Administrative, Procedural, and Miscellaneous

Part III

Administrative, Procedural, and Miscellaneous

[26 CFR 601.201]: Rulings and determination letters

(Also: Part I, §§ 25, 103, 143

Rev. Proc. 2011-23

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. 2010-25, 2010-27 I.R.B. 16.

.12 The nationwide average purchase price limitation was last published in

section 4.02 of Rev. Proc. 2010-25. 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 December 01, 2010. 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 01, 2010.

.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 December

01, 2010, 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 .9875.

.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. 2010-25, the issuer

must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.

9

2010-25 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. 2010-25, 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.

2011 Average Area Purchase Prices for Mortgage Revenue Bonds

One-Unit

Limit

Two-Unit

Limit

Three-Unit

Limit

Four-Unit

Limit

County Name

State

ALEUTIANS WEST

AK

$361,013

$462,127

$558,633

$694,228

ANCHORAGE

AK

$351,899

$450,481

$544,557

$676,709

DENALI

AK

$320,253

$409,975

$495,544

$615,848

DILLINGHAM

AK

$336,709

$431,038

$521,013

$647,494

FAIRBANKS NORTH

AK

$320,253

$409,975

$495,544

$615,848

JUNEAU

AK

$403,797

$516,911

$624,861

$776,557

KETCHIKAN GATEW

AK

$326,076

$417,418

$504,557

$627,089

KODIAK ISLAND

AK

$334,228

$427,848

$517,165

$642,734

MATANUSKA-SUSIT

AK

$351,899

$450,481

$544,557

$676,709

NOME

AK

$278,329

$356,304

$430,684

$535,241

NORTH SLOPE

AK

$310,937

$398,025

$481,165

$597,975

SITKA

AK

$436,709

$559,038

$675,797

$839,848

VALDEZ-CORDOVA

AK

$274,835

$351,848

$425,266

$528,506

YAKUTAT CITY

AK

$393,620

$503,899

$609,114

$756,962

BALDWIN

AL

$288,608

$369,468

$446,582

$554,987

10

RUSSELL

AL

$293,468

$375,696

$454,127

$564,354

APACHE

AZ

$284,810

$364,608

$440,709

$547,696

COCONINO

AZ

$455,696

$583,342

$705,165

$876,354

GILA

AZ

$329,114

$421,316

$509,266

$632,911

MARICOPA

AZ

$350,633

$448,861

$542,582

$674,278

MOHAVE

AZ

$326,582

$418,076

$505,367

$628,051

NAVAJO

AZ

$312,658

$400,253

$483,797

$601,266

PIMA

AZ

$320,253

$409,975

$495,544

$615,848

PINAL

AZ

$350,633

$448,861

$542,582

$674,278

YAVAPAI

AZ

$394,937

$505,570

$611,139

$759,494

ALAMEDA

CA

$738,987

$946,025

$1,143,544

$1,421,165

ALPINE

CA

$554,430

$709,772

$857,924

$1,066,228

AMADOR

CA

$449,367

$575,241

$695,342

$864,152

BUTTE

CA

$405,063

$518,532

$626,785

$778,987

CALAVERAS

CA

$468,354

$599,544

$724,759

$900,709

COLUSA

CA

$402,532

$515,291

$622,886

$774,076

CONTRA COSTA

CA

$738,987

$946,025

$1,143,544

$1,421,165

DEL NORTE

CA

$315,190

$403,494

$487,747

$606,127

EL DORADO

CA

$587,342

$751,899

$908,861

$1,129,519

FRESNO

CA

$386,076

$494,228

$597,418

$742,430

GLENN

CA

$291,139

$372,709

$450,532

$559,899

HUMBOLDT

CA

$398,734

$510,430

$617,013

$766,785

IMPERIAL

CA

$329,114

$421,316

$509,266

$632,911

INYO

CA

$443,038

$567,139

$685,570

$852,000

KERN

CA

$373,418

$478,025

$577,823

$718,127

KINGS

CA

$329,114

$421,316

$509,266

$632,911

LAKE

CA

$406,329

$520,152

$628,759

$781,418

LASSEN

CA

$288,608

$369,468

$446,582

$554,987

LOS ANGELES

CA

$738,987

$946,025

$1,143,544

$1,421,165

MADERA

CA

$430,380

$550,937

$665,975

$827,646

MARIN

CA

$738,987

$946,025

$1,143,544

$1,421,165

MARIPOSA

CA

$417,722

$534,734

$646,380

$803,291

MENDOCINO

CA

$518,987

$664,405

$803,089

$998,076

MERCED

CA

$478,481

$612,557

$740,405

$920,152

11

MONO

CA

$535,696

$685,772

$828,962

$1,030,177

MONTEREY

CA

$738,987

$946,025

$1,143,544

$1,421,165

NAPA

CA

$738,987

$946,025

$1,143,544

$1,421,165

NEVADA

CA

$569,620

$729,215

$881,468

$1,095,443

ORANGE

CA

$738,987

$946,025

$1,143,544

$1,421,165

PLACER

CA

$587,342

$751,899

$908,861

$1,129,519

PLUMAS

CA

$415,190

$531,494

$642,481

$798,430

RIVERSIDE

CA

$506,329

$648,203

$783,494

$973,722

SACRAMENTO

CA

$587,342

$751,899

$908,861

$1,129,519

SAN BENITO

CA

$738,987

$946,025

$1,143,544

$1,421,165

SAN BERNARDINO

CA

$506,329

$648,203

$783,494

$973,722

SAN DIEGO

CA

$706,329

$904,253

$1,093,013

$1,358,329

SAN FRANCISCO

CA

$738,987

$946,025

$1,143,544

$1,421,165

SAN JOAQUIN

CA

$494,937

$633,620

$765,873

$951,797

SAN LUIS OBISPO

CA

$696,203

$891,241

$1,077,316

$1,338,886

SAN MATEO

CA

$738,987

$946,025

$1,143,544

$1,421,165

SANTA BARBARA

CA

$738,987

$946,025

$1,143,544

$1,421,165

SANTA CLARA

CA

$738,987

$946,025

$1,143,544

$1,421,165

SANTA CRUZ

CA

$738,987

$946,025

$1,143,544

$1,421,165

SHASTA

CA

$429,114

$549,316

$664,000

$825,215

SIERRA

CA

$308,608

$395,038

$477,519

$593,468

SISKIYOU

CA

$297,468

$380,810

$460,304

$572,051

SOLANO

CA

$564,557

$722,734

$873,620

$1,085,722

SONOMA

CA

$670,886

$858,835

$1,038,177

$1,290,177

STANISLAUS

CA

$429,114

$549,316

$664,000

$825,215

SUTTER

CA

$430,380

$550,937

$665,975

$827,646

TEHAMA

CA

$316,456

$405,114

$489,671

$608,557

TULARE

CA

$329,114

$421,316

$509,266

$632,911

TUOLUMNE

CA

$443,038

$567,139

$685,570

$852,000

VENTURA

CA

$738,987

$946,025

$1,143,544

$1,421,165

YOLO

CA

$587,342

$751,899

$908,861

$1,129,519

YUBA

CA

$430,380

$550,937

$665,975

$827,646

ADAMS

CO

$411,392

$526,633

$636,608

$791,139

ARAPAHOE

CO

$411,392

$526,633

$636,608

$791,139

ARCHULETA

CO

$321,519

$411,595

$497,519

$618,278

12

BOULDER

CO

$465,823

$596,304

$720,810

$895,797

BROOMFIELD

CO

$411,392

$526,633

$636,608

