rp-21-17.pdf

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Part III
Administrative, Procedural, and Miscellaneous

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

Rev. Proc. 2021-17

SECTION 1. PURPOSE
This revenue procedure provides issuers of qualified mortgage bonds, as defined
in § 143(a) of the Internal Revenue Code (Code), and issuers of mortgage credit
certificates, as defined in § 25(c), with (1) the nationwide average purchase price for
residences located in the United States, and (2) average area purchase price safe
harbors for residences located in statistical areas in each state, the District of Columbia,
Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and
Guam.
SECTION 2. BACKGROUND
.01 Section 103(a) provides that, except as provided in § 103(b), gross income
does not include interest on any State or local bond. Section 103(b)(1) provides that

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§ 103(a) shall not apply to any private activity bond that is not a "qualified bond" within
the meaning of § 141. Section 141(e) provides, in part, that the term "qualified bond"
means any private activity bond if such bond (1) is a qualified mortgage bond under
§ 143, (2) meets the volume cap requirements under § 146, and (3) meets the
applicable requirements under § 147.
.02 Section 143(a)(1) provides that the term "qualified mortgage bond" means a
bond that is issued as part of a qualified mortgage issue. Section 143(a)(2)(A) provides
that the term "qualified mortgage issue" means an issue of one or more bonds by a
State or political subdivision thereof, but only if: (i) all proceeds of the issue (exclusive of
issuance costs and a reasonably required reserve) are to be used to finance owner-
occupied residences; (ii) the issue meets the requirements of subsections (c), (d), (e),
(f), (g), (h), (i), and (m)(7) of § 143; (iii) the issue does not meet the private business
tests of paragraphs (1) and (2) of § 141(b); and (iv) with respect to amounts received
more than 10 years after the date of issuance, repayments of $250,000 or more of
principal on mortgage financing provided by the issue are used by the close of the first
semiannual period beginning after the date the prepayment (or complete repayment) is
received to redeem bonds that are part of the issue.
Average Area Purchase Price
.03 Section 143(e)(1) provides that an issue of bonds meets the purchase price
requirements of § 143(e) if the acquisition cost of each residence financed by the issue
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

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defined in § 143(j)), § 143(e)(1) shall be applied by substituting 110 percent for 90
percent.
.04 Section 143(e)(2) provides that the term "average area purchase price"
means, with respect to any residence, the average purchase price of single-family
residences (in the statistical area in which the residence is located) that were purchased
during the most recent 12-month period for which sufficient statistical information is
available. Under §§ 143(e)(3) and (4), respectively, separate determinations of average
area purchase price are to be made for new and existing residences, and for two-,
three-, and four-family residences.
.05 Section 143(e)(2) also provides that the determination of the average area
purchase price shall be made as of the date on which the commitment to provide the
financing is made or, if earlier, the date of the purchase of the residence.
.06 Section 143(k)(2)(A) provides that the term "statistical area" means (i) a
metropolitan statistical area (MSA), and (ii) any county (or the portion thereof) that is not
within an MSA. Section 143(k)(2)(C) further provides that if sufficient recent statistical
information with respect to a county (or portion thereof) is unavailable, the Secretary
may substitute another area for which there is sufficient recent statistical information for
such county (or portion thereof). In the case of any portion of a State which is not within
a county, § 143(k)(2)(D) provides that the Secretary may designate an area that is the
equivalent of a county. Section 6a.103A-1(b)(4)(i) of the Income Tax Regulations
(issued under § 103A of the Internal Revenue Code of 1954, the predecessor of § 143
of the Code) provides that the term “State” includes a possession of the United States

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

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financing may be provided by qualified mortgage bonds. In addition,
§ 25(c)(2)(A)(iii)(IV) provides that holders of mortgage credit certificates must meet the
income requirement of § 143(f). Generally, under §§ 143(f)(1) and 25(c)(2)(A)(iii)(IV),
the income requirement is met only if all owner-financing under a qualified mortgage
bond and all mortgage credit certificates issued under a qualified mortgage credit
certificate program are provided to mortgagors whose family income is 115 percent or
less of the applicable median family income. Section 143(f)(5), however, generally
provides for an upward adjustment to the percentage limitation in high housing cost
areas. High housing cost areas are defined in § 143(f)(5)(C) as any statistical area for
which the housing cost/income ratio is greater than 1.2.
.10 Under § 143(f)(5)(D), the housing cost/income ratio with respect to any
statistical area is determined by dividing (a) the applicable housing price ratio for such
area by (b) the ratio that the area median gross income for such area bears to the
median gross income for the United States. The applicable housing price ratio is the
new housing price ratio (new housing average area purchase price divided by the new
housing average purchase price for the United States) or the existing housing price ratio
(existing housing average area purchase price divided by the existing housing average
purchase price for the United States), whichever results in the housing cost/income ratio
being closer to 1.
Average Area and Nationwide Purchase Price Limitations
.11 Average area purchase price safe harbors for each state, the District of
Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin

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Islands, and Guam were last published in Rev. Proc. 2020-18, I.R.B. 2020-15, 592.
.12 The nationwide average purchase price limitation was last published in
section 4.02 of Rev. Proc. 2020-18. Guidance with respect to the United States and
area median gross income figures that are used in computing the housing cost/income
ratio described in § 143(f)(5) was published in Rev. Proc. 2021-19, I.R.B. 2021-15
(released on March 25, 2021).
.13 This revenue procedure uses Federal Housing Administration (FHA) loan
limits for a given statistical area to calculate the average area purchase price safe
harbor for that area. FHA sets limits on the dollar value of loans it will insure based on
median home prices and conforming loan limits established by the Federal Home Loan
Mortgage Corporation. In particular, FHA sets an area's loan limit at 95 percent of the
median home sales price for the area, subject to certain floors and caps measured
against conforming loan limits.
.14 To calculate the average area purchase price safe harbors in this revenue
procedure, the FHA loan limits are adjusted to take into account the differences
between average and median purchase prices. Because FHA loan limits do not
differentiate between new and existing residences, this revenue procedure contains a
single average area purchase price safe harbor for both new and existing residences in
a statistical area. 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

