rp-23-22.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. 2023-22

SECTION 1. PURPOSE
This revenue procedure provides issuers of qualified mortgage bonds, as defined
in § 143(a) of the Internal Revenue Code (Code), and issuers of mortgage credit
certificates, as defined in § 25(c), with (1) the nationwide average purchase price for
residences located in the United States, and (2) average area purchase price safe
harbors for residences located in statistical areas in each state, the District of Columbia,
Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and
Guam. Section 7 of this revenue procedure requests comments on the available data
and method used for calculating the average area purchase price safe harbors.

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

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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
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-f amily
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

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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
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

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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
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.

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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. 2022-2 1, 2022-16 I.R.B. 1015.
.12 The nationwide average purchase price was last published in section 4.02 of
Rev. Proc. 2022-21. Guidance with respect to the United States and area median gross
income figures that are used in computing the housing cost/income ratio described in
§ 143(f)(5) was published in Rev. Proc. 2021-19, 2021-15 I.R.B. 1008.
.13 This revenue procedure uses Federal Housing Administration (FHA) loan
limits for a given statistical area to calculate the average area purchase price safe
harbor for that area. FHA sets limits on the dollar value of loans it will insure based on
median home prices and conforming loan limits established by the Federal Home Loan
Mortgage Corporation. In particular, FHA sets an area's loan limit at 95 percent of the
median home sales price for the area, subject to certain floors and caps measured
against conforming loan limits.
.14 To calculate the average area purchase price safe harbors in this revenue
procedure, the FHA loan limits are adjusted to take into account the differences
between average and median purchase prices. Because FHA loan limits do not
differentiate between new and existing residences, this revenue procedure contains a
single average area purchase price safe harbor for both new and existing residences in
a statistical area.
.15 The average area purchase price safe harbors listed in section 4.01 of this

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revenue procedure are based on FHA loan limits released December 1, 2022. 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 1, 2022.
.16 OMB Bulletin No. 03-04, dated and effective June 6, 2003, revised the
definitions of the nation’s metropolitan areas and recognized 49 new metropolitan
statistical areas. The OMB bulletin no longer includes primary metropolitan statistical
areas.
SECTION 3. APPLICATION

Average Area Purchase Price Safe Harbors
.01 Average area purchase price safe harbors for statistical areas in each state,
the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa,
the Virgin Islands, and Guam are set forth in section 4.01 of this revenue procedure.
Average area purchase price safe harbors are provided for single-family and two to
four-family residences. For each type of residence, section 4.01 of this revenue
procedure contains a single safe harbor that may be used for both new and existing
residences. Issuers of qualified mortgage bonds and issuers of mortgage credit
certificates may rely on these safe harbors to satisfy the requirements of §§ 143(e) and
(f). Section 4.01 of this revenue procedure provides safe harbors for MSAs and for
certain counties and county equivalents. If no purchase price safe harbor is available
for a statistical area, the safe harbor for "ALL OTHER AREAS" may be used for that

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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
1, 2022, 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 0.883.
.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
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,

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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. 2022-21, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.
2022-21 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. 2022-2 1, the issuer must use the
average area purchase price safe harbors set forth in section 4.01 of Rev. Proc. 2022-

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21 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.
2023 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 $617,402 $790,356 $955,382 $1,187,347
HOONAH-ANGOON C AK $593,957 $760,341 $919,081 $1,142,211
JUNEAU CITY AND AK $604,377 $773,707 $935,221 $1,162,259
KETCHIKAN GATEW AK $549,670 $703,653 $850,556 $1,057,093
KODIAK ISLAND B AK $549,670 $703,653 $850,556 $1,057,093
SITKA CITY AND AK $664,293 $850,386 $1,027,928 $1,277,505
SKAGWAY MUNICIP AK $593,957 $760,341 $919,081 $1,142,211

COCONINO AZ $586,141 $750,374 $907,018 $1,127,204
MARICOPA AZ $600,469 $768,723 $929,161 $1,154,783
PINAL AZ $600,469 $768,723 $929,161 $1,154,783

ALAMEDA CA $1,233,785 $1,579,778 $1,909,461 $2,373,108
ALPINE CA $563,998 $722,001 $872,756 $1,084,616
CONTRA COSTA CA $1,233,785 $1,579,778 $1,909,461 $2,373,108
EL DORADO CA $864,884 $1,107,212 $1,338,384 $1,663,282
INYO CA $575,721 $737,009 $890,878 $1,107,156
LOS ANGELES CA $1,233,785 $1,579,778 $1,909,461 $2,373,108
MARIN CA $1,233,785 $1,579,778 $1,909,461 $2,373,108
MENDOCINO CA $618,705 $792,055 $957,421 $1,189,839
MONO CA $785,429 $1,005,501 $1,215,436 $1,510,489
MONTEREY CA $1,036,819 $1,327,341 $1,604,441 $1,993,900
NAPA CA $1,152,745 $1,475,717 $1,783,795 $2,216,860
NEVADA CA $729,420 $933,805 $1,128,733 $1,402,775