$791,139

CHAFFEE

CO

$283,544

$362,987

$438,734

$545,266

CLEAR CREEK

CO

$411,392

$526,633

$636,608

$791,139

DENVER

CO

$411,392

$526,633

$636,608

$791,139

DOUGLAS

CO

$411,392

$526,633

$636,608

$791,139

EAGLE

CO

$738,987

$946,025

$1,143,544

$1,421,165

EL PASO

CO

$329,114

$421,316

$509,266

$632,911

ELBERT

CO

$411,392

$526,633

$636,608

$791,139

GARFIELD

CO

$430,380

$550,937

$665,975

$827,646

GILPIN

CO

$411,392

$526,633

$636,608

$791,139

GRAND

CO

$360,759

$461,823

$558,228

$693,772

GUNNISON

CO

$439,241

$562,278

$679,696

$844,709

HINSDALE

CO

$564,557

$722,734

$873,620

$1,085,722

JEFFERSON

CO

$411,392

$526,633

$636,608

$791,139

LA PLATA

CO

$449,367

$575,241

$695,342

$864,152

LAKE

CO

$738,987

$946,025

$1,143,544

$1,421,165

LARIMER

CO

$316,456

$405,114

$489,671

$608,557

MESA

CO

$375,949

$481,266

$581,772

$722,987

MINERAL

CO

$303,797

$388,911

$470,076

$584,203

OURAY

CO

$488,608

$625,519

$756,101

$939,646

PARK

CO

$411,392

$526,633

$636,608

$791,139

PITKIN

CO

$738,987

$946,025

$1,143,544

$1,421,165

ROUTT

CO

$683,544

$875,038

$1,057,772

$1,314,532

SAN JUAN

CO

$430,380

$550,937

$665,975

$827,646

SAN MIGUEL

CO

$659,494

$844,253

$1,020,506

$1,268,253

SUMMIT

CO

$738,987

$946,025

$1,143,544

$1,421,165

TELLER

CO

$329,114

$421,316

$509,266

$632,911

WELD

CO

$422,785

$541,215

$654,228

$813,063

FAIRFIELD

CT

$717,722

$918,835

$1,110,633

$1,380,253

HARTFORD

CT

$445,570

$570,380

$689,468

$856,861

LITCHFIELD

CT

$379,747

$486,127

$587,646

$730,278

MIDDLESEX

CT

$445,570

$570,380

$689,468

$856,861

NEW HAVEN

CT

$392,405

$502,329

$607,190

$754,633

NEW LONDON

CT

$403,797

$516,911

$624,861

$776,557

13

TOLLAND

CT

$445,570

$570,380

$689,468

$856,861

WINDHAM

CT

$275,949

$353,266

$426,987

$530,684

DISTRICT OF COL

DC

$738,987

$946,025

$1,143,544

$1,421,165

KENT

DE

$381,013

$487,747

$589,570

$732,709

NEW CASTLE

DE

$425,316

$544,456

$658,127

$817,924

SUSSEX

DE

$379,747

$486,127

$587,646

$730,278

BAKER

FL

$392,405

$502,329

$607,190

$754,633

BAY

FL

$401,266

$513,671

$620,911

$771,646

BREVARD

FL

$294,937

$377,570

$456,405

$567,190

BROWARD

FL

$429,114

$549,316

$664,000

$825,215

CHARLOTTE

FL

$300,000

$384,051

$464,203

$576,911

CLAY

FL

$392,405

$502,329

$607,190

$754,633

COLLIER

FL

$537,975

$688,709

$832,456

$1,034,582

DUVAL

FL

$392,405

$502,329

$607,190

$754,633

FLAGLER

FL

$291,139

$372,709

$450,532

$559,899

FRANKLIN

FL

$308,861

$395,392

$477,924

$593,975

HERNANDO

FL

$296,203

$379,190

$458,329

$569,620

HILLSBOROUGH

FL

$296,203

$379,190

$458,329

$569,620

INDIAN RIVER

FL

$287,342

$367,848

$444,608

$552,557

LAKE

FL

$358,228

$458,582

$554,329

$688,911

LEE

FL

$360,759

$461,823

$558,228

$693,772

MANATEE

FL

$448,101

$573,620

$693,418

$861,722

MARTIN

FL

$379,747

$486,127

$587,646

$730,278

MIAMI-DADE

FL

$429,114

$549,316

$664,000

$825,215

MONROE

FL

$738,987

$946,025

$1,143,544

$1,421,165

NASSAU

FL

$392,405

$502,329

$607,190

$754,633

OKALOOSA

FL

$316,456

$405,114

$489,671

$608,557

ORANGE

FL

$358,228

$458,582

$554,329

$688,911

OSCEOLA

FL

$358,228

$458,582

$554,329

$688,911

PALM BEACH

FL

$429,114

$549,316

$664,000

$825,215

PASCO

FL

$296,203

$379,190

$458,329

$569,620

PINELLAS

FL

$296,203

$379,190

$458,329

$569,620

SARASOTA

FL

$448,101

$573,620

$693,418

$861,722

14

SEMINOLE

FL

$358,228

$458,582

$554,329

$688,911

ST. JOHNS

FL

$392,405

$502,329

$607,190

$754,633

ST. LUCIE

FL

$379,747

$486,127

$587,646

$730,278

SUMTER

FL

$282,278

$361,367

$436,810

$542,835

VOLUSIA

FL

$307,595

$393,772

$475,949

$591,544

WALTON

FL

$367,382

$470,278

$568,506

$706,481

BARROW

GA

$350,633

$448,861

$542,582

$674,278

BARTOW

GA

$350,633

$448,861

$542,582

$674,278

BRANTLEY

GA

$279,747

$358,127

$432,861

$537,975

BUTTS

GA

$350,633

$448,861

$542,582

$674,278

CARROLL

GA

$350,633

$448,861

$542,582

$674,278

CHATTAHOOCHEE

GA

$293,468

$375,696

$454,127

$564,354

CHEROKEE

GA

$350,633

$448,861

$542,582

$674,278

CLARKE

GA

$302,532

$387,291

$468,152

$581,772

CLAYTON

GA

$350,633

$448,861

$542,582

$674,278

COBB

GA

$350,633

$448,861

$542,582

$674,278

COWETA

GA

$350,633

$448,861

$542,582

$674,278

DAWSON

GA

$350,633

$448,861

$542,582

$674,278

DEKALB

GA

$350,633

$448,861

$542,582

$674,278

DOUGLAS

GA

$350,633

$448,861

$542,582

$674,278

FAYETTE

GA

$350,633

$448,861

$542,582

$674,278

FORSYTH

GA

$350,633

$448,861

$542,582

$674,278

FULTON

GA

$350,633

$448,861

$542,582

$674,278

GLYNN

GA

$279,747

$358,127

$432,861

$537,975

GREENE

GA

$670,886

$858,835

$1,038,177

$1,290,177

GWINNETT

GA

$350,633

$448,861

$542,582

$674,278

HARALSON

GA

$350,633

$448,861

$542,582

$674,278

HARRIS

GA

$293,468

$375,696

$454,127

$564,354

HEARD

GA

$350,633

$448,861

$542,582

$674,278

HENRY

GA

$350,633

$448,861

$542,582

$674,278

JASPER

GA

$350,633

$448,861

$542,582

$674,278

LAMAR

GA

$350,633

$448,861

$542,582

$674,278

MADISON

GA

$302,532

$387,291

$468,152

$581,772

MARION

GA

$293,468

$375,696

$454,127

$564,354

MCINTOSH

GA

$279,747

$358,127

$432,861

$537,975

15

MERIWETHER

GA

$350,633

$448,861

$542,582

$674,278

MUSCOGEE

GA

$293,468

$375,696

$454,127

$564,354

NEWTON

GA

$350,633

$448,861

$542,582

$674,278

OCONEE

GA

$302,532

$387,291

$468,152

$581,772

OGLETHORPE

GA

$302,532

$387,291

$468,152

$581,772

PAULDING

GA

$350,633

$448,861

$542,582

$674,278

PICKENS

GA

$350,633

$448,861

$542,582

$674,278

PIKE

GA

$350,633

$448,861

