# Bulletin No. 2022–16

> Briefs, arguments, decisions, and more.

URL: https://www.frixlaw.com/law-library/documents/agency%3Airs%3Ab8067be118307fdf

## Record

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

## Text

HIGHLIGHTS
OF THIS ISSUE




Bulletin No. 2022–16
April 18, 2022

These synopses are intended only as aids to the reader in
identifying the subject matter covered. They may not be
relied upon as authoritative interpretations.

ADMINISTRATIVE
Rev. Proc. 2022-21, page 1015.
This revenue procedure provides issuers of qualified
mortgage bonds, as defined in § 143(a) of the Internal
Revenue Code (Code), and issuers of mortgage credit

Finding Lists begin on page ii.

certificates, as defined in § 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.

The IRS Mission
Provide America’s taxpayers top-quality service by helping
them understand and meet their tax responsibilities and enforce the law with integrity and fairness to all.

Introduction
The Internal Revenue Bulletin is the authoritative instrument
of the Commissioner of Internal Revenue for announcing official rulings and procedures of the Internal Revenue Service
and for publishing Treasury Decisions, Executive Orders, Tax
Conventions, legislation, court decisions, and other items of
general interest. It is published weekly.
It is the policy of the Service to publish in the Bulletin all substantive rulings necessary to promote a uniform application
of the tax laws, including all rulings that supersede, revoke,
modify, or amend any of those previously published in the
Bulletin. All published rulings apply retroactively unless otherwise indicated. Procedures relating solely to matters of internal management are not published; however, statements of
internal practices and procedures that affect the rights and
duties of taxpayers are published.
Revenue rulings represent the conclusions of the Service
on the application of the law to the pivotal facts stated in
the revenue ruling. In those based on positions taken in rulings to taxpayers or technical advice to Service field offices,
identifying details and information of a confidential nature are
deleted to prevent unwarranted invasions of privacy and to
comply with statutory requirements.
Rulings and procedures reported in the Bulletin do not have the
force and effect of Treasury Department Regulations, but they
may be used as precedents. Unpublished rulings will not be
relied on, used, or cited as precedents by Service personnel in
the disposition of other cases. In applying published rulings and
procedures, the effect of subsequent legislation, regulations,
court decisions, rulings, and procedures must be considered,
and Service personnel and others concerned are cautioned

against reaching the same conclusions in other cases unless
the facts and circumstances are substantially the same.
The Bulletin is divided into four parts as follows:
Part I.—1986 Code.
This part includes rulings and decisions based on provisions
of the Internal Revenue Code of 1986.
Part II.—Treaties and Tax Legislation.
This part is divided into two subparts as follows: Subpart A,
Tax Conventions and Other Related Items, and Subpart B,
Legislation and Related Committee Reports.
Part III.—Administrative, Procedural, and Miscellaneous.
To the extent practicable, pertinent cross references to these
subjects are contained in the other Parts and Subparts. Also
included in this part are Bank Secrecy Act Administrative
Rulings. Bank Secrecy Act Administrative Rulings are issued
by the Department of the Treasury’s Office of the Assistant
Secretary (Enforcement).
Part IV.—Items of General Interest.
This part includes notices of proposed rulemakings, disbarment and suspension lists, and announcements.
The last Bulletin for each month includes a cumulative index
for the matters published during the preceding months. These
monthly indexes are cumulated on a semiannual basis, and are
published in the last Bulletin of each semiannual period.

The contents of this publication are not copyrighted and may be reprinted freely. A citation of the Internal Revenue Bulletin as the source would be appropriate.

April 18, 2022 

Bulletin No. 2022–16

Part III
26 CFR 601.601: Rules and Regulations
(Also Part 1, §§ 25, 143, 6a.103A-1(b)(4),
6a.103A-2(f)(5)).

Rev. Proc. 2022-21
SECTION 1. PURPOSE
This revenue procedure provides issuers of qualified mortgage bonds, as defined in § 143(a) of the Internal Revenue
Code (Code), and issuers of mortgage
credit certificates, as defined in § 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 § 103(b), gross income
does not include interest on any State or
local bond. Section 103(b)(1) provides that
§ 103(a) shall not apply to any private activity bond that is not a “qualified bond”
within the meaning of § 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 § 143, (2) meets the volume cap requirements under § 146, and (3) meets the
applicable requirements under § 147.
.02 Section 143(a)(1) provides that the
term “qualified mortgage bond” means a
bond that is issued as part of a qualified
mortgage issue. Section 143(a)(2)(A) provides that the term “qualified mortgage issue” means an issue of one or more bonds
by a State or political subdivision thereof,
but only if: (i) all proceeds of the issue
(exclusive of issuance costs and a reasonably required reserve) are to be used to finance owner-occupied residences; (ii) the
issue meets the requirements of subsections (c), (d), (e), (f), (g), (h), (i), and (m)
(7) of § 143; (iii) the issue does not meet
the private business tests of paragraphs (1)
and (2) of § 141(b); and (iv) with respect
to amounts received more than 10 years
after the date of issuance, repayments of