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ORANGE CA $1,233,785 $1,579,778 $1,909,461 $2,373,108
PLACER CA $864,884 $1,107,212 $1,338,384 $1,663,282
RIVERSIDE CA $729,420 $933,805 $1,128,733 $1,402,775
SACRAMENTO CA $864,884 $1,107,212 $1,338,384 $1,663,282
SAN BENITO CA $1,233,785 $1,579,778 $1,909,461 $2,373,108
SAN BERNARDINO CA $729,420 $933,805 $1,128,733 $1,402,775
SAN DIEGO CA $1,107,156 $1,417,386 $1,713,288 $2,129,194
SAN FRANCISCO CA $1,233,785 $1,579,778 $1,909,461 $2,373,108
SAN JOAQUIN CA $743,748 $952,154 $1,150,932 $1,430,298
SAN LUIS OBISPO CA $1,032,911 $1,322,301 $1,598,382 $1,986,424
SAN MATEO CA $1,233,785 $1,579,778 $1,909,461 $2,373,108
SANTA BARBARA CA $911,775 $1,167,242 $1,410,930 $1,753,440
SANTA CLARA CA $1,233,785 $1,579,778 $1,909,461 $2,373,108
SANTA CRUZ CA $1,233,785 $1,579,778 $1,909,461 $2,373,108
SOLANO CA $776,312 $993,835 $1,201,278 $1,492,933
SONOMA CA $975,600 $1,248,962 $1,509,696 $1,876,162
STANISLAUS CA $586,141 $750,374 $907,018 $1,127,204
SUTTER CA $553,578 $708,693 $856,616 $1,064,569
VENTURA CA $1,074,592 $1,375,705 $1,662,886 $2,066,559
YOLO CA $864,884 $1,107,212 $1,338,384 $1,663,282
YUBA CA $553,578 $708,693 $856,616 $1,064,569

ADAMS CO $892,237 $1,142,211 $1,380,688 $1,715,893
ARAPAHOE CO $892,237 $1,142,211 $1,380,688 $1,715,893
BOULDER CO $970,389 $1,242,280 $1,501,654 $1,866,195
BROOMFIELD CO $892,237 $1,142,211 $1,380,688 $1,715,893
CHAFFEE CO $679,924 $870,434 $1,052,166 $1,307,576
CLEAR CREEK CO $892,237 $1,142,211 $1,380,688 $1,715,893
DENVER CO $892,237 $1,142,211 $1,380,688 $1,715,893
DOUGLAS CO $892,237 $1,142,211 $1,380,688 $1,715,893
EAGLE CO $1,217,871 $1,559,136 $1,884,600 $2,342,130
EL PASO CO $586,141 $750,374 $907,018 $1,127,204
ELBERT CO $892,237 $1,142,211 $1,380,688 $1,715,893
GARFIELD CO $1,233,785 $1,579,778 $1,909,461 $2,373,108
GILPIN CO $892,237 $1,142,211 $1,380,688 $1,715,893
GRAND CO $758,076 $970,446 $1,173,075 $1,457,878
GUNNISON CO $588,746 $753,715 $911,039 $1,132,187

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JEFFERSON CO $892,237 $1,142,211 $1,380,688 $1,715,893
LA PLATA CO $676,016 $865,394 $1,046,106 $1,300,044
LARIMER CO $695,554 $890,425 $1,076,348 $1,337,648
PARK CO $892,237 $1,142,211 $1,380,688 $1,715,893
PITKIN CO $1,233,785 $1,579,778 $1,909,461 $2,373,108
ROUTT CO $957,364 $1,225,630 $1,481,493 $1,841,107
SAN JUAN CO $573,116 $733,668 $886,857 $1,102,172
SAN MIGUEL CO $1,184,005 $1,515,756 $1,832,215 $2,277,003
SUMMIT CO $1,079,803 $1,382,331 $1,670,927 $2,076,583
TELLER CO $586,141 $750,374 $907,018 $1,127,204
WELD CO $629,125 $805,364 $973,504 $1,209,886

FAIRFIELD CT $801,060 $1,025,492 $1,239,618 $1,540,504

DISTRICT OF COL DC $1,233,785 $1,579,778 $1,909,461 $2,373,108

NEW CASTLE DE $599,167 $767,024 $927,179 $1,152,235

BAKER FL $596,562 $763,683 $923,158 $1,147,251
BROWARD FL $631,730 $808,705 $977,582 $1,214,870
CLAY FL $596,562 $763,683 $923,158 $1,147,251
COLLIER FL $761,984 $975,486 $1,179,135 $1,465,353
DUVAL FL $596,562 $763,683 $923,158 $1,147,251
MANATEE FL $573,116 $733,668 $886,857 $1,102,172
MARTIN FL $566,603 $725,343 $876,777 $1,089,657
MIAMI-DADE FL $631,730 $808,705 $977,582 $1,214,870
MONROE FL $989,928 $1,267,311 $1,531,839 $1,903,742
NASSAU FL $596,562 $763,683 $923,158 $1,147,251
OKALOOSA FL $683,832 $875,418 $1,058,169 $1,315,052
PALM BEACH FL $631,730 $808,705 $977,582 $1,214,870
SARASOTA FL $573,116 $733,668 $886,857 $1,102,172
ST. JOHNS FL $596,562 $763,683 $923,158 $1,147,251
ST. LUCIE FL $566,603 $725,343 $876,777 $1,089,657
WALTON FL $683,832 $875,418 $1,058,169 $1,315,052