$542,582

$674,278

ROCKDALE

GA

$350,633

$448,861

$542,582

$674,278

SPALDING

GA

$350,633

$448,861

$542,582

$674,278

WALTON

GA

$350,633

$448,861

$542,582

$674,278

HAWAII

HI

$626,582

$802,127

$969,620

$1,204,962

HONOLULU

HI

$803,797

$1,012,658

$1,243,848

$1,545,772

KALAWAO

HI

$725,316

$928,557

$1,122,380

$1,394,886

KAUAI

HI

$783,544

$1,003,089

$1,212,506

$1,506,835

MAUI

HI

$800,000

$1,012,658

$1,237,975

$1,538,481

ADA

ID

$307,595

$393,772

$475,949

$591,544

ADAMS

ID

$277,215

$354,886

$428,962

$533,114

BLAINE

ID

$738,987

$946,025

$1,143,544

$1,421,165

BOISE

ID

$307,595

$393,772

$475,949

$591,544

CANYON

ID

$307,595

$393,772

$475,949

$591,544

GEM

ID

$307,595

$393,772

$475,949

$591,544

KOOTENAI

ID

$289,873

$371,089

$448,557

$557,418

OWYHEE

ID

$307,595

$393,772

$475,949

$591,544

TETON

ID

$702,532

$899,342

$1,087,139

$1,351,038

VALLEY

ID

$468,354

$599,544

$724,759

$900,709

BOND

IL

$284,810

$364,608

$440,709

$547,696

BOONE

IL

$343,544

$439,797

$531,595

$660,658

CALHOUN

IL

$284,810

$364,608

$440,709

$547,696

CLINTON

IL

$284,810

$364,608

$440,709

$547,696

COOK

IL

$415,190

$531,494

$642,481

$798,430

DEKALB

IL

$415,190

$531,494

$642,481

$798,430

DUPAGE

IL

$415,190

$531,494

$642,481

$798,430

16

GRUNDY

IL

$415,190

$531,494

$642,481

$798,430

JERSEY

IL

$284,810

$364,608

$440,709

$547,696

KANE

IL

$415,190

$531,494

$642,481

$798,430

KENDALL

IL

$415,190

$531,494

$642,481

$798,430

LAKE

IL

$415,190

$531,494

$642,481

$798,430

MACOUPIN

IL

$284,810

$364,608

$440,709

$547,696

MADISON

IL

$284,810

$364,608

$440,709

$547,696

MCHENRY

IL

$415,190

$531,494

$642,481

$798,430

MONROE

IL

$284,810

$364,608

$440,709

$547,696

ST. CLAIR

IL

$284,810

$364,608

$440,709

$547,696

WILL

IL

$415,190

$531,494

$642,481

$798,430

WINNEBAGO

IL

$343,544

$439,797

$531,595

$660,658

CLARK

IN

$306,329

$392,152

$474,025

$589,114

DEARBORN

IN

$341,772

$437,519

$528,861

$657,266

FLOYD

IN

$306,329

$392,152

$474,025

$589,114

FRANKLIN

IN

$341,772

$437,519

$528,861

$657,266

HARRISON

IN

$306,329

$392,152

$474,025

$589,114

JASPER

IN

$415,190

$531,494

$642,481

$798,430

LAKE

IN

$415,190

$531,494

$642,481

$798,430

NEWTON

IN

$415,190

$531,494

$642,481

$798,430

OHIO

IN

$341,772

$437,519

$528,861

$657,266

PORTER

IN

$415,190

$531,494

$642,481

$798,430

WASHINGTON

IN

$306,329

$392,152

$474,025

$589,114

BOONE

KY

$341,772

$437,519

$528,861

$657,266

BRACKEN

KY

$341,772

$437,519

$528,861

$657,266

BULLITT

KY

$306,329

$392,152

$474,025

$589,114

CAMPBELL

KY

$341,772

$437,519

$528,861

$657,266

GALLATIN

KY

$341,772

$437,519

$528,861

$657,266

GRANT

KY

$341,772

$437,519

$528,861

$657,266

HENRY

KY

$306,329

$392,152

$474,025

$589,114

JEFFERSON

KY

$306,329

$392,152

$474,025

$589,114

KENTON

KY

$341,772

$437,519

$528,861

$657,266

MEADE

KY

$306,329

$392,152

$474,025

$589,114

NELSON

KY

$306,329

$392,152

$474,025

$589,114

17

OLDHAM

KY

$306,329

$392,152

$474,025

$589,114

PENDLETON

KY

$341,772

$437,519

$528,861

$657,266

SHELBY

KY

$306,329

$392,152

$474,025

$589,114

SPENCER

KY

$306,329

$392,152

$474,025

$589,114

TRIMBLE

KY

$306,329

$392,152

$474,025

$589,114

ASCENSION

LA

$283,544

$362,987

$438,734

$545,266

EAST BATON ROUG

LA

$283,544

$362,987

$438,734

$545,266

EAST FELICIANA

LA

$283,544

$362,987

$438,734

$545,266

IBERVILLE

LA

$283,544

$362,987

$438,734

$545,266

JEFFERSON

LA

$291,139

$372,709

$450,532

$559,899

LIVINGSTON

LA

$283,544

$362,987

$438,734

$545,266

ORLEANS

LA

$291,139

$372,709

$450,532

$559,899

PLAQUEMINES

LA

$291,139

$372,709

$450,532

$559,899

POINTE COUPEE

LA

$283,544

$362,987

$438,734

$545,266

ST. BERNARD

LA

$291,139

$372,709

$450,532

$559,899

ST. CHARLES

LA

$291,139

$372,709

$450,532

$559,899

ST. HELENA

LA

$283,544

$362,987

$438,734

$545,266

ST. JOHN THE BA

LA

$291,139

$372,709

$450,532

$559,899

ST. TAMMANY

LA

$291,139

$372,709

$450,532

$559,899

WEST BATON ROUG

LA

$283,544

$362,987

$438,734

$545,266

WEST FELICIANA

LA

$283,544

$362,987

$438,734

$545,266

BARNSTABLE

MA

$468,354

$599,544

$724,759

$900,709

BRISTOL

MA

$481,013

$615,797

$744,354

$925,013

DUKES

MA

$738,987

$946,025

$1,143,544

$1,421,165

ESSEX

MA

$530,380

$678,987

$820,709

$1,019,949

FRANKLIN

MA

$322,785

$413,215

$499,494

$620,759

HAMPDEN

MA

$322,785

$413,215

$499,494

$620,759

HAMPSHIRE

MA

$322,785

$413,215

$499,494

$620,759

MIDDLESEX

MA

$530,380

$678,987

$820,709

$1,019,949

NANTUCKET

MA

$738,987

$946,025

$1,143,544

$1,421,165

NORFOLK

MA

$530,380

$678,987

$820,709

$1,019,949

PLYMOUTH

MA

$530,380

$678,987

$820,709

$1,019,949

SUFFOLK

MA

$530,380

$678,987

$820,709

$1,019,949

WORCESTER

MA

$389,873

$499,089

$603,291

$749,772

18

ANNE ARUNDEL

MD

$567,089

$725,975

$877,519

$1,090,582

BALTIMORE

MD

$567,089

$725,975

$877,519

$1,090,582

BALTIMORE CITY

MD

$567,089

$725,975

$877,519

$1,090,582

CALVERT

MD

$738,987

$946,025

$1,143,544

$1,421,165

CARROLL

MD

$567,089

$725,975

$877,519

$1,090,582

CECIL

MD

$425,316

$544,456

$658,127

$817,924

CHARLES

MD

$738,987

$946,025

$1,143,544

$1,421,165

FREDERICK

MD

$738,987

$946,025

$1,143,544

$1,421,165

GARRETT

MD

$443,038

$567,139

$685,570

$852,000

HARFORD

MD

$567,089

$725,975

$877,519

$1,090,582

HOWARD

MD

$567,089

$725,975

$877,519

$1,090,582

KENT

MD

$348,101

$445,620

$538,633

$669,418

MONTGOMERY

MD

$738,987

$946,025

$1,143,544

$1,421,165

PRINCE GEORGE'S

MD

$738,987

$946,025

$1,143,544