Bulletin No. 2022–16

$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 § 143(e) if the acquisition
cost of each residence financed by the issue does not exceed 90 percent of the average area purchase price applicable to such
residence. Section 143(e)(5) provides that,
in the case of a targeted area residence (as
defined in § 143(j)), § 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 §§ 143(e)
(3) and (4), respectively, separate determinations of average area purchase price are
to be made for new and existing residences, and for two-, three-, and four-family
residences.
.05 Section 143(e)(2) also provides that
the determination of the average area purchase price 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, § 143(k)(2)(D) provides that the
Secretary may designate an area that is the

1015

equivalent of a county. Section 6a.103A1(b)(4)(i) of the Income Tax Regulations
(issued under § 103A of the Internal Revenue Code of 1954, the predecessor of
§ 143 of the Code) 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 (Treasury Department) 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 thereof 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 § 146, and in its
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 § 143(e).
Income Limitations for Qualified
Mortgage Bonds and Mortgage Credit
Certificates
.09 Section 143(f) imposes limitations
on the income of mortgagors for whom

April 18, 2022

financing may be provided by qualified
mortgage bonds. In addition, § 25(c)
(2)(A)(iii)(IV) provides that holders of
mortgage credit certificates must meet
the income requirement of § 143(f). Generally, under §§ 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 § 143(f)
(5)(C) as any statistical area for which the
housing cost/income ratio is greater than
1.2.
.10 Under § 143(f)(5)(D), the housing cost/income ratio with respect to any
statistical area is determined by dividing
(a) the applicable housing price ratio for
such area by (b) the ratio that the area median gross income for such area bears to
the median gross income for the United
States. The applicable housing price ratio
is the new housing price ratio (new housing average area purchase price divided
by the new housing average purchase
price for the United States) or the existing
housing price ratio (existing housing average area purchase price divided by the
existing housing average purchase price
for the United States), whichever results
in the housing cost/income ratio being
closer to 1.
Average Area and Nationwide Purchase
Price Limitations
.11 Average area purchase price safe
harbors for each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin
Islands, and Guam were last published in
Rev. Proc. 2021-17, 2021-15 I.R.B. 991.
.12 The nationwide average purchase
price was last published in section 4.02
of Rev. Proc. 2021-17. Guidance with respect to the United States and area median gross income figures that are used in
computing the housing cost/income ratio
described in § 143(f)(5) was published in
Rev. Proc. 2021-19, 2021-15 I.R.B. 1008.

April 18, 2022

.13 This revenue procedure uses Federal Housing Administration (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 (IRS) have determined that FHA
loan limits provide a reasonable basis for
determining average area purchase price
safe harbors. If the Treasury Department and the IRS become aware of other
sources of average purchase price data,
including data that differentiate between
new and existing residences, consideration will be given as to whether such
data provide a more accurate method for
calculating average area purchase price
safe harbors.
.15 The average area purchase price
safe harbors listed in section 4.01 of this
revenue procedure are based on FHA loan
limits released November 30, 2021. FHA
loan limits are available for statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana
Islands, American Samoa, the Virgin Islands, and Guam. See section 3.03 of this
revenue procedure with respect to FHA
loan limits revised after November 30,
2021.
.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.

1016

SECTION 3. APPLICATION
Average Area Purchase Price Safe
Harbors
.01 Average area purchase price safe
harbors for statistical areas in each state,
the District of Columbia, Puerto Rico,
the Northern Mariana Islands, American
Samoa, the Virgin Islands, and Guam are
set forth in section 4.01 of this revenue
procedure. Average area purchase price
safe harbors are provided for single-family and two to four-family residences. For
each type of residence, section 4.01 of this
revenue procedure contains a single safe
harbor that may be used for both new and
existing residences. Issuers of qualified
mortgage bonds and issuers of mortgage
credit certificates may rely on these safe
harbors to satisfy the requirements of
§§ 143(e) and (f). Section 4.01 of this revenue procedure provides safe harbors for
MSAs and for certain counties and county
equivalents. If no purchase price safe harbor is available for a statistical area, the
safe harbor for “ALL OTHER AREAS”
may be used for that statistical area.
.02 If a residence is in an MSA, the safe
harbor applicable to it is the limitation of
that MSA. If an MSA falls in more than
one state, the MSA is listed in section 4.01
of this revenue procedure under each state.
.03 If the FHA revises the FHA loan
limit for any statistical area after November 30, 2021, an issuer of qualified mortgage bonds or mortgage credit certificates
may use the revised FHA loan limit for
that statistical area to compute (as provided in the next sentence) a revised average
area purchase price safe harbor for the statistical area provided that the issuer maintains records evidencing the revised FHA
loan limit. The revised average area purchase price safe harbor for that statistical
area is computed by dividing the revised
FHA loan limit by 1.083.
.04 If, pursuant to § 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

Bulletin No. 2022–16

must make the computation for the entire
applicable MSA. When computing the average area purchase price for a statistical
area that is not an MSA, the issuer must
make the computation for the entire statistical area and may not combine statistical
areas. Thus, for example, the issuer may
not combine two or more counties.
.05 If an issuer receives a ruling permitting it to rely on an average area purchase price limitation that is higher than
the applicable safe harbor in this revenue
procedure, the issuer may rely on that
higher limitation for the purpose of satisfying the requirements of §§ 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 § 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 § 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. 2021-17, the issuer must use the nationwide average
purchase price set forth in section 4.02
of Rev. Proc. 2021-17 in computing the
housing cost/income ratio under § 143(f)
(5). Likewise, if, pursuant to section 6.04

of this revenue procedure, an issuer relies
on the nationwide average purchase price
published in Rev. Proc. 2021-17, the issuer must use the average area purchase
price safe harbors set forth in section
4.01 of Rev. Proc. 2021-17 in computing the housing cost/income ratio under
§ 143(f)(5).
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.

