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Internal Revenue Bulletin:  2016-18 

May 2, 2016 

Rev. Proc. 2016–25


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. 2015–31, 2015–23 I.R.B. 1017.

.12 The nationwide average purchase price limitation was last published in section 4.02 of Rev. Proc. 2015–31. 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. 2015–23, 2015–13 I.R.B. 820.

.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 December 9, 2015. 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 9, 2015.

.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.

.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 9, 2015, 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 .9545.

.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. 2015–31, the issuer must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc. 2015–31 in computing the housing cost/income ratio under section 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. 2015–31, 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.

2016 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 CENSUS AK $403,614 $516,710 $624,568 $776,166        
ANCHORAGE MUNICIPALITY AK $409,639 $524,411 $633,892 $787,742        
BRISTOL BAY BOROUGH AK $328,916 $421,058 $508,958 $632,530        
DENALI BOROUGH AK $312,048 $399,476 $482,871 $600,105        
FAIRBANKS NORTH STAR AK $287,952 $368,622 $445,574 $553,745        
HAINES BOROUGH AK $297,590 $380,932 $460,503 $572,289        
JUNEAU CITY AND BOROUGH AK $428,916 $549,083 $663,698 $824,830        
KETCHIKAN GATEWAY BOROUGH AK $337,349 $431,849 $522,001 $648,769        
KODIAK ISLAND BOROUGH AK $400,000 $512,048 $618,963 $769,251        
MATANUSKA-SUSITNA BOROUGH AK $409,639 $524,411 $633,892 $787,742        
NOME CENSUS AREA AK $298,795 $382,504 $462,336 $574,594        
NORTH SLOPE BOROUGH AK $348,193 $445,731 $538,816 $669,618        
PETERSBURG CENSUS AREA AK $348,193 $445,731 $538,816 $669,618        
SITKA CITY AND BOROUGH AK $473,494 $606,129 $732,687 $910,581        
SKAGWAY MUNICIPALITY AK $403,614 $516,710 $624,568 $776,166        
VALDEZ-CORDOVA CENSUS AK $307,229 $393,295 $475,380 $590,833        
WRANGELL CITY AND BOROUGH AK $348,193 $445,731 $538,816 $669,618        
YAKUTAT CITY AND BOROUGH AK $440,964 $564,484 $682,347 $848,036        
                   
HALE AL $346,988 $444,212 $536,930 $667,260        
PICKENS AL $346,988 $444,212 $536,930 $667,260        
RUSSELL AL $303,614 $388,685 $469,827 $583,866        
TUSCALOOSA AL $346,988 $444,212 $536,930 $667,260        
                   
COCONINO AZ $379,518 $485,856 $587,271 $729,859        
                   
ALAMEDA CA $655,317 $838,947 $1,014,091 $1,260,267        
ALPINE CA $485,542 $621,582 $751,336 $933,735        
AMADOR CA $348,193 $445,731 $538,816 $669,618        
BUTTE CA $307,229 $393,295 $475,380 $590,833        
CALAVERAS CA $391,566 $501,257 $605,919 $753,012        
CONTRA COSTA CA $655,317 $838,947 $1,014,091 $1,260,267        
EL DORADO CA $497,590 $636,983 $769,984 $956,888        
FRESNO CA $295,181 $377,894 $456,784 $567,627        
HUMBOLDT CA $343,373 $439,550 $531,325 $660,346        
INYO CA $386,747 $495,076 $598,481 $743,740        
LOS ANGELES CA $655,317 $838,947 $1,014,091 $1,260,267        
MARIN CA $655,317 $838,947 $1,014,091 $1,260,267        
MARIPOSA CA $337,349 $431,849 $522,001 $648,769        
MENDOCINO CA $391,566 $501,257 $605,919 $753,012        
MONO CA $554,217 $709,481 $857,622 $1,065,794        
MONTEREY CA $554,217 $709,481 $857,622 $1,065,794        
NAPA CA $655,317 $838,947 $1,014,091 $1,260,267        
NEVADA CA $500,000 $640,073 $773,704 $961,551        
ORANGE CA $655,317 $838,947 $1,014,091 $1,260,267        
PLACER CA $497,590 $636,983 $769,984 $956,888        
PLUMAS CA $353,012 $451,912 $546,255 $678,889        
RIVERSIDE CA $373,494 $478,104 $577,947 $718,229        
SACRAMENTO CA $497,590 $636,983 $769,984 $956,888        
SAN BENITO CA $655,317 $838,947 $1,014,091 $1,260,267        
SAN BERNARDINO CA $373,494 $478,104 $577,947 $718,229        
SAN DIEGO CA $608,434 $778,889 $941,540 $1,170,089        
SAN FRANCISCO CA $655,317 $838,947 $1,014,091 $1,260,267        
SAN JOAQUIN CA $349,398 $447,302 $540,650 $671,922        
SAN LUIS OBISPO CA $587,952 $752,698 $909,796 $1,130,697        
SAN MATEO CA $655,317 $838,947 $1,014,091 $1,260,267        
SANTA BARBARA CA $655,317 $838,947 $1,014,091 $1,260,267        
SANTA CLARA CA $655,317 $838,947 $1,014,091 $1,260,267        
SANTA CRUZ CA $655,317 $838,947 $1,014,091 $1,260,267        
SHASTA CA $286,747 $367,051 $443,688 $551,441        
SIERRA CA $319,277 $408,696 $494,028 $613,986        
SOLANO CA $419,277 $536,721 $648,821 $806,286        
SONOMA CA $580,723 $743,426 $898,638 $1,116,763        
STANISLAUS CA $289,157 $370,141 $447,459 $556,050        
TUOLUMNE CA $346,988 $444,212 $536,930 $667,260        
VENTURA CA $632,530 $809,743 $978,785 $1,216,396        
YOLO CA $497,590 $636,983 $769,984 $956,888        
                   
