,632 $487,877 $606,343
LINN KS $315,294 $403,632 $487,877 $606,343
MIAMI KS $315,294 $403,632 $487,877 $606,343
WYANDOTTE KS $315,294 $403,632 $487,877 $606,343

BULLITT KY $305,882 $391,560 $473,299 $588,235
HENRY KY $305,882 $391,560 $473,299 $588,235
JEFFERSON KY $305,882 $391,560 $473,299 $588,235
OLDHAM KY $305,882 $391,560 $473,299 $588,235
SHELBY KY $305,882 $391,560 $473,299 $588,235
SPENCER KY $305,882 $391,560 $473,299 $588,235
TRIMBLE KY $305,882 $391,560 $473,299 $588,235

DUKES MA $650,793 $833,248 $1,007,187 $1,251,637
NANTUCKET MA $650,793 $833,248 $1,007,187 $1,251,637
BARNSTABLE MA $417,647 $534,629 $646,292 $803,171
BRISTOL MA $436,471 $558,772 $675,396 $839,386
ESSEX MA $611,765 $783,171 $946,650 $1,176,471
HAMPDEN MA $294,118 $376,522 $455,141 $565,627
HAMPSHIRE MA $294,118 $376,522 $455,141 $565,627
MIDDLESEX MA $611,765 $783,171 $946,650 $1,176,471
NORFOLK MA $611,765 $783,171 $946,650 $1,176,471
PLYMOUTH MA $611,765 $783,171 $946,650 $1,176,471
SUFFOLK MA $611,765 $783,171 $946,650 $1,176,471
WORCESTER MA $294,118 $376,522 $455,141 $565,627

CALVERT MD $650,793 $833,248 $1,007,187 $1,251,637
CHARLES MD $650,793 $833,248 $1,007,187 $1,251,637
FREDERICK MD $650,793 $833,248 $1,007,187 $1,251,637

17
MONTGOMERY MD $650,793 $833,248 $1,007,187 $1,251,637
PRINCE GEORGE'S MD $650,793 $833,248 $1,007,187 $1,251,637
ANNE ARUNDEL MD $529,412 $677,749 $819,233 $1,018,107
BALTIMORE MD $529,412 $677,749 $819,233 $1,018,107
CARROLL MD $529,412 $677,749 $819,233 $1,018,107
CECIL MD $388,235 $496,982 $600,767 $746,598
HARFORD MD $529,412 $677,749 $819,233 $1,018,107
HOWARD MD $529,412 $677,749 $819,233 $1,018,107
KENT MD $297,647 $381,023 $460,563 $572,379
QUEEN ANNE'S MD $529,412 $677,749 $819,233 $1,018,107
ST. MARY'S MD $355,294 $454,834 $549,770 $683,274
SOMERSET MD $323,529 $414,169 $500,614 $622,148
TALBOT MD $391,765 $501,535 $606,240 $753,402
WICOMICO MD $323,529 $414,169 $500,614 $622,148
WORCESTER MD $323,529 $414,169 $500,614 $622,148
BALTIMORE CITY MD $529,412 $677,749 $819,233 $1,018,107

CUMBERLAND ME $311,765 $399,079 $482,404 $599,540
KNOX ME $285,882 $365,985 $442,353 $549,770
SAGADAHOC ME $311,765 $399,079 $482,404 $599,540
YORK ME $311,765 $399,079 $482,404 $599,540

ANOKA MN $340,000 $435,243 $526,138 $653,862
CARVER MN $340,000 $435,243 $526,138 $653,862
CHISAGO MN $340,000 $435,243 $526,138 $653,862
COOK MN $289,412 $370,486 $447,826 $556,573
DAKOTA MN $340,000 $435,243 $526,138 $653,862
HENNEPIN MN $340,000 $435,243 $526,138 $653,862
ISANTI MN $340,000 $435,243 $526,138 $653,862
LE SUEUR MN $340,000 $435,243 $526,138 $653,862
MILLE LACS MN $340,000 $435,243 $526,138 $653,862
RAMSEY MN $340,000 $435,243 $526,138 $653,862
SCOTT MN $340,000 $435,243 $526,138 $653,862
SHERBURNE MN $340,000 $435,243 $526,138 $653,862
SIBLEY MN $340,000 $435,243 $526,138 $653,862
WASHINGTON MN $340,000 $435,243 $526,138 $653,862
WRIGHT MN $340,000 $435,243 $526,138 $653,862