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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 2, 2020. FHA
loan limits are available for statistical areas in each state, the District of Columbia,
Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and
Guam. See section 3.03 of this revenue procedure with respect to FHA loan limits
revised after December 2, 2020.
.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

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certificates may rely on these safe harbors to satisfy the requirements of §§ 143(e) and
(f). Section 4.01 of this revenue procedure provides safe harbors for MSAs and for
certain counties and county equivalents. If no purchase price safe harbor is available
for a statistical area, the safe harbor for "ALL OTHER AREAS" may be used for that
statistical area.
.02 If a residence is in an MSA, the safe harbor applicable to it is the limitation of
that MSA. If an MSA falls in more than one state, the MSA is listed in section 4.01 of
this revenue procedure under each state.
.03 If the FHA revises the FHA loan limit for any statistical area after December
2, 2020, an issuer of qualified mortgage bonds or mortgage credit certificates may use
the revised FHA loan limit for that statistical area to compute (as provided in the next
sentence) a revised average area purchase price safe harbor for the statistical area
provided that the issuer maintains records evidencing the revised FHA loan limit. The
revised average area purchase price safe harbor for that statistical area is computed by
dividing the revised FHA loan limit by 1.03.
.04 If, pursuant to § 6a.103A-2(f)(5)(i), an issuer uses more accurate and
comprehensive data to determine the average area purchase price for a statistical area,
the issuer must make separate average area purchase price determinations for new
and existing residences. Moreover, when computing the average area purchase price
for a statistical area that is an MSA, as defined in OMB Bulletin No. 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

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make the computation for the entire statistical area and may not combine statistical
areas. Thus, for example, the issuer may not combine two or more counties.
.05 If an issuer receives a ruling permitting it to rely on an average area purchase
price limitation that is higher than the applicable safe harbor in this revenue procedure,
the issuer may rely on that higher limitation for the purpose of satisfying the
requirements of §§ 143(e) and (f) for bonds sold, and mortgage credit certificates
issued, not more than 30 months following the termination date of the 12-month period
used by the issuer to compute the limitation.
Nationwide Average Purchase Price
.06 Section 4.02 of this revenue procedure sets forth a single nationwide average
purchase price for purposes of computing the housing cost/income ratio under
§ 143(f)(5).
.07 Issuers must use the nationwide average purchase price set forth in section
4.02 of this revenue procedure when computing the housing cost/income ratio under
§ 143(f)(5) regardless of whether they are relying on the average area purchase price
safe harbors contained in this revenue procedure or using more accurate and
comprehensive data to determine average area purchase prices for new and existing
residences for a statistical area that are different from the published safe harbors in this
revenue procedure.
.08 If, pursuant to section 6.02 of this revenue procedure, an issuer relies on the
average area purchase price safe harbors contained in Rev. Proc. 2020-18, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.

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2020-18 in computing the housing cost/income ratio under § 143(f)(5). Likewise, if,
pursuant to section 6.04 of this revenue procedure, an issuer relies on the nationwide
average purchase price published in Rev. Proc. 2020-18, the issuer must use the
average area purchase price safe harbors set forth in section 4.01 of Rev. Proc. 2020-
18 in computing the housing cost/income ratio under § 143(f)(5).
SECTION 4. AVERAGE AREA AND NATIONWIDE AVERAGE PURCHASE PRICES
.01 Average area purchase prices for single-family and two to four-family
residences in MSAs, and for certain counties and county equivalents are set forth
below. The safe harbor for “ALL OTHER AREAS” (found at the end of the table below)
may be used for a statistical area that is not listed below.
2021 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit
ALEUTIANS WEST AK $530,235 $678,770 $820,497 $1,019,712
ANCHORAGE MUNIC AK $406,066 $519,826 $628,334 $780,907
JUNEAU CITY AND AK $469,828 $601,438 $727,018 $903,519
KETCHIKAN GATEW AK $395,998 $506,938 $612,771 $761,550
KODIAK ISLAND B AK $406,066 $519,826 $628,334 $780,907
MATANUSKA-SUSIT AK $406,066 $519,826 $628,334 $780,907
NOME CENSUS ARE AK $428,438 $548,473 $662,963 $823,901
SITKA CITY AND AK $473,184 $605,767 $732,222 $909,988
SKAGWAY MUNICIP AK $403,828 $516,957 $624,881 $776,578
YAKUTAT CITY AN AK $409,422 $524,106 $633,538 $787,375

COCONINO AZ $379,218 $485,440 $586,799 $729,255
MARICOPA AZ $357,964 $458,253 $553,921 $688,400
PINAL AZ $357,964 $458,253 $553,921 $688,400

ALAMEDA CA $799,948 $1,024,284 $1,238,041 $1,538,614

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ALPINE CA $450,811 $577,120 $697,593 $866,945
AMADOR CA $354,608 $453,973 $548,716 $681,932
CALAVERAS CA $363,557 $465,402 $562,578 $699,149
CONTRA COSTA CA $799,948 $1,024,284 $1,238,041 $1,538,614
EL DORADO CA $581,692 $744,673 $900,115 $1,118,638
HUMBOLDT CA $346,778 $443,905 $536,606 $666,854
INYO CA $363,557 $465,402 $562,578 $699,149
LOS ANGELES CA $799,948 $1,024,284 $1,238,041 $1,538,614
MARIN CA $799,948 $1,024,284 $1,238,041 $1,538,614
MENDOCINO CA $430,676 $551,343 $666,417 $828,230
MONO CA $514,574 $658,732 $796,276 $989,557
MONTEREY CA $719,284 $920,834 $1,113,045 $1,383,269
NAPA CA $794,233 $1,016,745 $1,229,043 $1,527,379
NEVADA CA $512,336 $655,863 $792,823 $985,277
ORANGE CA $799,948 $1,024,284 $1,238,041 $1,538,614
PLACER CA $581,692 $744,673 $900,115 $1,118,638
RIVERSIDE CA $464,235 $594,289 $718,360 $892,771
SACRAMENTO CA $581,692 $744,673 $900,115 $1,118,638
SAN BENITO CA $799,948 $1,024,284 $1,238,041 $1,538,614
SAN BERNARDINO CA $464,235 $594,289 $718,360 $892,771
SAN DIEGO CA $732,708 $938,003 $1,133,813 $1,409,095
SAN FRANCISCO CA $799,948 $1,024,284 $1,238,041 $1,538,614
SAN JOAQUIN CA $469,828 $601,438 $727,018 $903,519
SAN LUIS OBISPO CA $682,369 $873,559 $1,055,946 $1,312,260
SAN MATEO CA $799,948 $1,024,284 $1,238,041 $1,538,614
SANTA BARBARA CA $642,098 $822,005 $993,594 $1,234,831
SANTA CLARA CA $799,948 $1,024,284 $1,238,041 $1,538,614
SANTA CRUZ CA $799,948 $1,024,284 $1,238,041 $1,538,614
SOLANO CA $535,828 $685,968 $829,154 $1,030,460
SONOMA CA $687,963 $880,709 $1,064,603 $1,323,009
STANISLAUS CA $385,930 $494,049 $597,207 $742,192
SUTTER CA $363,557 $465,402 $562,578 $699,149
VENTURA CA $719,284 $920,834 $1,113,045 $1,383,269
YOLO CA $581,692 $744,673 $900,115 $1,118,638
YUBA CA $363,557 $465,402 $562,578 $699,149