ADAMS CO $480,723 $615,401 $743,897 $924,463        
ARAPAHOE CO $480,723 $615,401 $743,897 $924,463        
ARCHULETA CO $298,795 $382,504 $462,336 $574,594        
BOULDER CO $497,590 $636,983 $769,984 $956,888        
BROOMFIELD CO $480,723 $615,401 $743,897 $924,463        
CHAFFEE CO $287,952 $368,622 $445,574 $553,745        
CLEAR CREEK CO $480,723 $615,401 $743,897 $924,463        
DENVER CO $480,723 $615,401 $743,897 $924,463        
DOUGLAS CO $480,723 $615,401 $743,897 $924,463        
EAGLE CO $655,317 $838,947 $1,014,091 $1,260,267        
ELBERT CO $480,723 $615,401 $743,897 $924,463        
GARFIELD CO $655,317 $838,947 $1,014,091 $1,260,267        
GILPIN CO $480,723 $615,401 $743,897 $924,463        
GRAND CO $349,398 $447,302 $540,650 $671,922        
GUNNISON CO $374,699 $479,675 $579,832 $720,587        
HINSDALE CO $448,193 $573,756 $693,557 $861,917        
JEFFERSON CO $480,723 $615,401 $743,897 $924,463        
LA PLATA CO $398,795 $510,529 $617,077 $766,894        
LARIMER CO $356,627 $456,522 $551,860 $685,804        
MESA CO $296,386 $379,413 $458,617 $569,984        
OURAY CO $445,783 $570,665 $689,838 $857,255        
PARK CO $480,723 $615,401 $743,897 $924,463        
PITKIN CO $655,317 $838,947 $1,014,091 $1,260,267        
ROUTT CO $655,317 $838,947 $1,014,091 $1,260,267        
SAN MIGUEL CO $655,317 $838,947 $1,014,091 $1,260,267        
SUMMIT CO $655,317 $838,947 $1,014,091 $1,260,267        
WELD CO $304,819 $390,204 $471,661 $586,171        
                   
FAIRFIELD CT $630,120 $806,653 $975,065 $1,211,786        
HARTFORD CT $369,880 $473,494 $572,342 $711,315        
LITCHFIELD CT $374,699 $479,675 $579,832 $720,587        
MIDDLESEX CT $369,880 $473,494 $572,342 $711,315        
NEW HAVEN CT $320,482 $410,267 $495,914 $616,291        
NEW LONDON CT $293,976 $376,323 $454,898 $565,322        
TOLLAND CT $369,880 $473,494 $572,342 $711,315        
WINDHAM CT $298,795 $382,504 $462,336 $574,594        
                   
DISTRICT OF COL DC $655,317 $838,947 $1,014,091 $1,260,267        
                   
NEW CASTLE DE $397,590 $508,958 $615,244 $764,589        
SUSSEX DE $331,325 $424,149 $512,677 $637,140        
                   
BAKER FL $331,325 $424,149 $512,677 $637,140        
BROWARD FL $361,446 $462,703 $559,298 $695,076        
CLAY FL $331,325 $424,149 $512,677 $637,140        
COLLIER FL $469,880 $601,519 $727,082 $903,614        
DUVAL FL $331,325 $424,149 $512,677 $637,140        
LAKE FL $287,952 $368,622 $445,574 $553,745        
MANATEE FL $298,795 $382,504 $462,336 $574,594        
MARTIN FL $331,325 $424,149 $512,677 $637,140        
MIAMI-DADE FL $361,446 $462,703 $559,298 $695,076        
MONROE FL $554,217 $709,481 $857,622 $1,065,794        
NASSAU FL $331,325 $424,149 $512,677 $637,140        
OKALOOSA FL $343,373 $439,550 $531,325 $660,346        
ORANGE FL $287,952 $368,622 $445,574 $553,745        
OSCEOLA FL $287,952 $368,622 $445,574 $553,745        
PALM BEACH FL $361,446 $462,703 $559,298 $695,076        
SARASOTA FL $298,795 $382,504 $462,336 $574,594        
SEMINOLE FL $287,952 $368,622 $445,574 $553,745        
ST. JOHNS FL $331,325 $424,149 $512,677 $637,140        
ST. LUCIE FL $331,325 $424,149 $512,677 $637,140        
SUMTER FL $301,205 $385,595 $466,108 $579,256        
WALTON FL $343,373 $439,550 $531,325 $660,346        
                   
BARROW GA $359,036 $459,612 $555,579 $690,466        
BARTOW GA $359,036 $459,612 $555,579 $690,466        
BUTTS GA $359,036 $459,612 $555,579 $690,466        
CARROLL GA $359,036 $459,612 $555,579 $690,466        
CHATTAHOOCHEE GA $303,614 $388,685 $469,827 $583,866        
CHEROKEE GA $359,036 $459,612 $555,579 $690,466        
CLARKE GA $336,145 $430,330 $520,168 $646,412        
CLAYTON GA $359,036 $459,612 $555,579 $690,466        
COBB GA $359,036 $459,612 $555,579 $690,466        
COWETA GA $359,036 $459,612 $555,579 $690,466        
DAWSON GA $359,036 $459,612 $555,579 $690,466        
DEKALB GA $359,036 $459,612 $555,579 $690,466        
DOUGLAS GA $359,036 $459,612 $555,579 $690,466        
FAYETTE GA $359,036 $459,612 $555,579 $690,466        
FORSYTH GA $359,036 $459,612 $555,579 $690,466        
FULTON GA $359,036 $459,612 $555,579 $690,466        
GREENE GA $539,759 $690,990 $835,254 $1,038,030        
GWINNETT GA $359,036 $459,612 $555,579 $690,466        
HARALSON GA $359,036 $459,612 $555,579 $690,466        
HARRIS GA $303,614 $388,685 $469,827 $583,866        
HEARD GA $359,036 $459,612 $555,579 $690,466        
HENRY GA $359,036 $459,612 $555,579 $690,466        
JASPER GA $359,036 $459,612 $555,579 $690,466        
LAMAR GA $359,036 $459,612 $555,579 $690,466        
MADISON GA $336,145 $430,330 $520,168 $646,412        
MARION GA $303,614 $388,685 $469,827 $583,866        
MERIWETHER GA $359,036 $459,612 $555,579 $690,466        
MORGAN GA $359,036 $459,612 $555,579 $690,466        
MUSCOGEE GA $303,614 $388,685 $469,827 $583,866        
NEWTON GA $359,036 $459,612 $555,579 $690,466        
OCONEE GA $336,145 $430,330 $520,168 $646,412        
OGLETHORPE GA $336,145 $430,330 $520,168 $646,412        
PAULDING GA $359,036 $459,612 $555,579 $690,466        
PICKENS GA $359,036 $459,612 $555,579 $690,466        
PIKE GA $359,036 $459,612 $555,579 $690,466        
ROCKDALE GA $359,036 $459,612 $555,579 $690,466        
SPALDING GA $359,036 $459,612 $555,579 $690,466        
WALTON GA $359,036 $459,612 $555,579 $690,466        
                   
