# Administrative, Procedural, and Miscellaneous

> Briefs, arguments, decisions, and more.

URL: https://www.frixlaw.com/law-library/documents/agency%3Airs%3A00288f964f349d70

## Record

- **Collection:** Agency decision
- **Document type:** Agency decision

## Text

Part III

Administrative, Procedural, and Miscellaneous

[26 CFR 601.201]: Rulings and determination letters
(Also: Part I, §§ 25, 103, 143

Rev. Proc. 2010-25

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 owneroccupied 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

2

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

3

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

4

.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

5

Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin
Islands, and Guam were last published in Rev. Proc. 2009-18, 2009-11 I.R.B. 686.
.12 The nationwide average purchase price limitation was last published in
section 4.02 of Rev. Proc. 2009-18. 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. 201023, 2010-24 I.R.B. 762.
.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

6

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 25, 2009. 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 25, 2009.
.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

7

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 November
25, 2009, an issuer of qualified mortgage bonds or mortgage credit certificates may use
the revised FHA loan limit for that statistical area to compute (as provided in the next
sentence) a revised average area purchase price safe harbor for the statistical area
provided that the issuer maintains records evidencing the revised FHA loan limit. The
revised average area purchase price safe harbor for that statistical area is computed by
dividing the revised FHA loan limit by 1.00.
.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

8

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. 2009-18, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.

9

2009-18 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. 2009-18, 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.

2010 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name

State

VALDEZ-CORDOVA
NORTH SLOPE
WRANGELL-PETERS
DENALI
FAIRBANKS NORTH
KETCHIKAN GATEW
KODIAK ISLAND
DILLINGHAM
ANCHORAGE
MATANUSKA-SUSIT
ALEUTIANS WEST
YAKUTAT CITY
JUNEAU
SITKA

AK
AK
AK
AK
AK
AK
AK
AK
AK
AK
AK
AK
AK
AK

One-Unit
Limit
$271,400
$307,050
$307,050
$316,250
$316,250
$322,000
$322,000
$332,500
$347,500
$347,500
$356,500
$388,700
$398,750
$431,250

10

Two-Unit
Limit

Three-Unit
Limit

Four-Unit
Limit

$347,450
$393,050
$393,050
$404,850
$404,850
$412,200
$412,200
$425,650
$444,850
$444,850
$456,350
$497,600
$510,450
$552,050

$419,950
$475,150
$475,150
$489,350
$489,350
$498,250
$498,250
$514,500
$537,750
$537,750
$551,650
$601,500
$617,050
$667,350

$521,900
$590,500
$590,500
$608,150
$608,150
$619,250
$619,250
$639,400
$668,250
$668,250
$685,550
$747,500
$766,850
$829,350

BALDWIN
RUSSELL

AL
AL

$285,000
$289,800

$364,850
$371,000

$441,000
$448,450

$548,050
$557,300

APACHE
NAVAJO
PIMA
MOHAVE
GILA
MARICOPA
PINAL
YAVAPAI
COCONINO

AZ
AZ
AZ
AZ
AZ
AZ
AZ
AZ
AZ

$281,250
$308,750
$316,250
$322,500
$325,000
$346,250
$346,250
$390,000
$450,000

$360,050
$395,250
$404,850
$412,850
$416,050
$443,250
$443,250
$499,250
$576,050

$435,200
$477,750
$489,350
$499,050
$502,900
$535,800
$535,800
$603,500
$696,350

$540,850
$593,750
$608,150
$620,200
$625,000
$665,850
$665,850
$750,000
$865,400

LASSEN
GLENN
SISKIYOU
SIERRA
DEL NORTE
TEHAMA
IMPERIAL
KINGS
TULARE
KERN
FRESNO
HUMBOLDT
COLUSA
BUTTE
LAKE
PLUMAS
MARIPOSA
SHASTA
STANISLAUS
MADERA
SUTTER
YUBA
INYO
TUOLUMNE

CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA

$285,000
$287,500
$293,750
$304,750
$311,250
$312,500
$325,000
$325,000
$325,000
$368,750
$381,250
$393,750
$397,500
$400,000
$401,250
$410,000
$412,500
$423,750
$423,750
$425,000
$425,000
$425,000
$437,500
$437,500

$364,850
$368,050
$376,050
$390,100
$398,450
$400,050
$416,050
$416,050
$416,050
$472,050
$488,050
$504,050
$508,850
$512,050
$513,650
$524,850
$528,050
$542,450
$542,450
$544,050
$544,050
$544,050
$560,050
$560,050

$441,000
$444,900
$454,550
$471,550
$481,650
$483,550
$502,900
$502,900
$502,900
$570,600
$589,950
$609,300
$615,100
$618,950
$620,900
$634,450
$638,300
$655,700
$655,700
$657,650
$657,650
$657,650
$677,000
$677,000

$548,050
$552,900
$564,900
$586,050
$598,550
$600,950
$625,000
$625,000
$625,000
$709,150
$733,150
$757,200
$764,400
$769,250
$771,650
$788,450
$793,250
$814,900
$814,900
$817,300
$817,300
$817,300
$841,350
$841,350

11

AMADOR
CALAVERAS
MERCED
SAN JOAQUIN
RIVERSIDE
SAN BERNARDINO
MENDOCINO
MONO
ALPINE
SOLANO
NEVADA
EL DORADO
PLACER
SACRAMENTO
YOLO
SONOMA
SAN LUIS OBISPO
SAN DIEGO
ALAMEDA
CONTRA COSTA
LOS ANGELES
MARIN
MONTEREY
NAPA
ORANGE
SAN BENITO
SAN FRANCISCO
SAN MATEO
SANTA BARBARA
SANTA CLARA
SANTA CRUZ
VENTURA

CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA

$443,750
$462,500
$472,500
$488,750
$500,000
$500,000
$512,500
$529,000
$547,500
$557,500
$562,500
$580,000
$580,000
$580,000
$580,000
$662,500
$687,500
$697,500
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750

$568,050
$592,050
$604,900
$625,700
$640,100
$640,100
$656,100
$677,200
$700,900
$713,700
$720,100
$742,500
$742,500
$742,500
$742,500
$848,100
$880,100
$892,950
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200

CHAFFEE
MINERAL
LARIMER
ARCHULETA

CO
CO
CO
CO

$280,000
$300,000
$312,500
$317,500

$358,450
$384,050
$400,050
$406,450

12

$686,650
$853,350
$715,700
$889,450
$731,150
$908,650
$756,300
$939,900
$773,700
$961,550
$773,700
$961,550
$793,050
$985,600
$818,600 $1,017,300
$847,200 $1,052,900
$862,700 $1,072,150
$870,450 $1,081,750
$897,500 $1,115,400
$897,500 $1,115,400
$897,500 $1,115,400
$897,500 $1,115,400
$1,025,200 $1,274,050
$1,063,850 $1,322,150
$1,079,350 $1,341,350
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$433,250
$464,200
$483,550
$491,300

