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IRS Issues Average Residential Purchase Prices

MAR. 30, 2022

Rev. Proc. 2022-21; 2022-16 IRB 1015

DATED MAR. 30, 2022
DOCUMENT ATTRIBUTES
Citations: Rev. Proc. 2022-21; 2022-16 IRB 1015

Obsoleted by Rev. Proc. 2023-22

Obsoletes Rev. Proc. 2021-17

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)).

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 § 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 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 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 financing may be provided by qualified mortgage bonds. In addition, § 25(c)(2)(A)(iii)(IV) provides that holders of mortgage credit certificates must meet the income requirement of § 143(f). Generally, under §§ 143(f)(1) and 25(c)(2)(A)(iii)(IV), the income requirement is met only if all owner-financing under a qualified mortgage bond and all mortgage credit certificates issued under a qualified mortgage credit certificate program are provided to mortgagors whose family income is 115 percent or less of the applicable median family income. Section 143(f)(5), however, generally provides for an upward adjustment to the percentage limitation in high housing cost areas. High housing cost areas are defined in § 143(f)(5)(C) as any statistical area for which the housing cost/income ratio is greater than 1.2.

.10 Under § 143(f)(5)(D), the housing cost/income ratio with respect to any statistical area is determined by dividing (a) the applicable housing price ratio for such area by (b) the ratio that the area median gross income for such area bears to the median gross income for the United States. The applicable housing price ratio is the new housing price ratio (new housing average area purchase price divided by the new housing average purchase price for the United States) or the existing housing price ratio (existing housing average area purchase price divided by the existing housing average purchase price for the United States), whichever results in the housing cost/income ratio being closer to 1.

Average Area and Nationwide Purchase Price Limitations

.11 Average area purchase price safe harbors for each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam were last published in Rev. Proc. 2021-17, 2021-15 I.R.B. 991.

.12 The nationwide average purchase price was last published in section 4.02 of Rev. Proc. 2021-17. 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. 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 November 30, 2021. FHA loan limits are available for statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam. See section 3.03 of this revenue procedure with respect to FHA loan limits revised after November 30, 2021.

.16 OMB Bulletin No. 03-04, dated and effective June 6, 2003, revised the definitions of the nation's metropolitan areas and recognized 49 new metropolitan statistical areas. The OMB bulletin no longer includes primary metropolitan statistical areas.

SECTION 3. APPLICATION

Average Area Purchase Price Safe Harbors

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

.02 If a residence is in an MSA, the safe harbor applicable to it is the limitation of that MSA. If an MSA falls in more than one state, the MSA is listed in section 4.01 of this revenue procedure under each state.

.03 If the FHA revises the FHA loan limit for any statistical area after November 30, 2021, 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 1.083.

.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, 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. 2021-17, the issuer must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc. 2021-17 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. 2021-17, the issuer must use the average area purchase price safe harbors set forth in section 4.01 of Rev. Proc. 2021-17 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.