18
BATES MO $315,294 $403,632 $487,877 $606,343
CALDWELL MO $315,294 $403,632 $487,877 $606,343
CASS MO $315,294 $403,632 $487,877 $606,343
CLAY MO $315,294 $403,632 $487,877 $606,343
CLINTON MO $315,294 $403,632 $487,877 $606,343
JACKSON MO $315,294 $403,632 $487,877 $606,343
LAFAYETTE MO $315,294 $403,632 $487,877 $606,343
PLATTE MO $315,294 $403,632 $487,877 $606,343
RAY MO $315,294 $403,632 $487,877 $606,343

COPIAH MS $288,235 $369,003 $446,036 $554,271
HINDS MS $288,235 $369,003 $446,036 $554,271
MADISON MS $288,235 $369,003 $446,036 $554,271
RANKIN MS $288,235 $369,003 $446,036 $554,271
SIMPSON MS $288,235 $369,003 $446,036 $554,271
YAZOO MS $288,235 $369,003 $446,036 $554,271

FALLON MT $289,412 $370,486 $447,826 $556,573
FLATHEAD MT $308,235 $394,578 $476,982 $592,737
GALLATIN MT $364,706 $466,854 $564,348 $701,330
JEFFERSON MT $292,941 $374,987 $453,299 $563,325
LEWIS AND CLARK MT $292,941 $374,987 $453,299 $563,325
MADISON MT $332,941 $426,189 $515,192 $640,256
MISSOULA MT $302,353 $387,059 $467,877 $581,432
SWEET GRASS MT $296,471 $379,540 $458,772 $570,128

CAMDEN NC $650,793 $833,248 $1,007,187 $1,251,637
PASQUOTANK NC $650,793 $833,248 $1,007,187 $1,251,637
PERQUIMANS NC $650,793 $833,248 $1,007,187 $1,251,637
CABARRUS NC $287,059 $367,468 $444,194 $552,020
CHATHAM NC $368,235 $471,407 $569,821 $708,133
CURRITUCK NC $469,412 $600,921 $726,394 $902,711
DARE NC $400,000 $512,072 $618,977 $769,207
DURHAM NC $368,235 $471,407 $569,821 $708,133
FRANKLIN NC $307,059 $393,095 $475,141 $590,486
GASTON NC $287,059 $367,468 $444,194 $552,020
GATES NC $469,412 $600,921 $726,394 $902,711
HYDE NC $494,118 $632,532 $764,604 $950,230

19
IREDELL NC $287,059 $367,468 $444,194 $552,020
JOHNSTON NC $307,059 $393,095 $475,141 $590,486
LINCOLN NC $287,059 $367,468 $444,194 $552,020
MECKLENBURG NC $287,059 $367,468 $444,194 $552,020
ORANGE NC $368,235 $471,407 $569,821 $708,133
PERSON NC $368,235 $471,407 $569,821 $708,133
ROWAN NC $287,059 $367,468 $444,194 $552,020
TYRRELL NC $400,000 $512,072 $618,977 $769,207
UNION NC $287,059 $367,468 $444,194 $552,020
WAKE NC $307,059 $393,095 $475,141 $590,486

BILLINGS ND $347,059 $444,297 $537,033 $667,417
BURLEIGH ND $303,529 $388,542 $469,668 $583,683
MCINTOSH ND $291,765 $373,504 $451,458 $561,074
MCKENZIE ND $305,882 $391,560 $473,299 $588,235
MORTON ND $303,529 $388,542 $469,668 $583,683
OLIVER ND $303,529 $388,542 $469,668 $583,683
SIOUX ND $303,529 $388,542 $469,668 $583,683
STARK ND $315,294 $403,632 $487,877 $606,343
WILLIAMS ND $337,647 $432,225 $522,455 $649,309

LINCOLN NE $443,529 $567,775 $686,343 $852,941
LOGAN NE $443,529 $567,775 $686,343 $852,941
MCPHERSON NE $443,529 $567,775 $686,343 $852,941

HILLSBOROUGH NH $304,706 $390,077 $471,509 $585,985
ROCKINGHAM NH $611,765 $783,171 $946,650 $1,176,471
STRAFFORD NH $611,765 $783,171 $946,650 $1,176,471