$538,450
$576,900
$600,950
$610,550

EL PASO
TELLER
GRAND
MESA
ADAMS
ARAPAHOE
BROOMFIELD
CLEAR CREEK
DENVER
DOUGLAS
ELBERT
GILPIN
JEFFERSON
PARK
WELD
GARFIELD
SAN JUAN
GUNNISON
LA PLATA
BOULDER
OURAY
HINSDALE
SAN MIGUEL
ROUTT
EAGLE
LAKE
PITKIN
SUMMIT

CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO

$325,000
$325,000
$356,250
$371,250
$406,250
$406,250
$406,250
$406,250
$406,250
$406,250
$406,250
$406,250
$406,250
$406,250
$417,500
$425,000
$425,000
$433,750
$443,750
$460,000
$482,500
$557,500
$651,250
$675,000
$729,750
$729,750
$729,750
$729,750

$416,050
$416,050
$456,050
$475,250
$520,050
$520,050
$520,050
$520,050
$520,050
$520,050
$520,050
$520,050
$520,050
$520,050
$534,450
$544,050
$544,050
$555,250
$568,050
$588,850
$617,700
$713,700
$833,700
$864,100
$934,200
$934,200
$934,200
$934,200

$502,900
$625,000
$502,900
$625,000
$551,250
$685,100
$574,500
$713,950
$628,650
$781,250
$628,650
$781,250
$628,650
$781,250
$628,650
$781,250
$628,650
$781,250
$628,650
$781,250
$628,650
$781,250
$628,650
$781,250
$628,650
$781,250
$628,650
$781,250
$646,050
$802,900
$657,650
$817,300
$657,650
$817,300
$671,200
$834,150
$686,650
$853,350
$711,800
$884,600
$746,650
$927,900
$862,700 $1,072,150
$1,007,750 $1,252,400
$1,044,550 $1,298,100
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400

WINDHAM
LITCHFIELD
NEW HAVEN
NEW LONDON
HARTFORD
MIDDLESEX
TOLLAND
FAIRFIELD

CT
CT
CT
CT
CT
CT
CT
CT

$272,500
$375,000
$387,500
$398,750
$440,000
$440,000
$440,000
$708,750

$348,850
$480,050
$496,050
$510,450
$563,250
$563,250
$563,250
$907,350

$421,650
$524,050
$580,300
$721,150
$599,600
$745,200
$617,050
$766,850
$680,850
$846,150
$680,850
$846,150
$680,850
$846,150
$1,096,750 $1,363,000

13

DISTRICT OF COL

DC

$729,750

$934,200

SUSSEX
KENT
NEW CASTLE

DE
DE
DE

$375,000
$376,250
$420,000

$480,050
$481,650
$537,650

$580,300
$582,200
$649,900

$721,150
$723,550
$807,700

SUMTER
INDIAN RIVER
FLAGLER
BREVARD
HERNANDO
HILLSBOROUGH
PASCO
PINELLAS
CHARLOTTE
VOLUSIA
FRANKLIN
OKALOOSA
LAKE
ORANGE
OSCEOLA
SEMINOLE
LEE
WALTON
MARTIN
ST. LUCIE
BAKER
CLAY
DUVAL
NASSAU
ST. JOHNS
BAY
BROWARD
MIAMI-DADE
PALM BEACH
MANATEE

FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL

$278,750
$283,750
$287,500
$291,250
$292,500
$292,500
$292,500
$292,500
$296,250
$303,750
$305,000
$312,500
$353,750
$353,750
$353,750
$353,750
$356,250
$362,790
$375,000
$375,000
$387,500
$387,500
$387,500
$387,500
$387,500
$396,250
$423,750
$423,750
$423,750
$442,500

$356,850
$363,250
$368,050
$372,850
$374,450
$374,450
$374,450
$374,450
$379,250
$388,850
$390,450
$400,050
$452,850
$452,850
$452,850
$452,850
$456,050
$464,400
$480,050
$480,050
$496,050
$496,050
$496,050
$496,050
$496,050
$507,250
$542,450
$542,450
$542,450
$566,450

$431,350
$439,050
$444,900
$450,700
$452,600
$452,600
$452,600
$452,600
$458,400
$470,000
$471,950
$483,550
$547,400
$547,400
$547,400
$547,400
$551,250
$561,400
$580,300
$580,300
$599,600
$599,600
$599,600
$599,600
$599,600
$613,150
$655,700
$655,700
$655,700
$684,750

$536,050
$545,650
$552,900
$560,100
$562,500
$562,500
$562,500
$562,500
$569,700
$584,150
$586,550
$600,950
$680,300
$680,300
$680,300
$680,300
$685,100
$697,650
$721,150
$721,150
$745,200
$745,200
$745,200
$745,200
$745,200
$762,000
$814,900
$814,900
$814,900
$850,950

14

$1,129,250 $1,403,400

SARASOTA
COLLIER
MONROE

FL
FL
FL

$442,500
$531,250
$729,750

$566,450
$680,100
$934,200

BRANTLEY
GLYNN
MCINTOSH
CHATTAHOOCHEE
HARRIS
MARION
MUSCOGEE
CLARKE
MADISON
OCONEE
OGLETHORPE
BARROW
BARTOW
BUTTS
CARROLL
CHEROKEE
CLAYTON
COBB
COWETA
DAWSON
DEKALB
DOUGLAS
FAYETTE
FORSYTH
FULTON
GWINNETT
HARALSON
HEARD
HENRY
JASPER
LAMAR
MERIWETHER
NEWTON

GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA

$276,250
$276,250
$276,250
$289,800
$289,800
$289,800
$289,800
$298,750
$298,750
$298,750
$298,750
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$346,250

$353,650
$353,650
$353,650
$371,000
$371,000
$371,000
$371,000
$382,450
$382,450
$382,450
$382,450
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$443,250

15

$684,750
$850,950
$822,050 $1,021,650
$1,129,250 $1,403,400
$427,450
$427,450
$427,450
$448,450
$448,450
$448,450
$448,450
$462,300
$462,300
$462,300
$462,300
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800
$535,800

$531,250
$531,250
$531,250
$557,300
$557,300
$557,300
$557,300
$574,500
$574,500
$574,500
$574,500
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850
$665,850