2022 Average Area Purchase Prices for Mortgage Revenue Bonds

County Name

State

One-Unit Limit

Two-Un Limit

Three-Unit Limit

Four-Unit Limit

ALEUTIANS WEST

AK

$503,224

$644,193

$778,700

$967,767

ANCHORAGE MUNIC

AK

$416,168

$532,766

$644,008

$800,348

JUNEAU CITY AND

AK

$472,436

$604,819

$731,064

$908,545

KODIAK ISLAND B

AK

$418,292

$535,489

$647,286

$804,410

MATANUSKA-SUSIT

AK

$416,168

$532,766

$644,008

$800,348

NOME CENSUS ARE

AK

$406,613

$520,533

$629,191

$781,931

SITKA CITY AND

AK

$465,004

$595,265

$719,570

$894,236

SKAGWAY MUNICIP

AK

$407,675

$521,872

$630,853

$784,008

YAKUTAT CITY AN

AK

$388,565

$497,408

$601,265

$747,266

COCONINO

AZ

$390,689

$500,131

$604,543

$751,328

MARICOPA

AZ

$407,675

$521,872

$630,853

$784,008

PINAL

AZ

$407,675

$521,872

$630,853

$784,008

ALAMEDA

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

ALPINE

CA

$427,846

$547,721

$662,056

$822,782

CONTRA COSTA

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

EL DORADO

CA

$623,191

$797,810

$964,351

$1,198,469

INYO

CA

$398,120

$509,640

$616,082

$765,637

LOS ANGELES

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

MARIN

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

MENDOCINO

CA

$467,128

$597,988

$722,848

$898,344

MONO

CA

$520,210

$665,980

$805,010

$1,000,401

MONTEREY

CA

$788,809

$1,009,817

$1,220,625

$1,516,965

NAPA

CA

$828,090

$1,060,130

$1,281,416

$1,592,527

NEVADA

CA

$562,676

$720,309

$870,695

$1,082,102

ORANGE

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

PLACER

CA

$623,191

$797,810

$964,351

$1,198,469

RIVERSIDE

CA

$519,149

$664,595

$803,349

$998,370

SACRAMENTO

CA

$623,191

$797,810

$964,351

$1,198,469

SAN BENITO

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

SAN BERNARDINO

CA

$519,149

$664,595

$803,349

$998,370

SAN DIEGO

CA

$812,165

$1,039,728

$1,256,767

$1,561,877

SAN FRANCISCO

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

SAN JOAQUIN

CA

$520,210

$665,980

$805,010

$1,000,401

SAN LUIS OBISPO

CA

$743,158

$951,380

$1,150,002

$1,429,171

SAN MATEO

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

SANTA BARBARA

CA

$722,986

$925,577

$1,118,798

$1,390,397

SANTA CLARA

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

SANTA CRUZ

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

SOLANO

CA

$566,923

$725,756

$877,295

$1,090,272

SONOMA

CA

$706,000

$903,790

$1,092,488

$1,357,717

STANISLAUS

CA

$424,661

$543,613

$657,117

$816,642

SUTTER

CA

$388,565

$497,408

$601,265

$747,266

VENTURA

CA

$785,624

$1,005,755

$1,215,732

$1,510,826

YOLO

CA

$623,191

$797,810

$964,351

$1,198,469

YUBA

CA

$388,565

$497,408

$601,265

$747,266

ADAMS

CO

$631,684

$808,657

$977,506

$1,214,809

ARAPAHOE

CO

$631,684

$808,657

$977,506

$1,214,809

BOULDER

CO

$690,075

$883,434

$1,067,839

$1,327,067

BROOMFIELD

CO

$631,684

$808,657

$977,506

$1,214,809

CHAFFEE

CO

$425,723

$544,998

$658,779

$818,720

CLEAR CREEK

CO

$631,684

$808,657

$977,506

$1,214,809

DENVER

CO

$631,684

$808,657

$977,506

$1,214,809

DOUGLAS

CO

$631,684

$808,657

$977,506

$1,214,809

EAGLE

CO

$796,240

$1,019,326

$1,232,165

$1,531,274

EL PASO

CO

$424,661

$543,613

$657,117

$816,642

ELBERT

CO

$631,684

$808,657

$977,506

$1,214,809

GARFIELD

CO

$896,220

$1,147,555

$1,387,051

$1,723,826

GILPIN

CO

$631,684

$808,657

$977,506

$1,214,809

GRAND

CO

$493,669

$631,961

