# Administrative, Procedural, and Miscellaneous > Briefs, arguments, decisions, and more. URL: https://www.frixlaw.com/law-library/documents/agency%3Airs%3A991ece48cb73f7aa ## 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. 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 --- Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Airs%3A991ece48cb73f7aa. Public record. Not legal advice.