PAULDING
PICKENS
PIKE
ROCKDALE
SPALDING
WALTON
GREENE

GA
GA
GA
GA
GA
GA
GA

$346,250
$346,250
$346,250
$346,250
$346,250
$346,250
$662,500

$443,250
$443,250
$443,250
$443,250
$443,250
$443,250
$848,100

$535,800
$665,850
$535,800
$665,850
$535,800
$665,850
$535,800
$665,850
$535,800
$665,850
$535,800
$665,850
$1,025,200 $1,274,050

HAWAII
KALAWAO
HONOLULU
MAUI
KAUAI

HI
HI
HI
HI
HI

$618,750 $792,100
$716,250 $916,950
$793,750 $1,016,150
$790,000 $1,011,350
$773,750 $990,550

$957,500 $1,189,900
$1,108,350 $1,377,450
$1,228,300 $1,526,450
$1,222,500 $1,519,250
$1,197,350 $1,488,000

ADAMS
KOOTENAI
ADA
BOISE
CANYON
GEM
OWYHEE
VALLEY
TETON
BLAINE

ID
ID
ID
ID
ID
ID
ID
ID
ID
ID

$273,750
$286,250
$303,750
$303,750
$303,750
$303,750
$303,750
$462,500
$693,750
$729,750

$350,450
$366,450
$388,850
$388,850
$388,850
$388,850
$388,850
$592,050
$888,100
$934,200

$423,600
$526,450
$442,950
$550,450
$470,000
$584,150
$470,000
$584,150
$470,000
$584,150
$470,000
$584,150
$470,000
$584,150
$715,700
$889,450
$1,073,550 $1,334,150
$1,129,250 $1,403,400

BOND
CALHOUN
CLINTON
JERSEY
MACOUPIN
MADISON
MONROE
ST. CLAIR
BOONE
WINNEBAGO
COOK
DEKALB

IL
IL
IL
IL
IL
IL
IL
IL
IL
IL
IL
IL

$281,250
$281,250
$281,250
$281,250
$281,250
$281,250
$281,250
$281,250
$339,250
$339,250
$410,000
$410,000

$360,050
$360,050
$360,050
$360,050
$360,050
$360,050
$360,050
$360,050
$434,300
$434,300
$524,850
$524,850

16

$435,200
$435,200
$435,200
$435,200
$435,200
$435,200
$435,200
$435,200
$524,950
$524,950
$634,450
$634,450

$540,850
$540,850
$540,850
$540,850
$540,850
$540,850
$540,850
$540,850
$652,400
$652,400
$788,450
$788,450

DUPAGE
GRUNDY
KANE
KENDALL
LAKE
MCHENRY
WILL

IL
IL
IL
IL
IL
IL
IL

$410,000
$410,000
$410,000
$410,000
$410,000
$410,000
$410,000

$524,850
$524,850
$524,850
$524,850
$524,850
$524,850
$524,850

$634,450
$634,450
$634,450
$634,450
$634,450
$634,450
$634,450

$788,450
$788,450
$788,450
$788,450
$788,450
$788,450
$788,450

CLARK
FLOYD
HARRISON
WASHINGTON
DEARBORN
FRANKLIN
OHIO
JASPER
LAKE
NEWTON
PORTER

IN
IN
IN
IN
IN
IN
IN
IN
IN
IN
IN

$302,500
$302,500
$302,500
$302,500
$337,500
$337,500
$337,500
$410,000
$410,000
$410,000
$410,000

$387,250
$387,250
$387,250
$387,250
$432,050
$432,050
$432,050
$524,850
$524,850
$524,850
$524,850

$468,100
$468,100
$468,100
$468,100
$522,250
$522,250
$522,250
$634,450
$634,450
$634,450
$634,450

$581,750
$581,750
$581,750
$581,750
$649,050
$649,050
$649,050
$788,450
$788,450
$788,450
$788,450

BULLITT
HENRY
JEFFERSON
MEADE
NELSON
OLDHAM
SHELBY
SPENCER
TRIMBLE
BOONE
BRACKEN
CAMPBELL
GALLATIN
GRANT
KENTON
PENDLETON

KY
KY
KY
KY
KY
KY
KY
KY
KY
KY
KY
KY
KY
KY
KY
KY

$302,500
$302,500
$302,500
$302,500
$302,500
$302,500
$302,500
$302,500
$302,500
$337,500
$337,500
$337,500
$337,500
$337,500
$337,500
$337,500

$387,250
$387,250
$387,250
$387,250
$387,250
$387,250
$387,250
$387,250
$387,250
$432,050
$432,050
$432,050
$432,050
$432,050
$432,050
$432,050

$468,100
$468,100
$468,100
$468,100
$468,100
$468,100
$468,100
$468,100
$468,100
$522,250
$522,250
$522,250
$522,250
$522,250
$522,250
$522,250

$581,750
$581,750
$581,750
$581,750
$581,750
$581,750
$581,750
$581,750
$581,750
$649,050
$649,050
$649,050
$649,050
$649,050
$649,050
$649,050

17

ASCENSION
EAST BATON ROUG
EAST FELICIANA
IBERVILLE
LIVINGSTON
POINTE COUPEE
ST. HELENA
WEST BATON ROUG
WEST FELICIANA
JEFFERSON
ORLEANS
PLAQUEMINES
ST. BERNARD
ST. CHARLES
ST. JOHN THE BA
ST. TAMMANY

LA
LA
LA
LA
LA
LA
LA
LA
LA
LA
LA
LA
LA
LA
LA
LA

$280,000
$280,000
$280,000
$280,000
$280,000
$280,000
$280,000
$280,000
$280,000
$287,500
$287,500
$287,500
$287,500
$287,500
$287,500
$287,500

$358,450
$358,450
$358,450
$358,450
$358,450
$358,450
$358,450
$358,450
$358,450
$368,050
$368,050
$368,050
$368,050
$368,050
$368,050
$368,050

FRANKLIN
HAMPDEN
HAMPSHIRE
WORCESTER
BARNSTABLE
BRISTOL
ESSEX
MIDDLESEX
NORFOLK
PLYMOUTH
SUFFOLK
DUKES
NANTUCKET

MA
MA
MA
MA
MA
MA
MA
MA
MA
MA
MA
MA
MA

$318,750
$318,750
$318,750
$385,000
$462,500
$475,000
$523,750
$523,750
$523,750
$523,750
$523,750
$729,750
$729,750

$408,050
$408,050
$408,050
$492,850
$592,050
$608,100
$670,500
$670,500
$670,500
$670,500
$670,500
$934,200
$934,200