$1,421,165

QUEEN ANNE'S

MD

$567,089

$725,975

$877,519

$1,090,582

SOMERSET

MD

$332,911

$426,177

$515,139

$640,203

ST. MARY'S

MD

$405,063

$518,532

$626,785

$778,987

TALBOT

MD

$449,367

$575,241

$695,342

$864,152

WASHINGTON

MD

$382,278

$489,367

$591,544

$735,139

WICOMICO

MD

$332,911

$426,177

$515,139

$640,203

WORCESTER

MD

$443,038

$567,139

$685,570

$852,000

CUMBERLAND

ME

$341,772

$437,519

$528,861

$657,266

HANCOCK

ME

$275,949

$353,266

$426,987

$530,684

KNOX

ME

$282,987

$362,278

$437,873

$544,203

LINCOLN

ME

$322,785

$413,215

$499,494

$620,759

SAGADAHOC

ME

$341,772

$437,519

$528,861

$657,266

YORK

ME

$341,772

$437,519

$528,861

$657,266

BERRIEN

MI

$302,532

$387,291

$468,152

$581,772

KALAMAZOO

MI

$289,873

$371,089

$448,557

$557,418

LAPEER

MI

$301,266

$385,671

$466,177

$579,342

LENAWEE

MI

$301,266

$385,671

$466,177

$579,342

LIVINGSTON

MI

$301,266

$385,671

$466,177

$579,342

MACOMB

MI

$301,266

$385,671

$466,177

$579,342

19

MONROE

MI

$301,266

$385,671

$466,177

$579,342

OAKLAND

MI

$301,266

$385,671

$466,177

$579,342

ST. CLAIR

MI

$301,266

$385,671

$466,177

$579,342

VAN BUREN

MI

$289,873

$371,089

$448,557

$557,418

WASHTENAW

MI

$349,367

$447,241

$540,608

$671,848

WAYNE

MI

$301,266

$385,671

$466,177

$579,342

ANOKA

MN

$369,620

$473,165

$571,949

$710,785

CARVER

MN

$369,620

$473,165

$571,949

$710,785

CHISAGO

MN

$369,620

$473,165

$571,949

$710,785

COOK

MN

$300,000

$384,051

$464,203

$576,911

DAKOTA

MN

$369,620

$473,165

$571,949

$710,785

HENNEPIN

MN

$369,620

$473,165

$571,949

$710,785

ISANTI

MN

$369,620

$473,165

$571,949

$710,785

RAMSEY

MN

$369,620

$473,165

$571,949

$710,785

SCOTT

MN

$369,620

$473,165

$571,949

$710,785

SHERBURNE

MN

$369,620

$473,165

$571,949

$710,785

WASHINGTON

MN

$369,620

$473,165

$571,949

$710,785

WRIGHT

MN

$369,620

$473,165

$571,949

$710,785

CRAWFORD

MO

$284,810

$364,608

$440,709

$547,696

FRANKLIN

MO

$284,810

$364,608

$440,709

$547,696

JEFFERSON

MO

$284,810

$364,608

$440,709

$547,696

LINCOLN

MO

$284,810

$364,608

$440,709

$547,696

ST. CHARLES

MO

$284,810

$364,608

$440,709

$547,696

ST. LOUIS

MO

$284,810

$364,608

$440,709

$547,696

ST. LOUIS CITY

MO

$284,810

$364,608

$440,709

$547,696

WARREN

MO

$284,810

$364,608

$440,709

$547,696

WASHINGTON

MO

$284,810

$364,608

$440,709

$547,696

CARBON

MT

$294,937

$377,570

$456,405

$567,190

FLATHEAD

MT

$305,114

$390,582

$472,152

$586,734

GALLATIN

MT

$391,139

$500,709

$605,266

$752,203

JEFFERSON

MT

$345,570

$442,380

$534,734

$664,557

LAKE

MT

$305,063

$390,532

$472,051

$586,633

LEWIS AND CLARK

MT

$345,570

$442,380

$534,734

$664,557

20

MADISON

MT

$285,316

$365,266

$441,519

$548,658

MISSOULA

MT

$294,937

$377,570

$456,405

$567,190

RAVALLI

MT

$307,595

$393,772

$475,949

$591,544

SWEET GRASS

MT

$350,633

$448,861

$542,582

$674,278

YELLOWSTONE

MT

$294,937

$377,570

$456,405

$567,190

ANSON

NC

$307,595

$393,772

$475,949

$591,544

BRUNSWICK

NC

$307,595

$393,772

$475,949

$591,544

BUNCOMBE

NC

$307,595

$393,772

$475,949

$591,544

CABARRUS

NC

$307,595

$393,772

$475,949

$591,544

CAMDEN

NC

$738,987

$946,025

$1,143,544

$1,421,165

CARTERET

NC

$291,139

$372,709

$450,532

$559,899

CHATHAM

NC

$338,886

$433,823

$524,405

$651,696

CURRITUCK

NC

$464,658

$594,835

$719,038

$893,570

DARE

NC

$465,823

$596,304

$720,810

$895,797

DURHAM

NC

$338,886

$433,823

$524,405

$651,696

FRANKLIN

NC

$298,734

$382,430

$462,278

$574,481

GASTON

NC

$307,595

$393,772

$475,949

$591,544

HAYWOOD

NC

$307,595

$393,772

$475,949

$591,544

HENDERSON

NC

$307,595

$393,772

$475,949

$591,544

HYDE

NC

$489,114

$626,127

$756,861

$940,608

JOHNSTON

NC

$298,734

$382,430

$462,278

$574,481

MADISON

NC

$307,595

$393,772

$475,949

$591,544

MECKLENBURG

NC

$307,595

$393,772

$475,949

$591,544

NEW HANOVER

NC

$307,595

$393,772

$475,949

$591,544

ONSLOW

NC

$310,127

$397,013

$479,899

$596,405

ORANGE

NC

$338,886

$433,823

$524,405

$651,696

PASQUOTANK

NC

$738,987

$946,025

$1,143,544

$1,421,165

PENDER

NC

$307,595

$393,772

$475,949

$591,544

PERQUIMANS

NC

$738,987

$946,025

$1,143,544

$1,421,165

PERSON

NC

$338,886

$433,823

$524,405

$651,696

TRANSYLVANIA

NC

$297,468

$380,810

$460,304

$572,051

UNION

NC

$307,595

$393,772

$475,949

$591,544

WAKE

NC

$298,734

$382,430

$462,278

$574,481

WATAUGA

NC

$288,608

$369,468

$446,582

$554,987

21

BELKNAP

NH

$284,810

$364,608

$440,709

$547,696

GRAFTON

NH

$284,810

$364,608

$440,709

$547,696

HILLSBOROUGH

NH

$407,595

$521,772

$630,734

$783,848

MERRIMACK

NH

$306,329

$392,152

$474,025

$589,114

ROCKINGHAM

NH

$530,380

$678,987

$820,709

$1,019,949

STRAFFORD

NH

$530,380

$678,987

$820,709

$1,019,949

ATLANTIC

NJ

$459,494

$588,203

$711,038

$883,646

BERGEN

NJ

$738,987

$946,025

$1,143,544

$1,421,165

BURLINGTON

NJ

$425,316

$544,456

$658,127

$817,924

CAMDEN

NJ

$425,316

$544,456

$658,127

$817,924

CAPE MAY

NJ

$493,671

$632,000

$763,899

$949,367

CUMBERLAND

NJ

$410,127

$525,013

$634,633

$788,709

ESSEX

NJ

$738,987

$946,025

$1,143,544

$1,421,165

GLOUCESTER

NJ

$425,316

$544,456

$658,127

$817,924

HUDSON

NJ

$738,987

$946,025

$1,143,544

$1,421,165

HUNTERDON

NJ

$738,987

$946,025

$1,143,544

$1,421,165

MERCER

NJ

$445,570

$570,380

$689,468

$856,861

MIDDLESEX

NJ

$738,987

$946,025

$1,143,544

$1,421,165

MONMOUTH

NJ

$738,987

$946,025

$1,143,544

$1,421,165

MORRIS

NJ

$738,987

$946,025

$1,143,544

$1,421,165

OCEAN

NJ

$738,987

$946,025

$1,143,544