2022 Average Area Purchase Prices for Mortgage Revenue Bonds

County Name

State

One-Unit
Limit

Two-Unit
Limit

Three-Unit
Limit

Four-Unit
Limit

ALEUTIANS WEST

AK

$503,224

$644,193

$778,700

$967,767

ANCHORAGE MUNIC

AK

$416,168

$532,766

$644,008

$800,348

JUNEAU CITY AND

AK

$472,436

$604,819

$731,064

$908,545

KODIAK ISLAND B

AK

$418,292

$535,489

$647,286

$804,410

MATANUSKA-SUSIT

AK

$416,168

$532,766

$644,008

$800,348

NOME CENSUS ARE

AK

$406,613

$520,533

$629,191

$781,931

SITKA CITY AND

AK

$465,004

$595,265

$719,570

$894,236

SKAGWAY MUNICIP

AK

$407,675

$521,872

$630,853

$784,008

YAKUTAT CITY AN

AK

$388,565

$497,408

$601,265

$747,266

COCONINO

AZ

$390,689

$500,131

$604,543

$751,328

MARICOPA

AZ

$407,675

$521,872

$630,853

$784,008

PINAL

AZ

$407,675

$521,872

$630,853

$784,008

ALAMEDA

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

ALPINE

CA

$427,846

$547,721

$662,056

$822,782

CONTRA COSTA

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

EL DORADO

CA

$623,191

$797,810

$964,351

$1,198,469

INYO

CA

$398,120

$509,640

$616,082

$765,637

LOS ANGELES

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

Bulletin No. 2022–16

1017

April 18, 2022

County Name

State

One-Unit
Limit

Two-Unit
Limit

Three-Unit
Limit

Four-Unit
Limit

MARIN

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

MENDOCINO

CA

$467,128

$597,988

$722,848

$898,344

MONO

CA

$520,210

$665,980

$805,010

$1,000,401

MONTEREY

CA

$788,809

$1,009,817

$1,220,625

$1,516,965

NAPA

CA

$828,090

$1,060,130

$1,281,416

$1,592,527

NEVADA

CA

$562,676

$720,309

$870,695

$1,082,102

ORANGE

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

PLACER

CA

$623,191

$797,810

$964,351

$1,198,469

RIVERSIDE

CA

$519,149

$664,595

$803,349

$998,370

SACRAMENTO

CA

$623,191

$797,810

$964,351

$1,198,469

SAN BENITO

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

SAN BERNARDINO

CA

$519,149

$664,595

$803,349

$998,370

SAN DIEGO

CA

$812,165

$1,039,728

$1,256,767

$1,561,877

SAN FRANCISCO

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

SAN JOAQUIN

CA

$520,210

$665,980

$805,010

$1,000,401

SAN LUIS OBISPO

CA

$743,158

$951,380

$1,150,002

$1,429,171

SAN MATEO

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

SANTA BARBARA

CA

$722,986

$925,577

$1,118,798

$1,390,397

SANTA CLARA

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

SANTA CRUZ

CA

$896,220

$1,147,555

$1,387,051

$1,723,826

SOLANO

CA

$566,923

$725,756

$877,295

$1,090,272

SONOMA

CA

$706,000

$903,790

$1,092,488

$1,357,717

STANISLAUS

CA

$424,661

$543,613

$657,117

$816,642

SUTTER

CA

$388,565

$497,408

$601,265

$747,266

VENTURA

CA

$785,624

$1,005,755

$1,215,732

$1,510,826

YOLO

CA

$623,191

$797,810

$964,351

$1,198,469

YUBA

CA

$388,565

$497,408

$601,265

$747,266

ADAMS

CO

$631,684

$808,657

$977,506

$1,214,809

ARAPAHOE

CO

$631,684

$808,657

$977,506

$1,214,809

BOULDER

CO

$690,075

$883,434

$1,067,839

$1,327,067

BROOMFIELD

CO

$631,684

$808,657

$977,506

$1,214,809

CHAFFEE

CO

$425,723

$544,998

$658,779

$818,720

CLEAR CREEK

CO

$631,684

$808,657

$977,506

$1,214,809

DENVER

CO

$631,684

$808,657

$977,506

$1,214,809

DOUGLAS

CO

$631,684

$808,657

$977,506

$1,214,809

EAGLE

CO

$796,240

$1,019,326

$1,232,165

$1,531,274

EL PASO

CO

$424,661

$543,613

$657,117

$816,642

ELBERT

CO

$631,684

$808,657

$977,506

$1,214,809

GARFIELD

CO

$896,220

$1,147,555

$1,387,051

$1,723,826

GILPIN

CO

$631,684

$808,657

$977,506

$1,214,809

April 18, 2022

1018

Bulletin No. 2022–16

County Name

State

One-Unit
Limit

Two-Unit
Limit

Three-Unit
Limit

Four-Unit
Limit

GRAND

CO

$493,669

$631,961

$763,929

$949,349

GUNNISON

CO

$398,120

$509,640

$616,082

$765,637

HINSDALE

CO

$394,935

$505,578

$611,143

$759,498

JEFFERSON

CO

$631,684

$808,657

$977,506

$1,214,809