SOMERSET
WICOMICO
KENT
WASHINGTON
ST. MARY'S
CECIL

MD
MD
MD
MD
MD
MD

$328,750
$328,750
$343,750
$377,500
$400,000
$420,000

$420,850
$420,850
$440,050
$483,250
$512,050
$537,650

18

$433,250
$433,250
$433,250
$433,250
$433,250
$433,250
$433,250
$433,250
$433,250
$444,900
$444,900
$444,900
$444,900
$444,900
$444,900
$444,900

$538,450
$538,450
$538,450
$538,450
$538,450
$538,450
$538,450
$538,450
$538,450
$552,900
$552,900
$552,900
$552,900
$552,900
$552,900
$552,900

$493,250
$613,000
$493,250
$613,000
$493,250
$613,000
$595,750
$740,400
$715,700
$889,450
$735,050
$913,450
$810,450 $1,007,200
$810,450 $1,007,200
$810,450 $1,007,200
$810,450 $1,007,200
$810,450 $1,007,200
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$508,700
$508,700
$531,900
$584,150
$618,950
$649,900

$632,200
$632,200
$661,050
$725,950
$769,250
$807,700

GARRETT
WORCESTER
TALBOT
ANNE ARUNDEL
BALTIMORE
BALTIMORE CITY
CARROLL
HARFORD
HOWARD
QUEEN ANNE'S
CALVERT
CHARLES
FREDERICK
MONTGOMERY
PRINCE GEORGE'S

MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD

$437,500
$437,500
$443,750
$560,000
$560,000
$560,000
$560,000
$560,000
$560,000
$560,000
$729,750
$729,750
$729,750
$729,750
$729,750

$560,050
$560,050
$568,050
$716,900
$716,900
$716,900
$716,900
$716,900
$716,900
$716,900
$934,200
$934,200
$934,200
$934,200
$934,200

HANCOCK
KNOX
LINCOLN
CUMBERLAND
SAGADAHOC
YORK

ME
ME
ME
ME
ME
ME

$272,500
$279,450
$318,750
$337,500
$337,500
$337,500

$348,850
$357,750
$408,050
$432,050
$432,050
$432,050

$421,650
$432,400
$493,250
$522,250
$522,250
$522,250

$524,050
$537,400
$613,000
$649,050
$649,050
$649,050

KALAMAZOO
VAN BUREN
LAPEER
LENAWEE
LIVINGSTON
MACOMB
MONROE
OAKLAND
ST. CLAIR
WAYNE
BERRIEN
WASHTENAW

MI
MI
MI
MI
MI
MI
MI
MI
MI
MI
MI
MI

$286,250
$286,250
$297,500
$297,500
$297,500
$297,500
$297,500
$297,500
$297,500
$297,500
$298,750
$345,000

$366,450
$366,450
$380,850
$380,850
$380,850
$380,850
$380,850
$380,850
$380,850
$380,850
$382,450
$441,650

$442,950
$442,950
$460,350
$460,350
$460,350
$460,350
$460,350
$460,350
$460,350
$460,350
$462,300
$533,850

$550,450
$550,450
$572,100
$572,100
$572,100
$572,100
$572,100
$572,100
$572,100
$572,100
$574,500
$663,450

COOK

MN

$296,250

$379,250

$458,400

$569,700

19

$677,000
$841,350
$677,000
$841,350
$686,650
$853,350
$866,550 $1,076,950
$866,550 $1,076,950
$866,550 $1,076,950
$866,550 $1,076,950
$866,550 $1,076,950
$866,550 $1,076,950
$866,550 $1,076,950
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400

ANOKA
CARVER
CHISAGO
DAKOTA
HENNEPIN
ISANTI
RAMSEY
SCOTT
SHERBURNE
WASHINGTON
WRIGHT

MN
MN
MN
MN
MN
MN
MN
MN
MN
MN
MN

$365,000
$365,000
$365,000
$365,000
$365,000
$365,000
$365,000
$365,000
$365,000
$365,000
$365,000

$467,250
$467,250
$467,250
$467,250
$467,250
$467,250
$467,250
$467,250
$467,250
$467,250
$467,250

$564,800
$564,800
$564,800
$564,800
$564,800
$564,800
$564,800
$564,800
$564,800
$564,800
$564,800

$701,900
$701,900
$701,900
$701,900
$701,900
$701,900
$701,900
$701,900
$701,900
$701,900
$701,900

CRAWFORD
FRANKLIN
JEFFERSON
LINCOLN
ST. CHARLES
ST. LOUIS
ST. LOUIS CITY
WARREN
WASHINGTON

MO
MO
MO
MO
MO
MO
MO
MO
MO

$281,250
$281,250
$281,250
$281,250
$281,250
$281,250
$281,250
$281,250
$281,250

$360,050
$360,050
$360,050
$360,050
$360,050
$360,050
$360,050
$360,050
$360,050

$435,200
$435,200
$435,200
$435,200
$435,200
$435,200
$435,200
$435,200
$435,200

$540,850
$540,850
$540,850
$540,850
$540,850
$540,850
$540,850
$540,850
$540,850

MADISON
CARBON
MISSOULA
YELLOWSTONE
LAKE
FLATHEAD
RAVALLI
JEFFERSON
LEWIS AND CLARK
SWEET GRASS
GALLATIN

MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT

$281,750
$291,250
$291,250
$291,250
$301,250
$301,300
$303,750
$341,250
$341,250
$346,250
$386,250

$360,700
$372,850
$372,850
$372,850
$385,650
$385,700
$388,850
$436,850
$436,850
$443,250
$494,450

$436,000
$450,700
$450,700
$450,700
$466,150
$466,250
$470,000
$528,050
$528,050
$535,800
$597,700

$541,800
$560,100
$560,100
$560,100
$579,300
$579,400
$584,150
$656,250
$656,250
$665,850
$742,800

WATAUGA
CARTERET
TRANSYLVANIA

NC
NC
NC

$285,000
$287,500
$293,750

$364,850
$368,050
$376,050

$441,000
$444,900
$454,550

$548,050
$552,900
$564,900

20

FRANKLIN
JOHNSTON
WAKE
ANSON
BRUNSWICK
BUNCOMBE
CABARRUS
GASTON
HAYWOOD
HENDERSON
MADISON
MECKLENBURG
NEW HANOVER
PENDER
UNION
ONSLOW
CHATHAM
DURHAM
ORANGE
PERSON
CURRITUCK
DARE
HYDE
CAMDEN
PASQUOTANK
PERQUIMANS

NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC

$295,000
$295,000
$295,000
$303,750
$303,750
$303,750
$303,750
$303,750
$303,750
$303,750
$303,750
$303,750
$303,750
$303,750
$303,750
$306,250
$334,650
$334,650
$334,650
$334,650
$458,850
$460,000
$483,000
$729,750
$729,750
$729,750

