Internal Revenue Bulletin:  2009-11 

March 16, 2009 

Rev. Proc. 2009-18


SECTION 1. PURPOSE

This revenue procedure provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in section 25(c), with (1) the nationwide average purchase price for residences located in the United States, and (2) average area purchase price safe harbors for residences located in statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam.

SECTION 2. BACKGROUND

.01 Section 103(a) provides that, except as provided in section 103(b), gross income does not include interest on any state or local bond. Section 103(b)(1) provides that section 103(a) shall not apply to any private activity bond that is not a “qualified bond” within the meaning of section 141. Section 141(e) provides, in part, that the term “qualified bond” means any private activity bond if such bond (1) is a qualified mortgage bond under section 143, (2) meets the volume cap requirements under section 146, and (3) meets the applicable requirements under section 147.

.02 Section 143(a)(1) provides that the term “qualified mortgage bond” means a bond that is issued as part of a qualified mortgage issue. Section 143(a)(2)(A) provides that the term “qualified mortgage issue” means an issue of one or more bonds by a state or political subdivision thereof, but only if: (i) all proceeds of the issue (exclusive of issuance costs and a reasonably required reserve) are to be used to finance owner-occupied residences; (ii) the issue meets the requirements of subsections (c), (d), (e), (f), (g), (h), (i), and (m)(7) of section 143; (iii) the issue does not meet the private business tests of paragraphs (1) and (2) of section 141(b); and (iv) with respect to amounts received more than 10 years after the date of issuance, repayments of $250,000 or more of principal on mortgage financing provided by the issue are used by the close of the first semiannual period beginning after the date the prepayment (or complete repayment) is received to redeem bonds that are part of the issue.

Average Area Purchase Price

.03 Section 143(e)(1) provides that an issue of bonds meets the purchase price requirements of section 143(e) if the acquisition cost of each residence financed by the issue does not exceed 90 percent of the average area purchase price applicable to such residence. Section 143(e)(5) provides that, in the case of a targeted area residence (as defined in section 143(j)), section 143(e)(1) shall be applied by substituting 110 percent for 90 percent.

.04 Section 143(e)(2) provides that the term “average area purchase price” means, with respect to any residence, the average purchase price of single-family residences (in the statistical area in which the residence is located) that were purchased during the most recent 12-month period for which sufficient statistical information is available. Under sections 143(e)(3) and (4), respectively, separate determinations are to be made for new and existing residences, and for two-, three-, and four-family residences.

.05 Section 143(e)(2) provides that the determination of the average area purchase price for a statistical area shall be made as of the date on which the commitment to provide the financing is made or, if earlier, the date of the purchase of the residence.

.06 Section 143(k)(2)(A) provides that the term “statistical area” means (i) a metropolitan statistical area (MSA), and (ii) any county (or the portion thereof) that is not within an MSA. Section 143(k)(2)(C) further provides that if sufficient recent statistical information with respect to a county (or portion thereof) is unavailable, the Secretary may substitute another area for which there is sufficient recent statistical information for such county (or portion thereof). In the case of any portion of a State which is not within a county, section 143(k)(2)(D) provides that the Secretary may designate as a county any area that is the equivalent of a county. Section 6a.103A-1(b)(4)(i) of the Temporary Income Tax Regulations (issued under section 103A of the Internal Revenue Code of 1954, the predecessor of section 143) 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 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 to establish a qualified mortgage credit certificate program. In general, a qualified mortgage credit certificate program is a program under which the issuing authority elects not to issue an amount of private activity bonds that it may otherwise issue during the calendar year under section 146, and in their place, issues mortgage credit certificates to taxpayers in connection with the acquisition of their principal residences. Section 25(a)(1) provides, in general, that the holder of a mortgage credit certificate may claim a federal income tax credit equal to the product of the credit rate specified in the certificate and the interest paid or accrued during the tax year on the remaining principal of the indebtedness incurred to acquire the residence. Section 25(c)(2)(A)(iii)(III) generally provides that residences acquired in connection with the issuance of mortgage credit certificates must meet the purchase price requirements of section 143(e).

Income Limitations for Qualified Mortgage Bonds and Mortgage Credit Certificates

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

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

Average Area and Nationwide Purchase Price Limitations

.11 Average area purchase price safe harbors for each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam were last published in Rev. Proc. 2008-17, 2008-10 I.R.B. 549.

.12 The nationwide average purchase price limitation was last published in section 4.02 of Rev. Proc. 2008-17. Guidance with respect to the United States and area median gross income figures that are to be used in computing the housing cost/income ratio described in section 143(f)(5) was last published in Rev. Proc. 2008-19, 2008-11 I.R.B. 594.

.13 This revenue procedure uses FHA loan limits for a given statistical area to calculate the average area purchase price safe harbor for that area. FHA sets limits on the dollar value of loans it will insure based on median home prices and conforming loan limits established by the Federal Home Loan Mortgage Corporation. In particular, FHA sets an area’s loan limit at 95 percent of the median home sales price for the area, subject to certain floors and caps measured against conforming loan limits.