BARROW GA $670,806 $858,768 $1,038,008 $1,290,021
BARTOW GA $670,806 $858,768 $1,038,008 $1,290,021

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BUTTS GA $670,806 $858,768 $1,038,008 $1,290,021
CARROLL GA $670,806 $858,768 $1,038,008 $1,290,021
CHEROKEE GA $670,806 $858,768 $1,038,008 $1,290,021
CLARKE GA $584,839 $748,675 $904,980 $1,124,712
CLAYTON GA $670,806 $858,768 $1,038,008 $1,290,021
COBB GA $670,806 $858,768 $1,038,008 $1,290,021
COWETA GA $670,806 $858,768 $1,038,008 $1,290,021
DAWSON GA $670,806 $858,768 $1,038,008 $1,290,021
DEKALB GA $670,806 $858,768 $1,038,008 $1,290,021
DOUGLAS GA $670,806 $858,768 $1,038,008 $1,290,021
FAYETTE GA $670,806 $858,768 $1,038,008 $1,290,021
FORSYTH GA $670,806 $858,768 $1,038,008 $1,290,021
FULTON GA $670,806 $858,768 $1,038,008 $1,290,021
GREENE GA $583,536 $747,033 $902,997 $1,122,220
GWINNETT GA $670,806 $858,768 $1,038,008 $1,290,021
HARALSON GA $670,806 $858,768 $1,038,008 $1,290,021
HEARD GA $670,806 $858,768 $1,038,008 $1,290,021
HENRY GA $670,806 $858,768 $1,038,008 $1,290,021
JASPER GA $670,806 $858,768 $1,038,008 $1,290,021
LAMAR GA $670,806 $858,768 $1,038,008 $1,290,021
MADISON GA $584,839 $748,675 $904,980 $1,124,712
MERIWETHER GA $670,806 $858,768 $1,038,008 $1,290,021
MORGAN GA $670,806 $858,768 $1,038,008 $1,290,021
NEWTON GA $670,806 $858,768 $1,038,008 $1,290,021
OCONEE GA $584,839 $748,675 $904,980 $1,124,712
OGLETHORPE GA $584,839 $748,675 $904,980 $1,124,712
PAULDING GA $670,806 $858,768 $1,038,008 $1,290,021
PICKENS GA $670,806 $858,768 $1,038,008 $1,290,021
PIKE GA $670,806 $858,768 $1,038,008 $1,290,021
ROCKDALE GA $670,806 $858,768 $1,038,008 $1,290,021
SPALDING GA $670,806 $858,768 $1,038,008 $1,290,021
WALTON GA $670,806 $858,768 $1,038,008 $1,290,021

HAWAII HI $586,141 $750,374 $907,018 $1,127,204
HONOLULU HI $872,699 $1,117,236 $1,350,447 $1,678,290
KALAWAO HI $1,107,156 $1,417,386 $1,713,288 $2,129,194
KAUAI HI $1,107,156 $1,417,386 $1,713,288 $2,129,194

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MAUI HI $1,107,156 $1,417,386 $1,713,288 $2,129,194

ADA ID $664,293 $850,386 $1,027,928 $1,277,505
BLAINE ID $838,833 $1,073,856 $1,298,062 $1,613,163
BOISE ID $664,293 $850,386 $1,027,928 $1,277,505
BONNER ID $592,654 $758,699 $917,099 $1,139,719
CAMAS ID $838,833 $1,073,856 $1,298,062 $1,613,163
CANYON ID $664,293 $850,386 $1,027,928 $1,277,505
FRANKLIN ID $557,486 $713,677 $862,675 $1,072,101
GEM ID $664,293 $850,386 $1,027,928 $1,277,505
KOOTENAI ID $648,663 $830,395 $1,003,746 $1,247,433
OWYHEE ID $664,293 $850,386 $1,027,928 $1,277,505
TETON ID $1,233,785 $1,579,778 $1,909,461 $2,373,108
VALLEY ID $649,966 $832,094 $1,005,784 $1,249,925