HAWAII HI $385,542 $493,557 $596,595 $741,435        
HONOLULU HI $755,422 $967,051 $1,168,989 $1,452,750        
KALAWAO HI $689,157 $882,242 $1,066,422 $1,325,301        
KAUAI HI $746,988 $956,260 $1,155,946 $1,436,511        
MAUI HI $689,157 $882,242 $1,066,422 $1,325,301        
                   
BLAINE ID $655,317 $838,947 $1,014,091 $1,260,267        
CAMAS ID $655,317 $838,947 $1,014,091 $1,260,267        
LINCOLN ID $655,317 $838,947 $1,014,091 $1,260,267        
TETON ID $655,317 $838,947 $1,014,091 $1,260,267        
VALLEY ID $285,542 $365,532 $441,854 $549,136        
                   
BOONE IL $355,422 $455,003 $549,974 $683,499        
COOK IL $383,133 $490,466 $592,876 $736,773        
DEKALB IL $383,133 $490,466 $592,876 $736,773        
DUPAGE IL $383,133 $490,466 $592,876 $736,773        
GRUNDY IL $383,133 $490,466 $592,876 $736,773        
KANE IL $383,133 $490,466 $592,876 $736,773        
KENDALL IL $383,133 $490,466 $592,876 $736,773        
LAKE IL $383,133 $490,466 $592,876 $736,773        
MCHENRY IL $383,133 $490,466 $592,876 $736,773        
WILL IL $383,133 $490,466 $592,876 $736,773        
WINNEBAGO IL $355,422 $455,003 $549,974 $683,499        
                   
BOONE IN $313,253 $400,995 $484,704 $602,410        
BROWN IN $313,253 $400,995 $484,704 $602,410        
CLARK IN $301,205 $385,595 $466,108 $579,256        
FLOYD IN $301,205 $385,595 $466,108 $579,256        
HAMILTON IN $313,253 $400,995 $484,704 $602,410        
HANCOCK IN $313,253 $400,995 $484,704 $602,410        
HARRISON IN $301,205 $385,595 $466,108 $579,256        
HENDRICKS IN $313,253 $400,995 $484,704 $602,410        
JASPER IN $383,133 $490,466 $592,876 $736,773        
JOHNSON IN $313,253 $400,995 $484,704 $602,410        
LAKE IN $383,133 $490,466 $592,876 $736,773        
MADISON IN $313,253 $400,995 $484,704 $602,410        
MARION IN $313,253 $400,995 $484,704 $602,410        
MORGAN IN $313,253 $400,995 $484,704 $602,410        
NEWTON IN $383,133 $490,466 $592,876 $736,773        
PORTER IN $383,133 $490,466 $592,876 $736,773        
PUTNAM IN $313,253 $400,995 $484,704 $602,410        
SCOTT IN $301,205 $385,595 $466,108 $579,256        
SHELBY IN $313,253 $400,995 $484,704 $602,410        
WASHINGTON IN $301,205 $385,595 $466,108 $579,256        
                   
JOHNSON KS $291,566 $373,232 $451,179 $560,712        
LEAVENWORTH KS $291,566 $373,232 $451,179 $560,712        
LINN KS $291,566 $373,232 $451,179 $560,712        
MIAMI KS $291,566 $373,232 $451,179 $560,712        
WYANDOTTE KS $291,566 $373,232 $451,179 $560,712        
                   
BULLITT KY $301,205 $385,595 $466,108 $579,256        
HENRY KY $301,205 $385,595 $466,108 $579,256        
JEFFERSON KY $301,205 $385,595 $466,108 $579,256        
OLDHAM KY $301,205 $385,595 $466,108 $579,256        
SHELBY KY $301,205 $385,595 $466,108 $579,256        
SPENCER KY $301,205 $385,595 $466,108 $579,256        
TRIMBLE KY $301,205 $385,595 $466,108 $579,256        
                   
BARNSTABLE MA $425,301 $544,474 $658,146 $817,863        
BRISTOL MA $446,988 $572,237 $691,671 $859,612        
DUKES MA $655,317 $838,947 $1,014,091 $1,260,267        
ESSEX MA $548,193 $701,781 $848,298 $1,054,217        
HAMPDEN MA $297,590 $380,932 $460,503 $572,289        
HAMPSHIRE MA $297,590 $380,932 $460,503 $572,289        
MIDDLESEX MA $548,193 $701,781 $848,298 $1,054,217        
NANTUCKET MA $655,317 $838,947 $1,014,091 $1,260,267        
NORFOLK MA $548,193 $701,781 $848,298 $1,054,217        
PLYMOUTH MA $548,193 $701,781 $848,298 $1,054,217        
SUFFOLK MA $548,193 $701,781 $848,298 $1,054,217        
WORCESTER MA $298,795 $382,504 $462,336 $574,594        
                   
ANNE ARUNDEL MD $542,169 $694,081 $838,973 $1,042,640        
BALTIMORE MD $542,169 $694,081 $838,973 $1,042,640        
BALTIMORE CITY MD $542,169 $694,081 $838,973 $1,042,640        
CALVERT MD $655,317 $838,947 $1,014,091 $1,260,267        
CARROLL MD $542,169 $694,081 $838,973 $1,042,640        
CECIL MD $397,590 $508,958 $615,244 $764,589        
CHARLES MD $655,317 $838,947 $1,014,091 $1,260,267        
FREDERICK MD $655,317 $838,947 $1,014,091 $1,260,267        
HARFORD MD $542,169 $694,081 $838,973 $1,042,640        
HOWARD MD $542,169 $694,081 $838,973 $1,042,640        
KENT MD $304,819 $390,204 $471,661 $586,171        
MONTGOMERY MD $655,317 $838,947 $1,014,091 $1,260,267        
PRINCE GEORGE’S MD $655,317 $838,947 $1,014,091 $1,260,267        
QUEEN ANNE’S MD $542,169 $694,081 $838,973 $1,042,640        
SOMERSET MD $331,325 $424,149 $512,677 $637,140        
ST. MARY’S MD $363,855 $465,794 $563,017 $699,738        
TALBOT MD $401,205 $513,620 $620,849 $771,556        
WICOMICO MD $331,325 $424,149 $512,677 $637,140        
WORCESTER MD $331,325 $424,149 $512,677 $637,140        
                   