BERGEN NJ $650,793 $833,248 $1,007,187 $1,251,637
ESSEX NJ $650,793 $833,248 $1,007,187 $1,251,637
HUDSON NJ $650,793 $833,248 $1,007,187 $1,251,637
HUNTERDON NJ $650,793 $833,248 $1,007,187 $1,251,637
MIDDLESEX NJ $650,793 $833,248 $1,007,187 $1,251,637
MONMOUTH NJ $650,793 $833,248 $1,007,187 $1,251,637
MORRIS NJ $650,793 $833,248 $1,007,187 $1,251,637
OCEAN NJ $650,793 $833,248 $1,007,187 $1,251,637
PASSAIC NJ $650,793 $833,248 $1,007,187 $1,251,637

20
SOMERSET NJ $650,793 $833,248 $1,007,187 $1,251,637
SUSSEX NJ $650,793 $833,248 $1,007,187 $1,251,637
UNION NJ $650,793 $833,248 $1,007,187 $1,251,637
ATLANTIC NJ $323,529 $414,169 $500,614 $622,148
BURLINGTON NJ $388,235 $496,982 $600,767 $746,598
CAMDEN NJ $388,235 $496,982 $600,767 $746,598
CAPE MAY NJ $423,529 $542,199 $655,396 $814,476
GLOUCESTER NJ $388,235 $496,982 $600,767 $746,598
MERCER NJ $352,941 $451,816 $546,138 $678,721
SALEM NJ $388,235 $496,982 $600,767 $746,598
WARREN NJ $381,176 $487,980 $589,821 $733,043

CATRON NM $404,706 $518,107 $626,240 $778,261
LOS ALAMOS NM $389,412 $498,517 $602,558 $748,849
SANTA FE NM $376,471 $481,944 $582,558 $723,990
TAOS NM $292,941 $374,987 $453,299 $563,325

CLARK NV $294,118 $376,522 $455,141 $565,627
DOUGLAS NV $370,588 $474,425 $573,453 $712,685
STOREY NV $352,941 $451,816 $546,138 $678,721
WASHOE NV $352,941 $451,816 $546,138 $678,721
CARSON CITY NV $292,941 $374,987 $453,299 $563,325

BRONX NY $650,793 $833,248 $1,007,187 $1,251,637
DUTCHESS NY $650,793 $833,248 $1,007,187 $1,251,637
KINGS NY $650,793 $833,248 $1,007,187 $1,251,637
NASSAU NY $650,793 $833,248 $1,007,187 $1,251,637
NEW YORK NY $650,793 $833,248 $1,007,187 $1,251,637
ORANGE NY $650,793 $833,248 $1,007,187 $1,251,637
PUTNAM NY $650,793 $833,248 $1,007,187 $1,251,637
QUEENS NY $650,793 $833,248 $1,007,187 $1,251,637
RICHMOND NY $650,793 $833,248 $1,007,187 $1,251,637
ROCKLAND NY $650,793 $833,248 $1,007,187 $1,251,637
SUFFOLK NY $650,793 $833,248 $1,007,187 $1,251,637
WESTCHESTER NY $650,793 $833,248 $1,007,187 $1,251,637
ALBANY NY $298,824 $382,558 $462,404 $574,629
RENSSELAER NY $298,824 $382,558 $462,404 $574,629
SARATOGA NY $298,824 $382,558 $462,404 $574,629

21
SCHENECTADY NY $298,824 $382,558 $462,404 $574,629
SCHOHARIE NY $298,824 $382,558 $462,404 $574,629

DELAWARE OH $334,118 $427,724 $517,033 $642,506
FAIRFIELD OH $334,118 $427,724 $517,033 $642,506
FRANKLIN OH $334,118 $427,724 $517,033 $642,506
HOCKING OH $334,118 $427,724 $517,033 $642,506
LICKING OH $334,118 $427,724 $517,033 $642,506
MADISON OH $334,118 $427,724 $517,033 $642,506
MORROW OH $334,118 $427,724 $517,033 $642,506
PERRY OH $334,118 $427,724 $517,033 $642,506
PICKAWAY OH $334,118 $427,724 $517,033 $642,506
UNION OH $334,118 $427,724 $517,033 $642,506