$763,929

$949,349

GUNNISON

CO

$398,120

$509,640

$616,082

$765,637

HINSDALE

CO

$394,935

$505,578

$611,143

$759,498

JEFFERSON

CO

$631,684

$808,657

$977,506

$1,214,809

LA PLATA

CO

$456,511

$584,417

$706,415

$877,895

LARIMER

CO

$481,991

$617,052

$745,835

$926,916

MONTROSE

CO

$392,812

$502,855

$607,866

$755,390

OURAY

CO

$392,812

$502,855

$607,866

$755,390

PARK

CO

$631,684

$808,657

$977,506

$1,214,809

PITKIN

CO

$896,220

$1,147,555

$1,387,051

$1,723,826

ROUTT

CO

$626,376

$801,872

$969,290

$1,204,608

SAN MIGUEL

CO

$896,220

$1,147,555

$1,387,051

$1,723,826

SUMMIT

CO

$854,631

$1,094,103

$1,322,497

$1,643,532

TELLER

CO

$424,661

$543,613

$657,117

$816,642

WELD

CO

$445,895

$570,800

$689,983

$857,493

FAIRFIELD

CT

$642,300

$822,274

$993,939

$1,235,211

DISTRICT OF COL

DC

$896,220

$1,147,555

$1,387,051

$1,723,826

NEW CASTLE

DE

$440,586

$564,015

$681,766

$847,292

BAKER

FL

$399,182

$511,025

$617,698

$767,668

BROWARD

FL

$424,661

$543,613

$657,117

$816,642

CLAY

FL

$399,182

$511,025

$617,698

$767,668

COLLIER

FL

$509,594

$652,363

$788,578

$979,999

DUVAL

FL

$399,182

$511,025

$617,698

$767,668

MARTIN

FL

$398,120

$509,640

$616,082

$765,637

MIAMI-DADE

FL

$424,661

$543,613

$657,117

$816,642

MONROE

FL

$656,102

$839,907

$1,015,264

$1,261,752

NASSAU

FL

$399,182

$511,025

$617,698

$767,668

OKALOOSA

FL

$497,916

$637,408

$770,484

$957,519

PALM BEACH

FL

$424,661

$543,613

$657,117

$816,642

ST. JOHNS

FL

$399,182

$511,025

$617,698

$767,668

ST. LUCIE

FL

$398,120

$509,640

$616,082

$765,637

WALTON

FL

$497,916

$637,408

$770,484

$957,519

BARROW

GA

$435,278

$557,230

$673,550

$837,091

BARTOW

GA

$435,278

$557,230

$673,550

$837,091

BUTTS

GA

$435,278

$557,230

$673,550

$837,091

CARROLL

GA

$435,278

$557,230

$673,550

$837,091

CHEROKEE

GA

$435,278

$557,230

$673,550

$837,091

CLARKE

GA

$422,538

$540,936

$653,840

$812,581

CLAYTON

GA

$435,278

$557,230

$673,550

$837,091

COBB

GA

$435,278

$557,230

$673,550

$837,091

COWETA

GA

$435,278

$557,230

$673,550

$837,091

DAWSON

GA

$435,278

$557,230

$673,550

$837,091

DEKALB

GA

$435,278

$557,230

$673,550

$837,091

DOUGLAS

GA

$435,278

$557,230

$673,550

$837,091

FAYETTE

GA

$435,278

$557,230

$673,550

$837,091

FORSYTH

GA

$435,278

$557,230

$673,550

$837,091

FULTON

GA

$435,278

$557,230

$673,550

$837,091

GREENE

GA

$475,621

$608,881

$736,003

$914,684

GWINNETT

GA

$435,278

$557,230

$673,550

$837,091

HARALSON

GA

$435,278

$557,230

$673,550

$837,091

HEARD

GA

$435,278

$557,230

$673,550

$837,091

HENRY

GA

$435,278

$557,230

$673,550

$837,091

JASPER

GA

$435,278

$557,230

$673,550

$837,091

LAMAR

GA

$435,278

$557,230

$673,550

$837,091

MADISON

GA

$422,538

$540,936

$653,840

$812,581

MERIWETHER

GA

$435,278

$557,230

$673,550

$837,091

MORGAN

GA

$435,278

$557,230

$673,550

$837,091

NEWTON

GA

$435,278

$557,230

$673,550

$837,091

OCONEE

GA

$422,538

$540,936

$653,840

$812,581

OGLETHORPE

GA

$422,538

$540,936

$653,840

$812,581

PAULDING

GA

$435,278

$557,230

$673,550

$837,091

PICKENS

GA

$435,278

$557,230

$673,550

$837,091

PIKE

GA

$435,278

$557,230

$673,550

$837,091

ROCKDALE

GA

$435,278

$557,230

$673,550

$837,091

SPALDING

GA

$435,278

$557,230

$673,550

$837,091

WALTON

GA

$435,278

$557,230

$673,550

$837,091

HAWAII

HI

$440,586

$564,015

$681,766

$847,292

HONOLULU

HI

$690,075