LA PLATA

CO

$456,511

$584,417

$706,415

$877,895

LARIMER

CO

$481,991

$617,052

$745,835

$926,916

MONTROSE

CO

$392,812

$502,855

$607,866

$755,390

OURAY

CO

$392,812

$502,855

$607,866

$755,390

PARK

CO

$631,684

$808,657

$977,506

$1,214,809

PITKIN

CO

$896,220

$1,147,555

$1,387,051

$1,723,826

ROUTT

CO

$626,376

$801,872

$969,290

$1,204,608

SAN MIGUEL

CO

$896,220

$1,147,555

$1,387,051

$1,723,826

SUMMIT

CO

$854,631

$1,094,103

$1,322,497

$1,643,532

TELLER

CO

$424,661

$543,613

$657,117

$816,642

WELD

CO

$445,895

$570,800

$689,983

$857,493

FAIRFIELD

CT

$642,300

$822,274

$993,939

$1,235,211

DISTRICT OF COL

DC

$896,220

$1,147,555

$1,387,051

$1,723,826

NEW CASTLE

DE

$440,586

$564,015

$681,766

$847,292

BAKER

FL

$399,182

$511,025

$617,698

$767,668

BROWARD

FL

$424,661

$543,613

$657,117

$816,642

CLAY

FL

$399,182

$511,025

$617,698

$767,668

COLLIER

FL

$509,594

$652,363

$788,578

$979,999

DUVAL

FL

$399,182

$511,025

$617,698

$767,668

MARTIN

FL

$398,120

$509,640

$616,082

$765,637

MIAMI-DADE

FL

$424,661

$543,613

$657,117

$816,642

MONROE

FL

$656,102

$839,907

$1,015,264

$1,261,752

NASSAU

FL

$399,182

$511,025

$617,698

$767,668

OKALOOSA

FL

$497,916

$637,408

$770,484

$957,519

PALM BEACH

FL

$424,661

$543,613

$657,117

$816,642

ST. JOHNS

FL

$399,182

$511,025

$617,698

$767,668

ST. LUCIE

FL

$398,120

$509,640

$616,082

$765,637

WALTON

FL

$497,916

$637,408

$770,484

$957,519

BARROW

GA

$435,278

$557,230

$673,550

$837,091

BARTOW

GA

$435,278

$557,230

$673,550

$837,091

BUTTS

GA

$435,278

$557,230

$673,550

$837,091

CARROLL

GA

$435,278

$557,230

$673,550

$837,091

Bulletin No. 2022–16

1019

April 18, 2022

County Name

State

One-Unit
Limit

Two-Unit
Limit

Three-Unit
Limit

Four-Unit
Limit

CHEROKEE

GA

$435,278

$557,230

$673,550

$837,091

CLARKE

GA

$422,538

$540,936

$653,840

$812,581

CLAYTON

GA

$435,278

$557,230

$673,550

$837,091

COBB

GA

$435,278

$557,230

$673,550

$837,091

COWETA

GA

$435,278

$557,230

$673,550

$837,091

DAWSON

GA

$435,278

$557,230

$673,550

$837,091

DEKALB

GA

$435,278

$557,230

$673,550

$837,091

DOUGLAS

GA

$435,278

$557,230

$673,550

$837,091

FAYETTE

GA

$435,278

$557,230

$673,550

$837,091

FORSYTH

GA

$435,278

$557,230

$673,550

$837,091

FULTON

GA

$435,278

$557,230

$673,550

$837,091

GREENE

GA

$475,621

$608,881

$736,003

$914,684

GWINNETT

GA

$435,278

$557,230

$673,550

$837,091

HARALSON

GA

$435,278

$557,230

$673,550

$837,091

HEARD

GA

$435,278

$557,230

$673,550

$837,091

HENRY

GA

$435,278

$557,230

$673,550

$837,091

JASPER

GA

$435,278

$557,230

$673,550

$837,091

LAMAR

GA

$435,278

$557,230

$673,550

$837,091

MADISON

GA

$422,538

$540,936

$653,840

$812,581

MERIWETHER

GA

$435,278

$557,230

$673,550

$837,091

MORGAN

GA

$435,278

$557,230

$673,550

$837,091

NEWTON

GA

$435,278

$557,230

$673,550

$837,091

OCONEE

GA

$422,538

$540,936

$653,840

$812,581

OGLETHORPE

GA

$422,538

$540,936

$653,840

$812,581

PAULDING

GA

$435,278

$557,230

$673,550

$837,091

PICKENS

GA

$435,278

$557,230

$673,550

$837,091

PIKE

GA

$435,278

$557,230

$673,550

$837,091

ROCKDALE

GA

$435,278

$557,230

$673,550

$837,091

SPALDING

GA

$435,278

$557,230

$673,550

$837,091

WALTON

GA

$435,278

$557,230

$673,550

$837,091

HAWAII

HI

$440,586

$564,015

$681,766

$847,292

HONOLULU

HI

$690,075

$883,434

$1,067,839

$1,327,067

KALAWAO

HI

$764,391

$978,568

$1,182,867

$1,470,021

KAUAI

HI

$780,315

$998,970

$1,207,516

$1,500,624

MAUI

HI

$764,391

$978,568

$1,182,867

$1,470,021

ADA

ID

$475,621

$608,881

$736,003

$914,684

BLAINE

ID

$598,773

$766,514

$926,547

$1,151,479

BOISE

ID

$475,621

$608,881

$736,003

$914,684

BONNER

ID

$394,935

$505,578

$611,143

$759,498

April 18, 2022

1020

Bulletin No. 2022–16

County Name

State

One-Unit
Limit

Two-Unit