ADAMS CO $580,573 $743,214 $898,413 $1,116,498

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ARAPAHOE CO $580,573 $743,214 $898,413 $1,116,498
BOULDER CO $636,505 $814,855 $984,937 $1,224,082
BROOMFIELD CO $580,573 $743,214 $898,413 $1,116,498
CHAFFEE CO $380,337 $486,900 $588,550 $731,395
CLEAR CREEK CO $580,573 $743,214 $898,413 $1,116,498
DENVER CO $580,573 $743,214 $898,413 $1,116,498
DOUGLAS CO $580,573 $743,214 $898,413 $1,116,498
EAGLE CO $799,826 $1,023,943 $1,237,700 $1,538,176
EL PASO CO $382,574 $489,769 $592,003 $735,724
ELBERT CO $580,573 $743,214 $898,413 $1,116,498
GARFIELD CO $799,948 $1,024,284 $1,238,041 $1,538,614
GILPIN CO $580,573 $743,214 $898,413 $1,116,498
GRAND CO $514,574 $658,732 $796,276 $989,557
GUNNISON CO $397,117 $508,348 $614,522 $763,690
HINSDALE CO $416,133 $532,715 $643,947 $800,264
JEFFERSON CO $580,573 $743,214 $898,413 $1,116,498
LA PLATA CO $436,269 $558,492 $675,074 $838,979
LARIMER CO $451,930 $578,531 $699,344 $869,085
MONTROSE CO $413,896 $529,845 $640,493 $795,936
OURAY CO $413,896 $529,845 $640,493 $795,936
PARK CO $580,573 $743,214 $898,413 $1,116,498
PITKIN CO $799,948 $1,024,284 $1,238,041 $1,538,614
ROUTT CO $659,997 $844,912 $1,021,317 $1,269,265
SAN MIGUEL CO $799,948 $1,024,284 $1,238,041 $1,538,614
SUMMIT CO $799,948 $1,024,284 $1,238,041 $1,538,614
TELLER CO $382,574 $489,769 $592,003 $735,724
WELD CO $417,252 $534,125 $645,649 $802,404

FAIRFIELD CT $585,048 $748,953 $905,319 $1,125,107
LITCHFIELD CT $347,897 $445,364 $538,357 $669,043
WINDHAM CT $354,608 $453,973 $548,716 $681,932

DISTRICT OF COL DC $799,948 $1,024,284 $1,238,041 $1,538,614

NEW CASTLE DE $419,489 $536,995 $649,151 $806,733

BAKER FL $378,100 $484,030 $585,096 $727,115

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BROWARD FL $391,523 $501,199 $605,864 $752,941
CLAY FL $378,100 $484,030 $585,096 $727,115
COLLIER FL $447,455 $572,791 $692,389 $860,476
DUVAL FL $378,100 $484,030 $585,096 $727,115
MARTIN FL $371,388 $475,421 $574,688 $714,226
MIAMI-DADE FL $391,523 $501,199 $605,864 $752,941
MONROE FL $591,760 $757,561 $915,727 $1,137,996
NASSAU FL $378,100 $484,030 $585,096 $727,115
OKALOOSA FL $429,557 $549,884 $664,714 $826,090
PALM BEACH FL $391,523 $501,199 $605,864 $752,941
ST. JOHNS FL $378,100 $484,030 $585,096 $727,115
ST. LUCIE FL $371,388 $475,421 $574,688 $714,226
WALTON FL $429,557 $549,884 $664,714 $826,090

BARROW GA $401,591 $514,087 $621,428 $772,298
BARTOW GA $401,591 $514,087 $621,428 $772,298
BUTTS GA $401,591 $514,087 $621,428 $772,298
CARROLL GA $401,591 $514,087 $621,428 $772,298
CHEROKEE GA $401,591 $514,087 $621,428 $772,298
CLARKE GA $380,337 $486,900 $588,550 $731,395
CLAYTON GA $401,591 $514,087 $621,428 $772,298
COBB GA $401,591 $514,087 $621,428 $772,298
COWETA GA $401,591 $514,087 $621,428 $772,298
DAWSON GA $401,591 $514,087 $621,428 $772,298
DEKALB GA $401,591 $514,087 $621,428 $772,298
DOUGLAS GA $401,591 $514,087 $621,428 $772,298
FAYETTE GA $401,591 $514,087 $621,428 $772,298
FORSYTH GA $401,591 $514,087 $621,428 $772,298
FULTON GA $401,591 $514,087 $621,428 $772,298
GREENE GA $501,150 $641,563 $775,508 $963,780
GWINNETT GA $401,591 $514,087 $621,428 $772,298
HARALSON GA $401,591 $514,087 $621,428 $772,298
HEARD GA $401,591 $514,087 $621,428 $772,298
HENRY GA $401,591 $514,087 $621,428 $772,298
JASPER GA $401,591 $514,087 $621,428 $772,298
LAMAR GA $401,591 $514,087 $621,428 $772,298
MADISON GA $380,337 $486,900 $588,550 $731,395