$1,421,165

PASSAIC

NJ

$738,987

$946,025

$1,143,544

$1,421,165

SALEM

NJ

$425,316

$544,456

$658,127

$817,924

SOMERSET

NJ

$738,987

$946,025

$1,143,544

$1,421,165

SUSSEX

NJ

$738,987

$946,025

$1,143,544

$1,421,165

UNION

NJ

$738,987

$946,025

$1,143,544

$1,421,165

WARREN

NJ

$407,595

$521,772

$630,734

$783,848

LOS ALAMOS

NM

$385,468

$493,468

$596,456

$741,266

SAN JUAN

NM

$284,810

$364,608

$440,709

$547,696

SANTA FE

NM

$432,911

$554,177

$669,873

$832,506

TAOS

NM

$276,000

$353,316

$427,089

$530,785

CARSON CITY

NV

$403,797

$516,911

$624,861

$776,557

CLARK

NV

$405,063

$518,532

$626,785

$778,987

22

DOUGLAS

NV

$474,684

$607,696

$734,532

$912,861

ELKO

NV

$329,114

$421,316

$509,266

$632,911

EUREKA

NV

$329,114

$421,316

$509,266

$632,911

LYON

NV

$335,443

$429,418

$519,089

$645,063

NYE

NV

$329,114

$421,316

$509,266

$632,911

STOREY

NV

$408,861

$523,392

$632,658

$786,278

WASHOE

NV

$408,861

$523,392

$632,658

$786,278

ALBANY

NY

$316,456

$405,114

$489,671

$608,557

BRONX

NY

$738,987

$946,025

$1,143,544

$1,421,165

COLUMBIA

NY

$279,747

$358,127

$432,861

$537,975

DUTCHESS

NY

$449,367

$575,241

$695,342

$864,152

ERIE

NY

$279,747

$358,127

$432,861

$537,975

KINGS

NY

$738,987

$946,025

$1,143,544

$1,421,165

MADISON

NY

$284,810

$364,608

$440,709

$547,696

NASSAU

NY

$738,987

$946,025

$1,143,544

$1,421,165

NEW YORK

NY

$738,987

$946,025

$1,143,544

$1,421,165

NIAGARA

NY

$279,747

$358,127

$432,861

$537,975

ONONDAGA

NY

$284,810

$364,608

$440,709

$547,696

ORANGE

NY

$449,367

$575,241

$695,342

$864,152

OSWEGO

NY

$284,810

$364,608

$440,709

$547,696

PUTNAM

NY

$738,987

$946,025

$1,143,544

$1,421,165

QUEENS

NY

$738,987

$946,025

$1,143,544

$1,421,165

RENSSELAER

NY

$316,456

$405,114

$489,671

$608,557

RICHMOND

NY

$738,987

$946,025

$1,143,544

$1,421,165

ROCKLAND

NY

$738,987

$946,025

$1,143,544

$1,421,165

SARATOGA

NY

$316,456

$405,114

$489,671

$608,557

SCHENECTADY

NY

$316,456

$405,114

$489,671

$608,557

SCHOHARIE

NY

$316,456

$405,114

$489,671

$608,557

SUFFOLK

NY

$738,987

$946,025

$1,143,544

$1,421,165

ULSTER

NY

$411,392

$526,633

$636,608

$791,139

WESTCHESTER

NY

$738,987

$946,025

$1,143,544

$1,421,165

ASHTABULA

OH

$294,937

$377,570

$456,405

$567,190

ATHENS

OH

$437,975

$560,658

$677,722

$842,278

BROWN

OH

$341,772

$437,519

$528,861

$657,266

23

BUTLER

OH

$341,772

$437,519

$528,861

$657,266

CARROLL

OH

$281,013

$359,747

$434,835

$540,405

CLERMONT

OH

$341,772

$437,519

$528,861

$657,266

CUYAHOGA

OH

$302,532

$387,291

$468,152

$581,772

DELAWARE

OH

$345,570

$442,380

$534,734

$664,557

FAIRFIELD

OH

$345,570

$442,380

$534,734

$664,557

FRANKLIN

OH

$345,570

$442,380

$534,734

$664,557

GEAUGA

OH

$302,532

$387,291

$468,152

$581,772

GREENE

OH

$274,684

$351,646

$425,063

$528,253

HAMILTON

OH

$341,772

$437,519

$528,861

$657,266

LAKE

OH

$302,532

$387,291

$468,152

$581,772

LICKING

OH

$345,570

$442,380

$534,734

$664,557

LORAIN

OH

$302,532

$387,291

$468,152

$581,772

MADISON

OH

$345,570

$442,380

$534,734

$664,557

MEDINA

OH

$302,532

$387,291

$468,152

$581,772

MERCER

OH

$296,203

$379,190

$458,329

$569,620

MIAMI

OH

$274,684

$351,646

$425,063

$528,253

MONTGOMERY

OH

$274,684

$351,646

$425,063

$528,253

MORROW

OH

$345,570

$442,380

$534,734

$664,557

PICKAWAY

OH

$345,570

$442,380

$534,734

$664,557

PORTAGE

OH

$334,177

$427,797

$517,114

$642,633

PREBLE

OH

$274,684

$351,646

$425,063

$528,253

STARK

OH

$281,013

$359,747

$434,835

$540,405

SUMMIT

OH

$334,177

$427,797

$517,114

$642,633

UNION

OH

$345,570

$442,380

$534,734

$664,557

VAN WERT

OH

$305,063

$390,532

$472,051

$586,633

WARREN

OH

$341,772

$437,519

$528,861

$657,266

BENTON

OR

$341,772

$437,519

$528,861

$657,266

CLACKAMAS

OR

$424,051

$542,835

$656,203

$815,494

CLATSOP

OR

$351,899

$450,481

$544,557

$676,709

COLUMBIA

OR

$424,051

$542,835

$656,203

$815,494

CURRY

OR

$355,696

$455,342

$550,430

$684,051

DESCHUTES

OR

$453,165

$580,101

$701,215

$871,494

HOOD RIVER

OR

$398,734

$510,430

$617,013

$766,785

JACKSON

OR

$427,848

$547,696

$662,076

$822,785

24

JOSEPHINE

OR

$329,114

$421,316

$509,266

$632,911

LANE

OR

$348,101

$445,620

$538,633

$669,418

LINCOLN

OR

$316,456

$405,114

$489,671

$608,557

MARION

OR

$298,734

$382,430

$462,278

$574,481

MULTNOMAH

OR

$424,051

$542,835

$656,203

$815,494

POLK

OR

$298,734

$382,430

$462,278

$574,481

TILLAMOOK

OR

$348,101

$445,620

$538,633

$669,418

WASHINGTON

OR

$424,051

$542,835

$656,203

$815,494

YAMHILL

OR

$424,051

$542,835

$656,203

$815,494

ALLEGHENY

PA

$331,646

$424,557

$513,215

$637,772

ARMSTRONG

PA

$331,646

$424,557

$513,215

$637,772

BEAVER

PA

$331,646

$424,557

$513,215

$637,772

BERKS

PA

$303,797

$388,911

$470,076

$584,203

BUCKS

PA

$425,316

$544,456

$658,127

$817,924

BUTLER

PA

$331,646

$424,557

$513,215

$637,772

CARBON

PA

$407,595

$521,772

$630,734

$783,848

CENTRE

PA

$283,544

$362,987

$438,734

$545,266

CHESTER

PA

$425,316

$544,456

$658,127

$817,924

DELAWARE

PA

$425,316

$544,456

$658,127

$817,924

FAYETTE

PA

$331,646

$424,557

$513,215

$637,772

LANCASTER

PA

$388,608

$497,468

$601,316

$747,342

LEHIGH

PA

$407,595

$521,772

$630,734

$783,848

MONTGOMERY

PA

$425,316

$544,456

$658,127

$817,924

NORTHAMPTON

PA

$407,595

$521,772

$630,734

$783,848

PHILADELPHIA

PA

$425,316

$544,456

$658,127

$817,924

PIKE

PA

$738,987

$946,025

$1,143,544

$1,421,165

WASHINGTON

PA

$331,646

$424,557

$513,215

$637,772

WESTMORELAND