Limit

Three-Unit
Limit

Four-Unit
Limit

CAMAS

ID

$598,773

$766,514

$926,547

$1,151,479

CANYON

ID

$475,621

$608,881

$736,003

$914,684

GEM

ID

$475,621

$608,881

$736,003

$914,684

KOOTENAI

ID

$445,895

$570,800

$689,983

$857,493

OWYHEE

ID

$475,621

$608,881

$736,003

$914,684

TETON

ID

$896,220

$1,147,555

$1,387,051

$1,723,826

JOHNSON

KS

$398,120

$509,640

$616,082

$765,637

LEAVENWORTH

KS

$398,120

$509,640

$616,082

$765,637

LINN

KS

$398,120

$509,640

$616,082

$765,637

MIAMI

KS

$398,120

$509,640

$616,082

$765,637

WYANDOTTE

KS

$398,120

$509,640

$616,082

$765,637

BARNSTABLE

MA

$573,293

$733,926

$887,127

$1,102,504

BRISTOL

MA

$546,752

$699,953

$846,046

$1,051,453

DUKES

MA

$896,220

$1,147,555

$1,387,051

$1,723,826

ESSEX

MA

$711,308

$910,622

$1,100,704

$1,367,918

MIDDLESEX

MA

$711,308

$910,622

$1,100,704

$1,367,918

NANTUCKET

MA

$896,220

$1,147,555

$1,387,051

$1,723,826

NORFOLK

MA

$711,308

$910,622

$1,100,704

$1,367,918

PLYMOUTH

MA

$711,308

$910,622

$1,100,704

$1,367,918

SUFFOLK

MA

$711,308

$910,622

$1,100,704

$1,367,918

ANNE ARUNDEL

MD

$538,258

$689,059

$832,937

$1,035,112

BALTIMORE

MD

$538,258

$689,059

$832,937

$1,035,112

BALTIMORE CITY

MD

$538,258

$689,059

$832,937

$1,035,112

CALVERT

MD

$896,220

$1,147,555

$1,387,051

$1,723,826

CARROLL

MD

$538,258

$689,059

$832,937

$1,035,112

CECIL

MD

$440,586

$564,015

$681,766

$847,292

CHARLES

MD

$896,220

$1,147,555

$1,387,051

$1,723,826

FREDERICK

MD

$896,220

$1,147,555

$1,387,051

$1,723,826

HARFORD

MD

$538,258

$689,059

$832,937

$1,035,112

HOWARD

MD

$538,258

$689,059

$832,937

$1,035,112

MONTGOMERY

MD

$896,220

$1,147,555

$1,387,051

$1,723,826

PRINCE GEORGE'S

MD

$896,220

$1,147,555

$1,387,051

$1,723,826

QUEEN ANNE'S

MD

$538,258

$689,059

$832,937

$1,035,112

TALBOT

MD

$398,120

$509,640

$616,082

$765,637

CUMBERLAND

ME

$427,846

$547,721

$662,056

$822,782

SAGADAHOC

ME

$427,846

$547,721

$662,056

$822,782

YORK

ME

$427,846

$547,721

$662,056

$822,782

Bulletin No. 2022–16

1021

April 18, 2022

County Name

State

One-Unit
Limit

Two-Unit
Limit

Three-Unit
Limit

Four-Unit
Limit

ANOKA

MN

$414,045

$530,042

$640,685

$796,240

CARVER

MN

$414,045

$530,042

$640,685

$796,240

CHISAGO

MN

$414,045

$530,042

$640,685

$796,240

DAKOTA

MN

$414,045

$530,042

$640,685

$796,240

HENNEPIN

MN

$414,045

$530,042

$640,685

$796,240

ISANTI

MN

$414,045

$530,042

$640,685

$796,240

LE SUEUR

MN

$414,045

$530,042

$640,685

$796,240

MILLE LACS

MN

$414,045

$530,042

$640,685

$796,240

RAMSEY

MN

$414,045

$530,042

$640,685

$796,240

SCOTT

MN

$414,045

$530,042

$640,685

$796,240

SHERBURNE

MN

$414,045

$530,042

$640,685

$796,240

WASHINGTON

MN

$414,045

$530,042

$640,685

$796,240

WRIGHT

MN

$414,045

$530,042

$640,685

$796,240

BATES

MO

$398,120

$509,640

$616,082

$765,637

CALDWELL

MO

$398,120

$509,640

$616,082

$765,637

CASS

MO

$398,120

$509,640

$616,082

$765,637

CLAY

MO

$398,120

$509,640

$616,082

$765,637

CLINTON

MO

$398,120

$509,640

$616,082

$765,637

JACKSON

MO

$398,120

$509,640

$616,082

$765,637

LAFAYETTE

MO

$398,120

$509,640

$616,082

$765,637

PLATTE

MO

$398,120

$509,640

$616,082

$765,637

RAY

MO

$398,120

$509,640

$616,082

$765,637

FLATHEAD

MT

$407,675

$521,872

$630,853

$784,008

GALLATIN

MT

$557,368

$713,524

$862,478

$1,071,855

MISSOULA

MT

$435,278

$557,230

$673,550

$837,091

PARK

MT

$424,661

$543,613

$657,117

$816,642

RAVALLI

MT

$389,627

$498,793

$602,927

$749,297

CAMDEN

NC

$451,203

$577,632

$698,199

$867,694

CHATHAM

NC

$467,128

$597,988

$722,848

$898,344

CURRITUCK

NC

$451,203

$577,632

$698,199

$867,694

DARE

NC

$435,278

$557,230

$673,550

$837,091

DURHAM

NC

$467,128

$597,988

$722,848

$898,344

GATES

NC

$451,203

$577,632

$698,199

$867,694

GRANVILLE

NC