$883,434

$1,067,839

$1,327,067

KALAWAO

HI

$764,391

$978,568

$1,182,867

$1,470,021

KAUAI

HI

$780,315

$998,970

$1,207,516

$1,500,624

MAUI

HI

$764,391

$978,568

$1,182,867

$1,470,021

ADA

ID

$475,621

$608,881

$736,003

$914,684

BLAINE

ID

$598,773

$766,514

$926,547

$1,151,479

BOISE

ID

$475,621

$608,881

$736,003

$914,684

BONNER

ID

$394,935

$505,578

$611,143

$759,498

CAMAS

ID

$598,773

$766,514

$926,547

$1,151,479

CANYON

ID

$475,621

$608,881

$736,003

$914,684

GEM

ID

$475,621

$608,881

$736,003

$914,684

KOOTENAI

ID

$445,895

$570,800

$689,983

$857,493

OWYHEE

ID

$475,621

$608,881

$736,003

$914,684

TETON

ID

$896,220

$1,147,555

$1,387,051

$1,723,826

JOHNSON

KS

$398,120

$509,640

$616,082

$765,637

LEAVENWORTH

KS

$398,120

$509,640

$616,082

$765,637

LINN

KS

$398,120

$509,640

$616,082

$765,637

MIAMI

KS

$398,120

$509,640

$616,082

$765,637

WYANDOTTE

KS

$398,120

$509,640

$616,082

$765,637

BARNSTABLE

MA

$573,293

$733,926

$887,127

$1,102,504

BRISTOL

MA

$546,752

$699,953

$846,046

$1,051,453

DUKES

MA

$896,220

$1,147,555

$1,387,051

$1,723,826

ESSEX

MA

$711,308

$910,622

$1,100,704

$1,367,918

MIDDLESEX

MA

$711,308

$910,622

$1,100,704

$1,367,918

NANTUCKET

MA

$896,220

$1,147,555

$1,387,051

$1,723,826

NORFOLK

MA

$711,308

$910,622

$1,100,704

$1,367,918

PLYMOUTH

MA

$711,308

$910,622

$1,100,704

$1,367,918

SUFFOLK

MA

$711,308

$910,622

$1,100,704

$1,367,918

ANNE ARUNDEL

MD

$538,258

$689,059

$832,937

$1,035,112

BALTIMORE

MD

$538,258

$689,059

$832,937

$1,035,112

BALTIMORE CITY

MD

$538,258

$689,059

$832,937

$1,035,112

CALVERT

MD

$896,220

$1,147,555

$1,387,051

$1,723,826

CARROLL

MD

$538,258

$689,059

$832,937

$1,035,112

CECIL

MD

$440,586

$564,015

$681,766

$847,292

CHARLES

MD

$896,220

$1,147,555

$1,387,051

$1,723,826

FREDERICK

MD

$896,220

$1,147,555

$1,387,051

$1,723,826

HARFORD

MD

$538,258

$689,059

$832,937

$1,035,112

HOWARD

MD

$538,258

$689,059

$832,937

$1,035,112

MONTGOMERY

MD

$896,220

$1,147,555

$1,387,051

$1,723,826

PRINCE GEORGE'S

MD

$896,220

$1,147,555

$1,387,051

$1,723,826

QUEEN ANNE'S

MD

$538,258

$689,059

$832,937

$1,035,112

TALBOT

MD

$398,120

$509,640

$616,082

$765,637

CUMBERLAND

ME

$427,846

$547,721

$662,056

$822,782

SAGADAHOC

ME

$427,846

$547,721

$662,056

$822,782

YORK

ME

$427,846

$547,721

$662,056

$822,782

ANOKA

MN

$414,045

$530,042

$640,685

$796,240

CARVER

MN

$414,045

$530,042

$640,685

$796,240

CHISAGO

MN

$414,045

$530,042

$640,685

$796,240

DAKOTA

MN

$414,045

$530,042

$640,685

$796,240

HENNEPIN

MN

$414,045

$530,042

$640,685

$796,240

ISANTI

MN

$414,045

$530,042

$640,685

$796,240

LE SUEUR

MN

$414,045

$530,042

$640,685

$796,240

MILLE LACS

MN

$414,045

$530,042

$640,685

$796,240

RAMSEY

MN

$414,045

$530,042

$640,685

$796,240

SCOTT

MN

$414,045

$530,042

$640,685

$796,240

SHERBURNE

MN

$414,045

$530,042

$640,685

$796,240

WASHINGTON

MN

$414,045

$530,042

$640,685

$796,240

WRIGHT

MN

$414,045

$530,042

$640,685

$796,240

BATES

MO

$398,120

$509,640

$616,082

$765,637

CALDWELL

MO

$398,120

$509,640

$616,082

$765,637

CASS

MO

$398,120

$509,640

$616,082

$765,637

CLAY

MO

$398,120

$509,640

$616,082

$765,637

CLINTON

MO

$398,120

$509,640

$616,082

$765,637

JACKSON

MO

$398,120

$509,640

$616,082

$765,637

LAFAYETTE

MO

$398,120

$509,640

$616,082

$765,637

PLATTE

MO

$398,120