14
MERIWETHER GA $401,591 $514,087 $621,428 $772,298
MORGAN GA $401,591 $514,087 $621,428 $772,298
NEWTON GA $401,591 $514,087 $621,428 $772,298
OCONEE GA $380,337 $486,900 $588,550 $731,395
OGLETHORPE GA $380,337 $486,900 $588,550 $731,395
PAULDING GA $401,591 $514,087 $621,428 $772,298
PICKENS GA $401,591 $514,087 $621,428 $772,298
PIKE GA $401,591 $514,087 $621,428 $772,298
ROCKDALE GA $401,591 $514,087 $621,428 $772,298
SPALDING GA $401,591 $514,087 $621,428 $772,298
WALTON GA $401,591 $514,087 $621,428 $772,298

HAWAII HI $397,117 $508,348 $614,522 $763,690
HONOLULU HI $701,386 $897,878 $1,085,371 $1,348,835
KALAWAO HI $703,624 $900,747 $1,088,824 $1,353,163
KAUAI HI $700,268 $896,467 $1,083,620 $1,346,695
MAUI HI $703,624 $900,747 $1,088,824 $1,353,163

ADA ID $403,828 $516,957 $624,881 $776,578
BLAINE ID $628,675 $804,836 $972,826 $1,209,005
BOISE ID $403,828 $516,957 $624,881 $776,578
CAMAS ID $628,675 $804,836 $972,826 $1,209,005
CANYON ID $403,828 $516,957 $624,881 $776,578
GEM ID $403,828 $516,957 $624,881 $776,578
KOOTENAI ID $378,100 $484,030 $585,096 $727,115
OWYHEE ID $403,828 $516,957 $624,881 $776,578
TETON ID $799,948 $1,024,284 $1,238,041 $1,538,614
VALLEY ID $369,151 $472,552 $571,235 $709,898

COOK IL $369,151 $472,552 $571,235 $709,898
DEKALB IL $369,151 $472,552 $571,235 $709,898
DUPAGE IL $369,151 $472,552 $571,235 $709,898
GRUNDY IL $369,151 $472,552 $571,235 $709,898
KANE IL $369,151 $472,552 $571,235 $709,898
KENDALL IL $369,151 $472,552 $571,235 $709,898
LAKE IL $369,151 $472,552 $571,235 $709,898
MCHENRY IL $369,151 $472,552 $571,235 $709,898

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WILL IL $369,151 $472,552 $571,235 $709,898

BOONE IN $369,151 $472,552 $571,235 $709,898
BROWN IN $369,151 $472,552 $571,235 $709,898
HAMILTON IN $369,151 $472,552 $571,235 $709,898
HANCOCK IN $369,151 $472,552 $571,235 $709,898
HENDRICKS IN $369,151 $472,552 $571,235 $709,898
JASPER IN $369,151 $472,552 $571,235 $709,898
JOHNSON IN $369,151 $472,552 $571,235 $709,898
LAKE IN $369,151 $472,552 $571,235 $709,898
MADISON IN $369,151 $472,552 $571,235 $709,898
MARION IN $369,151 $472,552 $571,235 $709,898
MORGAN IN $369,151 $472,552 $571,235 $709,898
NEWTON IN $369,151 $472,552 $571,235 $709,898
PORTER IN $369,151 $472,552 $571,235 $709,898
PUTNAM IN $369,151 $472,552 $571,235 $709,898
SHELBY IN $369,151 $472,552 $571,235 $709,898

JOHNSON KS $379,218 $485,440 $586,799 $729,255
LEAVENWORTH KS $379,218 $485,440 $586,799 $729,255
LINN KS $379,218 $485,440 $586,799 $729,255
MIAMI KS $379,218 $485,440 $586,799 $729,255
WYANDOTTE KS $379,218 $485,440 $586,799 $729,255

BARNSTABLE MA $492,201 $630,085 $761,647 $946,563
BRISTOL MA $492,201 $630,085 $761,647 $946,563
DUKES MA $799,948 $1,024,284 $1,238,041 $1,538,614
ESSEX MA $704,742 $902,206 $1,090,575 $1,355,303
MIDDLESEX MA $704,742 $902,206 $1,090,575 $1,355,303
NANTUCKET MA $799,948 $1,024,284 $1,238,041 $1,538,614
NORFOLK MA $704,742 $902,206 $1,090,575 $1,355,303
PLYMOUTH MA $704,742 $902,206 $1,090,575 $1,355,303
SUFFOLK MA $704,742 $902,206 $1,090,575 $1,355,303
WORCESTER MA $354,608 $453,973 $548,716 $681,932

ANNE ARUNDEL MD $523,523 $670,210 $810,137 $1,006,775
BALTIMORE MD $523,523 $670,210 $810,137 $1,006,775

16
BALTIMORE CITY MD $523,523 $670,210 $810,137 $1,006,775
CALVERT MD $799,948 $1,024,284 $1,238,041 $1,538,614
CARROLL MD $523,523 $670,210 $810,137 $1,006,775
CECIL MD $419,489 $536,995 $649,151 $806,733
CHARLES MD $799,948 $1,024,284 $1,238,041 $1,538,614
FREDERICK MD $799,948 $1,024,284 $1,238,041 $1,538,614
HARFORD MD $523,523 $670,210 $810,137 $1,006,775
HOWARD MD $523,523 $670,210 $810,137 $1,006,775
MONTGOMERY MD $799,948 $1,024,284 $1,238,041 $1,538,614
PRINCE GEORGE'S MD $799,948 $1,024,284 $1,238,041 $1,538,614
QUEEN ANNE'S MD $523,523 $670,210 $810,137 $1,006,775
TALBOT MD $397,117 $508,348 $614,522 $763,690

CUMBERLAND ME $392,642 $502,658 $607,567 $755,081
SAGADAHOC ME $392,642 $502,658 $607,567 $755,081
YORK ME $392,642 $502,658 $607,567 $755,081