BENTON OR $330,588 $423,223 $511,560 $635,754
CLACKAMAS OR $417,647 $534,629 $646,292 $803,171
CLATSOP OR $288,235 $369,003 $446,036 $554,271
COLUMBIA OR $417,647 $534,629 $646,292 $803,171
CURRY OR $335,294 $429,207 $518,824 $644,808
DESCHUTES OR $350,588 $448,798 $542,506 $674,220
HOOD RIVER OR $400,000 $512,072 $618,977 $769,207
JACKSON OR $287,059 $367,468 $444,194 $552,020
LINCOLN OR $282,353 $361,432 $436,931 $542,967
MULTNOMAH OR $417,647 $534,629 $646,292 $803,171
TILLAMOOK OR $294,118 $376,522 $455,141 $565,627
WASHINGTON OR $417,647 $534,629 $646,292 $803,171
YAMHILL OR $417,647 $534,629 $646,292 $803,171

PIKE PA $650,793 $833,248 $1,007,187 $1,251,637
BUCKS PA $388,235 $496,982 $600,767 $746,598
CARBON PA $381,176 $487,980 $589,821 $733,043
CHESTER PA $388,235 $496,982 $600,767 $746,598
DELAWARE PA $388,235 $496,982 $600,767 $746,598
LEHIGH PA $381,176 $487,980 $589,821 $733,043
MONTGOMERY PA $388,235 $496,982 $600,767 $746,598
NORTHAMPTON PA $381,176 $487,980 $589,821 $733,043
PHILADELPHIA PA $388,235 $496,982 $600,767 $746,598

22
BRISTOL RI $436,471 $558,772 $675,396 $839,386
KENT RI $436,471 $558,772 $675,396 $839,386
NEWPORT RI $436,471 $558,772 $675,396 $839,386
PROVIDENCE RI $436,471 $558,772 $675,396 $839,386
WASHINGTON RI $436,471 $558,772 $675,396 $839,386

BEAUFORT SC $358,824 $459,335 $555,243 $690,026
BERKELEY SC $365,882 $468,389 $566,189 $703,632
CHARLESTON SC $365,882 $468,389 $566,189 $703,632
CHESTER SC $287,059 $367,468 $444,194 $552,020
DORCHESTER SC $365,882 $468,389 $566,189 $703,632
GEORGETOWN SC $335,294 $429,207 $518,824 $644,808
JASPER SC $358,824 $459,335 $555,243 $690,026
LANCASTER SC $287,059 $367,468 $444,194 $552,020
YORK SC $287,059 $367,468 $444,194 $552,020

CANNON TN $477,647 $611,458 $739,130 $918,568
CHEATHAM TN $477,647 $611,458 $739,130 $918,568
DAVIDSON TN $477,647 $611,458 $739,130 $918,568
DICKSON TN $477,647 $611,458 $739,130 $918,568
HICKMAN TN $477,647 $611,458 $739,130 $918,568
MACON TN $477,647 $611,458 $739,130 $918,568
MAURY TN $477,647 $611,458 $739,130 $918,568
ROBERTSON TN $477,647 $611,458 $739,130 $918,568
RUTHERFORD TN $477,647 $611,458 $739,130 $918,568
SMITH TN $477,647 $611,458 $739,130 $918,568
SUMNER TN $477,647 $611,458 $739,130 $918,568
TROUSDALE TN $477,647 $611,458 $739,130 $918,568
WILLIAMSON TN $477,647 $611,458 $739,130 $918,568
WILSON TN $477,647 $611,458 $739,130 $918,568

ATASCOSA TX $335,294 $429,207 $518,824 $644,808
AUSTIN TX $338,824 $433,760 $524,297 $651,560
BANDERA TX $335,294 $429,207 $518,824 $644,808
BASTROP TX $369,412 $472,890 $571,611 $710,384
BEXAR TX $335,294 $429,207 $518,824 $644,808
BRAZORIA TX $338,824 $433,760 $524,297 $651,560
CALDWELL TX $369,412 $472,890 $571,611 $710,384