.14 To calculate the average area purchase price safe harbors in this revenue procedure, the FHA loan limits are adjusted to take into account the differences between average and median purchase prices. Because FHA loan limits do not differentiate between new and existing residences, this revenue procedure contains a single average area purchase price safe harbor for both new and existing residences in a statistical area. The Treasury Department and the Internal Revenue Service have determined that FHA loan limits provide a reasonable basis for determining average area purchase price safe harbors. If the Treasury Department and the Internal Revenue Service 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 07, 2008. 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 07, 2008.

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

SECTION 3. APPLICATION

Average Area Purchase Price Safe Harbors

.01 Average area purchase price safe harbors for statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam are set forth in section 4.01 of this revenue procedure. Average area purchase price safe harbors are provided for single-family and two to four-family residences. For each type of residence, section 4.01 of this revenue procedure contains a single safe harbor that may be used for both new and existing residences. Issuers of qualified mortgage bonds and issuers of mortgage credit certificates may rely on these safe harbors to satisfy the requirements of sections 143(e) and (f). Section 4.01 of this revenue procedure provides safe harbors for MSAs and for certain counties and county equivalents. If no purchase price safe harbor is available for a statistical area, the safe harbor for “ALL OTHER AREAS” may be used for that statistical area (except for Alaska, for which a separate safe harbor is provided for statistical areas not listed).

.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 07, 2008, 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 .94. When new FHA loan limits pursuant to the American Recovery and Reinvestment Act of 2009, P. L. 111-5, are published, those numbers must be divided by 1.03 to compute a revised average area purchase price safe harbor for a statistical area.

.04 If, pursuant to section 6a.103A-2(f)(5)(i), an issuer uses more accurate and comprehensive data to determine the average area purchase price for a statistical area, the issuer must make separate average area purchase price determinations for new and existing residences. Moreover, when computing the average area purchase price for a statistical area that is an MSA, as defined in OMB Bulletin No. 03-04, the issuer must make the computation for the entire applicable MSA. When computing the average area purchase price for a statistical area that is not an MSA, the issuer must make the computation for the entire statistical area and may not combine statistical areas. Thus, for example, the issuer may not combine two or more counties.

.05 If an issuer receives a ruling permitting it to rely on an average area purchase price limitation that is higher than the applicable safe harbor in this revenue procedure, the issuer may rely on that higher limitation for the purpose of satisfying the requirements of section 143(e) and (f) for bonds sold, and mortgage credit certificates issued, not more than 30 months following the termination date of the 12-month period used by the issuer to compute the limitation.

Nationwide Average Purchase Price

.06 Section 4.02 of this revenue procedure sets forth a single nationwide average purchase price for purposes of computing the housing cost/income ratio under section 143(f)(5).

.07 Issuers must use the nationwide average purchase price set forth in section 4.02 of this revenue procedure when computing the housing cost/income ratio under section 143(f)(5) regardless of whether they are relying on the average area purchase price safe harbors contained in this revenue procedure or using more accurate and comprehensive data to determine average area purchase prices for new and existing residences for a statistical area that are different from the published safe harbors in this revenue procedure.

.08 If, pursuant to section 6.02 of this revenue procedure, an issuer relies on the average area purchase price safe harbors contained in Rev. Proc. 2008-17, the issuer must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc. 2008-17 in computing the housing cost/income ratio under section 143(f)(5). Likewise, if, pursuant to section 6.05 of this revenue procedure, an issuer relies on the nationwide average purchase price published in Rev. Proc. 2008-17, the issuer may not rely on the average area purchase price safe harbors published in this revenue procedure.

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.

2009 FHA Limits for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
Yakutat City and Borough AK $404,878 $518,293 $626,511 $778,632
Aleutians West Census Area AK $370,732 $474,602 $573,648 $712,937
Juneau City and Borough AK $370,732 $474,602 $573,648 $712,937
Sitka City and Borough AK $360,976 $462,089 $558,590 $694,168
Ketchikan Gateway Borough AK $341,463 $437,116 $528,367 $656,681
Kodiak Island Borough AK $336,585 $430,859 $520,838 $647,296
North Slope Borough AK $319,512 $409,014 $494,433 $614,422
Wrangell-Petersburg Census Area AK $319,512 $409,014 $494,433 $614,422
Anchorage Municipality AK $308,537 $394,963 $477,413 $593,319
Matanuska-Susitna Borough AK $308,537 $394,963 $477,413 $593,319
           