BARNSTABLE MA $794,547 $1,017,168 $1,229,538 $1,527,988
BRISTOL MA $748,958 $958,780 $1,158,974 $1,440,322
DUKES MA $1,233,785 $1,579,778 $1,909,461 $2,373,108
ESSEX MA $937,826 $1,200,599 $1,451,252 $1,803,560
MIDDLESEX MA $937,826 $1,200,599 $1,451,252 $1,803,560
NANTUCKET MA $1,233,785 $1,579,778 $1,909,461 $2,373,108
NORFOLK MA $937,826 $1,200,599 $1,451,252 $1,803,560
PLYMOUTH MA $937,826 $1,200,599 $1,451,252 $1,803,560
SUFFOLK MA $937,826 $1,200,599 $1,451,252 $1,803,560
ANNE ARUNDEL MD $716,395 $917,099 $1,108,572 $1,377,687
BALTIMORE MD $716,395 $917,099 $1,108,572 $1,377,687
BALTIMORE CITY MD $716,395 $917,099 $1,108,572 $1,377,687
CALVERT MD $1,233,785 $1,579,778 $1,909,461 $2,373,108
CARROLL MD $716,395 $917,099 $1,108,572 $1,377,687
CECIL MD $599,167 $767,024 $927,179 $1,152,235
CHARLES MD $1,233,785 $1,579,778 $1,909,461 $2,373,108
FREDERICK MD $1,233,785 $1,579,778 $1,909,461 $2,373,108
HARFORD MD $716,395 $917,099 $1,108,572 $1,377,687
HOWARD MD $716,395 $917,099 $1,108,572 $1,377,687
MONTGOMERY MD $1,233,785 $1,579,778 $1,909,461 $2,373,108
PRINCE GEORGE'S MD $1,233,785 $1,579,778 $1,909,461 $2,373,108
QUEEN ANNE'S MD $716,395 $917,099 $1,108,572 $1,377,687

15

CUMBERLAND ME $573,116 $733,668 $886,857 $1,102,172
SAGADAHOC ME $573,116 $733,668 $886,857 $1,102,172
YORK ME $573,116 $733,668 $886,857 $1,102,172

ANOKA MN $583,536 $747,033 $902,997 $1,122,220
CARVER MN $583,536 $747,033 $902,997 $1,122,220
CHISAGO MN $583,536 $747,033 $902,997 $1,122,220
DAKOTA MN $583,536 $747,033 $902,997 $1,122,220
HENNEPIN MN $583,536 $747,033 $902,997 $1,122,220
ISANTI MN $583,536 $747,033 $902,997 $1,122,220
LE SUEUR MN $583,536 $747,033 $902,997 $1,122,220
MILLE LACS MN $583,536 $747,033 $902,997 $1,122,220
RAMSEY MN $583,536 $747,033 $902,997 $1,122,220
SCOTT MN $583,536 $747,033 $902,997 $1,122,220
SHERBURNE MN $583,536 $747,033 $902,997 $1,122,220
WASHINGTON MN $583,536 $747,033 $902,997 $1,122,220
WRIGHT MN $583,536 $747,033 $902,997 $1,122,220

BROADWATER MT $565,301 $723,700 $874,738 $1,087,108
FLATHEAD MT $626,520 $802,079 $969,483 $1,204,846
GALLATIN MT $797,152 $1,020,509 $1,233,558 $1,533,029
MISSOULA MT $618,705 $792,055 $957,421 $1,189,839
PARK MT $610,889 $782,031 $945,302 $1,174,774
RAVALLI MT $571,813 $732,025 $884,819 $1,099,624

CAMDEN NC $574,418 $735,367 $888,896 $1,104,664
CHATHAM NC $682,529 $873,775 $1,056,187 $1,312,560
CURRITUCK NC $574,418 $735,367 $888,896 $1,104,664
DARE NC $683,832 $875,418 $1,058,169 $1,315,052
DURHAM NC $682,529 $873,775 $1,056,187 $1,312,560
FRANKLIN NC $569,208 $728,684 $880,798 $1,094,640
GATES NC $574,418 $735,367 $888,896 $1,104,664
GRANVILLE NC $682,529 $873,775 $1,056,187 $1,312,560
HYDE NC $547,065 $700,311 $846,535 $1,052,053
JOHNSTON NC $569,208 $728,684 $880,798 $1,094,640
ORANGE NC $682,529 $873,775 $1,056,187 $1,312,560

16
PASQUOTANK NC $911,775 $1,167,242 $1,410,930 $1,753,440
PERQUIMANS NC $911,775 $1,167,242 $1,410,930 $1,753,440
PERSON NC $682,529 $873,775 $1,056,187 $1,312,560
WAKE NC $569,208 $728,684 $880,798 $1,094,640

DAWSON NE $683,832 $875,418 $1,058,169 $1,315,052
GOSPER NE $683,832 $875,418 $1,058,169 $1,315,052

HILLSBOROUGH NH $540,553 $691,987 $836,455 $1,039,537
ROCKINGHAM NH $937,826 $1,200,599 $1,451,252 $1,803,560
STRAFFORD NH $937,826 $1,200,599 $1,451,252 $1,803,560