23
CHAMBERS TX $338,824 $433,760 $524,297 $651,560
COLLIN TX $370,588 $474,425 $573,453 $712,685
COMAL TX $335,294 $429,207 $518,824 $644,808
DALLAS TX $370,588 $474,425 $573,453 $712,685
DENTON TX $370,588 $474,425 $573,453 $712,685
ELLIS TX $370,588 $474,425 $573,453 $712,685
FORT BEND TX $338,824 $433,760 $524,297 $651,560
GALVESTON TX $338,824 $433,760 $524,297 $651,560
GILLESPIE TX $288,235 $369,003 $446,036 $554,271
GUADALUPE TX $335,294 $429,207 $518,824 $644,808
HARRIS TX $338,824 $433,760 $524,297 $651,560
HAYS TX $369,412 $472,890 $571,611 $710,384
HOOD TX $370,588 $474,425 $573,453 $712,685
HUNT TX $370,588 $474,425 $573,453 $712,685
JOHNSON TX $370,588 $474,425 $573,453 $712,685
KAUFMAN TX $370,588 $474,425 $573,453 $712,685
KENDALL TX $335,294 $429,207 $518,824 $644,808
LIBERTY TX $338,824 $433,760 $524,297 $651,560
MARTIN TX $291,765 $373,504 $451,458 $561,074
MEDINA TX $335,294 $429,207 $518,824 $644,808
MIDLAND TX $291,765 $373,504 $451,458 $561,074
MONTGOMERY TX $338,824 $433,760 $524,297 $651,560
PARKER TX $370,588 $474,425 $573,453 $712,685
ROCKWALL TX $370,588 $474,425 $573,453 $712,685
SOMERVELL TX $370,588 $474,425 $573,453 $712,685
TARRANT TX $370,588 $474,425 $573,453 $712,685
TRAVIS TX $369,412 $472,890 $571,611 $710,384
WALLER TX $338,824 $433,760 $524,297 $651,560
WILLIAMSON TX $369,412 $472,890 $571,611 $710,384
WILSON TX $335,294 $429,207 $518,824 $644,808
WISE TX $370,588 $474,425 $573,453 $712,685

SUMMIT UT $650,793 $833,248 $1,007,187 $1,251,637
BOX ELDER UT $398,824 $510,537 $617,136 $766,957
DAGGETT UT $309,412 $396,113 $478,772 $595,038
DAVIS UT $398,824 $510,537 $617,136 $766,957
JUAB UT $331,765 $424,706 $513,350 $638,005
MORGAN UT $398,824 $510,537 $617,136 $766,957

24
RICH UT $303,529 $388,542 $469,668 $583,683
SALT LAKE UT $336,471 $430,742 $520,665 $647,059
TOOELE UT $336,471 $430,742 $520,665 $647,059
UTAH UT $331,765 $424,706 $513,350 $638,005
WASATCH UT $420,000 $537,647 $649,923 $807,673
WASHINGTON UT $309,412 $396,113 $478,772 $595,038
WEBER UT $398,824 $510,537 $617,136 $766,957

ARLINGTON VA $650,793 $833,248 $1,007,187 $1,251,637
CLARKE VA $650,793 $833,248 $1,007,187 $1,251,637
CULPEPER VA $650,793 $833,248 $1,007,187 $1,251,637
FAIRFAX VA $650,793 $833,248 $1,007,187 $1,251,637
FAUQUIER VA $650,793 $833,248 $1,007,187 $1,251,637
LOUDOUN VA $650,793 $833,248 $1,007,187 $1,251,637
PRINCE WILLIAM VA $650,793 $833,248 $1,007,187 $1,251,637
RAPPAHANNOCK VA $650,793 $833,248 $1,007,187 $1,251,637
SPOTSYLVANIA VA $650,793 $833,248 $1,007,187 $1,251,637
STAFFORD VA $650,793 $833,248 $1,007,187 $1,251,637
WARREN VA $650,793 $833,248 $1,007,187 $1,251,637
ALEXANDRIA CITY VA $650,793 $833,248 $1,007,187 $1,251,637
FAIRFAX CITY VA $650,793 $833,248 $1,007,187 $1,251,637
FALLS CHURCH CI VA $650,793 $833,248 $1,007,187 $1,251,637
FREDERICKSBURG VA $650,793 $833,248 $1,007,187 $1,251,637
MANASSAS CITY VA $650,793 $833,248 $1,007,187 $1,251,637
MANASSAS PARK C VA $650,793 $833,248 $1,007,187 $1,251,637
ALBEMARLE VA $447,059 $572,327 $691,765 $859,744
AMELIA VA $548,235 $701,841 $848,338 $1,054,322
AMHERST VA $298,824 $382,558 $462,404 $574,629
APPOMATTOX VA $298,824 $382,558 $462,404 $574,629
BEDFORD VA $298,824 $382,558 $462,404 $574,629
BUCKINGHAM VA $447,059 $572,327 $691,765 $859,744
CAMPBELL VA $298,824 $382,558 $462,404 $574,629
CAROLINE VA $548,235 $701,841 $848,338 $1,054,322
CHARLES CITY VA $548,235 $701,841 $848,338 $1,054,322
CHESTERFIELD VA $548,235 $701,841 $848,338 $1,054,322
DINWIDDIE VA $548,235 $701,841 $848,338 $1,054,322
FLOYD VA $298,824 $382,558 $462,404 $574,629
FLUVANNA VA $447,059 $572,327 $691,765 $859,744