PA

$331,646

$424,557

$513,215

$637,772

YORK

PA

$430,380

$550,937

$665,975

$827,646

BRISTOL

RI

$481,013

$615,797

$744,354

$925,013

KENT

RI

$481,013

$615,797

$744,354

$925,013

NEWPORT

RI

$481,013

$615,797

$744,354

$925,013

PROVIDENCE

RI

$481,013

$615,797

$744,354

$925,013

WASHINGTON

RI

$481,013

$615,797

$744,354

$925,013

25

BEAUFORT

SC

$392,405

$502,329

$607,190

$754,633

BERKELEY

SC

$339,241

$434,278

$524,962

$652,405

CHARLESTON

SC

$339,241

$434,278

$524,962

$652,405

DORCHESTER

SC

$339,241

$434,278

$524,962

$652,405

GEORGETOWN

SC

$400,000

$512,051

$618,987

$769,215

GREENVILLE

SC

$298,734

$382,430

$462,278

$574,481

HORRY

SC

$289,873

$371,089

$448,557

$557,418

JASPER

SC

$392,405

$502,329

$607,190

$754,633

LAURENS

SC

$298,734

$382,430

$462,278

$574,481

PICKENS

SC

$298,734

$382,430

$462,278

$574,481

YORK

SC

$307,595

$393,772

$475,949

$591,544

CANNON

TN

$437,975

$560,658

$677,722

$842,278

CHEATHAM

TN

$437,975

$560,658

$677,722

$842,278

DAVIDSON

TN

$437,975

$560,658

$677,722

$842,278

DICKSON

TN

$437,975

$560,658

$677,722

$842,278

HICKMAN

TN

$437,975

$560,658

$677,722

$842,278

MACON

TN

$437,975

$560,658

$677,722

$842,278

ROBERTSON

TN

$437,975

$560,658

$677,722

$842,278

RUTHERFORD

TN

$437,975

$560,658

$677,722

$842,278

SMITH

TN

$437,975

$560,658

$677,722

$842,278

SUMNER

TN

$437,975

$560,658

$677,722

$842,278

TROUSDALE

TN

$437,975

$560,658

$677,722

$842,278

WILLIAMSON

TN

$437,975

$560,658

$677,722

$842,278

WILSON

TN

$437,975

$560,658

$677,722

$842,278

ATASCOSA

TX

$336,709

$431,038

$521,013

$647,494

BANDERA

TX

$336,709

$431,038

$521,013

$647,494

BASTROP

TX

$292,405

$374,329

$452,456

$562,329

BEXAR

TX

$336,709

$431,038

$521,013

$647,494

CALDWELL

TX

$292,405

$374,329

$452,456

$562,329

COMAL

TX

$336,709

$431,038

$521,013

$647,494

GUADALUPE

TX

$336,709

$431,038

$521,013

$647,494

HAYS

TX

$292,405

$374,329

$452,456

$562,329

JEFF DAVIS

TX

$274,684

$351,646

$425,063

$528,253

26

KENDALL

TX

$336,709

$431,038

$521,013

$647,494

MEDINA

TX

$336,709

$431,038

$521,013

$647,494

TRAVIS

TX

$292,405

$374,329

$452,456

$562,329

WILLIAMSON

TX

$292,405

$374,329

$452,456

$562,329

WILSON

TX

$336,709

$431,038

$521,013

$647,494

DAGGETT

UT

$306,278

$392,101

$473,924

$589,013

DAVIS

UT

$402,532

$515,291

$622,886

$774,076

JUAB

UT

$327,848

$419,696

$507,291

$630,481

KANE

UT

$388,608

$497,468

$601,316

$747,342

MORGAN

UT

$402,532

$515,291

$622,886

$774,076

RICH

UT

$300,456

$384,608

$464,911

$577,772

SALT LAKE

UT

$738,987

$946,025

$1,143,544

$1,421,165

SUMMIT

UT

$738,987

$946,025

$1,143,544

$1,421,165

TOOELE

UT

$738,987

$946,025

$1,143,544

$1,421,165

UTAH

UT

$327,848

$419,696

$507,291

$630,481

WASATCH

UT

$436,709

$559,038

$675,797

$839,848

WASHINGTON

UT

$377,215

$482,886

$583,696

$725,418

WEBER

UT

$402,532

$515,291

$622,886

$774,076

ALBEMARLE

VA

$442,532

$566,532

$684,759

$851,038

ALEXANDRIA

VA

$738,987

$946,025

$1,143,544

$1,421,165

AMELIA

VA

$542,684

$694,734

$839,747

$1,043,646

AMHERST

VA

$295,797

$378,684

$457,722

$568,810

APPOMATTOX

VA

$295,797

$378,684

$457,722

$568,810

ARLINGTON

VA

$738,987

$946,025

$1,143,544

$1,421,165

BEDFORD

VA

$295,797

$378,684

$457,722

$568,810

BEDFORD IND

VA

$295,797

$378,684

$457,722

$568,810

BOTETOURT

VA

$283,544

$362,987

$438,734

$545,266

CAMPBELL

VA

$295,797

$378,684

$457,722

$568,810

CAROLINE

VA

$542,684

$694,734

$839,747

$1,043,646

CHARLES CITY

VA

$542,684

$694,734

$839,747

$1,043,646

CHARLOTTESVILLE

VA

$442,532

$566,532

$684,759

$851,038

CHESAPEAKE

VA

$464,658

$594,835

$719,038

$893,570

CHESTERFIELD

VA

$542,684

$694,734

$839,747

$1,043,646

CLARKE

VA

$738,987

$946,025

$1,143,544

$1,421,165

27

COLONIAL HEIGHT

VA

$542,684

$694,734

$839,747

$1,043,646

CRAIG

VA

$283,544

$362,987

$438,734

$545,266

CULPEPER

VA

$387,342

$495,848

$599,392

$744,911

CUMBERLAND

VA

$542,684

$694,734

$839,747

$1,043,646

DINWIDDIE

VA

$542,684

$694,734

$839,747

$1,043,646

ESSEX

VA

$379,747

$486,127

$587,646

$730,278

FAIRFAX

VA

$738,987

$946,025

$1,143,544

$1,421,165

FAIRFAX IND

VA

$738,987

$946,025

$1,143,544

$1,421,165

FALLS CHURCH

VA

$738,987

$946,025

$1,143,544

$1,421,165

FAUQUIER

VA

$738,987

$946,025

$1,143,544

$1,421,165

FLUVANNA

VA

$442,532

$566,532

$684,759

$851,038

FRANKLIN

VA

$283,544

$362,987

$438,734

$545,266

FREDERICK

VA

$481,013

$615,797

$744,354

$925,013

FREDERICKSBURG

VA

$738,987

$946,025

$1,143,544

$1,421,165

GILES

VA

$295,797

$378,684

$457,722

$568,810

GLOUCESTER

VA

$464,658

$594,835

$719,038

$893,570

GOOCHLAND

VA

$542,684

$694,734

$839,747

$1,043,646

GREENE

VA

$442,532

$566,532

$684,759

$851,038

HAMPTON

VA

$464,658

$594,835

$719,038

$893,570

HANOVER

VA

$542,684

$694,734

$839,747

$1,043,646

HARRISONBURG

VA

$280,658

$359,291

$434,278

$539,696

HENRICO

VA

$542,684

$694,734

$839,747

$1,043,646

HIGHLAND

VA

$291,139

$372,709

$450,532

$559,899

HOPEWELL

VA

$542,684

$694,734

$839,747

$1,043,646

ISLE OF WIGHT

VA

$464,658

$594,835

$719,038

$893,570

JAMES CITY

VA

$464,658

$594,835

$719,038

$893,570

KING AND QUEEN

VA

$542,684

$694,734

$839,747

$1,043,646

KING GEORGE

VA

$391,139

$500,709

$605,266

$752,203

KING WILLIAM

VA

$542,684

$694,734

$839,747

$1,043,646

LANCASTER

VA

$551,899

$706,532

$854,025

$1,061,367

LEXINGTON

VA

$300,000

$384,051

$464,203

$576,911

LOUDOUN

VA

$738,987

$946,025

$1,143,544

$1,421,165

LOUISA

VA

$542,684