BERGEN NJ $1,233,785 $1,579,778 $1,909,461 $2,373,108
BURLINGTON NJ $599,167 $767,024 $927,179 $1,152,235
CAMDEN NJ $599,167 $767,024 $927,179 $1,152,235
CAPE MAY NJ $621,310 $795,397 $961,442 $1,194,822
ESSEX NJ $1,233,785 $1,579,778 $1,909,461 $2,373,108
GLOUCESTER NJ $599,167 $767,024 $927,179 $1,152,235
HUDSON NJ $1,233,785 $1,579,778 $1,909,461 $2,373,108
HUNTERDON NJ $1,233,785 $1,579,778 $1,909,461 $2,373,108
MIDDLESEX NJ $1,233,785 $1,579,778 $1,909,461 $2,373,108
MONMOUTH NJ $1,233,785 $1,579,778 $1,909,461 $2,373,108
MORRIS NJ $1,233,785 $1,579,778 $1,909,461 $2,373,108
OCEAN NJ $1,233,785 $1,579,778 $1,909,461 $2,373,108
PASSAIC NJ $1,233,785 $1,579,778 $1,909,461 $2,373,108
SALEM NJ $599,167 $767,024 $927,179 $1,152,235
SOMERSET NJ $1,233,785 $1,579,778 $1,909,461 $2,373,108
SUSSEX NJ $1,233,785 $1,579,778 $1,909,461 $2,373,108
UNION NJ $1,233,785 $1,579,778 $1,909,461 $2,373,108

LOS ALAMOS NM $660,386 $845,403 $1,021,925 $1,269,973
SANTA FE NM $570,511 $730,326 $882,836 $1,097,132

CARSON CITY NV $573,116 $733,668 $886,857 $1,102,172
CLARK NV $560,091 $717,018 $866,696 $1,077,084
DOUGLAS NV $745,051 $953,796 $1,152,914 $1,432,790
STOREY NV $703,370 $900,449 $1,088,411 $1,352,656

17
WASHOE NV $703,370 $900,449 $1,088,411 $1,352,656

BRONX NY $1,233,785 $1,579,778 $1,909,461 $2,373,108
KINGS NY $1,233,785 $1,579,778 $1,909,461 $2,373,108
NASSAU NY $1,233,785 $1,579,778 $1,909,461 $2,373,108
NEW YORK NY $1,233,785 $1,579,778 $1,909,461 $2,373,108
PUTNAM NY $1,233,785 $1,579,778 $1,909,461 $2,373,108
QUEENS NY $1,233,785 $1,579,778 $1,909,461 $2,373,108
RICHMOND NY $1,233,785 $1,579,778 $1,909,461 $2,373,108
ROCKLAND NY $1,233,785 $1,579,778 $1,909,461 $2,373,108
SUFFOLK NY $1,233,785 $1,579,778 $1,909,461 $2,373,108
WESTCHESTER NY $1,233,785 $1,579,778 $1,909,461 $2,373,108

DELAWARE OH $553,578 $708,693 $856,616 $1,064,569
FAIRFIELD OH $553,578 $708,693 $856,616 $1,064,569
FRANKLIN OH $553,578 $708,693 $856,616 $1,064,569
HOCKING OH $553,578 $708,693 $856,616 $1,064,569
LICKING OH $553,578 $708,693 $856,616 $1,064,569
MADISON OH $553,578 $708,693 $856,616 $1,064,569
MORROW OH $553,578 $708,693 $856,616 $1,064,569
PERRY OH $553,578 $708,693 $856,616 $1,064,569
PICKAWAY OH $553,578 $708,693 $856,616 $1,064,569
UNION OH $553,578 $708,693 $856,616 $1,064,569

BENTON OR $634,335 $812,046 $981,603 $1,219,910
CLACKAMAS OR $761,984 $975,486 $1,179,135 $1,465,353
CLATSOP OR $599,167 $767,024 $927,179 $1,152,235
COLUMBIA OR $761,984 $975,486 $1,179,135 $1,465,353
DESCHUTES OR $781,522 $1,000,461 $1,209,377 $1,502,957
HOOD RIVER OR $760,681 $973,787 $1,177,096 $1,462,861
LANE OR $545,763 $698,669 $844,553 $1,049,561
MARION OR $547,065 $700,311 $846,535 $1,052,053
MULTNOMAH OR $761,984 $975,486 $1,179,135 $1,465,353
POLK OR $547,065 $700,311 $846,535 $1,052,053
WASHINGTON OR $761,984 $975,486 $1,179,135 $1,465,353
YAMHILL OR $761,984 $975,486 $1,179,135 $1,465,353