25
FREDERICK VA $288,235 $369,003 $446,036 $554,271
GILES VA $298,824 $382,558 $462,404 $574,629
GLOUCESTER VA $469,412 $600,921 $726,394 $902,711
GOOCHLAND VA $548,235 $701,841 $848,338 $1,054,322
GREENE VA $447,059 $572,327 $691,765 $859,744
HANOVER VA $548,235 $701,841 $848,338 $1,054,322
HENRICO VA $548,235 $701,841 $848,338 $1,054,322
ISLE OF WIGHT VA $469,412 $600,921 $726,394 $902,711
JAMES CITY VA $469,412 $600,921 $726,394 $902,711
KING GEORGE VA $358,824 $459,335 $555,243 $690,026
KING WILLIAM VA $548,235 $701,841 $848,338 $1,054,322
LANCASTER VA $452,941 $579,847 $700,870 $871,049
MATHEWS VA $469,412 $600,921 $726,394 $902,711
MONTGOMERY VA $298,824 $382,558 $462,404 $574,629
NELSON VA $447,059 $572,327 $691,765 $859,744
NEW KENT VA $548,235 $701,841 $848,338 $1,054,322
NORTHUMBERLAND VA $325,882 $417,187 $504,297 $626,701
POWHATAN VA $548,235 $701,841 $848,338 $1,054,322
PRINCE GEORGE VA $548,235 $701,841 $848,338 $1,054,322
PULASKI VA $298,824 $382,558 $462,404 $574,629
ROCKINGHAM VA $283,529 $362,967 $438,721 $545,217
SUSSEX VA $548,235 $701,841 $848,338 $1,054,322
YORK VA $469,412 $600,921 $726,394 $902,711
BEDFORD CITY VA $298,824 $382,558 $462,404 $574,629
CHARLOTTESVILLE VA $447,059 $572,327 $691,765 $859,744
CHESAPEAKE CITY VA $469,412 $600,921 $726,394 $902,711
COLONIAL HEIGHT VA $548,235 $701,841 $848,338 $1,054,322
HAMPTON CITY VA $469,412 $600,921 $726,394 $902,711
HARRISONBURG CI VA $283,529 $362,967 $438,721 $545,217
HOPEWELL CITY VA $548,235 $701,841 $848,338 $1,054,322
LEXINGTON CITY VA $297,647 $381,023 $460,563 $572,379
LYNCHBURG CITY VA $298,824 $382,558 $462,404 $574,629
NEWPORT NEWS CI VA $469,412 $600,921 $726,394 $902,711
NORFOLK CITY VA $469,412 $600,921 $726,394 $902,711
PETERSBURG CITY VA $548,235 $701,841 $848,338 $1,054,322
POQUOSON CITY VA $469,412 $600,921 $726,394 $902,711
PORTSMOUTH CITY VA $469,412 $600,921 $726,394 $902,711
RADFORD CITY VA $298,824 $382,558 $462,404 $574,629

26
RICHMOND CITY VA $548,235 $701,841 $848,338 $1,054,322
SUFFOLK CITY VA $469,412 $600,921 $726,394 $902,711
VIRGINIA BEACH VA $469,412 $600,921 $726,394 $902,711
WILLIAMSBURG CI VA $469,412 $600,921 $726,394 $902,711
WINCHESTER CITY VA $288,235 $369,003 $446,036 $554,271