Coconino County AZ $353,659 $452,757 $547,243 $680,117
           
Alameda County CA $663,309 $849,178 $1,026,458 $1,275,636
Contra Costa County CA $663,309 $849,178 $1,026,458 $1,275,636
Los Angeles County CA $663,309 $849,178 $1,026,458 $1,275,636
Marin County CA $663,309 $849,178 $1,026,458 $1,275,636
Orange County CA $663,309 $849,178 $1,026,458 $1,275,636
San Benito County CA $663,309 $849,178 $1,026,458 $1,275,636
San Francisco County CA $663,309 $849,178 $1,026,458 $1,275,636
San Mateo County CA $663,309 $849,178 $1,026,458 $1,275,636
Santa Clara County CA $663,309 $849,178 $1,026,458 $1,275,636
Santa Cruz County CA $663,309 $849,178 $1,026,458 $1,275,636
Santa Barbara County CA $640,244 $819,618 $990,721 $1,231,230
Ventura County CA $634,146 $811,824 $981,283 $1,219,512
Napa County CA $628,049 $804,030 $971,845 $1,207,794
San Luis Obispo County CA $595,122 $761,877 $920,891 $1,144,486
San Diego County CA $579,268 $741,569 $896,394 $1,113,998
Mono County CA $560,976 $718,134 $868,081 $1,078,791
Sonoma County CA $552,439 $707,211 $854,878 $1,062,407
Monterey County CA $512,195 $655,673 $792,577 $984,995
Nevada County CA $506,098 $647,879 $783,139 $973,277
El Dorado County CA $503,659 $644,751 $779,374 $968,558
Placer County CA $503,659 $644,751 $779,374 $968,558
Sacramento County CA $503,659 $644,751 $779,374 $968,558
Yolo County CA $503,659 $644,751 $779,374 $968,558
Alpine County CA $491,463 $629,162 $760,498 $945,122
Solano County CA $424,390 $543,266 $656,734 $816,119
Calaveras County CA $396,341 $507,370 $613,309 $762,195
Mendocino County CA $396,341 $507,370 $613,309 $762,195
Inyo County CA $391,463 $501,113 $605,779 $752,810
Riverside County CA $376,829 $482,397 $583,086 $724,655
San Bernardino County CA $376,829 $482,397 $583,086 $724,655
Plumas County CA $357,317 $457,423 $552,916 $687,169
Amador County CA $352,439 $451,166 $545,387 $677,784
Tuolumne County CA $351,220 $449,629 $543,478 $675,398
Humboldt County CA $347,561 $444,910 $537,805 $668,399
Mariposa County CA $341,463 $437,116 $528,367 $656,681
San Joaquin County CA $323,171 $413,680 $500,053 $621,474
Butte County CA $310,976 $398,091 $481,177 $598,038
Fresno County CA $298,780 $382,503 $462,354 $574,549
Stanislaus County CA $292,683 $374,655 $452,916 $562,831
Shasta County CA $290,244 $371,527 $449,099 $558,165
           
Eagle County CO $663,309 $849,178 $1,026,458 $1,275,636
Lake County CO $663,309 $849,178 $1,026,458 $1,275,636
Pitkin County CO $663,309 $849,178 $1,026,458 $1,275,636
Routt County CO $663,309 $849,178 $1,026,458 $1,275,636
San Miguel County CO $663,309 $849,178 $1,026,458 $1,275,636
Summit County CO $663,309 $849,178 $1,026,458 $1,275,636
Hinsdale County CO $448,780 $574,496 $694,433 $863,043
Ouray County CO $445,122 $569,830 $688,812 $855,992
Garfield County CO $439,024 $562,036 $679,374 $844,274
Boulder County CO $426,829 $546,394 $660,498 $820,838
La Plata County CO $402,439 $515,164 $622,747 $773,913
Adams County CO $390,244 $499,576 $603,871 $750,477
Arapahoe County CO $390,244 $499,576 $603,871 $750,477
Broomfield County CO $390,244 $499,576 $603,871 $750,477
Clear Creek County CO $390,244 $499,576 $603,871 $750,477
Denver County CO $390,244 $499,576 $603,871 $750,477
Douglas County CO $390,244 $499,576 $603,871 $750,477
Elbert County CO $390,244 $499,576 $603,871 $750,477
Gilpin County CO $390,244 $499,576 $603,871 $750,477
Jefferson County CO $390,244 $499,576 $603,871 $750,477
Park County CO $390,244 $499,576 $603,871 $750,477
Gunnison County CO $379,268 $485,525 $586,903 $729,374
Grand County CO $328,049 $419,936 $507,635 $630,859
Archuleta County CO $302,439 $387,169 $467,975 $581,601
Chaffee County CO $291,463 $373,118 $451,007 $560,498
           
Fairfield County CT $542,683 $694,751 $839,767 $1,043,637
Litchfield County CT $379,268 $485,525 $586,903 $729,374
Hartford County CT $340,244 $435,578 $526,511 $654,295
Middlesex County CT $340,244 $435,578 $526,511 $654,295
Tolland County CT $340,244 $435,578 $526,511 $654,295
New Haven County CT $324,390 $415,270 $501,962 $623,807
New London County CT $297,561 $380,912 $460,445 $572,216
Windham County CT $287,805 $368,452 $445,334 $553,446
           
New Castle County DE $402,439 $515,164 $622,747 $773,913
Sussex County DE $335,366 $429,321 $518,929 $644,910
           