$694,734

$839,747

$1,043,646

LYNCHBURG

VA

$295,797

$378,684

$457,722

$568,810

MADISON

VA

$281,013

$359,747

$434,835

$540,405

MANASSAS

VA

$738,987

$946,025

$1,143,544

$1,421,165

28

MANASSAS PARK

VA

$738,987

$946,025

$1,143,544

$1,421,165

MATHEWS

VA

$464,658

$594,835

$719,038

$893,570

MIDDLESEX

VA

$334,177

$427,797

$517,114

$642,633

MONTGOMERY

VA

$295,797

$378,684

$457,722

$568,810

NELSON

VA

$442,532

$566,532

$684,759

$851,038

NEW KENT

VA

$542,684

$694,734

$839,747

$1,043,646

NEWPORT NEWS

VA

$464,658

$594,835

$719,038

$893,570

NORFOLK

VA

$464,658

$594,835

$719,038

$893,570

NORTHUMBERLAND

VA

$397,468

$508,810

$615,038

$764,354

ORANGE

VA

$335,443

$429,418

$519,089

$645,063

PETERSBURG

VA

$542,684

$694,734

$839,747

$1,043,646

POQUOSON

VA

$464,658

$594,835

$719,038

$893,570

PORTSMOUTH

VA

$464,658

$594,835

$719,038

$893,570

POWHATAN

VA

$542,684

$694,734

$839,747

$1,043,646

PRINCE GEORGE

VA

$542,684

$694,734

$839,747

$1,043,646

PRINCE WILLIAM

VA

$738,987

$946,025

$1,143,544

$1,421,165

PULASKI

VA

$295,797

$378,684

$457,722

$568,810

RADFORD

VA

$295,797

$378,684

$457,722

$568,810

RAPPAHANNOCK

VA

$364,506

$466,633

$564,051

$700,962

RICHMOND

VA

$303,797

$388,911

$470,076

$584,203

RICHMOND IND

VA

$542,684

$694,734

$839,747

$1,043,646

ROANOKE

VA

$283,544

$362,987

$438,734

$545,266

ROANOKE IND

VA

$283,544

$362,987

$438,734

$545,266

ROCKINGHAM

VA

$280,658

$359,291

$434,278

$539,696

SALEM

VA

$283,544

$362,987

$438,734

$545,266

SPOTSYLVANIA

VA

$738,987

$946,025

$1,143,544

$1,421,165

STAFFORD

VA

$738,987

$946,025

$1,143,544

$1,421,165

SUFFOLK

VA

$464,658

$594,835

$719,038

$893,570

SURRY

VA

$464,658

$594,835

$719,038

$893,570

SUSSEX

VA

$542,684

$694,734

$839,747

$1,043,646

VIRGINIA BEACH

VA

$464,658

$594,835

$719,038

$893,570

WARREN

VA

$738,987

$946,025

$1,143,544

$1,421,165

WILLIAMSBURG

VA

$464,658

$594,835

$719,038

$893,570

WINCHESTER

VA

$481,013

$615,797

$744,354

$925,013

YORK

VA

$464,658

$594,835

$719,038

$893,570

29

BENNINGTON

VT

$280,658

$359,291

$434,278

$539,696

CHITTENDEN

VT

$322,785

$413,215

$499,494

$620,759

FRANKLIN

VT

$322,785

$413,215

$499,494

$620,759

GRAND ISLE

VT

$322,785

$413,215

$499,494

$620,759

LAMOILLE

VT

$279,494

$357,772

$432,506

$537,468

ORANGE

VT

$284,810

$364,608

$440,709

$547,696

WINDSOR

VT

$284,810

$364,608

$440,709

$547,696

BENTON

WA

$278,481

$356,506

$430,937

$535,544

CHELAN

WA

$347,038

$444,253

$537,013

$667,392

CLALLAM

WA

$388,962

$497,924

$601,873

$748,000

CLARK

WA

$424,051

$542,835

$656,203

$815,494

DOUGLAS

WA

$347,038

$444,253

$537,013

$667,392

FRANKLIN

WA

$278,481

$356,506

$430,937

$535,544

ISLAND

WA

$386,076

$494,228

$597,418

$742,430

JEFFERSON

WA

$443,038

$567,139

$685,570

$852,000

KING

WA

$574,684

$735,696

$889,266

$1,105,165

KITSAP

WA

$481,013

$615,797

$744,354

$925,013

KITTITAS

WA

$332,911

$426,177

$515,139

$640,203

MASON

WA

$313,924

$401,873

$485,772

$603,696

PIERCE

WA

$574,684

$735,696

$889,266

$1,105,165

SAN JUAN

WA

$601,266

$769,722

$930,430

$1,156,304

SKAGIT

WA

$378,481

$484,506

$585,671

$727,848

SKAMANIA

WA

$424,051

$542,835

$656,203

$815,494

SNOHOMISH

WA

$574,684

$735,696

$889,266

$1,105,165

THURSTON

WA

$365,823

$468,304

$566,076

$703,494

WHATCOM

WA

$379,747

$486,127

$587,646

$730,278

COLUMBIA

WI

$297,468

$380,810

$460,304

$572,051

DANE

WI

$297,468

$380,810

$460,304

$572,051

IOWA

WI

$297,468

$380,810

$460,304

$572,051

KENOSHA

WI

$415,190

$531,494

$642,481

$798,430

MILWAUKEE

WI

$318,987

$408,354

$493,620

$613,418

OZAUKEE

WI

$318,987

$408,354

$493,620

$613,418

PIERCE

WI

$369,620

$473,165

$571,949

$710,785

ST. CROIX

WI

$369,620

$473,165

$571,949

$710,785

30

WALWORTH

WI

$282,278

$361,367

$436,810

$542,835

WASHINGTON

WI

$318,987

$408,354

$493,620

$613,418

WAUKESHA

WI

$318,987

$408,354

$493,620

$613,418

BERKELEY

WV

$382,278

$489,367

$591,544

$735,139

HAMPSHIRE

WV

$481,013

$615,797

$744,354

$925,013

JEFFERSON

WV

$738,987

$946,025

$1,143,544

$1,421,165

MORGAN

WV

$382,278

$489,367

$591,544

$735,139

SHERIDAN

WY

$275,949

$353,266

$426,987

$530,684

SUBLETTE

WY

$302,532

$387,291

$468,152

$581,772

TETON

WY

$702,532

$899,342

$1,087,139

$1,351,038

MANUA

AS

$308,861

$395,392

$477,924

$593,975

GUAM

GU

$659,494

$844,253

$1,020,506

$1,268,253

NORTHERN ISLAND

MP

$612,658

$784,304

$948,051

$1,178,228

ROTA

MP

$479,747

$614,177

$742,380

$922,582

SAIPAN

MP

$617,722

$790,785

$955,899

$1,187,949

TINIAN

MP

$621,519

$795,646

$961,772

$1,195,241

AGUAS BUENAS

PR

$613,924

$785,924

$950,025

$1,180,658

AIBONITO

PR

$613,924

$785,924

$950,025

$1,180,658

ARECIBO

PR

$613,924

$785,924

$950,025

$1,180,658

BARCELONETA

PR

$613,924

$785,924

$950,025

$1,180,658

BARRANQUITAS

PR

$613,924

$785,924

$950,025

$1,180,658

BAYAMON

PR

$613,924

$785,924

$950,025

$1,180,658

CAGUAS

PR

$613,924

$785,924

$950,025

$1,180,658

CAMUY

PR

$613,924

$785,924

$950,025

$1,180,658

CANOVANAS

PR

$613,924

$785,924

$950,025

$1,180,658

CAROLINA

PR

$613,924

$785,924

$950,025

$1,180,658

CATANO

PR

$613,924

$785,924

$950,025

$1,180,658

CAYEY

PR

$613,924

$785,924

$950,025

$1,180,658

CEIBA

PR

$329,114

$421,316

$509,266

$632,911

CIALES

PR

$613,924

$785,924

$950,025

$1,180,658

31

CIDRA

PR

$613,924

$785,924

$950,025

$1,180,658

COMERIO

PR

$613,924

$785,924

$950,025

$1,180,658

COROZAL

PR

$613,924

$785,924

$950,025

$1,180,658

DORADO

PR

$613,924