$509,640

$616,082

$765,637

RAY

MO

$398,120

$509,640

$616,082

$765,637

FLATHEAD

MT

$407,675

$521,872

$630,853

$784,008

GALLATIN

MT

$557,368

$713,524

$862,478

$1,071,855

MISSOULA

MT

$435,278

$557,230

$673,550

$837,091

PARK

MT

$424,661

$543,613

$657,117

$816,642

RAVALLI

MT

$389,627

$498,793

$602,927

$749,297

CAMDEN

NC

$451,203

$577,632

$698,199

$867,694

CHATHAM

NC

$467,128

$597,988

$722,848

$898,344

CURRITUCK

NC

$451,203

$577,632

$698,199

$867,694

DARE

NC

$435,278

$557,230

$673,550

$837,091

DURHAM

NC

$467,128

$597,988

$722,848

$898,344

GATES

NC

$451,203

$577,632

$698,199

$867,694

GRANVILLE

NC

$467,128

$597,988

$722,848

$898,344

HYDE

NC

$445,895

$570,800

$689,983

$857,493

ORANGE

NC

$467,128

$597,988

$722,848

$898,344

PASQUOTANK

NC

$743,158

$951,380

$1,150,002

$1,429,171

PERQUIMANS

NC

$743,158

$951,380

$1,150,002

$1,429,171

PERSON

NC

$467,128

$597,988

$722,848

$898,344

LINCOLN

NE

$400,243

$512,363

$619,360

$769,699

LOGAN

NE

$400,243

$512,363

$619,360

$769,699

MCPHERSON

NE

$400,243

$512,363

$619,360

$769,699

HILLSBOROUGH

NH

$397,058

$508,301

$614,421

$763,560

ROCKINGHAM

NH

$711,308

$910,622

$1,100,704

$1,367,918

STRAFFORD

NH

$711,308

$910,622

$1,100,704

$1,367,918

BERGEN

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

BURLINGTON

NJ

$440,586

$564,015

$681,766

$847,292

CAMDEN

NJ

$440,586

$564,015

$681,766

$847,292

CAPE MAY

NJ

$452,264

$578,971

$699,861

$869,725

ESSEX

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

GLOUCESTER

NJ

$440,586

$564,015

$681,766

$847,292

HUDSON

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

HUNTERDON

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

MIDDLESEX

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

MONMOUTH

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

MORRIS

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

OCEAN

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

PASSAIC

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

SALEM

NJ

$440,586

$564,015

$681,766

$847,292

SOMERSET

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

SUSSEX

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

UNION

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

LOS ALAMOS

NM

$489,422

$626,560

$757,328

$941,225

SANTA FE

NM

$432,093

$553,168

$668,611

$830,952

TAOS

NM

$390,689

$500,131

$604,543

$751,328

CARSON CITY

NV

$414,045

$530,042

$640,685

$796,240

DOUGLAS

NV

$525,519

$672,765

$813,227

$1,010,602

STOREY

NV

$493,669

$631,961

$763,929

$949,349

WASHOE

NV

$493,669

$631,961

$763,929

$949,349

BRONX

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

KINGS

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

NASSAU

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

NEW YORK

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

PUTNAM

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

QUEENS

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

RICHMOND

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

ROCKLAND

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

SUFFOLK

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

WESTCHESTER

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

DELAWARE

OH

$405,552

$519,149

$627,576

$779,900

FAIRFIELD

OH

$405,552

$519,149

$627,576

$779,900

FRANKLIN

OH

$405,552

$519,149

$627,576

$779,900

HOCKING

OH

$405,552

$519,149