Monroe County FL $560,976 $718,134 $868,081 $1,078,791
Collier County FL $475,610 $608,855 $735,949 $914,634
Broward County FL $365,854 $468,346 $566,119 $703,552
Miami-Dade County FL $365,854 $468,346 $566,119 $703,552
Palm Beach County FL $365,854 $468,346 $566,119 $703,552
Walton County FL $345,122 $441,782 $534,040 $663,680
Martin County FL $335,366 $429,321 $518,929 $644,910
St. Lucie County FL $335,366 $429,321 $518,929 $644,910
Baker County FL $323,171 $413,680 $500,053 $621,474
Clay County FL $323,171 $413,680 $500,053 $621,474
Duval County FL $323,171 $413,680 $500,053 $621,474
Nassau County FL $323,171 $413,680 $500,053 $621,474
St. Johns County FL $323,171 $413,680 $500,053 $621,474
Manatee County FL $302,439 $387,169 $467,975 $581,601
Sarasota County FL $302,439 $387,169 $467,975 $581,601
Lake County FL $291,463 $373,118 $451,007 $560,498
Orange County FL $291,463 $373,118 $451,007 $560,498
Osceola County FL $291,463 $373,118 $451,007 $560,498
Seminole County FL $291,463 $373,118 $451,007 $560,498
           
District of Columbia DC $663,309 $849,178 $1,026,458 $1,275,636
           
Greene County GA $546,341 $699,417 $845,440 $1,050,689
Barrow County GA $340,244 $435,578 $526,511 $654,295
Bartow County GA $340,244 $435,578 $526,511 $654,295
Butts County GA $340,244 $435,578 $526,511 $654,295
Carroll County GA $340,244 $435,578 $526,511 $654,295
Cherokee County GA $340,244 $435,578 $526,511 $654,295
Clayton County GA $340,244 $435,578 $526,511 $654,295
Cobb County GA $340,244 $435,578 $526,511 $654,295
Coweta County GA $340,244 $435,578 $526,511 $654,295
Dawson County GA $340,244 $435,578 $526,511 $654,295
DeKalb County GA $340,244 $435,578 $526,511 $654,295
Douglas County GA $340,244 $435,578 $526,511 $654,295
Fayette County GA $340,244 $435,578 $526,511 $654,295
Forsyth County GA $340,244 $435,578 $526,511 $654,295
Fulton County GA $340,244 $435,578 $526,511 $654,295
Gwinnett County GA $340,244 $435,578 $526,511 $654,295
Haralson County GA $340,244 $435,578 $526,511 $654,295
Heard County GA $340,244 $435,578 $526,511 $654,295
Henry County GA $340,244 $435,578 $526,511 $654,295
Jasper County GA $340,244 $435,578 $526,511 $654,295
Lamar County GA $340,244 $435,578 $526,511 $654,295
Meriwether County GA $340,244 $435,578 $526,511 $654,295
Newton County GA $340,244 $435,578 $526,511 $654,295
Paulding County GA $340,244 $435,578 $526,511 $654,295
Pickens County GA $340,244 $435,578 $526,511 $654,295
Pike County GA $340,244 $435,578 $526,511 $654,295
Rockdale County GA $340,244 $435,578 $526,511 $654,295
Spalding County GA $340,244 $435,578 $526,511 $654,295
Walton County GA $340,244 $435,578 $526,511 $654,295
Clarke County GA $309,756 $396,554 $479,321 $595,652
Madison County GA $309,756 $396,554 $479,321 $595,652
Oconee County GA $309,756 $396,554 $479,321 $595,652
Oglethorpe County GA $309,756 $396,554 $479,321 $595,652
           
Guam GU $597,561 $765,005 $924,708 $1,149,152
           
Honolulu County HI $764,634 $978,844 $1,183,245 $1,470,467
Kauai County HI $756,098 $967,922 $1,170,042 $1,454,030
Maui County HI $664,634 $850,848 $1,028,473 $1,278,155
Kalawao County HI $640,244 $819,618 $990,721 $1,231,230
Hawaii County HI $390,244 $499,576 $603,871 $750,477
           
Teton County ID $663,309 $849,178 $1,026,458 $1,275,636
Blaine County ID $485,366 $621,368 $751,060 $933,404
Valley County ID $289,024 $369,989 $447,243 $555,832
           
Cook County IL $387,805 $496,448 $600,106 $745,758
DeKalb County IL $387,805 $496,448 $600,106 $745,758
DuPage County IL $387,805 $496,448 $600,106 $745,758
Grundy County IL $387,805 $496,448 $600,106 $745,758
Kane County IL $387,805 $496,448 $600,106 $745,758
Kendall County IL $387,805 $496,448 $600,106 $745,758
Lake County IL $387,805 $496,448 $600,106 $745,758
McHenry County IL $387,805 $496,448 $600,106 $745,758
Will County IL $387,805 $496,448 $600,106 $745,758
Boone County IL $359,756 $460,551 $556,681 $691,835
Winnebago County IL $359,756 $460,551 $556,681 $691,835
           
Jasper County IN $387,805 $496,448 $600,106 $745,758
Lake County IN $387,805 $496,448 $600,106 $745,758
Newton County IN $387,805 $496,448 $600,106 $745,758
Porter County IN $387,805 $496,448 $600,106 $745,758
           