ANOKA MN $391,523 $501,199 $605,864 $752,941
CARVER MN $391,523 $501,199 $605,864 $752,941
CHISAGO MN $391,523 $501,199 $605,864 $752,941
DAKOTA MN $391,523 $501,199 $605,864 $752,941
HENNEPIN MN $391,523 $501,199 $605,864 $752,941
ISANTI MN $391,523 $501,199 $605,864 $752,941
LE SUEUR MN $391,523 $501,199 $605,864 $752,941
MILLE LACS MN $391,523 $501,199 $605,864 $752,941
RAMSEY MN $391,523 $501,199 $605,864 $752,941
SCOTT MN $391,523 $501,199 $605,864 $752,941
SHERBURNE MN $391,523 $501,199 $605,864 $752,941
WASHINGTON MN $391,523 $501,199 $605,864 $752,941
WRIGHT MN $391,523 $501,199 $605,864 $752,941

BATES MO $379,218 $485,440 $586,799 $729,255
CALDWELL MO $379,218 $485,440 $586,799 $729,255
CASS MO $379,218 $485,440 $586,799 $729,255
CLAY MO $379,218 $485,440 $586,799 $729,255
CLINTON MO $379,218 $485,440 $586,799 $729,255
JACKSON MO $379,218 $485,440 $586,799 $729,255

17
LAFAYETTE MO $379,218 $485,440 $586,799 $729,255
PLATTE MO $379,218 $485,440 $586,799 $729,255
RAY MO $379,218 $485,440 $586,799 $729,255

FLATHEAD MT $368,032 $471,141 $569,484 $707,758
GALLATIN MT $465,354 $595,748 $720,111 $894,911
MISSOULA MT $378,100 $484,030 $585,096 $727,115
PARK MT $366,913 $469,682 $567,782 $705,618
RICHLAND MT $346,778 $443,905 $536,606 $666,854

CAMDEN NC $446,337 $571,381 $690,686 $858,336
CHATHAM NC $425,083 $544,193 $657,759 $817,481
CURRITUCK NC $446,337 $571,381 $690,686 $858,336
DARE NC $385,930 $494,049 $597,207 $742,192
DURHAM NC $425,083 $544,193 $657,759 $817,481
FRANKLIN NC $361,320 $462,533 $559,125 $694,869
GATES NC $446,337 $571,381 $690,686 $858,336
GRANVILLE NC $425,083 $544,193 $657,759 $817,481
HYDE NC $469,828 $601,438 $727,018 $903,519
JOHNSTON NC $361,320 $462,533 $559,125 $694,869
ORANGE NC $425,083 $544,193 $657,759 $817,481
PASQUOTANK NC $783,047 $1,002,446 $1,211,729 $1,505,882
PERQUIMANS NC $783,047 $1,002,446 $1,211,729 $1,505,882
PERSON NC $425,083 $544,193 $657,759 $817,481
WAKE NC $361,320 $462,533 $559,125 $694,869

LINCOLN NE $421,727 $539,865 $652,604 $811,013
LOGAN NE $421,727 $539,865 $652,604 $811,013
MCPHERSON NE $421,727 $539,865 $652,604 $811,013

HILLSBOROUGH NH $363,557 $465,402 $562,578 $699,149
ROCKINGHAM NH $704,742 $902,206 $1,090,575 $1,355,303
STRAFFORD NH $704,742 $902,206 $1,090,575 $1,355,303

BERGEN NJ $799,948 $1,024,284 $1,238,041 $1,538,614
BURLINGTON NJ $419,489 $536,995 $649,151 $806,733
CAMDEN NJ $419,489 $536,995 $649,151 $806,733

18
CAPE MAY NJ $419,489 $536,995 $649,151 $806,733
ESSEX NJ $799,948 $1,024,284 $1,238,041 $1,538,614
GLOUCESTER NJ $419,489 $536,995 $649,151 $806,733
HUDSON NJ $799,948 $1,024,284 $1,238,041 $1,538,614
HUNTERDON NJ $799,948 $1,024,284 $1,238,041 $1,538,614
MIDDLESEX NJ $799,948 $1,024,284 $1,238,041 $1,538,614
MONMOUTH NJ $799,948 $1,024,284 $1,238,041 $1,538,614
MORRIS NJ $799,948 $1,024,284 $1,238,041 $1,538,614
OCEAN NJ $799,948 $1,024,284 $1,238,041 $1,538,614
PASSAIC NJ $799,948 $1,024,284 $1,238,041 $1,538,614
SALEM NJ $419,489 $536,995 $649,151 $806,733
SOMERSET NJ $799,948 $1,024,284 $1,238,041 $1,538,614
SUSSEX NJ $799,948 $1,024,284 $1,238,041 $1,538,614
UNION NJ $799,948 $1,024,284 $1,238,041 $1,538,614
WARREN NJ $362,439 $463,992 $560,827 $697,009

CATRON NM $390,405 $499,788 $604,113 $750,801
LOS ALAMOS NM $482,133 $617,197 $746,083 $927,205
SANTA FE NM $402,710 $515,546 $623,179 $774,438

CARSON CITY NV $369,151 $472,552 $571,235 $709,898
CLARK NV $352,371 $451,103 $545,263 $677,652
DOUGLAS NV $486,608 $622,936 $752,990 $935,814
STOREY NV $447,455 $572,791 $692,389 $860,476
WASHOE NV $447,455 $572,791 $692,389 $860,476

BRONX NY $799,948 $1,024,284 $1,238,041 $1,538,614
DUTCHESS NY $346,778 $443,905 $536,606 $666,854
KINGS NY $799,948 $1,024,284 $1,238,041 $1,538,614
NASSAU NY $799,948 $1,024,284 $1,238,041 $1,538,614
NEW YORK NY $799,948 $1,024,284 $1,238,041 $1,538,614
ORANGE NY $346,778 $443,905 $536,606 $666,854
PUTNAM NY $799,948 $1,024,284 $1,238,041 $1,538,614
QUEENS NY $799,948 $1,024,284 $1,238,041 $1,538,614
RICHMOND NY $799,948 $1,024,284 $1,238,041 $1,538,614
ROCKLAND NY $799,948 $1,024,284 $1,238,041 $1,538,614
SUFFOLK NY $799,948 $1,024,284 $1,238,041 $1,538,614