$627,576

$779,900

LICKING

OH

$405,552

$519,149

$627,576

$779,900

MADISON

OH

$405,552

$519,149

$627,576

$779,900

MORROW

OH

$405,552

$519,149

$627,576

$779,900

PERRY

OH

$405,552

$519,149

$627,576

$779,900

PICKAWAY

OH

$405,552

$519,149

$627,576

$779,900

UNION

OH

$405,552

$519,149

$627,576

$779,900

BENTON

OR

$445,895

$570,800

$689,983

$857,493

CLACKAMAS

OR

$552,060

$706,738

$854,262

$1,061,654

CLATSOP

OR

$403,428

$516,471

$624,252

$775,838

COLUMBIA

OR

$552,060

$706,738

$854,262

$1,061,654

DESCHUTES

OR

$525,519

$672,765

$813,227

$1,010,602

HOOD RIVER

OR

$553,122

$708,077

$855,924

$1,063,731

MULTNOMAH

OR

$552,060

$706,738

$854,262

$1,061,654

WASHINGTON

OR

$552,060

$706,738

$854,262

$1,061,654

YAMHILL

OR

$552,060

$706,738

$854,262

$1,061,654

BUCKS

PA

$440,586

$564,015

$681,766

$847,292

CHESTER

PA

$440,586

$564,015

$681,766

$847,292

DELAWARE

PA

$440,586

$564,015

$681,766

$847,292

MONTGOMERY

PA

$440,586

$564,015

$681,766

$847,292

PHILADELPHIA

PA

$440,586

$564,015

$681,766

$847,292

PIKE

PA

$896,220

$1,147,555

$1,387,051

$1,723,826

BRISTOL

RI

$546,752

$699,953

$846,046

$1,051,453

KENT

RI

$546,752

$699,953

$846,046

$1,051,453

NEWPORT

RI

$546,752

$699,953

$846,046

$1,051,453

PROVIDENCE

RI

$546,752

$699,953

$846,046

$1,051,453

WASHINGTON

RI

$546,752

$699,953

$846,046

$1,051,453

BERKELEY

SC

$437,401

$559,953

$676,827

$841,153

CHARLESTON

SC

$437,401

$559,953

$676,827

$841,153

DORCHESTER

SC

$437,401

$559,953

$676,827

$841,153

CANNON

TN

$641,239

$820,889

$992,277

$1,233,180

CHEATHAM

TN

$641,239

$820,889

$992,277

$1,233,180

DAVIDSON

TN

$641,239

$820,889

$992,277

$1,233,180

DICKSON

TN

$641,239

$820,889

$992,277

$1,233,180

MACON

TN

$641,239

$820,889

$992,277

$1,233,180

MAURY

TN

$641,239

$820,889

$992,277

$1,233,180

ROBERTSON

TN

$641,239

$820,889

$992,277

$1,233,180

RUTHERFORD

TN

$641,239

$820,889

$992,277

$1,233,180

SMITH

TN

$641,239

$820,889

$992,277

$1,233,180

SUMNER

TN

$641,239

$820,889

$992,277

$1,233,180

TROUSDALE

TN

$641,239

$820,889

$992,277

$1,233,180

WILLIAMSON

TN

$641,239

$820,889

$992,277

$1,233,180

WILSON

TN

$641,239

$820,889

$992,277

$1,233,180

ATASCOSA

TX

$415,107

$531,381

$642,347

$798,271

BANDERA

TX

$415,107

$531,381

$642,347

$798,271

BASTROP

TX

$445,895

$570,800

$689,983

$857,493

BEXAR

TX

$415,107

$531,381

$642,347

$798,271

CALDWELL

TX

$445,895

$570,800

$689,983

$857,493

COLLIN

TX

$416,168

$532,766

$644,008

$800,348

COMAL

TX

$415,107

$531,381

$642,347

$798,271

DALLAS

TX

$416,168

$532,766

$644,008

$800,348

DENTON

TX

$416,168

$532,766

$644,008

$800,348

ELLIS

TX

$416,168

$532,766

$644,008

$800,348

GUADALUPE

TX

$415,107

$531,381

$642,347

$798,271

HAYS

TX

$445,895

$570,800

$689,983

$857,493

HUNT

TX

$416,168

$532,766

$644,008

$800,348

JOHNSON

TX

$416,168

$532,766

$644,008

$800,348

KAUFMAN

TX

$416,168

$532,766

$644,008

$800,348

KENDALL

TX

$415,107

$531,381

$642,347

$798,271

MEDINA

TX

$415,107

$531,381

$642,347

$798,271

PARKER

TX

$416,168

$532,766

$644,008

$800,348

ROCKWALL

TX

$416,168

$532,766

$644,008

$800,348

TARRANT

TX

$416,168

$532,766

$644,008

$800,348

TRAVIS

TX

$445,895

$570,800

$689,983

$857,493

WILLIAMSON

TX

$445,895

$570,800

$689,983

$857,493

WILSON

TX

$415,107

$531,381

$642,347

$798,271

WISE

TX

$416,168