Dukes County MA $663,309 $849,178 $1,026,458 $1,275,636
Nantucket County MA $663,309 $849,178 $1,026,458 $1,275,636
Essex County MA $493,902 $632,291 $764,263 $949,841
Middlesex County MA $493,902 $632,291 $764,263 $949,841
Norfolk County MA $493,902 $632,291 $764,263 $949,841
Plymouth County MA $493,902 $632,291 $764,263 $949,841
Suffolk County MA $493,902 $632,291 $764,263 $949,841
Bristol County MA $452,439 $579,215 $700,106 $870,095
Barnstable County MA $430,488 $551,113 $666,172 $827,837
Worcester County MA $302,439 $387,169 $467,975 $581,601
           
Calvert County MD $663,309 $849,178 $1,026,458 $1,275,636
Charles County MD $663,309 $849,178 $1,026,458 $1,275,636
Frederick County MD $663,309 $849,178 $1,026,458 $1,275,636
Montgomery County MD $663,309 $849,178 $1,026,458 $1,275,636
Prince George’s County MD $663,309 $849,178 $1,026,458 $1,275,636
Anne Arundel County MD $524,390 $671,315 $811,453 $1,008,431
Baltimore County MD $524,390 $671,315 $811,453 $1,008,431
Carroll County MD $524,390 $671,315 $811,453 $1,008,431
Harford County MD $524,390 $671,315 $811,453 $1,008,431
Howard County MD $524,390 $671,315 $811,453 $1,008,431
Queen Anne’s County MD $524,390 $671,315 $811,453 $1,008,431
Baltimore city MD $524,390 $671,315 $811,453 $1,008,431
Talbot County MD $406,098 $519,883 $628,420 $780,965
Cecil County MD $402,439 $515,164 $622,747 $773,913
St. Mary’s County MD $368,293 $471,474 $569,883 $708,271
Worcester County MD $329,268 $421,527 $509,491 $633,192
Kent County MD $308,537 $394,963 $477,413 $593,319
           
Knox County ME $296,341 $379,374 $458,537 $569,883
Cumberland County ME $289,024 $369,989 $447,243 $555,832
Sagadahoc County ME $289,024 $369,989 $447,243 $555,832
York County ME $289,024 $369,989 $447,243 $555,832
Hancock County ME $287,805 $368,452 $445,334 $553,446
           
Anoka County MN $337,805 $432,450 $522,747 $649,629
Carver County MN $337,805 $432,450 $522,747 $649,629
Chisago County MN $337,805 $432,450 $522,747 $649,629
Dakota County MN $337,805 $432,450 $522,747 $649,629
Hennepin County MN $337,805 $432,450 $522,747 $649,629
Isanti County MN $337,805 $432,450 $522,747 $649,629
Ramsey County MN $337,805 $432,450 $522,747 $649,629
Scott County MN $337,805 $432,450 $522,747 $649,629
Sherburne County MN $337,805 $432,450 $522,747 $649,629
Washington County MN $337,805 $432,450 $522,747 $649,629
Wright County MN $337,805 $432,450 $522,747 $649,629
Cook County MN $300,000 $384,040 $464,210 $576,935
           
Tinian Municipality MP $564,634 $722,853 $873,754 $1,085,843
Saipan Municipality MP $560,976 $718,134 $868,081 $1,078,791
Northern Islands Municipality MP $556,098 $711,877 $860,498 $1,069,406
Rota Municipality MP $435,366 $557,317 $673,701 $837,222
           
Gallatin County MT $367,073 $469,883 $568,028 $705,885
Flathead County MT $319,512 $409,014 $494,433 $614,422
Missoula County MT $300,000 $384,040 $464,210 $576,935
Madison County MT $298,780 $382,503 $462,354 $574,549
Sweet Grass County MT $297,561 $380,912 $460,445 $572,216
Jefferson County MT $293,902 $376,246 $454,772 $565,164
Lewis and Clark County MT $293,902 $376,246 $454,772 $565,164
           
Camden County NC $663,309 $849,178 $1,026,458 $1,275,636
Pasquotank County NC $663,309 $849,178 $1,026,458 $1,275,636
Perquimans County NC $663,309 $849,178 $1,026,458 $1,275,636
Hyde County NC $512,195 $655,673 $792,577 $984,995
Currituck County NC $486,585 $622,906 $752,969 $935,737
Dare County NC $414,634 $530,806 $641,622 $797,349
Chatham County NC $354,878 $454,295 $549,152 $682,450
Durham County NC $354,878 $454,295 $549,152 $682,450
Orange County NC $354,878 $454,295 $549,152 $682,450
Person County NC $354,878 $454,295 $549,152 $682,450
           
Rockingham County NH $493,902 $632,291 $764,263 $949,841
Strafford County NH $493,902 $632,291 $764,263 $949,841
Hillsborough County NH $313,415 $401,220 $484,995 $602,704
           