18
BUCKS PA $599,167 $767,024 $927,179 $1,152,235
CHESTER PA $599,167 $767,024 $927,179 $1,152,235
DELAWARE PA $599,167 $767,024 $927,179 $1,152,235
MONTGOMERY PA $599,167 $767,024 $927,179 $1,152,235
PHILADELPHIA PA $599,167 $767,024 $927,179 $1,152,235
PIKE PA $1,233,785 $1,579,778 $1,909,461 $2,373,108

BRISTOL RI $748,958 $958,780 $1,158,974 $1,440,322
KENT RI $748,958 $958,780 $1,158,974 $1,440,322
NEWPORT RI $748,958 $958,780 $1,158,974 $1,440,322
PROVIDENCE RI $748,958 $958,780 $1,158,974 $1,440,322
WASHINGTON RI $748,958 $958,780 $1,158,974 $1,440,322

BEAUFORT SC $549,670 $703,653 $850,556 $1,057,093
BERKELEY SC $609,587 $780,389 $943,319 $1,172,283
CHARLESTON SC $609,587 $780,389 $943,319 $1,172,283
DORCHESTER SC $609,587 $780,389 $943,319 $1,172,283
JASPER SC $549,670 $703,653 $850,556 $1,057,093

CANNON TN $1,008,163 $1,290,644 $1,560,099 $1,938,797
CHEATHAM TN $1,008,163 $1,290,644 $1,560,099 $1,938,797
DAVIDSON TN $1,008,163 $1,290,644 $1,560,099 $1,938,797
DICKSON TN $1,008,163 $1,290,644 $1,560,099 $1,938,797
MACON TN $1,008,163 $1,290,644 $1,560,099 $1,938,797
MAURY TN $1,008,163 $1,290,644 $1,560,099 $1,938,797
ROBERTSON TN $1,008,163 $1,290,644 $1,560,099 $1,938,797
RUTHERFORD TN $1,008,163 $1,290,644 $1,560,099 $1,938,797
SMITH TN $1,008,163 $1,290,644 $1,560,099 $1,938,797
SUMNER TN $1,008,163 $1,290,644 $1,560,099 $1,938,797
TROUSDALE TN $1,008,163 $1,290,644 $1,560,099 $1,938,797
WILLIAMSON TN $1,008,163 $1,290,644 $1,560,099 $1,938,797
WILSON TN $1,008,163 $1,290,644 $1,560,099 $1,938,797

ATASCOSA TX $593,957 $760,341 $919,081 $1,142,211
BANDERA TX $593,957 $760,341 $919,081 $1,142,211
BASTROP TX $647,361 $828,753 $1,001,764 $1,244,941
BEXAR TX $593,957 $760,341 $919,081 $1,142,211

19
CALDWELL TX $647,361 $828,753 $1,001,764 $1,244,941
COLLIN TX $601,772 $770,365 $931,200 $1,157,275
COMAL TX $593,957 $760,341 $919,081 $1,142,211
DALLAS TX $601,772 $770,365 $931,200 $1,157,275
DENTON TX $601,772 $770,365 $931,200 $1,157,275
ELLIS TX $601,772 $770,365 $931,200 $1,157,275
GUADALUPE TX $593,957 $760,341 $919,081 $1,142,211
HAYS TX $647,361 $828,753 $1,001,764 $1,244,941
HUNT TX $601,772 $770,365 $931,200 $1,157,275
JOHNSON TX $601,772 $770,365 $931,200 $1,157,275
KAUFMAN TX $601,772 $770,365 $931,200 $1,157,275
KENDALL TX $593,957 $760,341 $919,081 $1,142,211
MEDINA TX $593,957 $760,341 $919,081 $1,142,211
PARKER TX $601,772 $770,365 $931,200 $1,157,275
ROCKWALL TX $601,772 $770,365 $931,200 $1,157,275
TARRANT TX $601,772 $770,365 $931,200 $1,157,275
TRAVIS TX $647,361 $828,753 $1,001,764 $1,244,941
WILLIAMSON TX $647,361 $828,753 $1,001,764 $1,244,941
WILSON TX $593,957 $760,341 $919,081 $1,142,211
WISE TX $601,772 $770,365 $931,200 $1,157,275

BOX ELDER UT $842,741 $1,078,840 $1,304,122 $1,620,695
CACHE UT $557,486 $713,677 $862,675 $1,072,101
DAVIS UT $842,741 $1,078,840 $1,304,122 $1,620,695
GRAND UT $616,100 $788,714 $953,400 $1,184,798
JUAB UT $681,226 $872,076 $1,054,148 $1,310,068
MORGAN UT $842,741 $1,078,840 $1,304,122 $1,620,695
RICH UT $601,772 $770,365 $931,200 $1,157,275
SALT LAKE UT $702,067 $898,750 $1,086,428 $1,350,164
SUMMIT UT $1,233,785 $1,579,778 $1,909,461 $2,373,108
TOOELE UT $702,067 $898,750 $1,086,428 $1,350,164
UTAH UT $681,226 $872,076 $1,054,148 $1,310,068
WASATCH UT $1,233,785 $1,579,778 $1,909,461 $2,373,108
WASHINGTON UT $672,109 $860,410 $1,040,047 $1,292,512
WEBER UT $842,741 $1,078,840 $1,304,122 $1,620,695