BENNINGTON VT $283,529 $362,967 $438,721 $545,217
CHITTENDEN VT $350,588 $448,798 $542,506 $674,220
FRANKLIN VT $350,588 $448,798 $542,506 $674,220
GRAND ISLE VT $350,588 $448,798 $542,506 $674,220
LAMOILLE VT $282,353 $361,432 $436,931 $542,967

CHELAN WA $350,588 $448,798 $542,506 $674,220
CLALLAM WA $392,941 $503,018 $608,031 $755,652
CLARK WA $417,647 $534,629 $646,292 $803,171
DOUGLAS WA $350,588 $448,798 $542,506 $674,220
ISLAND WA $335,294 $429,207 $518,824 $644,808
JEFFERSON WA $329,412 $421,688 $509,719 $633,504
KING WA $605,882 $775,652 $937,545 $1,165,166
KITSAP WA $317,647 $406,650 $491,509 $610,844
PIERCE WA $605,882 $775,652 $937,545 $1,165,166
SAN JUAN WA $494,118 $632,532 $764,604 $950,230
SKAGIT WA $322,353 $412,634 $498,824 $619,898
SKAMANIA WA $417,647 $534,629 $646,292 $803,171
SNOHOMISH WA $605,882 $775,652 $937,545 $1,165,166
THURSTON WA $304,706 $390,077 $471,509 $585,985
WHATCOM WA $328,235 $420,205 $507,928 $631,202

COLUMBIA WI $292,941 $374,987 $453,299 $563,325
DANE WI $292,941 $374,987 $453,299 $563,325
GREEN WI $292,941 $374,987 $453,299 $563,325
IOWA WI $292,941 $374,987 $453,299 $563,325
KENOSHA WI $374,118 $478,926 $578,926 $719,437
MILWAUKEE WI $305,882 $391,560 $473,299 $588,235
OZAUKEE WI $305,882 $391,560 $473,299 $588,235
PIERCE WI $340,000 $435,243 $526,138 $653,862
ST. CROIX WI $340,000 $435,243 $526,138 $653,862
WASHINGTON WI $305,882 $391,560 $473,299 $588,235

27
WAUKESHA WI $305,882 $391,560 $473,299 $588,235

JEFFERSON WV $650,793 $833,248 $1,007,187 $1,251,637
HAMPSHIRE WV $288,235 $369,003 $446,036 $554,271

TETON WY $650,793 $833,248 $1,007,187 $1,251,637
SHERIDAN WY $315,294 $403,632 $487,877 $606,343
SUBLETTE WY $294,118 $376,522 $455,141 $565,627
SWEETWATER WY $323,529 $414,169 $500,614 $622,148

GUAM GU $576,471 $738,005 $892,072 $1,108,593

NORTHERN ISLAND MP $536,471 $686,752 $830,128 $1,031,662
ROTA MP $420,000 $537,647 $649,923 $807,673
SAIPAN MP $541,176 $692,788 $837,442 $1,040,716
TINIAN MP $544,706 $697,340 $842,916 $1,047,519

AGUAS BUENAS PR $394,118 $504,552 $609,872 $757,903
AIBONITO PR $394,118 $504,552 $609,872 $757,903
BARCELONETA PR $394,118 $504,552 $609,872 $757,903
BARRANQUITAS PR $394,118 $504,552 $609,872 $757,903
BAYAMON PR $394,118 $504,552 $609,872 $757,903
CAGUAS PR $394,118 $504,552 $609,872 $757,903
CANOVANAS PR $394,118 $504,552 $609,872 $757,903
CAROLINA PR $394,118 $504,552 $609,872 $757,903
CATANO PR $394,118 $504,552 $609,872 $757,903
CAYEY PR $394,118 $504,552 $609,872 $757,903
CEIBA PR $394,118 $504,552 $609,872 $757,903
CIALES PR $394,118 $504,552 $609,872 $757,903
CIDRA PR $394,118 $504,552 $609,872 $757,903
COMERIO PR $394,118 $504,552 $609,872 $757,903
COROZAL PR $394,118 $504,552 $609,872 $757,903
CULEBRA PR $289,412 $370,486 $447,826 $556,573
DORADO PR $394,118 $504,552 $609,872 $757,903
FAJARDO PR $394,118 $504,552 $609,872 $757,903
FLORIDA PR $394,118 $504,552 $609,872 $757,903
GUAYNABO PR $394,118 $504,552 $609,872 $757,903
GURABO PR $394,118 $504,552 $609,872 $757,903