$532,766

$644,008

$800,348

BOX ELDER

UT

$596,649

$763,837

$923,269

$1,147,417

DAVIS

UT

$596,649

$763,837

$923,269

$1,147,417

JUAB

UT

$469,251

$600,711

$726,125

$902,406

MORGAN

UT

$596,649

$763,837

$923,269

$1,147,417

RICH

UT

$412,983

$528,704

$639,069

$794,209

SALT LAKE

UT

$483,052

$618,390

$747,497

$928,947

SUMMIT

UT

$896,220

$1,147,555

$1,387,051

$1,723,826

TOOELE

UT

$483,052

$618,390

$747,497

$928,947

UTAH

UT

$469,251

$600,711

$726,125

$902,406

WASATCH

UT

$896,220

$1,147,555

$1,387,051

$1,723,826

WASHINGTON

UT

$444,833

$569,462

$688,367

$855,462

WEBER

UT

$596,649

$763,837

$923,269

$1,147,417

ALBEMARLE

VA

$424,661

$543,613

$657,117

$816,642

ALEXANDRIA CITY

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

AMELIA

VA

$494,731

$633,346

$765,545

$951,426

ARLINGTON

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

CHARLES CITY

VA

$494,731

$633,346

$765,545

$951,426

CHARLOTTESVILLE

VA

$424,661

$543,613

$657,117

$816,642

CHESAPEAKE CITY

VA

$451,203

$577,632

$698,199

$867,694

CHESTERFIELD

VA

$494,731

$633,346

$765,545

$951,426

CLARKE

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

COLONIAL HEIGHT

VA

$494,731

$633,346

$765,545

$951,426

CULPEPER

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

DINWIDDIE

VA

$494,731

$633,346

$765,545

$951,426

FAIRFAX

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

FAIRFAX CITY

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

FALLS CHURCH CI

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

FAUQUIER

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

FLUVANNA

VA

$424,661

$543,613

$657,117

$816,642

FRANKLIN CITY

VA

$451,203

$577,632

$698,199

$867,694

FREDERICKSBURG

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

GLOUCESTER

VA

$451,203

$577,632

$698,199

$867,694

GOOCHLAND

VA

$494,731

$633,346

$765,545

$951,426

GREENE

VA

$424,661

$543,613

$657,117

$816,642

HAMPTON CITY

VA

$451,203

$577,632

$698,199

$867,694

HANOVER

VA

$494,731

$633,346

$765,545

$951,426

HENRICO

VA

$494,731

$633,346

$765,545

$951,426

HOPEWELL CITY

VA

$494,731

$633,346

$765,545

$951,426

ISLE OF WIGHT

VA

$451,203

$577,632

$698,199

$867,694

JAMES CITY

VA

$451,203

$577,632

$698,199

$867,694

KING AND QUEEN

VA

$494,731

$633,346

$765,545

$951,426

KING WILLIAM

VA

$494,731

$633,346

$765,545

$951,426

LANCASTER

VA

$408,737

$523,257

$632,469

$786,039

LOUDOUN

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

MADISON

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

MANASSAS CITY

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

MANASSAS PARK C

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

MATHEWS

VA

$451,203

$577,632

$698,199

$867,694

NELSON

VA

$424,661

$543,613

$657,117

$816,642

NEW KENT

VA

$494,731

$633,346

$765,545

$951,426

NEWPORT NEWS CI

VA

$451,203

$577,632

$698,199

$867,694

NORFOLK CITY

VA

$451,203

$577,632

$698,199

$867,694

PETERSBURG CITY

VA

$494,731

$633,346

$765,545

$951,426

POQUOSON CITY

VA

$451,203

$577,632

$698,199

$867,694

PORTSMOUTH CITY

VA

$451,203

$577,632

$698,199

$867,694

POWHATAN

VA

$494,731

$633,346

$765,545

$951,426

PRINCE GEORGE

VA

$494,731

$633,346

$765,545

$951,426

PRINCE WILLIAM

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

RAPPAHANNOCK

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

RICHMOND CITY

VA

$494,731

$633,346

$765,545

$951,426