$377,650
$377,650
$377,650
$388,850
$388,850
$388,850
$388,850
$388,850
$388,850
$388,850
$388,850
$388,850
$388,850
$388,850
$388,850
$392,050
$428,400
$428,400
$428,400
$428,400
$587,400
$588,850
$618,300
$934,200
$934,200
$934,200

$456,500
$567,300
$456,500
$567,300
$456,500
$567,300
$470,000
$584,150
$470,000
$584,150
$470,000
$584,150
$470,000
$584,150
$470,000
$584,150
$470,000
$584,150
$470,000
$584,150
$470,000
$584,150
$470,000
$584,150
$470,000
$584,150
$470,000
$584,150
$470,000
$584,150
$473,900
$588,950
$517,850
$643,550
$517,850
$643,550
$517,850
$643,550
$517,850
$643,550
$710,050
$882,400
$711,800
$884,600
$747,400
$928,850
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400

BELKNAP
GRAFTON
MERRIMACK
HILLSBOROUGH
ROCKINGHAM
STRAFFORD

NH
NH
NH
NH
NH
NH

$281,250
$281,250
$302,500
$402,500
$523,750
$523,750

$360,050
$360,050
$387,250
$515,250
$670,500
$670,500

$435,200
$540,850
$435,200
$540,850
$468,100
$581,750
$622,850
$774,050
$810,450 $1,007,200
$810,450 $1,007,200

WARREN
CUMBERLAND
BURLINGTON

NJ
NJ
NJ

$402,500
$405,000
$420,000

$515,250
$518,450
$537,650

$622,850
$626,700
$649,900

21

$774,050
$778,850
$807,700

CAMDEN
GLOUCESTER
SALEM
MERCER
ATLANTIC
CAPE MAY
BERGEN
ESSEX
HUDSON
HUNTERDON
MIDDLESEX
MONMOUTH
MORRIS
OCEAN
PASSAIC
SOMERSET
SUSSEX
UNION

NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ

$420,000
$420,000
$420,000
$440,000
$453,750
$487,500
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750

$537,650
$537,650
$537,650
$563,250
$580,850
$624,100
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200

SAN JUAN
LOS ALAMOS
SANTA FE

NM
NM
NM

$281,250
$380,650
$427,500

$360,050
$487,300
$547,250

$435,200
$589,000
$661,500

$540,850
$732,000
$822,100

ELKO
EUREKA
NYE
LYON
CARSON CITY
CLARK
STOREY
WASHOE
DOUGLAS

NV
NV
NV
NV
NV
NV
NV
NV
NV

$325,000
$325,000
$325,000
$331,250
$398,750
$400,000
$403,750
$403,750
$468,750

$416,050
$416,050
$416,050
$424,050
$510,450
$512,050
$516,850
$516,850
$600,100

$502,900
$502,900
$502,900
$512,600
$617,050
$618,950
$624,750
$624,750
$725,350

$625,000
$625,000
$625,000
$637,000
$766,850
$769,250
$776,450
$776,450
$901,450

COLUMBIA
ERIE
NIAGARA
MADISON

NY
NY
NY
NY

$276,250
$276,250
$276,250
$281,250

$353,650
$353,650
$353,650
$360,050

$427,450
$427,450
$427,450
$435,200

$531,250
$531,250
$531,250
$540,850

22

$649,900
$807,700
$649,900
$807,700
$649,900
$807,700
$680,850
$846,150
$702,150
$872,600
$754,350
$937,500
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400

ONONDAGA
OSWEGO
ALBANY
RENSSELAER
SARATOGA
SCHENECTADY
SCHOHARIE
ULSTER
DUTCHESS
ORANGE
BRONX
KINGS
NASSAU
NEW YORK
PUTNAM
QUEENS
RICHMOND
ROCKLAND
SUFFOLK
WESTCHESTER

NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY

$281,250
$281,250
$312,500
$312,500
$312,500
$312,500
$312,500
$406,250
$443,750
$443,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750

$360,050
$360,050
$400,050
$400,050
$400,050
$400,050
$400,050
$520,050
$568,050
$568,050
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200

GREENE
MIAMI
MONTGOMERY
PREBLE
CARROLL
STARK
ASHTABULA
MERCER
CUYAHOGA
GEAUGA
LAKE
LORAIN
MEDINA
VAN WERT
PORTAGE
SUMMIT

OH
OH
OH
OH
OH
OH
OH
OH
OH
OH
OH
OH
OH
OH
OH
OH

$271,250
$271,250
$271,250
$271,250
$277,500
$277,500
$291,250
$292,500
$298,750
$298,750
$298,750
$298,750
$298,750
$301,250
$330,000
$330,000

$347,250
$347,250
$347,250
$347,250
$355,250
$355,250
$372,850
$374,450
$382,450
$382,450
$382,450
$382,450
$382,450
$385,650
$422,450
$422,450

23

$435,200
$540,850
$435,200
$540,850
$483,550
$600,950
$483,550
$600,950
$483,550
$600,950
$483,550
$600,950
$483,550
$600,950
$628,650
$781,250
$686,650
$853,350
$686,650
$853,350
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$419,750
$419,750
$419,750
$419,750
$429,400
$429,400
$450,700
$452,600
$462,300
$462,300
$462,300
$462,300
$462,300
$466,150
$510,650
$510,650

$521,650
$521,650
$521,650
$521,650
$533,650
$533,650
$560,100
$562,500
$574,500
$574,500
$574,500
$574,500
$574,500
$579,300
$634,600
$634,600

BROWN
BUTLER
CLERMONT
HAMILTON
WARREN
DELAWARE
FAIRFIELD
FRANKLIN
LICKING
MADISON
MORROW
PICKAWAY
UNION
ATHENS

OH
OH
OH
OH
OH
OH
OH
OH
OH
OH
OH
OH
OH
OH

$337,500
$337,500
$337,500
$337,500
$337,500
$341,250
$341,250
$341,250
$341,250
$341,250
$341,250
$341,250
$341,250
$432,500

$432,050
$432,050
$432,050
$432,050
$432,050
$436,850
$436,850
$436,850
$436,850
$436,850
$436,850
$436,850
$436,850
$553,650

$522,250
$522,250
$522,250
$522,250
$522,250
$528,050
$528,050
$528,050
$528,050
$528,050
$528,050
$528,050
$528,050
$669,250

$649,050
$649,050
$649,050
$649,050
$649,050
$656,250
$656,250
$656,250
$656,250
$656,250
$656,250
$656,250
$656,250
$831,750