Bergen County NJ $663,309 $849,178 $1,026,458 $1,275,636
Essex County NJ $663,309 $849,178 $1,026,458 $1,275,636
Hudson County NJ $663,309 $849,178 $1,026,458 $1,275,636
Hunterdon County NJ $663,309 $849,178 $1,026,458 $1,275,636
Middlesex County NJ $663,309 $849,178 $1,026,458 $1,275,636
Monmouth County NJ $663,309 $849,178 $1,026,458 $1,275,636
Morris County NJ $663,309 $849,178 $1,026,458 $1,275,636
Ocean County NJ $663,309 $849,178 $1,026,458 $1,275,636
Passaic County NJ $663,309 $849,178 $1,026,458 $1,275,636
Somerset County NJ $663,309 $849,178 $1,026,458 $1,275,636
Sussex County NJ $663,309 $849,178 $1,026,458 $1,275,636
Union County NJ $663,309 $849,178 $1,026,458 $1,275,636
Cape May County NJ $439,024 $562,036 $679,374 $844,274
Burlington County NJ $402,439 $515,164 $622,747 $773,913
Camden County NJ $402,439 $515,164 $622,747 $773,913
Gloucester County NJ $402,439 $515,164 $622,747 $773,913
Salem County NJ $402,439 $515,164 $622,747 $773,913
Mercer County NJ $365,854 $468,346 $566,119 $703,552
Atlantic County NJ $335,366 $429,321 $518,929 $644,910
Warren County NJ $324,390 $415,270 $501,962 $623,807
           
Los Alamos County NM $403,659 $516,755 $624,602 $776,246
Santa Fe County NM $390,244 $499,576 $603,871 $750,477
           
Douglas County NV $371,951 $476,140 $575,557 $715,270
Storey County NV $345,122 $441,782 $534,040 $663,680
Washoe County NV $345,122 $441,782 $534,040 $663,680
Clark County NV $304,878 $390,297 $471,792 $586,320
Carson City NV $303,659 $388,706 $469,883 $583,934
           
Bronx County NY $663,309 $849,178 $1,026,458 $1,275,636
Kings County NY $663,309 $849,178 $1,026,458 $1,275,636
Nassau County NY $663,309 $849,178 $1,026,458 $1,275,636
New York County NY $663,309 $849,178 $1,026,458 $1,275,636
Putnam County NY $663,309 $849,178 $1,026,458 $1,275,636
Queens County NY $663,309 $849,178 $1,026,458 $1,275,636
Richmond County NY $663,309 $849,178 $1,026,458 $1,275,636
Rockland County NY $663,309 $849,178 $1,026,458 $1,275,636
Suffolk County NY $663,309 $849,178 $1,026,458 $1,275,636
Westchester County NY $663,309 $849,178 $1,026,458 $1,275,636
Dutchess County NY $378,049 $483,934 $584,995 $726,988
Orange County NY $378,049 $483,934 $584,995 $726,988
           
Delaware County OH $329,268 $421,527 $509,491 $633,192
Fairfield County OH $329,268 $421,527 $509,491 $633,192
Franklin County OH $329,268 $421,527 $509,491 $633,192
Licking County OH $329,268 $421,527 $509,491 $633,192
Madison County OH $329,268 $421,527 $509,491 $633,192
Morrow County OH $329,268 $421,527 $509,491 $633,192
Pickaway County OH $329,268 $421,527 $509,491 $633,192
Union County OH $329,268 $421,527 $509,491 $633,192
           
Hood River County OR $393,902 $504,242 $609,544 $757,529
Clackamas County OR $384,146 $491,782 $594,433 $738,759
Columbia County OR $384,146 $491,782 $594,433 $738,759
Multnomah County OR $384,146 $491,782 $594,433 $738,759
Washington County OR $384,146 $491,782 $594,433 $738,759
Yamhill County OR $384,146 $491,782 $594,433 $738,759
Curry County OR $347,561 $444,910 $537,805 $668,399
Deschutes County OR $324,390 $415,270 $501,962 $623,807
Benton County OR $313,415 $401,220 $484,995 $602,704
Tillamook County OR $304,878 $390,297 $471,792 $586,320
Clatsop County OR $298,780 $382,503 $462,354 $574,549
Jackson County OR $296,341 $379,374 $458,537 $569,883
Lincoln County OR $292,683 $374,655 $452,916 $562,831
           
Pike County PA $663,309 $849,178 $1,026,458 $1,275,636
Bucks County PA $402,439 $515,164 $622,747 $773,913
Chester County PA $402,439 $515,164 $622,747 $773,913
Delaware County PA $402,439 $515,164 $622,747 $773,913
Montgomery County PA $402,439 $515,164 $622,747 $773,913
Philadelphia County PA $402,439 $515,164 $622,747 $773,913
Carbon County PA $324,390 $415,270 $501,962 $623,807
Lehigh County PA $324,390 $415,270 $501,962 $623,807
Northampton County PA $324,390 $415,270 $501,962 $623,807
           
Bristol County RI $452,439 $579,215 $700,106 $870,095
Kent County RI $452,439 $579,215 $700,106 $870,095
Newport County RI $452,439 $579,215 $700,106 $870,095
Providence County RI $452,439 $579,215 $700,106 $870,095
Washington County RI $452,439 $579,215 $700,106 $870,095
           