$467,128

$597,988

$722,848

$898,344

HYDE

NC

$445,895

$570,800

$689,983

$857,493

ORANGE

NC

$467,128

$597,988

$722,848

$898,344

PASQUOTANK

NC

$743,158

$951,380

$1,150,002

$1,429,171

April 18, 2022

1022

Bulletin No. 2022–16

County Name

State

One-Unit
Limit

Two-Unit
Limit

Three-Unit
Limit

Four-Unit
Limit

PERQUIMANS

NC

$743,158

$951,380

$1,150,002

$1,429,171

PERSON

NC

$467,128

$597,988

$722,848

$898,344

LINCOLN

NE

$400,243

$512,363

$619,360

$769,699

LOGAN

NE

$400,243

$512,363

$619,360

$769,699

MCPHERSON

NE

$400,243

$512,363

$619,360

$769,699

HILLSBOROUGH

NH

$397,058

$508,301

$614,421

$763,560

ROCKINGHAM

NH

$711,308

$910,622

$1,100,704

$1,367,918

STRAFFORD

NH

$711,308

$910,622

$1,100,704

$1,367,918

BERGEN

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

BURLINGTON

NJ

$440,586

$564,015

$681,766

$847,292

CAMDEN

NJ

$440,586

$564,015

$681,766

$847,292

CAPE MAY

NJ

$452,264

$578,971

$699,861

$869,725

ESSEX

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

GLOUCESTER

NJ

$440,586

$564,015

$681,766

$847,292

HUDSON

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

HUNTERDON

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

MIDDLESEX

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

MONMOUTH

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

MORRIS

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

OCEAN

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

PASSAIC

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

SALEM

NJ

$440,586

$564,015

$681,766

$847,292

SOMERSET

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

SUSSEX

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

UNION

NJ

$896,220

$1,147,555

$1,387,051

$1,723,826

LOS ALAMOS

NM

$489,422

$626,560

$757,328

$941,225

SANTA FE

NM

$432,093

$553,168

$668,611

$830,952

TAOS

NM

$390,689

$500,131

$604,543

$751,328

CARSON CITY

NV

$414,045

$530,042

$640,685

$796,240

DOUGLAS

NV

$525,519

$672,765

$813,227

$1,010,602

STOREY

NV

$493,669

$631,961

$763,929

$949,349

WASHOE

NV

$493,669

$631,961

$763,929

$949,349

BRONX

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

KINGS

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

NASSAU

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

Bulletin No. 2022–16

1023

April 18, 2022

County Name

State

One-Unit
Limit

Two-Unit
Limit

Three-Unit
Limit

Four-Unit
Limit

NEW YORK

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

PUTNAM

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

QUEENS

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

RICHMOND

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

ROCKLAND

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

SUFFOLK

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

WESTCHESTER

NY

$896,220

$1,147,555

$1,387,051

$1,723,826

DELAWARE

OH

$405,552

$519,149

$627,576

$779,900

FAIRFIELD

OH

$405,552

$519,149

$627,576

$779,900

FRANKLIN

OH

$405,552

$519,149

$627,576

$779,900

HOCKING

OH

$405,552

$519,149

$627,576

$779,900

LICKING

OH

$405,552

$519,149

$627,576

$779,900

MADISON

OH

$405,552

$519,149

$627,576

$779,900

MORROW

OH

$405,552

$519,149

$627,576

$779,900

PERRY

OH

$405,552

$519,149

$627,576

$779,900

PICKAWAY

OH

$405,552

$519,149

$627,576

$779,900

UNION

OH

$405,552

$519,149

$627,576

$779,900

BENTON

OR

$445,895

$570,800

$689,983

$857,493

CLACKAMAS

OR

$552,060

$706,738

$854,262

$1,061,654

CLATSOP

OR

$403,428

$516,471

$624,252

$775,838

COLUMBIA

OR

$552,060

$706,738

$854,262

$1,061,654

DESCHUTES

OR

$525,519

$672,765

$813,227

$1,010,602

HOOD RIVER

OR

$553,122

$708,077

$855,924

$1,063,731

MULTNOMAH

OR

$552,060

$706,738

$854,262

$1,061,654

WASHINGTON

OR

$552,060

$706,738

$854,262

$1,061,654

YAMHILL

OR

$552,060

$706,738

$854,262

$1,061,654

BUCKS

PA

$440,586

$564,015