19
WESTCHESTER NY $799,948 $1,024,284 $1,238,041 $1,538,614

DELAWARE OH $387,049 $495,460 $598,909 $744,332
FAIRFIELD OH $387,049 $495,460 $598,909 $744,332
FRANKLIN OH $387,049 $495,460 $598,909 $744,332
HOCKING OH $387,049 $495,460 $598,909 $744,332
LICKING OH $387,049 $495,460 $598,909 $744,332
MADISON OH $387,049 $495,460 $598,909 $744,332
MORROW OH $387,049 $495,460 $598,909 $744,332
PERRY OH $387,049 $495,460 $598,909 $744,332
PICKAWAY OH $387,049 $495,460 $598,909 $744,332
UNION OH $387,049 $495,460 $598,909 $744,332

BENTON OR $418,371 $535,585 $647,400 $804,544
CLACKAMAS OR $503,387 $644,433 $778,961 $968,060
CLATSOP OR $369,151 $472,552 $571,235 $709,898
COLUMBIA OR $503,387 $644,433 $778,961 $968,060
DESCHUTES OR $447,455 $572,791 $692,389 $860,476
HOOD RIVER OR $464,235 $594,289 $718,360 $892,771
JACKSON OR $346,778 $443,905 $536,606 $666,854
MARION OR $357,964 $458,253 $553,921 $688,400
MULTNOMAH OR $503,387 $644,433 $778,961 $968,060
POLK OR $357,964 $458,253 $553,921 $688,400
WASHINGTON OR $503,387 $644,433 $778,961 $968,060
YAMHILL OR $503,387 $644,433 $778,961 $968,060

BUCKS PA $419,489 $536,995 $649,151 $806,733
CARBON PA $362,439 $463,992 $560,827 $697,009
CHESTER PA $419,489 $536,995 $649,151 $806,733
DELAWARE PA $419,489 $536,995 $649,151 $806,733
LEHIGH PA $362,439 $463,992 $560,827 $697,009
MONTGOMERY PA $419,489 $536,995 $649,151 $806,733
NORTHAMPTON PA $362,439 $463,992 $560,827 $697,009
PHILADELPHIA PA $419,489 $536,995 $649,151 $806,733
PIKE PA $799,948 $1,024,284 $1,238,041 $1,538,614

BRISTOL RI $492,201 $630,085 $761,647 $946,563

20
KENT RI $492,201 $630,085 $761,647 $946,563
NEWPORT RI $492,201 $630,085 $761,647 $946,563
PROVIDENCE RI $492,201 $630,085 $761,647 $946,563
WASHINGTON RI $492,201 $630,085 $761,647 $946,563

BEAUFORT SC $369,151 $472,552 $571,235 $709,898
BERKELEY SC $402,710 $515,546 $623,179 $774,438
CHARLESTON SC $402,710 $515,546 $623,179 $774,438
DORCHESTER SC $402,710 $515,546 $623,179 $774,438
JASPER SC $369,151 $472,552 $571,235 $709,898

CANNON TN $570,506 $730,325 $882,800 $1,097,141
CHEATHAM TN $570,506 $730,325 $882,800 $1,097,141
DAVIDSON TN $570,506 $730,325 $882,800 $1,097,141
DICKSON TN $570,506 $730,325 $882,800 $1,097,141
MACON TN $570,506 $730,325 $882,800 $1,097,141
MAURY TN $570,506 $730,325 $882,800 $1,097,141
ROBERTSON TN $570,506 $730,325 $882,800 $1,097,141
RUTHERFORD TN $570,506 $730,325 $882,800 $1,097,141
SMITH TN $570,506 $730,325 $882,800 $1,097,141
SUMNER TN $570,506 $730,325 $882,800 $1,097,141
TROUSDALE TN $570,506 $730,325 $882,800 $1,097,141
WILLIAMSON TN $570,506 $730,325 $882,800 $1,097,141
WILSON TN $570,506 $730,325 $882,800 $1,097,141

ATASCOSA TX $392,642 $502,658 $607,567 $755,081
BANDERA TX $392,642 $502,658 $607,567 $755,081
BASTROP TX $404,947 $518,416 $626,632 $778,767
BEXAR TX $392,642 $502,658 $607,567 $755,081
CALDWELL TX $404,947 $518,416 $626,632 $778,767
COLLIN TX $400,473 $512,677 $619,677 $770,158
COMAL TX $392,642 $502,658 $607,567 $755,081
DALLAS TX $400,473 $512,677 $619,677 $770,158
DENTON TX $400,473 $512,677 $619,677 $770,158
ELLIS TX $400,473 $512,677 $619,677 $770,158
GUADALUPE TX $392,642 $502,658 $607,567 $755,081
HAYS TX $404,947 $518,416 $626,632 $778,767

21
HUNT TX $400,473 $512,677 $619,677 $770,158
JOHNSON TX $400,473 $512,677 $619,677 $770,158
KAUFMAN TX $400,473 $512,677 $619,677 $770,158
KENDALL TX $392,642 $502,658 $607,567 $755,081
MEDINA TX $392,642 $502,658 $607,567 $755,081
PARKER TX $400,473 $512,677 $619,677 $770,158
ROCKWALL TX $400,473 $512,677 $619,677 $770,158
TARRANT TX $400,473 $512,677 $619,677 $770,158
TRAVIS TX $404,947 $518,416 $626,632 $778,767
WILLIAMSON TX $404,947 $518,416 $626,632 $778,767
WILSON TX $392,642 $502,658 $607,567 $755,081
WISE TX $400,473 $512,677 $619,677 $770,158

BOX ELDER UT $628,675 $804,836 $972,826 $1,209,005
DAVIS UT $628,675 $804,836 $972,826 $1,209,005
JUAB UT $427,320 $547,014 $661,261 $821,761
MORGAN UT $628,675 $804,836 $972,826 $1,209,005
RICH UT $364,676 $466,861 $564,329 $701,289
SALT LAKE UT $440,744 $564,231 $682,029 $847,587
SUMMIT UT $795,352 $1,018,204 $1,230,745 $1,529,568
TOOELE UT $440,744 $564,231 $682,029 $847,587
UTAH UT $427,320 $547,014 $661,261 $821,761
WASATCH UT $795,352 $1,018,204 $1,230,745 $1,529,568
WASHINGTON UT $402,710 $515,546 $623,179 $774,438
WEBER UT $628,675 $804,836 $972,826 $1,209,005