Georgetown County SC $347,561 $444,910 $537,805 $668,399
Beaufort County SC $329,268 $421,527 $509,491 $633,192
Jasper County SC $329,268 $421,527 $509,491 $633,192
Berkeley County SC $320,732 $410,604 $496,288 $616,808
Charleston County SC $320,732 $410,604 $496,288 $616,808
Dorchester County SC $320,732 $410,604 $496,288 $616,808
           
Cannon County TN $417,073 $533,934 $645,387 $802,068
Cheatham County TN $417,073 $533,934 $645,387 $802,068
Davidson County TN $417,073 $533,934 $645,387 $802,068
Dickson County TN $417,073 $533,934 $645,387 $802,068
Hickman County TN $417,073 $533,934 $645,387 $802,068
Macon County TN $417,073 $533,934 $645,387 $802,068
Robertson County TN $417,073 $533,934 $645,387 $802,068
Rutherford County TN $417,073 $533,934 $645,387 $802,068
Smith County TN $417,073 $533,934 $645,387 $802,068
Sumner County TN $417,073 $533,934 $645,387 $802,068
Trousdale County TN $417,073 $533,934 $645,387 $802,068
Williamson County TN $417,073 $533,934 $645,387 $802,068
Wilson County TN $417,073 $533,934 $645,387 $802,068
           
Atascosa County TX $304,878 $390,297 $471,792 $586,320
Bandera County TX $304,878 $390,297 $471,792 $586,320
Bexar County TX $304,878 $390,297 $471,792 $586,320
Comal County TX $304,878 $390,297 $471,792 $586,320
Guadalupe County TX $304,878 $390,297 $471,792 $586,320
Kendall County TX $304,878 $390,297 $471,792 $586,320
Medina County TX $304,878 $390,297 $471,792 $586,320
Wilson County TX $304,878 $390,297 $471,792 $586,320
           
Salt Lake County UT $636,585 $814,952 $985,101 $1,224,231
Summit County UT $636,585 $814,952 $985,101 $1,224,231
Tooele County UT $636,585 $814,952 $985,101 $1,224,231
Davis County UT $413,415 $529,215 $639,714 $795,016
Morgan County UT $413,415 $529,215 $639,714 $795,016
Weber County UT $413,415 $529,215 $639,714 $795,016
Wasatch County UT $345,122 $441,782 $534,040 $663,680
Washington County UT $295,122 $377,784 $456,681 $567,550
           
Arlington County VA $663,309 $849,178 $1,026,458 $1,275,636
Clarke County VA $663,309 $849,178 $1,026,458 $1,275,636
Fairfax County VA $663,309 $849,178 $1,026,458 $1,275,636
Fauquier County VA $663,309 $849,178 $1,026,458 $1,275,636
Loudoun County VA $663,309 $849,178 $1,026,458 $1,275,636
Prince William County VA $663,309 $849,178 $1,026,458 $1,275,636
Spotsylvania County VA $663,309 $849,178 $1,026,458 $1,275,636
Stafford County VA $663,309 $849,178 $1,026,458 $1,275,636
Warren County VA $663,309 $849,178 $1,026,458 $1,275,636
Alexandria city VA $663,309 $849,178 $1,026,458 $1,275,636
Fairfax city VA $663,309 $849,178 $1,026,458 $1,275,636
Falls Church city VA $663,309 $849,178 $1,026,458 $1,275,636
Fredericksburg city VA $663,309 $849,178 $1,026,458 $1,275,636
Manassas city VA $663,309 $849,178 $1,026,458 $1,275,636
Manassas Park city VA $663,309 $849,178 $1,026,458 $1,275,636
Amelia County VA $568,293 $727,519 $879,374 $1,092,895
Caroline County VA $568,293 $727,519 $879,374 $1,092,895
Charles City County VA $568,293 $727,519 $879,374 $1,092,895
Chesterfield County VA $568,293 $727,519 $879,374 $1,092,895
Cumberland County VA $568,293 $727,519 $879,374 $1,092,895
Dinwiddie County VA $568,293 $727,519 $879,374 $1,092,895
Goochland County VA $568,293 $727,519 $879,374 $1,092,895
Hanover County VA $568,293 $727,519 $879,374 $1,092,895
Henrico County VA $568,293 $727,519 $879,374 $1,092,895
King and Queen County VA $568,293 $727,519 $879,374 $1,092,895
King William County VA $568,293 $727,519 $879,374 $1,092,895
Louisa County VA $568,293 $727,519 $879,374 $1,092,895
New Kent County VA $568,293 $727,519 $879,374 $1,092,895
Powhatan County VA $568,293 $727,519 $879,374 $1,092,895
Prince George County VA $568,293 $727,519 $879,374 $1,092,895
Sussex County VA $568,293 $727,519 $879,374 $1,092,895
Colonial Heights city VA $568,293 $727,519 $879,374 $1,092,895
Hopewell city VA $568,293 $727,519 $879,374 $1,092,895
Petersburg city VA $568,293 $727,519 $879,374 $1,092,895
Richmond city VA $568,293 $727,519 $879,374 $1,092,895
Gloucester County VA $486,585 $622,906 $752,969 $935,737
Isle of Wight County VA $486,585 $622,906 $752,969 $935,737
James City County VA $486,585 $622,906 $752,969 $935,737
Mathews County VA $486,585 $622,906 $752,969 $935,737
Surry County VA $486,585 $622,906 $752,969 $935,737
York County VA $486,585 $622,906 $752,969 $935,737
Chesapeake city VA $486,585 $622,906 $752,969 $935,737
Hampton city VA $486,585 $622,906 $752,969 $935,737
Newport News city VA $486,585 $622,906 $752,969 $935,737
Norfolk city VA $486,585 $622,906 $752,969 $935,737
Poquoson city VA $486,585 $622,906 $752,969 $935,737
Portsmouth city VA $486,585 $622,906 $752,969 $935,737
Suffolk city VA $486,585 $622,906 $752,969 $935,737
Virginia Beach city VA $486,585 $622,906 $752,969 $935,737
Williamsburg city VA $486,585 $622,906 $752,969 $935,737
Lancaster County VA $469,512 $601,060 $726,511 $902,916
Albemarle County VA $463,415 $593,266 $717,073 $891,198
Fluvanna County VA $463,415 $593,266 $717,073 $891,198
Greene County VA $463,415 $593,266 $717,073 $891,198
Nelson County VA $463,415 $593,266 $717,073 $891,198
Charlottesville city VA $463,415 $593,266 $717,073 $891,198
Rappahannock County VA $381,707 $488,653 $590,668 $734,040
King George County VA $371,951 $476,140 $575,557 $715,270
Northumberland County VA $337,805 $432,450 $522,747 $649,629
Culpeper County VA $304,878 $390,297 $471,792 $586,320
Rockingham County VA $293,902 $376,246 $454,772 $565,164
Harrisonburg city VA $293,902 $376,246 $454,772 $565,164
           