CUMBERLAND ME $316,867 $405,657 $490,309 $609,377        
HANCOCK ME $284,337 $364,013 $439,969 $546,778        
KNOX ME $292,771 $374,804 $453,012 $563,017        
SAGADAHOC ME $316,867 $405,657 $490,309 $609,377        
YORK ME $316,867 $405,657 $490,309 $609,377        
                   
ANOKA MN $342,169 $438,030 $529,492 $657,988        
CARVER MN $342,169 $438,030 $529,492 $657,988        
CHISAGO MN $342,169 $438,030 $529,492 $657,988        
COOK MN $296,386 $379,413 $458,617 $569,984        
DAKOTA MN $342,169 $438,030 $529,492 $657,988        
HENNEPIN MN $342,169 $438,030 $529,492 $657,988        
ISANTI MN $342,169 $438,030 $529,492 $657,988        
LE SUEUR MN $342,169 $438,030 $529,492 $657,988        
MILLE LACS MN $342,169 $438,030 $529,492 $657,988        
RAMSEY MN $342,169 $438,030 $529,492 $657,988        
SCOTT MN $342,169 $438,030 $529,492 $657,988        
SHERBURNE MN $342,169 $438,030 $529,492 $657,988        
SIBLEY MN $342,169 $438,030 $529,492 $657,988        
WASHINGTON MN $342,169 $438,030 $529,492 $657,988        
WRIGHT MN $342,169 $438,030 $529,492 $657,988        
                   
BATES MO $291,566 $373,232 $451,179 $560,712        
CALDWELL MO $291,566 $373,232 $451,179 $560,712        
CASS MO $291,566 $373,232 $451,179 $560,712        
CLAY MO $291,566 $373,232 $451,179 $560,712        
CLINTON MO $291,566 $373,232 $451,179 $560,712        
JACKSON MO $291,566 $373,232 $451,179 $560,712        
LAFAYETTE MO $291,566 $373,232 $451,179 $560,712        
PLATTE MO $291,566 $373,232 $451,179 $560,712        
RAY MO $291,566 $373,232 $451,179 $560,712        
                   
COPIAH MS $291,566 $373,232 $451,179 $560,712        
HINDS MS $291,566 $373,232 $451,179 $560,712        
MADISON MS $291,566 $373,232 $451,179 $560,712        
RANKIN MS $291,566 $373,232 $451,179 $560,712        
SIMPSON MS $291,566 $373,232 $451,179 $560,712        
YAZOO MS $291,566 $373,232 $451,179 $560,712        
                   
FALLON MT $296,386 $379,413 $458,617 $569,984        
FLATHEAD MT $315,663 $404,086 $488,476 $607,019        
GALLATIN MT $362,651 $464,222 $561,184 $697,381        
JEFFERSON MT $300,000 $384,023 $464,222 $576,899        
LEWIS AND CLARK MT $300,000 $384,023 $464,222 $576,899        
MADISON MT $340,964 $436,459 $527,606 $655,684        
MISSOULA MT $303,614 $388,685 $469,827 $583,866        
SWEET GRASS MT $303,614 $388,685 $469,827 $583,866        
                   
CABARRUS NC $293,976 $376,323 $454,898 $565,322        
CAMDEN NC $655,317 $838,947 $1,014,091 $1,260,267        
CHATHAM NC $367,470 $470,403 $568,622 $706,653        
CURRITUCK NC $480,723 $615,401 $743,897 $924,463        
DARE NC $409,639 $524,411 $633,892 $787,742        
DURHAM NC $367,470 $470,403 $568,622 $706,653        
FRANKLIN NC $301,205 $385,595 $466,108 $579,256        
GASTON NC $293,976 $376,323 $454,898 $565,322        
GATES NC $480,723 $615,401 $743,897 $924,463        
HYDE NC $506,024 $647,774 $783,028 $973,127        
IREDELL NC $293,976 $376,323 $454,898 $565,322        
JOHNSTON NC $301,205 $385,595 $466,108 $579,256        
LINCOLN NC $293,976 $376,323 $454,898 $565,322        
MECKLENBURG NC $293,976 $376,323 $454,898 $565,322        
ORANGE NC $367,470 $470,403 $568,622 $706,653        
PASQUOTANK NC $655,317 $838,947 $1,014,091 $1,260,267        
PERQUIMANS NC $655,317 $838,947 $1,014,091 $1,260,267        
PERSON NC $367,470 $470,403 $568,622 $706,653        
ROWAN NC $293,976 $376,323 $454,898 $565,322        
TYRRELL NC $409,639 $524,411 $633,892 $787,742        
UNION NC $293,976 $376,323 $454,898 $565,322        
WAKE NC $301,205 $385,595 $466,108 $579,256        
WATAUGA NC $287,952 $368,622 $445,574 $553,745        
                   
BILLINGS ND $355,422 $455,003 $549,974 $683,499        
BURLEIGH ND $307,229 $393,295 $475,380 $590,833        
MCINTOSH ND $298,795 $382,504 $462,336 $574,594        
MCKENZIE ND $313,253 $400,995 $484,704 $602,410        
MORTON ND $307,229 $393,295 $475,380 $590,833        
OLIVER ND $307,229 $393,295 $475,380 $590,833        
SIOUX ND $307,229 $393,295 $475,380 $590,833        
STARK ND $322,892 $413,358 $499,633 $620,953        
WILLIAMS ND $345,783 $442,640 $535,045 $664,955        
                   
HILLSBOROUGH NH $309,639 $396,386 $479,151 $595,443        
ROCKINGHAM NH $548,193 $701,781 $848,298 $1,054,217        
STRAFFORD NH $548,193 $701,781 $848,298 $1,054,217        
                   