ALBEMARLE VA $425,083 $544,193 $657,759 $817,481
ALEXANDRIA CITY VA $799,948 $1,024,284 $1,238,041 $1,538,614
AMELIA VA $521,285 $667,341 $806,636 $1,002,495
ARLINGTON VA $799,948 $1,024,284 $1,238,041 $1,538,614
CHARLES CITY VA $521,285 $667,341 $806,636 $1,002,495
CHARLOTTESVILLE VA $425,083 $544,193 $657,759 $817,481
CHESAPEAKE CITY VA $446,337 $571,381 $690,686 $858,336
CHESTERFIELD VA $521,285 $667,341 $806,636 $1,002,495
CLARKE VA $799,948 $1,024,284 $1,238,041 $1,538,614
COLONIAL HEIGHT VA $521,285 $667,341 $806,636 $1,002,495
CULPEPER VA $799,948 $1,024,284 $1,238,041 $1,538,614

22
DINWIDDIE VA $521,285 $667,341 $806,636 $1,002,495
FAIRFAX VA $799,948 $1,024,284 $1,238,041 $1,538,614
FAIRFAX CITY VA $799,948 $1,024,284 $1,238,041 $1,538,614
FALLS CHURCH CI VA $799,948 $1,024,284 $1,238,041 $1,538,614
FAUQUIER VA $799,948 $1,024,284 $1,238,041 $1,538,614
FLUVANNA VA $425,083 $544,193 $657,759 $817,481
FRANKLIN CITY VA $446,337 $571,381 $690,686 $858,336
FREDERICKSBURG VA $799,948 $1,024,284 $1,238,041 $1,538,614
GLOUCESTER VA $446,337 $571,381 $690,686 $858,336
GOOCHLAND VA $521,285 $667,341 $806,636 $1,002,495
GREENE VA $425,083 $544,193 $657,759 $817,481
HAMPTON CITY VA $446,337 $571,381 $690,686 $858,336
HANOVER VA $521,285 $667,341 $806,636 $1,002,495
HENRICO VA $521,285 $667,341 $806,636 $1,002,495
HOPEWELL CITY VA $521,285 $667,341 $806,636 $1,002,495
ISLE OF WIGHT VA $446,337 $571,381 $690,686 $858,336
JAMES CITY VA $446,337 $571,381 $690,686 $858,336
KING AND QUEEN VA $521,285 $667,341 $806,636 $1,002,495
KING GEORGE VA $349,015 $446,774 $540,059 $671,183
KING WILLIAM VA $521,285 $667,341 $806,636 $1,002,495
LANCASTER VA $430,676 $551,343 $666,417 $828,230
LOUDOUN VA $799,948 $1,024,284 $1,238,041 $1,538,614
MADISON VA $799,948 $1,024,284 $1,238,041 $1,538,614
MANASSAS CITY VA $799,948 $1,024,284 $1,238,041 $1,538,614
MANASSAS PARK C VA $799,948 $1,024,284 $1,238,041 $1,538,614
MATHEWS VA $446,337 $571,381 $690,686 $858,336
NELSON VA $425,083 $544,193 $657,759 $817,481
NEW KENT VA $521,285 $667,341 $806,636 $1,002,495
NEWPORT NEWS CI VA $446,337 $571,381 $690,686 $858,336
NORFOLK CITY VA $446,337 $571,381 $690,686 $858,336
PETERSBURG CITY VA $521,285 $667,341 $806,636 $1,002,495
POQUOSON CITY VA $446,337 $571,381 $690,686 $858,336
PORTSMOUTH CITY VA $446,337 $571,381 $690,686 $858,336
POWHATAN VA $521,285 $667,341 $806,636 $1,002,495
PRINCE GEORGE VA $521,285 $667,341 $806,636 $1,002,495
PRINCE WILLIAM VA $799,948 $1,024,284 $1,238,041 $1,538,614
RAPPAHANNOCK VA $799,948 $1,024,284 $1,238,041 $1,538,614

23
RICHMOND CITY VA $521,285 $667,341 $806,636 $1,002,495
SOUTHAMPTON VA $446,337 $571,381 $690,686 $858,336
SPOTSYLVANIA VA $799,948 $1,024,284 $1,238,041 $1,538,614
STAFFORD VA $799,948 $1,024,284 $1,238,041 $1,538,614
SUFFOLK CITY VA $446,337 $571,381 $690,686 $858,336
SUSSEX VA $521,285 $667,341 $806,636 $1,002,495
VIRGINIA BEACH VA $446,337 $571,381 $690,686 $858,336
WARREN VA $799,948 $1,024,284 $1,238,041 $1,538,614
WILLIAMSBURG CI VA $446,337 $571,381 $690,686 $858,336
YORK VA $446,337 $571,381 $690,686 $858,336

CHITTENDEN VT $369,151 $472,552 $571,235 $709,898
FRANKLIN VT $369,151 $472,552 $571,235 $709,898
GRAND ISLE VT $369,151 $472,552 $571,235 $709,898

CHELAN WA $361,320 $462,533 $559,125 $694,869
CLALLAM WA $373,625 $478,291 $578,141 $718,506
CLARK WA $503,387 $644,433 $778,961 $968,060
DOUGLAS WA $361,320 $462,533 $559,125 $694,869
ISLAND WA $419,489 $536,995 $649,151 $806,733
KING WA $755,081 $966,649 $1,168,442 $1,452,090
KITSAP WA $423,964 $542,734 $656,057 $815,341
PIERCE WA $755,081 $966,649 $1,168,442 $1,452,090
SAN JUAN WA $484,370 $620,066 $749,536 $931,485
SKAGIT WA $394,879 $505,527 $611,068 $759,361
SKAMANIA WA $503,387 $644,433 $778,961 $968,060
SNOHOMISH WA $755,081 $966,649 $1,168,442 $1,452,090
THURSTON WA $394,879 $505,527 $611,068 $759,361
WHATCOM WA $430,676 $551,343 $666,417 $828,230