MARION
POLK
LINCOLN
JOSEPHINE
BENTON
LANE
TILLAMOOK
CLATSOP
CURRY
HOOD RIVER
CLACKAMAS
COLUMBIA
MULTNOMAH
WASHINGTON
YAMHILL
JACKSON
DESCHUTES

OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR

$295,000
$295,000
$312,500
$325,000
$337,500
$343,750
$343,750
$347,500
$351,250
$393,750
$418,750
$418,750
$418,750
$418,750
$418,750
$422,500
$447,500

$377,650
$377,650
$400,050
$416,050
$432,050
$440,050
$440,050
$444,850
$449,650
$504,050
$536,050
$536,050
$536,050
$536,050
$536,050
$540,850
$572,850

$456,500
$456,500
$483,550
$502,900
$522,250
$531,900
$531,900
$537,750
$543,550
$609,300
$648,000
$648,000
$648,000
$648,000
$648,000
$653,800
$692,450

$567,300
$567,300
$600,950
$625,000
$649,050
$661,050
$661,050
$668,250
$675,500
$757,200
$805,300
$805,300
$805,300
$805,300
$805,300
$812,500
$860,600

CENTRE
BERKS
ALLEGHENY
ARMSTRONG

PA
PA
PA
PA

$280,000
$300,000
$327,500
$327,500

$358,450
$384,050
$419,250
$419,250

$433,250
$464,200
$506,800
$506,800

$538,450
$576,900
$629,800
$629,800

24

BEAVER
BUTLER
FAYETTE
WASHINGTON
WESTMORELAND
LANCASTER
CARBON
LEHIGH
NORTHAMPTON
BUCKS
CHESTER
DELAWARE
MONTGOMERY
PHILADELPHIA
YORK
PIKE

PA
PA
PA
PA
PA
PA
PA
PA
PA
PA
PA
PA
PA
PA
PA
PA

$327,500
$327,500
$327,500
$327,500
$327,500
$383,750
$402,500
$402,500
$402,500
$420,000
$420,000
$420,000
$420,000
$420,000
$425,000
$729,750

$419,250
$419,250
$419,250
$419,250
$419,250
$491,250
$515,250
$515,250
$515,250
$537,650
$537,650
$537,650
$537,650
$537,650
$544,050
$934,200

BRISTOL
KENT
NEWPORT
PROVIDENCE
WASHINGTON

RI
RI
RI
RI
RI

$475,000
$475,000
$475,000
$475,000
$475,000

$608,100
$608,100
$608,100
$608,100
$608,100

$735,050
$735,050
$735,050
$735,050
$735,050

$913,450
$913,450
$913,450
$913,450
$913,450

HORRY
GREENVILLE
LAURENS
PICKENS
YORK
BERKELEY
CHARLESTON
DORCHESTER
BEAUFORT
JASPER
GEORGETOWN

SC
SC
SC
SC
SC
SC
SC
SC
SC
SC
SC

$286,250
$295,000
$295,000
$295,000
$303,750
$335,000
$335,000
$335,000
$387,500
$387,500
$395,000

$366,450
$377,650
$377,650
$377,650
$388,850
$428,850
$428,850
$428,850
$496,050
$496,050
$505,650

$442,950
$456,500
$456,500
$456,500
$470,000
$518,400
$518,400
$518,400
$599,600
$599,600
$611,250

$550,450
$567,300
$567,300
$567,300
$584,150
$644,250
$644,250
$644,250
$745,200
$745,200
$759,600

CANNON
CHEATHAM

TN
TN

$432,500
$432,500

$553,650
$553,650

$669,250
$669,250

$831,750
$831,750

25

$506,800
$629,800
$506,800
$629,800
$506,800
$629,800
$506,800
$629,800
$506,800
$629,800
$593,800
$738,000
$622,850
$774,050
$622,850
$774,050
$622,850
$774,050
$649,900
$807,700
$649,900
$807,700
$649,900
$807,700
$649,900
$807,700
$649,900
$807,700
$657,650
$817,300
$1,129,250 $1,403,400

DAVIDSON
DICKSON
HICKMAN
MACON
ROBERTSON
RUTHERFORD
SMITH
SUMNER
TROUSDALE
WILLIAMSON
WILSON

TN
TN
TN
TN
TN
TN
TN
TN
TN
TN
TN

$432,500
$432,500
$432,500
$432,500
$432,500
$432,500
$432,500
$432,500
$432,500
$432,500
$432,500

$553,650
$553,650
$553,650
$553,650
$553,650
$553,650
$553,650
$553,650
$553,650
$553,650
$553,650

$669,250
$669,250
$669,250
$669,250
$669,250
$669,250
$669,250
$669,250
$669,250
$669,250
$669,250

$831,750
$831,750
$831,750
$831,750
$831,750
$831,750
$831,750
$831,750
$831,750
$831,750
$831,750

JEFF DAVIS
BASTROP
CALDWELL
HAYS
TRAVIS
WILLIAMSON
ATASCOSA
BANDERA
BEXAR
COMAL
GUADALUPE
KENDALL
MEDINA
WILSON

TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX

$271,250
$288,750
$288,750
$288,750
$288,750
$288,750
$332,500
$332,500
$332,500
$332,500
$332,500
$332,500
$332,500
$332,500

$347,250
$369,650
$369,650
$369,650
$369,650
$369,650
$425,650
$425,650
$425,650
$425,650
$425,650
$425,650
$425,650
$425,650

$419,750
$446,800
$446,800
$446,800
$446,800
$446,800
$514,500
$514,500
$514,500
$514,500
$514,500
$514,500
$514,500
$514,500

$521,650
$555,300
$555,300
$555,300
$555,300
$555,300
$639,400
$639,400
$639,400
$639,400
$639,400
$639,400
$639,400
$639,400

RICH
DAGGETT
JUAB
UTAH
WASHINGTON
KANE
DAVIS
MORGAN
WEBER
WASATCH

UT
UT
UT
UT
UT
UT
UT
UT
UT
UT

$296,700
$302,450
$323,750
$323,750
$372,500
$383,750
$397,500
$397,500
$397,500
$431,250

$379,800
$387,200
$414,450
$414,450
$476,850
$491,250
$508,850
$508,850
$508,850
$552,050

$459,100
$468,000
$500,950
$500,950
$576,400
$593,800
$615,100
$615,100
$615,100
$667,350

$570,550
$581,650
$622,600
$622,600
$716,350
$738,000
$764,400
$764,400
$764,400
$829,350