ALBEMARLE VA $574,418 $735,367 $888,896 $1,104,664

20
ALEXANDRIA CITY VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
AMELIA VA $618,705 $792,055 $957,421 $1,189,839
ARLINGTON VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
CHARLES CITY VA $618,705 $792,055 $957,421 $1,189,839
CHARLOTTESVILLE VA $574,418 $735,367 $888,896 $1,104,664
CHESAPEAKE CITY VA $574,418 $735,367 $888,896 $1,104,664
CHESTERFIELD VA $618,705 $792,055 $957,421 $1,189,839
CLARKE VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
COLONIAL HEIGHT VA $618,705 $792,055 $957,421 $1,189,839
CULPEPER VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
DINWIDDIE VA $618,705 $792,055 $957,421 $1,189,839
FAIRFAX VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
FAIRFAX CITY VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
FALLS CHURCH CI VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
FAUQUIER VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
FLUVANNA VA $574,418 $735,367 $888,896 $1,104,664
FRANKLIN CITY VA $574,418 $735,367 $888,896 $1,104,664
FREDERICKSBURG VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
GLOUCESTER VA $574,418 $735,367 $888,896 $1,104,664
GOOCHLAND VA $618,705 $792,055 $957,421 $1,189,839
GREENE VA $574,418 $735,367 $888,896 $1,104,664
HAMPTON CITY VA $574,418 $735,367 $888,896 $1,104,664
HANOVER VA $618,705 $792,055 $957,421 $1,189,839
HENRICO VA $618,705 $792,055 $957,421 $1,189,839
HOPEWELL CITY VA $618,705 $792,055 $957,421 $1,189,839
ISLE OF WIGHT VA $574,418 $735,367 $888,896 $1,104,664
JAMES CITY VA $574,418 $735,367 $888,896 $1,104,664
KING AND QUEEN VA $618,705 $792,055 $957,421 $1,189,839
KING WILLIAM VA $618,705 $792,055 $957,421 $1,189,839
LOUDOUN VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
MADISON VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
MANASSAS CITY VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
MANASSAS PARK C VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
MATHEWS VA $574,418 $735,367 $888,896 $1,104,664
NELSON VA $574,418 $735,367 $888,896 $1,104,664
NEW KENT VA $618,705 $792,055 $957,421 $1,189,839
NEWPORT NEWS CI VA $574,418 $735,367 $888,896 $1,104,664

21
NORFOLK CITY VA $574,418 $735,367 $888,896 $1,104,664
PETERSBURG CITY VA $618,705 $792,055 $957,421 $1,189,839
POQUOSON CITY VA $574,418 $735,367 $888,896 $1,104,664
PORTSMOUTH CITY VA $574,418 $735,367 $888,896 $1,104,664
POWHATAN VA $618,705 $792,055 $957,421 $1,189,839
PRINCE GEORGE VA $618,705 $792,055 $957,421 $1,189,839
PRINCE WILLIAM VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
RAPPAHANNOCK VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
RICHMOND CITY VA $618,705 $792,055 $957,421 $1,189,839
SOUTHAMPTON VA $574,418 $735,367 $888,896 $1,104,664
SPOTSYLVANIA VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
STAFFORD VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
SUFFOLK CITY VA $574,418 $735,367 $888,896 $1,104,664
SUSSEX VA $618,705 $792,055 $957,421 $1,189,839
VIRGINIA BEACH VA $574,418 $735,367 $888,896 $1,104,664
WARREN VA $1,233,785 $1,579,778 $1,909,461 $2,373,108
WILLIAMSBURG CI VA $574,418 $735,367 $888,896 $1,104,664
YORK VA $574,418 $735,367 $888,896 $1,104,664

CHITTENDEN VT $557,486 $713,677 $862,675 $1,072,101
FRANKLIN VT $557,486 $713,677 $862,675 $1,072,101
GRAND ISLE VT $557,486 $713,677 $862,675 $1,072,101

CHELAN WA $573,116 $733,668 $886,857 $1,102,172
CLARK WA $761,984 $975,486 $1,179,135 $1,465,353
DOUGLAS WA $573,116 $733,668 $886,857 $1,102,172
ISLAND WA $651,268 $833,736 $1,007,823 $1,252,474
KING WA $1,107,156 $1,417,386 $1,713,288 $2,129,194
KITSAP WA $638,243 $817,087 $987,662 $1,227,386
KITTITAS WA $537,947 $688,645 $832,434 $1,034,497
PIERCE WA $1,107,156 $1,417,386 $1,713,288 $2,129,194
SAN JUAN WA $563,998 $722,001 $872,756 $1,084,616
SKAGIT WA $617,402 $790,356 $955,382 $1,187,347
SKAMANIA WA $761,984 $975,486 $1,179,135 $1,465,353
SNOHOMISH WA $1,107,156 $1,417,386 $1,713,288 $2,129,194
THURSTON WA $618,705 $792,055 $957,421 $1,189,839
WHATCOM WA $683,832 $875,418 $1,058,169 $1,315,052