KENOSHA WI $369,151 $472,552 $571,235 $709,898
MILWAUKEE WI $352,371 $451,103 $545,263 $677,652
OZAUKEE WI $352,371 $451,103 $545,263 $677,652
PIERCE WI $391,523 $501,199 $605,864 $752,941
ST. CROIX WI $391,523 $501,199 $605,864 $752,941
WASHINGTON WI $352,371 $451,103 $545,263 $677,652
WAUKESHA WI $352,371 $451,103 $545,263 $677,652

24

JEFFERSON WV $799,948 $1,024,284 $1,238,041 $1,538,614

SHERIDAN WY $476,540 $610,047 $737,426 $916,408
TETON WY $799,948 $1,024,284 $1,238,041 $1,538,614

GUAM GU $548,133 $701,727 $848,220 $1,054,098

NORTHERN ISLAND MP $510,099 $652,993 $789,321 $980,949
ROTA MP $399,354 $511,218 $617,975 $767,970
SAIPAN MP $514,574 $658,732 $796,276 $989,557
TINIAN MP $517,930 $663,061 $801,480 $996,026

AGUAS BUENAS PR $374,744 $479,750 $579,892 $720,646
AIBONITO PR $374,744 $479,750 $579,892 $720,646
BARCELONETA PR $374,744 $479,750 $579,892 $720,646
BARRANQUITAS PR $374,744 $479,750 $579,892 $720,646
BAYAMON PR $374,744 $479,750 $579,892 $720,646
CAGUAS PR $374,744 $479,750 $579,892 $720,646
CANOVANAS PR $374,744 $479,750 $579,892 $720,646
CAROLINA PR $374,744 $479,750 $579,892 $720,646
CATANO PR $374,744 $479,750 $579,892 $720,646
CAYEY PR $374,744 $479,750 $579,892 $720,646
CEIBA PR $374,744 $479,750 $579,892 $720,646
CIALES PR $374,744 $479,750 $579,892 $720,646
CIDRA PR $374,744 $479,750 $579,892 $720,646
COMERIO PR $374,744 $479,750 $579,892 $720,646
COROZAL PR $374,744 $479,750 $579,892 $720,646
DORADO PR $374,744 $479,750 $579,892 $720,646
FAJARDO PR $374,744 $479,750 $579,892 $720,646
FLORIDA PR $374,744 $479,750 $579,892 $720,646
GUAYNABO PR $374,744 $479,750 $579,892 $720,646
GURABO PR $374,744 $479,750 $579,892 $720,646
HUMACAO PR $374,744 $479,750 $579,892 $720,646
JUNCOS PR $374,744 $479,750 $579,892 $720,646
LAS PIEDRAS PR $374,744 $479,750 $579,892 $720,646
LOIZA PR $374,744 $479,750 $579,892 $720,646

25
LUQUILLO PR $374,744 $479,750 $579,892 $720,646
MANATI PR $374,744 $479,750 $579,892 $720,646
MAUNABO PR $374,744 $479,750 $579,892 $720,646
MOROVIS PR $374,744 $479,750 $579,892 $720,646
NAGUABO PR $374,744 $479,750 $579,892 $720,646
NARANJITO PR $374,744 $479,750 $579,892 $720,646
OROCOVIS PR $374,744 $479,750 $579,892 $720,646
RIO GRANDE PR $374,744 $479,750 $579,892 $720,646
SAN JUAN PR $374,744 $479,750 $579,892 $720,646
SAN LORENZO PR $374,744 $479,750 $579,892 $720,646
TOA ALTA PR $374,744 $479,750 $579,892 $720,646
TOA BAJA PR $374,744 $479,750 $579,892 $720,646
TRUJILLO ALTO PR $374,744 $479,750 $579,892 $720,646
VEGA ALTA PR $374,744 $479,750 $579,892 $720,646
VEGA BAJA PR $374,744 $479,750 $579,892 $720,646
YABUCOA PR $374,744 $479,750 $579,892 $720,646

ST. JOHN ISLAND VI $606,302 $776,189 $938,197 $1,165,962
ST. THOMAS ISLA VI $434,032 $555,623 $671,621 $834,699

All other areas - 2695
counties (floor): $346,644 $443,832 $536,460 $666,708

.02 The nationwide average purchase price (for use in the housing cost/income
ratio for new and existing residences) is $331,900.
SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2020-18 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

26
residences that are purchased, in the period that begins on March 25, 2021, 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. 2020-18,
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before April 24, 2021, if the commitments to provide
financing or issue mortgage credit certificates are made on or before May 24, 2021.
.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 25, 2021, 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. 2020-
18 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before April 24, 2021, if the commitments to provide
financing or issue mortgage credit certificates are made on or before May 24, 2021.
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

27
the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1877.
An agency may not conduct or sponsor, and a person is not required to respond
to, a collection of information unless the collection of information displays a valid OMB
control number.
This revenue procedure contains a collection of information requirement in
section 3.03. The purpose of the collection of information is to verify the applicable FHA
loan limit that issuers of qualified mortgage bonds and qualified mortgage certificates
have used to calculate the average area purchase price for a given metropolitan
statistical area for purposes of §§ 143(e) and 25(c). The collection of information is
required to obtain the benefit of using revisions to FHA loan limits to determine average
area purchase prices. The likely respondents are state and local governments.
The estimated total annual reporting and/or recordkeeping burden is: 15 hours.
The estimated annual burden per respondent and/or recordkeeper: 15 minutes.
The estimated number of respondents and/or recordkeepers: 60.
Books or records relating to a collection of information must be retained as long
as their contents may become material in the administration of any internal revenue law.
Generally, tax returns and tax return information are confidential, as required by 26
U.S.C. 6103.
SECTION 8. DRAFTING INFORMATION
The principal authors of this revenue procedure are Jian H. Grant and David
White of the Office of Associate Chief Counsel (Financial Institutions & Products). For
further information regarding this revenue procedure contact Mr. White at (202) 317-

28
4562 (not a toll-free call).