26

SALT LAKE
SUMMIT
TOOELE

UT
UT
UT

$729,750
$729,750
$729,750

$934,200
$934,200
$934,200

HARRISONBURG
ROCKINGHAM
MADISON
BOTETOURT
CRAIG
FRANKLIN
ROANOKE
ROANOKE IND
SALEM
HIGHLAND
AMHERST
APPOMATTOX
BEDFORD
BEDFORD IND
CAMPBELL
GILES
LYNCHBURG
MONTGOMERY
PULASKI
RADFORD
LEXINGTON
RICHMOND
MIDDLESEX
ORANGE
RAPPAHANNOCK
ESSEX
CULPEPER
KING GEORGE
NORTHUMBERLAND
ALBEMARLE
CHARLOTTESVILLE
FLUVANNA
GREENE

VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA

$277,150
$277,150
$277,500
$280,000
$280,000
$280,000
$280,000
$280,000
$280,000
$287,500
$292,100
$292,100
$292,100
$292,100
$292,100
$292,100
$292,100
$292,100
$292,100
$292,100
$296,250
$300,000
$330,000
$331,250
$359,950
$375,000
$382,500
$386,250
$392,500
$437,000
$437,000
$437,000
$437,000

$354,800
$354,800
$355,250
$358,450
$358,450
$358,450
$358,450
$358,450
$358,450
$368,050
$373,950
$373,950
$373,950
$373,950
$373,950
$373,950
$373,950
$373,950
$373,950
$373,950
$379,250
$384,050
$422,450
$424,050
$460,800
$480,050
$489,650
$494,450
$502,450
$559,450
$559,450
$559,450
$559,450

27

$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$428,850
$428,850
$429,400
$433,250
$433,250
$433,250
$433,250
$433,250
$433,250
$444,900
$452,000
$452,000
$452,000
$452,000
$452,000
$452,000
$452,000
$452,000
$452,000
$452,000
$458,400
$464,200
$510,650
$512,600
$557,000
$580,300
$591,900
$597,700
$607,350
$676,200
$676,200
$676,200
$676,200

$532,950
$532,950
$533,650
$538,450
$538,450
$538,450
$538,450
$538,450
$538,450
$552,900
$561,700
$561,700
$561,700
$561,700
$561,700
$561,700
$561,700
$561,700
$561,700
$561,700
$569,700
$576,900
$634,600
$637,000
$692,200
$721,150
$735,600
$742,800
$754,800
$840,400
$840,400
$840,400
$840,400

NELSON
CHESAPEAKE
GLOUCESTER
HAMPTON
ISLE OF WIGHT
JAMES CITY
MATHEWS
NEWPORT NEWS
NORFOLK
POQUOSON
PORTSMOUTH
SUFFOLK
SURRY
VIRGINIA BEACH
WILLIAMSBURG
YORK
FREDERICK
WINCHESTER
AMELIA
CAROLINE
CHARLES CITY
CHESTERFIELD
COLONIAL HEIGHT
CUMBERLAND
DINWIDDIE
GOOCHLAND
HANOVER
HENRICO
HOPEWELL
KING AND QUEEN
KING WILLIAM
LOUISA
NEW KENT
PETERSBURG
POWHATAN
PRINCE GEORGE
RICHMOND IND

VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA

$437,000
$458,850
$458,850
$458,850
$458,850
$458,850
$458,850
$458,850
$458,850
$458,850
$458,850
$458,850
$458,850
$458,850
$458,850
$458,850
$475,000
$475,000
$535,900
$535,900
$535,900
$535,900
$535,900
$535,900
$535,900
$535,900
$535,900
$535,900
$535,900
$535,900
$535,900
$535,900
$535,900
$535,900
$535,900
$535,900
$535,900

28

$559,450
$587,400
$587,400
$587,400
$587,400
$587,400
$587,400
$587,400
$587,400
$587,400
$587,400
$587,400
$587,400
$587,400
$587,400
$587,400
$608,100
$608,100
$686,050
$686,050
$686,050
$686,050
$686,050
$686,050
$686,050
$686,050
$686,050
$686,050
$686,050
$686,050
$686,050
$686,050
$686,050
$686,050
$686,050
$686,050
$686,050

$676,200
$840,400
$710,050
$882,400
$710,050
$882,400
$710,050
$882,400
$710,050
$882,400
$710,050
$882,400
$710,050
$882,400
$710,050
$882,400
$710,050
$882,400
$710,050
$882,400
$710,050
$882,400
$710,050
$882,400
$710,050
$882,400
$710,050
$882,400
$710,050
$882,400
$710,050
$882,400
$735,050
$913,450
$735,050
$913,450
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600
$829,250 $1,030,600

SUSSEX
LANCASTER
ALEXANDRIA
ARLINGTON
CLARKE
FAIRFAX
FAIRFAX IND
FALLS CHURCH
FAUQUIER
FREDERICKSBURG
LOUDOUN
MANASSAS
MANASSAS PARK
PRINCE WILLIAM
SPOTSYLVANIA
STAFFORD
WARREN

VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA

$535,900
$545,000
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750
$729,750

$686,050
$697,700
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200
$934,200

LAMOILLE
BENNINGTON
ORANGE
WINDSOR
CHITTENDEN
FRANKLIN
GRAND ISLE

VT
VT
VT
VT
VT
VT
VT

$276,000
$277,150
$281,250
$281,250
$318,750
$318,750
$318,750

$353,300
$354,800
$360,050
$360,050
$408,050
$408,050
$408,050

$427,100
$428,850
$435,200
$435,200
$493,250
$493,250
$493,250

$530,750
$532,950
$540,850
$540,850
$613,000
$613,000
$613,000

BENTON
FRANKLIN
MASON
KITTITAS
CHELAN
DOUGLAS
THURSTON
SKAGIT
WHATCOM
ISLAND
CLALLAM

WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA

$275,000
$275,000
$310,000
$328,750
$342,700
$342,700
$361,250
$373,750
$375,000
$381,250
$383,750

$352,050
$352,050
$396,850
$420,850
$438,700
$438,700
$462,450
$478,450
$480,050
$488,050
$491,250

$425,550
$425,550
$479,700
$508,700
$530,300
$530,300
$559,000
$578,350
$580,300
$589,950
$593,800

$528,850
$528,850
$596,150
$632,200
$659,050
$659,050
$694,700
$718,750
$721,150
$733,150
$738,000

29

$829,250 $1,030,600
$843,350 $1,048,100
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400
$1,129,250 $1,403,400

CLARK
SKAMANIA
JEFFERSON
KITSAP
KING
PIERCE
SNOHOMISH
SAN JUAN

WA
WA
WA
WA
WA
WA
WA
WA

$418,750
$418,750
$437,500
$475,000
$567,500
$567,500
$567,500
$593,750

$536,050
$536,050
$560,050
$608,100
$726,500
$726,500
$726,500
$760,100

$648,000
$805,300
$648,000
$805,300
$677,000
$841,350
$735,050
$913,450
$878,150 $1,091,350
$878,150 $1,091,350
$878,150 $1,091,350
$918,800 $1,141,850

