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IRS Revises Average Residential Purchase Prices

MAR. 29, 2021

Rev. Proc. 2021-17; 2021-15 IRB 991

DATED MAR. 29, 2021
DOCUMENT ATTRIBUTES
Citations: Rev. Proc. 2021-17; 2021-15 IRB 991

Obsoleted by Rev. Proc. 2022-21

Obsoletes Rev. Proc. 2020-18

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. 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 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 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 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. 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 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 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 call).

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