22

PIERCE WI $583,536 $747,033 $902,997 $1,122,220
ST. CROIX WI $583,536 $747,033 $902,997 $1,122,220

JEFFERSON WV $1,233,785 $1,579,778 $1,909,461 $2,373,108

SHERIDAN WY $554,880 $710,335 $858,655 $1,067,060
TETON WY $1,233,785 $1,579,778 $1,909,461 $2,373,108

GUAM GU $638,243 $817,087 $987,662 $1,227,386

NORTHERN ISLAND MP $593,957 $760,341 $919,081 $1,142,211
SAIPAN MP $599,167 $767,024 $927,179 $1,152,235
TINIAN MP $603,074 $772,064 $933,239 $1,159,767

CULEBRA PR $603,074 $772,064 $933,239 $1,159,767

ST. JOHN ISLAND VI $1,090,223 $1,395,696 $1,687,068 $2,096,630
ST. THOMAS ISLA VI $659,083 $843,760 $1,019,886 $1,267,481

All other areas - 2823
counties (floor): $534,640 $684,568 $827,422 $1,028,324

.02 The nationwide average purchase price (for use in the housing cost/income
ratio for new and existing residences) is $503,300.
SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2022-21 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

23
credit certificates that a re made, or (if the purchase precedes the commitment) for
residences that are purchased, in the period that begins on April 20, 2023, 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 contin ue to
rely on the average area purchase price safe harbors contained in Rev. Proc. 2022-21,
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before May 20, 2023, if t he commitments to provide
financing or issue mortgage credit certificates are made on or before June 19, 2023.
.03 Except as provided in section 6.04, issuers must use the nationwide average
purchase pri ce limitation contained in t his revenue procedure for commitments to
provide financing or issue mortgage credit certificates that are made, or (if the purchase
precedes the commitment) for residences that are purchased, in the period that begins
on April 20, 2023, 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. 2022-
21 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before May 20, 2023, if the commitments to provide
financing or issue mortgage credit certificates are made on or before June 19, 2023.
SECTION 7. REQUEST FOR COMMENTS
.01 Comments Regarding Guidance in this Revenue Procedure.

24
The Treasury Department and the IRS request comments on whether there are
other sources of average purchase price data, including data that differentiate between
new and existing residences, that could provide a different method for calculating
average area purchase price safe harbors.
.02 Procedures for Submitting Comments.
(1) Deadline. Written comments should be submitted by June 19, 2023.
(2) Form and manner. The subject line for the comments should include a
reference to Revenue Procedure 2023-22. All commenters are strongly encouraged
to submit comments electronically. However, comments may be submitted in one of
two ways:
(a) Electronically via the Federal eRulemaking Portal at
www.regulations.gov
(type IRS-2023-0018 in the search field on the regulations.gov
homepage to find this notice and submit comments); or
(b) By mail to: Internal Revenue Service, CC:PA:LPD:PR (Revenue
Procedure 2023-22), Room 5203, P.O. Box 7604, Ben Franklin Station, Washington,
D.C., 20044.
(3) Publication of comments. The Treasury Department and the IRS will
publish for public availability any comment submitted electronically or on paper to its
public docket on regulations.gov.
SECTION 8. PAPERWORK REDUCTION ACT
The collection of information contained in this revenue procedure has been

25
reviewed and approved by the Office of Management and Budget in accordance with
the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1877.
An agency may not conduct or sponsor, and a person is not required to respond
to, a collection of information unless the collection of information displays a valid OMB
control number.
This revenue procedure contains a collection of information requirement in
section 3.03. The purpose of the collection of information is to verify the applicable FHA
loan limit that issuers of qualified mortgage bonds and qualified mortgage certificates
have used to calculate the average area purchase price for a given metropolitan
statistical area for purposes of §§ 143(e) and 25(c). The collection of information is
required to obtain the benefit of using revisions to FHA loan limits to determine average
area purchase pri ces. The likely respondents are state and local governments.
The estimated total annual reporting and/or recordkeeping burden is: 15 hours.
The estimated annual burden per respondent and/or recordkeeper: 15 minutes.
The estimated number of respondents and/or recordkeepers: 60.
Books or records relating to a collection of information must be retained as long
as their contents may become material in the administration of any internal revenue law.
Generally, tax returns and tax return information are confidential, as required by 26
U.S.C. 6103.
SECTION 9. DRAFTING INFORMATION
The principal authors of this revenue procedure are Zoran Stojanovic and David
White of the Office of Associate Chief Counsel (Financial Institutions & Products). For

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further information regarding this revenue procedure contact Mr. White at (202) 317-
4562 (not a toll-free number).