WALWORTH
COLUMBIA
DANE
IOWA
MILWAUKEE
OZAUKEE
WASHINGTON
WAUKESHA
PIERCE
ST. CROIX
KENOSHA

WI
WI
WI
WI
WI
WI
WI
WI
WI
WI
WI

$278,750
$293,750
$293,750
$293,750
$315,000
$315,000
$315,000
$315,000
$365,000
$365,000
$410,000

$356,850
$376,050
$376,050
$376,050
$403,250
$403,250
$403,250
$403,250
$467,250
$467,250
$524,850

$431,350
$454,550
$454,550
$454,550
$487,450
$487,450
$487,450
$487,450
$564,800
$564,800
$634,450

BERKELEY
MORGAN
HAMPSHIRE
JEFFERSON

WV
WV
WV
WV

$377,500
$377,500
$475,000
$729,750

$483,250
$483,250
$608,100
$934,200

$584,150
$725,950
$584,150
$725,950
$735,050
$913,450
$1,129,250 $1,403,400

SHERIDAN
SUBLETTE
TETON

WY
WY
WY

$272,500
$298,750
$693,750

$348,850
$382,450
$888,100

$421,650
$524,050
$462,300
$574,500
$1,073,550 $1,334,150

MANUA

AS

$305,000

$390,450

GUAM

GU

$651,250

$833,700

$1,007,750 $1,252,400

ROTA
NORTHERN ISLAND
SAIPAN

MP
MP
MP

$473,750
$605,000
$610,000

$606,500
$774,500
$780,900

$733,100
$911,050
$936,200 $1,163,500
$943,950 $1,173,100

30

$471,950

$536,050
$564,900
$564,900
$564,900
$605,750
$605,750
$605,750
$605,750
$701,900
$701,900
$788,450

$586,550

TINIAN

MP

$613,750

$785,700

$949,750 $1,180,300

AGUAS BUENAS
AIBONITO
ARECIBO
BARCELONETA
BARRANQUITAS
BAYAMON
CAGUAS
CAMUY
CANOVANAS
CAROLINA
CATANO
CAYEY
CEIBA
CIALES
CIDRA
COMERIO
COROZAL
DORADO
FAJARDO
FLORIDA
GUAYNABO
GURABO
HATILLO
HUMACAO
JUNCOS
LAS PIEDRAS
LOIZA
LUQUILLO
MANATI
MAUNABO
MOROVIS
NAGUABO
NARANJITO
OROCOVIS
QUEBRADILLAS

PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR

$606,250
$606,250
$606,250
$606,250
$606,250
$606,250
$606,250
$606,250
$606,250
$606,250
$606,250
$606,250
$325,000
$606,250
$606,250
$606,250
$606,250
$606,250
$325,000
$606,250
$606,250
$606,250
$606,250
$606,250
$606,250
$606,250
$606,250
$325,000
$606,250
$606,250
$606,250
$606,250
$606,250
$606,250
$606,250

$776,100
$776,100
$776,100
$776,100
$776,100
$776,100
$776,100
$776,100
$776,100
$776,100
$776,100
$776,100
$416,050
$776,100
$776,100
$776,100
$776,100
$776,100
$416,050
$776,100
$776,100
$776,100
$776,100
$776,100
$776,100
$776,100
$776,100
$416,050
$776,100
$776,100
$776,100
$776,100
$776,100
$776,100
$776,100

$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$502,900
$625,000
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$502,900
$625,000
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$502,900
$625,000
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900

31

RIO GRANDE
SAN JUAN
SAN LORENZO
TOA ALTA
TOA BAJA
TRUJILLO ALTO
VEGA ALTA
VEGA BAJA
YABUCOA

PR
PR
PR
PR
PR
PR
PR
PR
PR

$606,250
$606,250
$606,250
$606,250
$606,250
$606,250
$606,250
$606,250
$606,250

$776,100
$776,100
$776,100
$776,100
$776,100
$776,100
$776,100
$776,100
$776,100

$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900
$938,150 $1,165,900

ST. CROIX
ST. THOMAS
ST. JOHN,VI

VI
VI
VI

$327,750
$446,200
$623,300

$419,550
$571,200
$797,950

$507,150
$630,300
$690,450
$858,100
$964,500 $1,198,650

$271,050

$347,000

$419,400

All other areas (floor):

$521,250

.02 The nationwide average purchase price (for use in the housing cost/income
ratio for new and existing residences) is $217,300.
SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2009-18 is obsolete except as provided in section 6 of this revenue
procedure.
SECTION 6. EFFECTIVE DATES
.01 Issuers may rely on this revenue procedure to determine average area
purchase price safe harbors for commitments to provide financing or issue mortgage
credit certificates that are made, or (if the purchase precedes the commitment) for
residences that are purchased, in the period that begins on June 16, 2010, 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.

32

.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. 2009-18,
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before July 16, 2010, if the commitments to provide
financing or issue mortgage credit certificates are made on or before August 15, 2010.
.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 June 16, 2010, 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. 200918 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before July 16, 2010, if the commitments to provide
financing or issue mortgage credit certificates are made on or before August 15, 2010.
SECTION 7. REQUEST FOR COMMENTS
The Treasury Department and the IRS are reviewing the available data sources and
method used to determine the average area purchase price safe harbors listed in
section 4.01 of this revenue procedure and are considering possible changes in the
data used to determine these safe harbors for future years. One possible alternative
method under consideration would involve the use of certain current available data from

33

the Department of Housing and Urban Development (“HUD”) regarding county median
housing purchase prices. The Treasury Department and the IRS solicit public
comments generally on whether the average area purchase price safe harbors listed in
section 4.01 of this revenue procedure should continue to be based on FHA loan limits
or whether the data used to calculate these safe harbors should be changed in any way,
such as, without limitation, a change to an alternative method using current HUD data
on county median housing purchase prices.
Comments should be submitted in writing and can be e-mailed to
notice.comments@irscounsel.treas.gov (include “Rev. Proc. 2010-25“ in the subject
line) or mailed to Office of Associate Chief Counsel (Financial Institutions & Products),
Re: Rev. Proc. 2010-25, CC:FIP:B5, Room 3547, 1111 Constitution Avenue, NW,
Washington, DC 20224. The due date for the public comments is September 6, 2010.
Comments that are submitted will be made available to the public.
SECTION 8. 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

34

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 9. 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 on (202) 622-3980 (not a toll free call).

35

---

Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Airs%3A00288f964f349d70. Public record. Not legal advice.