ATLANTIC NJ $331,325 $424,149 $512,677 $637,140        
BERGEN NJ $655,317 $838,947 $1,014,091 $1,260,267        
BURLINGTON NJ $397,590 $508,958 $615,244 $764,589        
CAMDEN NJ $397,590 $508,958 $615,244 $764,589        
CAPE MAY NJ $433,735 $555,265 $671,189 $834,102        
ESSEX NJ $655,317 $838,947 $1,014,091 $1,260,267        
GLOUCESTER NJ $397,590 $508,958 $615,244 $764,589        
HUDSON NJ $655,317 $838,947 $1,014,091 $1,260,267        
HUNTERDON NJ $655,317 $838,947 $1,014,091 $1,260,267        
MERCER NJ $361,446 $462,703 $559,298 $695,076        
MIDDLESEX NJ $655,317 $838,947 $1,014,091 $1,260,267        
MONMOUTH NJ $655,317 $838,947 $1,014,091 $1,260,267        
MORRIS NJ $655,317 $838,947 $1,014,091 $1,260,267        
OCEAN NJ $655,317 $838,947 $1,014,091 $1,260,267        
PASSAIC NJ $655,317 $838,947 $1,014,091 $1,260,267        
SALEM NJ $397,590 $508,958 $615,244 $764,589        
SOMERSET NJ $655,317 $838,947 $1,014,091 $1,260,267        
SUSSEX NJ $655,317 $838,947 $1,014,091 $1,260,267        
UNION NJ $655,317 $838,947 $1,014,091 $1,260,267        
WARREN NJ $390,361 $499,738 $604,034 $750,707        
                   
CATRON NM $404,819 $518,229 $626,401 $778,523        
LOS ALAMOS NM $398,795 $510,529 $617,077 $766,894        
SANTA FE NM $385,542 $493,557 $596,595 $741,435        
TAOS NM $300,000 $384,023 $464,222 $576,899        
                   
CARSON CITY NV $300,000 $384,023 $464,222 $576,899        
CLARK NV $301,205 $385,595 $466,108 $579,256        
DOUGLAS NV $367,470 $470,403 $568,622 $706,653        
STOREY NV $340,964 $436,459 $527,606 $655,684        
WASHOE NV $340,964 $436,459 $527,606 $655,684        
                   
ALBANY NY $306,024 $391,776 $473,546 $588,476        
BRONX NY $655,317 $838,947 $1,014,091 $1,260,267        
DUTCHESS NY $655,317 $838,947 $1,014,091 $1,260,267        
KINGS NY $655,317 $838,947 $1,014,091 $1,260,267        
NASSAU NY $655,317 $838,947 $1,014,091 $1,260,267        
NEW YORK NY $655,317 $838,947 $1,014,091 $1,260,267        
ORANGE NY $655,317 $838,947 $1,014,091 $1,260,267        
PUTNAM NY $655,317 $838,947 $1,014,091 $1,260,267        
QUEENS NY $655,317 $838,947 $1,014,091 $1,260,267        
RENSSELAER NY $306,024 $391,776 $473,546 $588,476        
RICHMOND NY $655,317 $838,947 $1,014,091 $1,260,267        
ROCKLAND NY $655,317 $838,947 $1,014,091 $1,260,267        
SARATOGA NY $306,024 $391,776 $473,546 $588,476        
SCHENECTADY NY $306,024 $391,776 $473,546 $588,476        
SCHOHARIE NY $306,024 $391,776 $473,546 $588,476        
SUFFOLK NY $655,317 $838,947 $1,014,091 $1,260,267        
WESTCHESTER NY $655,317 $838,947 $1,014,091 $1,260,267        
                   
DELAWARE OH $331,325 $424,149 $512,677 $637,140        
FAIRFIELD OH $331,325 $424,149 $512,677 $637,140        
FRANKLIN OH $331,325 $424,149 $512,677 $637,140        
HOCKING OH $331,325 $424,149 $512,677 $637,140        
LICKING OH $331,325 $424,149 $512,677 $637,140        
MADISON OH $331,325 $424,149 $512,677 $637,140        
MORROW OH $331,325 $424,149 $512,677 $637,140        
PERRY OH $331,325 $424,149 $512,677 $637,140        
PICKAWAY OH $331,325 $424,149 $512,677 $637,140        
UNION OH $331,325 $424,149 $512,677 $637,140        
                   
BENTON OR $316,867 $405,657 $490,309 $609,377        
CLACKAMAS OR $385,542 $493,557 $596,595 $741,435        
CLATSOP OR $295,181 $377,894 $456,784 $567,627        
COLUMBIA OR $385,542 $493,557 $596,595 $741,435        
CURRY OR $343,373 $439,550 $531,325 $660,346        
DESCHUTES OR $325,301 $416,448 $503,353 $625,563        
HOOD RIVER OR $389,157 $498,167 $602,200 $748,402        
JACKSON OR $292,771 $374,804 $453,012 $563,017        
LINCOLN OR $289,157 $370,141 $447,459 $556,050        
MULTNOMAH OR $385,542 $493,557 $596,595 $741,435        
TILLAMOOK OR $301,205 $385,595 $466,108 $579,256        
WASHINGTON OR $385,542 $493,557 $596,595 $741,435        
YAMHILL OR $385,542 $493,557 $596,595 $741,435        
                   
BUCKS PA $397,590 $508,958 $615,244 $764,589        
CARBON PA $390,361 $499,738 $604,034 $750,707        
CHESTER PA $397,590 $508,958 $615,244 $764,589        
DELAWARE PA $397,590 $508,958 $615,244 $764,589        
LEHIGH PA $390,361 $499,738 $604,034 $750,707        
MONTGOMERY PA $397,590 $508,958 $615,244 $764,589        
NORTHAMPTON PA $390,361 $499,738 $604,034 $750,707        
PHILADELPHIA PA $397,590 $508,958 $615,244 $764,589        
PIKE PA $655,317 $838,947 $1,014,091 $1,260,267        
                   
BRISTOL RI $446,988 $572,237 $691,671 $859,612        
KENT RI $446,988 $572,237 $691,671 $859,612        
NEWPORT RI $446,988 $572,237 $691,671 $859,612        
PROVIDENCE RI $446,988 $572,237 $691,671 $859,612        
WASHINGTON RI $446,988 $572,237 $691,671 $859,612        
                   