SOUTHAMPTON

VA

$451,203

$577,632

$698,199

$867,694

SPOTSYLVANIA

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

STAFFORD

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

SUFFOLK CITY

VA

$451,203

$577,632

$698,199

$867,694

SUSSEX

VA

$494,731

$633,346

$765,545

$951,426

VIRGINIA BEACH

VA

$451,203

$577,632

$698,199

$867,694

WARREN

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

WILLIAMSBURG CI

VA

$451,203

$577,632

$698,199

$867,694

YORK

VA

$451,203

$577,632

$698,199

$867,694

CHITTENDEN

VT

$401,305

$513,748

$620,975

$771,730

FRANKLIN

VT

$401,305

$513,748

$620,975

$771,730

GRAND ISLE

VT

$401,305

$513,748

$620,975

$771,730

CLARK

WA

$552,060

$706,738

$854,262

$1,061,654

ISLAND

WA

$472,436

$604,819

$731,064

$908,545

KING

WA

$822,782

$1,053,299

$1,273,200

$1,582,279

KITSAP

WA

$459,696

$588,479

$711,354

$884,034

PIERCE

WA

$822,782

$1,053,299

$1,273,200

$1,582,279

SAN JUAN

WA

$459,696

$588,479

$711,354

$884,034

SKAGIT

WA

$437,401

$559,953

$676,827

$841,153

SKAMANIA

WA

$552,060

$706,738

$854,262

$1,061,654

SNOHOMISH

WA

$822,782

$1,053,299

$1,273,200

$1,582,279

THURSTON

WA

$440,586

$564,015

$681,766

$847,292

WHATCOM

WA

$474,559

$607,497

$734,341

$912,607

PIERCE

WI

$414,045

$530,042

$640,685

$796,240

ST. CROIX

WI

$414,045

$530,042

$640,685

$796,240

JEFFERSON

WV

$896,220

$1,147,555

$1,387,051

$1,723,826

SHERIDAN

WY

$452,264

$578,971

$699,861

$869,725

TETON

WY

$896,220

$1,147,555

$1,387,051

$1,723,826

GUAM

GU

$520,210

$665,980

$805,010

$1,000,401

NORTHERN ISLAND

MP

$484,114

$619,729

$749,112

$930,978

SAIPAN

MP

$488,361

$625,176

$755,713

$939,148

TINIAN

MP

$491,546

$629,284

$760,652

$945,287

CULEBRA

PR

$491,546

$629,284

$760,652

$945,287

ST. JOHN ISLAND

VI

$575,416

$736,649

$890,404

$1,106,566

ST. THOMAS ISLA

VI

$411,922

$527,319

$637,408

$792,178

All other areas — 2820 counties (floor):

 

$388,362

$497,269

$601,034

$746,989

.02 The nationwide average purchase price (for use in the housing cost/income ratio for new and existing residences) is $368,500.

SECTION 5. EFFECT ON OTHER DOCUMENTS

Rev. Proc. 2021-17 is obsolete except as provided in section 6 of this revenue procedure.

SECTION 6. EFFECTIVE DATES

.01 Issuers may rely on this revenue procedure to determine average area purchase price safe harbors for commitments to provide financing or issue mortgage credit certificates that are made, or (if the purchase precedes the commitment) for residences that are purchased, in the period that begins on March 30, 2022, 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. 2021-17, with respect to bonds sold, or for mortgage credit certificates issued with respect to bond authority exchanged, before April 29, 2022, if the commitments to provide financing or issue mortgage credit certificates are made on or before May 29, 2022.

.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 30, 2022, 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. 2021-17 with respect to bonds sold, or for mortgage credit certificates issued with respect to bond authority exchanged, before April 29, 2022, if the commitments to provide financing or issue mortgage credit certificates are made on or before May 29, 2022.

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 §§ 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) 317-4562 (not a toll-free number).

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