$681,766

$847,292

CHESTER

PA

$440,586

$564,015

$681,766

$847,292

DELAWARE

PA

$440,586

$564,015

$681,766

$847,292

MONTGOMERY

PA

$440,586

$564,015

$681,766

$847,292

PHILADELPHIA

PA

$440,586

$564,015

$681,766

$847,292

PIKE

PA

$896,220

$1,147,555

$1,387,051

$1,723,826

BRISTOL

RI

$546,752

$699,953

$846,046

$1,051,453

KENT

RI

$546,752

$699,953

$846,046

$1,051,453

NEWPORT

RI

$546,752

$699,953

$846,046

$1,051,453

PROVIDENCE

RI

$546,752

$699,953

$846,046

$1,051,453

WASHINGTON

RI

$546,752

$699,953

$846,046

$1,051,453

April 18, 2022

1024

Bulletin No. 2022–16

County Name

State

One-Unit
Limit

Two-Unit
Limit

Three-Unit
Limit

Four-Unit
Limit

BERKELEY

SC

$437,401

$559,953

$676,827

$841,153

CHARLESTON

SC

$437,401

$559,953

$676,827

$841,153

DORCHESTER

SC

$437,401

$559,953

$676,827

$841,153

CANNON

TN

$641,239

$820,889

$992,277

$1,233,180

CHEATHAM

TN

$641,239

$820,889

$992,277

$1,233,180

DAVIDSON

TN

$641,239

$820,889

$992,277

$1,233,180

DICKSON

TN

$641,239

$820,889

$992,277

$1,233,180

MACON

TN

$641,239

$820,889

$992,277

$1,233,180

MAURY

TN

$641,239

$820,889

$992,277

$1,233,180

ROBERTSON

TN

$641,239

$820,889

$992,277

$1,233,180

RUTHERFORD

TN

$641,239

$820,889

$992,277

$1,233,180

SMITH

TN

$641,239

$820,889

$992,277

$1,233,180

SUMNER

TN

$641,239

$820,889

$992,277

$1,233,180

TROUSDALE

TN

$641,239

$820,889

$992,277

$1,233,180

WILLIAMSON

TN

$641,239

$820,889

$992,277

$1,233,180

WILSON

TN

$641,239

$820,889

$992,277

$1,233,180

ATASCOSA

TX

$415,107

$531,381

$642,347

$798,271

BANDERA

TX

$415,107

$531,381

$642,347

$798,271

BASTROP

TX

$445,895

$570,800

$689,983

$857,493

BEXAR

TX

$415,107

$531,381

$642,347

$798,271

CALDWELL

TX

$445,895

$570,800

$689,983

$857,493

COLLIN

TX

$416,168

$532,766

$644,008

$800,348

COMAL

TX

$415,107

$531,381

$642,347

$798,271

DALLAS

TX

$416,168

$532,766

$644,008

$800,348

DENTON

TX

$416,168

$532,766

$644,008

$800,348

ELLIS

TX

$416,168

$532,766

$644,008

$800,348

GUADALUPE

TX

$415,107

$531,381

$642,347

$798,271

HAYS

TX

$445,895

$570,800

$689,983

$857,493

HUNT

TX

$416,168

$532,766

$644,008

$800,348

JOHNSON

TX

$416,168

$532,766

$644,008

$800,348

KAUFMAN

TX

$416,168

$532,766

$644,008

$800,348

KENDALL

TX

$415,107

$531,381

$642,347

$798,271

MEDINA

TX

$415,107

$531,381

$642,347

$798,271

PARKER

TX

$416,168

$532,766

$644,008

$800,348

ROCKWALL

TX

$416,168

$532,766

$644,008

$800,348

TARRANT

TX

$416,168

$532,766

$644,008

$800,348

TRAVIS

TX

$445,895

$570,800

$689,983

$857,493

WILLIAMSON

TX

$445,895

$570,800

$689,983

$857,493

Bulletin No. 2022–16

1025

April 18, 2022

County Name

State

One-Unit
Limit

Two-Unit
Limit

Three-Unit
Limit

Four-Unit
Limit

WILSON

TX

$415,107

$531,381

$642,347

$798,271

WISE

TX

$416,168

$532,766

$644,008

$800,348

BOX ELDER

UT

$596,649

$763,837

$923,269

$1,147,417

DAVIS

UT

$596,649

$763,837

$923,269

$1,147,417

JUAB

UT

$469,251

$600,711

$726,125

$902,406

MORGAN

UT

$596,649

$763,837

$923,269

$1,147,417

RICH

UT

$412,983

$528,704

$639,069

$794,209

SALT LAKE

UT

$483,052

$618,390

$747,497

$928,947

SUMMIT

UT

$896,220

$1,147,555

$1,387,051

$1,723,826

TOOELE

UT

$483,052

$618,390

$747,497

$928,947

UTAH

UT

$469,251

$600,711

$726,125

$902,406

WASATCH

UT

$896,220

$1,147,555

$1,387,051

$1,723,826

WASHINGTON

UT

$444,833

$569,462

$688,367

$855,462

WEBER

UT

$596,649

$763,837

$923,269

$1,147,417

ALBEMARLE

VA

$424,661

$543,613

$657,117

$816,642

ALEXANDRIA CITY

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

AMELIA

VA

$494,731

$633,346

$765,545

$951,426

ARLINGTON

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

CHARLES CITY

VA

$494,731

$633,346

$765,545

$951,426

CHARLOTTESVILLE

VA

$424,661

$543,613

$657,117

$816,642

CHESAPEAKE CITY