BEAUFORT SC $367,470 $470,403 $568,622 $706,653        
BERKELEY SC $349,398 $447,302 $540,650 $671,922        
CHARLESTON SC $349,398 $447,302 $540,650 $671,922        
CHESTER SC $293,976 $376,323 $454,898 $565,322        
DORCHESTER SC $349,398 $447,302 $540,650 $671,922        
GEORGETOWN SC $343,373 $439,550 $531,325 $660,346        
JASPER SC $367,470 $470,403 $568,622 $706,653        
LANCASTER SC $293,976 $376,323 $454,898 $565,322        
YORK SC $293,976 $376,323 $454,898 $565,322        
                   
CANNON TN $457,831 $586,118 $708,434 $880,461        
CHEATHAM TN $457,831 $586,118 $708,434 $880,461        
DAVIDSON TN $457,831 $586,118 $708,434 $880,461        
DICKSON TN $457,831 $586,118 $708,434 $880,461        
HICKMAN TN $457,831 $586,118 $708,434 $880,461        
MACON TN $457,831 $586,118 $708,434 $880,461        
MAURY TN $457,831 $586,118 $708,434 $880,461        
ROBERTSON TN $457,831 $586,118 $708,434 $880,461        
RUTHERFORD TN $457,831 $586,118 $708,434 $880,461        
SMITH TN $457,831 $586,118 $708,434 $880,461        
SUMNER TN $457,831 $586,118 $708,434 $880,461        
TROUSDALE TN $457,831 $586,118 $708,434 $880,461        
WILLIAMSON TN $457,831 $586,118 $708,434 $880,461        
WILSON TN $457,831 $586,118 $708,434 $880,461        
                   
ATASCOSA TX $331,325 $424,149 $512,677 $637,140        
AUSTIN TX $345,783 $442,640 $535,045 $664,955        
BANDERA TX $331,325 $424,149 $512,677 $637,140        
BASTROP TX $349,398 $447,302 $540,650 $671,922        
BEXAR TX $331,325 $424,149 $512,677 $637,140        
BRAZORIA TX $345,783 $442,640 $535,045 $664,955        
CALDWELL TX $349,398 $447,302 $540,650 $671,922        
CHAMBERS TX $345,783 $442,640 $535,045 $664,955        
COLLIN TX $350,602 $448,821 $542,535 $674,227        
COMAL TX $331,325 $424,149 $512,677 $637,140        
DALLAS TX $350,602 $448,821 $542,535 $674,227        
DENTON TX $350,602 $448,821 $542,535 $674,227        
ELLIS TX $350,602 $448,821 $542,535 $674,227        
FORT BEND TX $345,783 $442,640 $535,045 $664,955        
GALVESTON TX $345,783 $442,640 $535,045 $664,955        
GUADALUPE TX $331,325 $424,149 $512,677 $637,140        
HARRIS TX $345,783 $442,640 $535,045 $664,955        
HAYS TX $349,398 $447,302 $540,650 $671,922        
HOOD TX $350,602 $448,821 $542,535 $674,227        
HUNT TX $350,602 $448,821 $542,535 $674,227        
JOHNSON TX $350,602 $448,821 $542,535 $674,227        
KAUFMAN TX $350,602 $448,821 $542,535 $674,227        
KENDALL TX $331,325 $424,149 $512,677 $637,140        
LIBERTY TX $345,783 $442,640 $535,045 $664,955        
MARTIN TX $298,795 $382,504 $462,336 $574,594        
MEDINA TX $331,325 $424,149 $512,677 $637,140        
MIDLAND TX $298,795 $382,504 $462,336 $574,594        
MONTGOMERY TX $345,783 $442,640 $535,045 $664,955        
PARKER TX $350,602 $448,821 $542,535 $674,227        
ROCKWALL TX $350,602 $448,821 $542,535 $674,227        
SOMERVELL TX $350,602 $448,821 $542,535 $674,227        
TARRANT TX $350,602 $448,821 $542,535 $674,227        
TRAVIS TX $349,398 $447,302 $540,650 $671,922        
WALLER TX $345,783 $442,640 $535,045 $664,955        
WILLIAMSON TX $349,398 $447,302 $540,650 $671,922        
WILSON TX $331,325 $424,149 $512,677 $637,140        
WISE TX $350,602 $448,821 $542,535 $674,227        
                   
BOX ELDER UT $408,434 $522,839 $632,006 $785,437        
DAGGETT UT $316,867 $405,657 $490,309 $609,377        
DAVIS UT $408,434 $522,839 $632,006 $785,437        
JUAB UT $318,072 $407,177 $492,195 $611,682        
MORGAN UT $408,434 $522,839 $632,006 $785,437        
RICH UT $310,843 $397,905 $480,985 $597,748        
SALT LAKE UT $327,711 $419,539 $507,124 $630,225        
SUMMIT UT $628,916 $805,134 $973,232 $1,209,481        
TOOELE UT $327,711 $419,539 $507,124 $630,225        
UTAH UT $318,072 $407,177 $492,195 $611,682        
WASATCH UT $384,337 $491,985 $594,709 $739,130        
WASHINGTON UT $301,205 $385,595 $466,108 $579,256        
WEBER UT $408,434 $522,839 $632,006 $785,437        
                   