28
HUMACAO PR $394,118 $504,552 $609,872 $757,903
JUNCOS PR $394,118 $504,552 $609,872 $757,903
LAS PIEDRAS PR $394,118 $504,552 $609,872 $757,903
LOIZA PR $394,118 $504,552 $609,872 $757,903
LUQUILLO PR $394,118 $504,552 $609,872 $757,903
MANATI PR $394,118 $504,552 $609,872 $757,903
MAUNABO PR $394,118 $504,552 $609,872 $757,903
MOROVIS PR $394,118 $504,552 $609,872 $757,903
NAGUABO PR $394,118 $504,552 $609,872 $757,903
NARANJITO PR $394,118 $504,552 $609,872 $757,903
OROCOVIS PR $394,118 $504,552 $609,872 $757,903
RIO GRANDE PR $394,118 $504,552 $609,872 $757,903
SAN JUAN PR $394,118 $504,552 $609,872 $757,903
SAN LORENZO PR $394,118 $504,552 $609,872 $757,903
TOA ALTA PR $394,118 $504,552 $609,872 $757,903
TOA BAJA PR $394,118 $504,552 $609,872 $757,903
TRUJILLO ALTO PR $394,118 $504,552 $609,872 $757,903
VEGA ALTA PR $394,118 $504,552 $609,872 $757,903
VEGA BAJA PR $394,118 $504,552 $609,872 $757,903
YABUCOA PR $394,118 $504,552 $609,872 $757,903

ST. CROIX ISLAN VI $335,294 $429,207 $518,824 $644,808
ST. JOHN ISLAND VI $637,647 $816,317 $986,701 $1,226,240
ST. THOMAS ISLA VI $456,471 $584,348 $706,343 $877,852

All other areas - 2591
counties (floor):

$282,010 $361,074 $436,445 $542,353

.02 The nationwide average purchase price (for use in the housing cost/income
ratio for new and existing residences) is $276,100.
SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2016-25 is obsolete except as provided in section 6 of this revenue
procedure.

29
SECTION 6. EFFECTIVE DATES
.01 Issuers may rely on this revenue procedure to determine average area
purchase price safe harbors for commitments to provide financing or issue mortgage
credit certificates that are made, or (if the purchase precedes the commitment) for
residences that are purchased, in the period that begins on March 17, 2017, 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. 2016-25,
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before April 16, 2017, if the commitments to provide
financing or issue mortgage credit certificates are made on or before May 16, 2017.
.03 Except as provided in section 6.04, issuers must use the nationwide average
purchase price limitation contained in this revenue procedure for commitments to
provide financing or issue mortgage credit certificates that are made, or (if the purchase
precedes the commitment) for residences that are purchased, in the period that begins
on March 17, 2017, 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. 2016-
25 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before April 16, 2017, if the commitments to provide

30
financing or issue mortgage credit certificates are made on or before May 16, 2017.
SECTION 7. PAPERWORK REDUCTION ACT
The collection of information contained in this revenue procedure has been
reviewed and approved by the Office of Management and Budget in accordance with
the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1877.
An agency may not conduct or sponsor, and a person is not required to respond
to, a collection of information unless the collection of information displays a valid OMB
control number.
This revenue procedure contains a collection of information requirement in
section 3.03. The purpose of the collection of information is to verify the applicable
FHA loan limit that issuers of qualified mortgage bonds and qualified mortgage
certificates have used to calculate the average area purchase price for a given
metropolitan statistical area for purposes of sections 143(e) and 25(c). The collection of
information is required to obtain the benefit of using revisions to FHA loan limits to
determine average area purchase prices. The likely respondents are state and local
governments.
The estimated total annual reporting and/or recordkeeping burden is: 15 hours.
The estimated annual burden per respondent and/or recordkeeper: 15 minutes.
The estimated number of respondents and/or recordkeepers: 60.
Books or records relating to a collection of information must be retained as long
as their contents may become material in the administration of any internal revenue
law. Generally tax returns and tax return information are confidential, as required by 26

31
U.S.C. 6103.
SECTION 8. DRAFTING INFORMATION
The principal authors of this revenue procedure are David White and Timothy
Jones of the Office of Associate Chief Counsel (Financial Institutions & Products). For
further information regarding this revenue procedure contact David White on (202) 317-
4562 (not a toll free call).