St. John Island VI $660,976 $846,182 $1,022,800 $1,271,103
St. Thomas Island VI $473,171 $605,726 $732,185 $909,968
St. Croix Island VI $347,561 $444,910 $537,805 $668,399
           
Chittenden County VT $304,878 $390,297 $471,792 $586,320
Franklin County VT $304,878 $390,297 $471,792 $586,320
Grand Isle County VT $304,878 $390,297 $471,792 $586,320
Bennington County VT $293,902 $376,246 $454,772 $565,164
Lamoille County VT $292,683 $374,655 $452,916 $562,831
           
King County WA $536,585 $686,903 $830,329 $1,031,919
Pierce County WA $536,585 $686,903 $830,329 $1,031,919
Snohomish County WA $536,585 $686,903 $830,329 $1,031,919
San Juan County WA $512,195 $655,673 $792,577 $984,995
Clark County WA $384,146 $491,782 $594,433 $738,759
Skamania County WA $384,146 $491,782 $594,433 $738,759
Chelan County WA $363,415 $465,217 $562,354 $698,887
Douglas County WA $363,415 $465,217 $562,354 $698,887
Jefferson County WA $341,463 $437,116 $528,367 $656,681
Island County WA $335,366 $429,321 $518,929 $644,910
Kitsap County WA $325,610 $416,808 $503,871 $626,193
Whatcom County WA $323,171 $413,680 $500,053 $621,474
Clallam County WA $314,634 $402,757 $486,850 $605,037
Skagit County WA $313,415 $401,220 $484,995 $602,704
Thurston County WA $310,976 $398,091 $481,177 $598,038
           
Kenosha County WI $387,805 $496,448 $600,106 $745,758
Pierce County WI $337,805 $432,450 $522,747 $649,629
St. Croix County WI $337,805 $432,450 $522,747 $649,629
Milwaukee County WI $298,780 $382,503 $462,354 $574,549
Ozaukee County WI $298,780 $382,503 $462,354 $574,549
Washington County WI $298,780 $382,503 $462,354 $574,549
Waukesha County WI $298,780 $382,503 $462,354 $574,549
           
Jefferson County WV $663,309 $849,178 $1,026,458 $1,275,636
           
Sublette County WY $292,683 $374,655 $452,916 $562,831
Teton County WY $663,309 $849,178 $1,026,458 $1,275,636
           
All other areas (floor):   $287,434 $367,975 $444,751 $552,757

.02 The nationwide average purchase price (for use in the housing cost/income ratio for new and existing residences) is $243,100.

SECTION 5. EFFECT ON OTHER DOCUMENTS

Rev. Proc. 2008-17 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 February 24, 2009, 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. 2008-17, with respect to bonds sold, or for mortgage credit certificates issued with respect to bond authority exchanged, before March 26, 2009, if the commitments to provide financing or issue mortgage credit certificates are made on or before April 25, 2009.

.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 February 24, 2009, 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. 2008-17 with respect to bonds sold, or for mortgage credit certificates issued with respect to bond authority exchanged, before March 26, 2009, if the commitments to provide financing or issue mortgage credit certificates are made on or before April 25, 2009.

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 section 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 David E. White and Timothy L. Jones of the Office of Division Counsel/Associate Chief Counsel (Tax Exempt & Government Entities). For further information regarding this revenue procedure, contact David E. White at (202) 622-3980 (not a toll-free call).


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