ALBEMARLE VA $457,831 $586,118 $708,434 $880,461        
ALEXANDRIA CITY VA $655,317 $838,947 $1,014,091 $1,260,267        
AMELIA VA $561,446 $718,753 $868,779 $1,079,728        
AMHERST VA $306,024 $391,776 $473,546 $588,476        
APPOMATTOX VA $306,024 $391,776 $473,546 $588,476        
ARLINGTON VA $655,317 $838,947 $1,014,091 $1,260,267        
BEDFORD VA $306,024 $391,776 $473,546 $588,476        
BEDFORD CITY VA $306,024 $391,776 $473,546 $588,476        
BUCKINGHAM VA $457,831 $586,118 $708,434 $880,461        
CAMPBELL VA $306,024 $391,776 $473,546 $588,476        
CAROLINE VA $561,446 $718,753 $868,779 $1,079,728        
CHARLES CITY VA $561,446 $718,753 $868,779 $1,079,728        
CHARLOTTESVIL LE VA $457,831 $586,118 $708,434 $880,461        
CHESAPEAKE CITY VA $480,723 $615,401 $743,897 $924,463        
CHESTERFIELD VA $561,446 $718,753 $868,779 $1,079,728        
CLARKE VA $655,317 $838,947 $1,014,091 $1,260,267        
COLONIAL HEIGHT VA $561,446 $718,753 $868,779 $1,079,728        
CULPEPER VA $655,317 $838,947 $1,014,091 $1,260,267        
DINWIDDIE VA $561,446 $718,753 $868,779 $1,079,728        
FAIRFAX VA $655,317 $838,947 $1,014,091 $1,260,267        
FAIRFAX CITY VA $655,317 $838,947 $1,014,091 $1,260,267        
FALLS CHURCH CI VA $655,317 $838,947 $1,014,091 $1,260,267        
FAUQUIER VA $655,317 $838,947 $1,014,091 $1,260,267        
FLOYD VA $306,024 $391,776 $473,546 $588,476        
FLUVANNA VA $457,831 $586,118 $708,434 $880,461        
FREDERICK VA $284,337 $364,013 $439,969 $546,778        
FREDERICKSBURG VA $655,317 $838,947 $1,014,091 $1,260,267        
GILES VA $306,024 $391,776 $473,546 $588,476        
GLOUCESTER VA $480,723 $615,401 $743,897 $924,463        
GOOCHLAND VA $561,446 $718,753 $868,779 $1,079,728        
GREENE VA $457,831 $586,118 $708,434 $880,461        
HAMPTON CITY VA $480,723 $615,401 $743,897 $924,463        
HANOVER VA $561,446 $718,753 $868,779 $1,079,728        
HARRISONBURG CI VA $290,361 $371,713 $449,293 $558,355        
HENRICO VA $561,446 $718,753 $868,779 $1,079,728        
HOPEWELL CITY VA $561,446 $718,753 $868,779 $1,079,728        
ISLE OF WIGHT VA $480,723 $615,401 $743,897 $924,463        
JAMES CITY VA $480,723 $615,401 $743,897 $924,463        
KING GEORGE VA $367,470 $470,403 $568,622 $706,653        
KING WILLIAM VA $561,446 $718,753 $868,779 $1,079,728        
LANCASTER VA $463,855 $593,819 $717,758 $892,038        
LEXINGTON CITY VA $304,819 $390,204 $471,661 $586,171        
LOUDOUN VA $655,317 $838,947 $1,014,091 $1,260,267        
LYNCHBURG CITY VA $306,024 $391,776 $473,546 $588,476        
MANASSAS CITY VA $655,317 $838,947 $1,014,091 $1,260,267        
MANASSAS PARK C VA $655,317 $838,947 $1,014,091 $1,260,267        
MATHEWS VA $480,723 $615,401 $743,897 $924,463        
MONTGOMERY VA $306,024 $391,776 $473,546 $588,476        
NELSON VA $457,831 $586,118 $708,434 $880,461        
NEW KENT VA $561,446 $718,753 $868,779 $1,079,728        
NEWPORT NEWS CI VA $480,723 $615,401 $743,897 $924,463        
NORFOLK CITY VA $480,723 $615,401 $743,897 $924,463        
NORTHUMBERL AND VA $333,735 $427,239 $516,448 $641,802        
PETERSBURG CITY VA $561,446 $718,753 $868,779 $1,079,728        
POQUOSON CITY VA $480,723 $615,401 $743,897 $924,463        
PORTSMOUTH CITY VA $480,723 $615,401 $743,897 $924,463        
POWHATAN VA $561,446 $718,753 $868,779 $1,079,728        
PRINCE GEORGE VA $561,446 $718,753 $868,779 $1,079,728        
PRINCE WILLIAM VA $655,317 $838,947 $1,014,091 $1,260,267        
PULASKI VA $306,024 $391,776 $473,546 $588,476        
RADFORD CITY VA $306,024 $391,776 $473,546 $588,476        
RAPPAHANNOCK VA $655,317 $838,947 $1,014,091 $1,260,267        
RICHMOND CITY VA $561,446 $718,753 $868,779 $1,079,728        
ROCKINGHAM VA $290,361 $371,713 $449,293 $558,355        
SPOTSYLVANIA VA $655,317 $838,947 $1,014,091 $1,260,267        
STAFFORD VA $655,317 $838,947 $1,014,091 $1,260,267        
SUFFOLK CITY VA $480,723 $615,401 $743,897 $924,463        
SUSSEX VA $561,446 $718,753 $868,779 $1,079,728        
VIRGINIA BEACH VA $480,723 $615,401 $743,897 $924,463        
WARREN VA $655,317 $838,947 $1,014,091 $1,260,267        
WILLIAMSBURG CI VA $480,723 $615,401 $743,897 $924,463        
WINCHESTER CITY VA $284,337 $364,013 $439,969 $546,778        
YORK VA $480,723 $615,401 $743,897 $924,463        
                   
BENNINGTON VT $290,361 $371,713 $449,293 $558,355        
CHITTENDEN VT $359,036 $459,612 $555,579 $690,466        
FRANKLIN VT $359,036 $459,612 $555,579 $690,466        
GRAND ISLE VT $359,036 $459,612 $555,579 $690,466        
LAMOILLE VT $289,157 $370,141 $447,459 $556,050        
                   
CHELAN WA $359,036 $459,612 $555,579 $690,466        
CLALLAM WA $402,410 $515,139 $622,682 $773,861        
CLARK WA $385,542 $493,557 $596,595 $741,435        
DOUGLAS WA $359,036 $459,612 $555,579 $690,466        
ISLAND WA $337,349 $431,849 $522,001 $648,769        
JEFFERSON WA $337,349 $431,849 $522,001 $648,769        
KING WA $566,265 $724,935 $876,270 $1,088,999        
KITSAP WA $321,687 $411,786 $497,800 $618,649        
PIERCE WA $566,265 $724,935 $876,270 $1,088,999        
SAN JUAN WA $506,024 $647,774 $783,028 $973,127        
SKAGIT WA $330,120 $422,577 $510,843 $634,835        
SKAMANIA WA $385,542 $493,557 $596,595 $741,435        
SNOHOMISH WA $566,265 $724,935 $876,270 $1,088,999        
THURSTON WA $307,229 $393,295 $475,380 $590,833        
WHATCOM WA $319,277 $408,696 $494,028 $613,986        
                   