$785,924

$950,025

$1,180,658

FAJARDO

PR

$329,114

$421,316

$509,266

$632,911

FLORIDA

PR

$613,924

$785,924

$950,025

$1,180,658

GUAYNABO

PR

$613,924

$785,924

$950,025

$1,180,658

GURABO

PR

$613,924

$785,924

$950,025

$1,180,658

HATILLO

PR

$613,924

$785,924

$950,025

$1,180,658

HUMACAO

PR

$613,924

$785,924

$950,025

$1,180,658

JUNCOS

PR

$613,924

$785,924

$950,025

$1,180,658

LAS PIEDRAS

PR

$613,924

$785,924

$950,025

$1,180,658

LOIZA

PR

$613,924

$785,924

$950,025

$1,180,658

LUQUILLO

PR

$329,114

$421,316

$509,266

$632,911

MANATI

PR

$613,924

$785,924

$950,025

$1,180,658

MAUNABO

PR

$613,924

$785,924

$950,025

$1,180,658

MOROVIS

PR

$613,924

$785,924

$950,025

$1,180,658

NAGUABO

PR

$613,924

$785,924

$950,025

$1,180,658

NARANJITO

PR

$613,924

$785,924

$950,025

$1,180,658

OROCOVIS

PR

$613,924

$785,924

$950,025

$1,180,658

QUEBRADILLAS

PR

$613,924

$785,924

$950,025

$1,180,658

RIO GRANDE

PR

$613,924

$785,924

$950,025

$1,180,658

SAN JUAN

PR

$613,924

$785,924

$950,025

$1,180,658

SAN LORENZO

PR

$613,924

$785,924

$950,025

$1,180,658

TOA ALTA

PR

$613,924

$785,924

$950,025

$1,180,658

TOA BAJA

PR

$613,924

$785,924

$950,025

$1,180,658

TRUJILLO ALTO

PR

$613,924

$785,924

$950,025

$1,180,658

VEGA ALTA

PR

$613,924

$785,924

$950,025

$1,180,658

VEGA BAJA

PR

$613,924

$785,924

$950,025

$1,180,658

YABUCOA

PR

$613,924

$785,924

$950,025

$1,180,658

ST. CROIX

VI

$331,899

$424,861

$513,570

$638,278

ST. JOHN, VI

VI

$631,190

$808,051

$976,709

$1,213,823

ST. THOMAS

VI

$451,848

$578,430

$699,190

$868,962

$274,481

$351,392

$424,709

$527,848

All other areas (floor):

32

.02 The nationwide average purchase price (for use in the housing cost/income

ratio for new and existing residences) is $220,000.

SECTION 5. EFFECT ON OTHER DOCUMENTS

Rev. Proc. 2010-25 is obsolete except as provided in section 6 of this revenue

procedure.

SECTION 6. EFFECTIVE DATES

.01 Issuers may rely on this revenue procedure to determine average area

purchase price safe harbors for commitments to provide financing or issue mortgage

credit certificates that are made, or (if the purchase precedes the commitment) for

residences that are purchased, in the period that begins on March 22, 2011, 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. 2010-25,

with respect to bonds sold, or for mortgage credit certificates issued with respect to

bond authority exchanged, before April 21, 2011, if the commitments to provide

financing or issue mortgage credit certificates are made on or before May 21, 2011.

.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

33

on March 22, 2011, 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. 201025 with respect to bonds sold, or for mortgage credit certificates issued with respect to

bond authority exchanged, before April 21, 2011, if the commitments to provide

financing or issue mortgage credit certificates are made on or before May 21, 2011.

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 beginning in 2012. The alternative

method under consideration would involve the use of certain current available data from

the Department of Housing and Urban Development (“HUD”) regarding county median

housing purchase prices instead of the FHA loan limits.

For example, the 2011 single unit purchase price limit for Elmore County, Alabama is

$274,481 based on the FHA loan limit of $271,050. According to HUD, the median

housing price in Elmore County was $141,727 for January through August 2010.

However, Elmore County is part of the Montgomery metropolitan area and Autauga

County in that metropolitan area had the highest median price for that period of

$150,000. Since $150,000 is a median value, dividing by .79 converts it to a mean

value for a single unit limit of $189,873. Applying factors based on the minimum FHA

34

loan limit amounts by property size, the limit would be $243,075 for two-units, $293,790

for three-units, and $365,145 for four-units.

Similarly, the 2011 single unit purchase price for Wicomico County, Maryland is

$332,911 based on the FHA loan limit of $328,750. According to HUD, the median

housing price in Wicomico County was $155,000 for January through August 2010.

Although Wicomico is in the Salisbury metropolitan area, it has the highest median price

for that period for the area. Since $155,000 is a median value, dividing by .79 converts

it to a mean value for a single-unit limit of $196,203. Applying factors based on the

minimum FHA loan limit amounts by property size, the limit would be $251,179 for twounits, $303,585 for three-units, and $377,318 for four-units.

The Treasury Department and the IRS solicit public comments on this alternative

method using current HUD data on county median housing purchase prices or whether

other data or methods should be used to calculate these safe harbors.

Comments should be submitted in writing and can be e-mailed to

notice.comments@irscounsel.treas.gov (include “Rev. Proc. 2011-23“ in the subject

line) or mailed to Office of Associate Chief Counsel (Financial Institutions & Products),

Re: Rev. Proc. 2011-23, CC:FIP:B5, Room 3547, 1111 Constitution Avenue, NW,

Washington, DC 20224. The due date for the public comments is June 15, 2011.

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

35

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 9. DRAFTING INFORMATION

The principal authors of this revenue procedure are David E. White and Timothy

L. Jones of the Office of Associate Chief Counsel (Financial Institutions & Products).

For further information regarding this revenue procedure contact David E. White on

36

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

37