COLUMBIA WI $284,337 $364,013 $439,969 $546,778        
DANE WI $284,337 $364,013 $439,969 $546,778        
GREEN WI $284,337 $364,013 $439,969 $546,778        
IOWA WI $284,337 $364,013 $439,969 $546,778        
KENOSHA WI $383,133 $490,466 $592,876 $736,773        
MILWAUKEE WI $302,410 $387,114 $467,941 $581,561        
OZAUKEE WI $302,410 $387,114 $467,941 $581,561        
PIERCE WI $342,169 $438,030 $529,492 $657,988        
ST. CROIX WI $342,169 $438,030 $529,492 $657,988        
WASHINGTON WI $302,410 $387,114 $467,941 $581,561        
WAUKESHA WI $302,410 $387,114 $467,941 $581,561        
                   
HAMPSHIRE WV $284,337 $364,013 $439,969 $546,778        
JEFFERSON WV $655,317 $838,947 $1,014,091 $1,260,267        
                   
SUBLETTE WY $301,205 $385,595 $466,108 $579,256        
SWEETWATER WY $325,301 $416,448 $503,353 $625,563        
TETON WY $655,317 $838,947 $1,014,091 $1,260,267        
                   
GUAM GU $590,361 $755,788 $913,567 $1,135,306        
                   
NORTHERN ISLAND MP $549,398 $703,300 $850,131 $1,056,522        
ROTA MP $430,120 $550,602 $665,584 $827,135        
SAIPAN MP $554,217 $709,481 $857,622 $1,065,794        
TINIAN MP $557,831 $714,144 $863,227 $1,072,761        
                   
AGUAS BUENAS PR $403,614 $516,710 $624,568 $776,166        
AIBONITO PR $403,614 $516,710 $624,568 $776,166        
BARCELONETA PR $403,614 $516,710 $624,568 $776,166        
BARRANQUITAS PR $403,614 $516,710 $624,568 $776,166        
BAYAMON PR $403,614 $516,710 $624,568 $776,166        
CAGUAS PR $403,614 $516,710 $624,568 $776,166        
CANOVANAS PR $403,614 $516,710 $624,568 $776,166        
CAROLINA PR $403,614 $516,710 $624,568 $776,166        
CATANO PR $403,614 $516,710 $624,568 $776,166        
CAYEY PR $403,614 $516,710 $624,568 $776,166        
CEIBA PR $403,614 $516,710 $624,568 $776,166        
CIALES PR $403,614 $516,710 $624,568 $776,166        
CIDRA PR $403,614 $516,710 $624,568 $776,166        
COMERIO PR $403,614 $516,710 $624,568 $776,166        
COROZAL PR $403,614 $516,710 $624,568 $776,166        
CULEBRA PR $296,386 $379,413 $458,617 $569,984        
DORADO PR $403,614 $516,710 $624,568 $776,166        
FAJARDO PR $403,614 $516,710 $624,568 $776,166        
FLORIDA PR $403,614 $516,710 $624,568 $776,166        
GUAYNABO PR $403,614 $516,710 $624,568 $776,166        
GURABO PR $403,614 $516,710 $624,568 $776,166        
HUMACAO PR $403,614 $516,710 $624,568 $776,166        
JUNCOS PR $403,614 $516,710 $624,568 $776,166        
LAS PIEDRAS PR $403,614 $516,710 $624,568 $776,166        
LOIZA PR $403,614 $516,710 $624,568 $776,166        
LUQUILLO PR $403,614 $516,710 $624,568 $776,166        
MANATI PR $403,614 $516,710 $624,568 $776,166        
MAUNABO PR $403,614 $516,710 $624,568 $776,166        
MOROVIS PR $403,614 $516,710 $624,568 $776,166        
NAGUABO PR $403,614 $516,710 $624,568 $776,166        
NARANJITO PR $403,614 $516,710 $624,568 $776,166        
OROCOVIS PR $403,614 $516,710 $624,568 $776,166        
RIO GRANDE PR $403,614 $516,710 $624,568 $776,166        
SAN JUAN PR $403,614 $516,710 $624,568 $776,166        
SAN LORENZO PR $403,614 $516,710 $624,568 $776,166        
TOA ALTA PR $403,614 $516,710 $624,568 $776,166        
TOA BAJA PR $403,614 $516,710 $624,568 $776,166        
TRUJILLO ALTO PR $403,614 $516,710 $624,568 $776,166        
VEGA ALTA PR $403,614 $516,710 $624,568 $776,166        
VEGA BAJA PR $403,614 $516,710 $624,568 $776,166        
YABUCOA PR $403,614 $516,710 $624,568 $776,166        
                   
ST. CROIX ISLAN VI $343,373 $439,550 $531,325 $660,346        
ST. JOHN ISLAND VI $653,012 $835,987 $1,010,477 $1,255,788        
ST. THOMAS ISLA VI $467,470 $598,428 $723,363 $899,005        
                   
                   
All other areas (floor):   $283,971 $363,541 $439,419 $546,097        
                   
National Average Housing Price:   $266,400              

.02 The nationwide average purchase price (for use in the housing cost/income ratio for new and existing residences) is $266,400.

SECTION 5. EFFECT ON OTHER DOCUMENTS

Rev. Proc. 2015–31 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 April 15, 2016, 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. 2015–31, with respect to bonds sold, or for mortgage credit certificates issued with respect to bond authority exchanged, before May 15, 2016, if the commitments to provide financing or issue mortgage credit certificates are made on or before June 14, 2016.

.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 April 15, 2016, 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. 2015–31 with respect to bonds sold, or for mortgage credit certificates issued with respect to bond authority exchanged, before May 15, 2016, if the commitments to provide financing or issue mortgage credit certificates are made on or before June 14, 2016.

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 White and James Polfer of the Office of Associate Chief Counsel (Financial Institutions & Products). For further information regarding this revenue procedure contact David E. White on (202) 317-4562 (not a toll-free number).


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