VA

$451,203

$577,632

$698,199

$867,694

CHESTERFIELD

VA

$494,731

$633,346

$765,545

$951,426

CLARKE

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

COLONIAL HEIGHT

VA

$494,731

$633,346

$765,545

$951,426

CULPEPER

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

DINWIDDIE

VA

$494,731

$633,346

$765,545

$951,426

FAIRFAX

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

FAIRFAX CITY

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

FALLS CHURCH CI

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

FAUQUIER

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

FLUVANNA

VA

$424,661

$543,613

$657,117

$816,642

FRANKLIN CITY

VA

$451,203

$577,632

$698,199

$867,694

FREDERICKSBURG

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

GLOUCESTER

VA

$451,203

$577,632

$698,199

$867,694

GOOCHLAND

VA

$494,731

$633,346

$765,545

$951,426

GREENE

VA

$424,661

$543,613

$657,117

$816,642

HAMPTON CITY

VA

$451,203

$577,632

$698,199

$867,694

HANOVER

VA

$494,731

$633,346

$765,545

$951,426

HENRICO

VA

$494,731

$633,346

$765,545

$951,426

April 18, 2022

1026

Bulletin No. 2022–16

County Name

State

One-Unit
Limit

Two-Unit
Limit

Three-Unit
Limit

Four-Unit
Limit

HOPEWELL CITY

VA

$494,731

$633,346

$765,545

$951,426

ISLE OF WIGHT

VA

$451,203

$577,632

$698,199

$867,694

JAMES CITY

VA

$451,203

$577,632

$698,199

$867,694

KING AND QUEEN

VA

$494,731

$633,346

$765,545

$951,426

KING WILLIAM

VA

$494,731

$633,346

$765,545

$951,426

LANCASTER

VA

$408,737

$523,257

$632,469

$786,039

LOUDOUN

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

MADISON

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

MANASSAS CITY

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

MANASSAS PARK C

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

MATHEWS

VA

$451,203

$577,632

$698,199

$867,694

NELSON

VA

$424,661

$543,613

$657,117

$816,642

NEW KENT

VA

$494,731

$633,346

$765,545

$951,426

NEWPORT NEWS CI

VA

$451,203

$577,632

$698,199

$867,694

NORFOLK CITY

VA

$451,203

$577,632

$698,199

$867,694

PETERSBURG CITY

VA

$494,731

$633,346

$765,545

$951,426

POQUOSON CITY

VA

$451,203

$577,632

$698,199

$867,694

PORTSMOUTH CITY

VA

$451,203

$577,632

$698,199

$867,694

POWHATAN

VA

$494,731

$633,346

$765,545

$951,426

PRINCE GEORGE

VA

$494,731

$633,346

$765,545

$951,426

PRINCE WILLIAM

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

RAPPAHANNOCK

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

RICHMOND CITY

VA

$494,731

$633,346

$765,545

$951,426

SOUTHAMPTON

VA

$451,203

$577,632

$698,199

$867,694

SPOTSYLVANIA

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

STAFFORD

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

SUFFOLK CITY

VA

$451,203

$577,632

$698,199

$867,694

SUSSEX

VA

$494,731

$633,346

$765,545

$951,426

VIRGINIA BEACH

VA

$451,203

$577,632

$698,199

$867,694

WARREN

VA

$896,220

$1,147,555

$1,387,051

$1,723,826

WILLIAMSBURG CI

VA

$451,203

$577,632

$698,199

$867,694

YORK

VA

$451,203

$577,632

$698,199

$867,694

CHITTENDEN

VT

$401,305

$513,748

$620,975

$771,730

FRANKLIN

VT

$401,305

$513,748

$620,975

$771,730

GRAND ISLE

VT

$401,305

$513,748

$620,975

$771,730

CLARK

WA

$552,060

$706,738

$854,262

$1,061,654

ISLAND

WA

$472,436

$604,819

$731,064

$908,545

KING

WA

$822,782

$1,053,299

$1,273,200

$1,582,279

KITSAP

WA

$459,696

$588,479

$711,354

$884,034

Bulletin No. 2022–16

1027

April 18, 2022

County Name

State

One-Unit
Limit

Two-Unit
Limit

Three-Unit
Limit

Four-Unit
Limit

PIERCE

WA

$822,782

$1,053,299

$1,273,200

$1,582,279

SAN JUAN

WA

$459,696

$588,479

$711,354

$884,034

SKAGIT

WA

$437,401

$559,953

$676,827

$841,153

SKAMANIA

WA

$552,060

$706,738

$854,262

$1,061,654

SNOHOMISH

WA

$822,782

$1,053,299

$1,273,200

$1,582,279

THURSTON

WA

$440,586

$564,015

$681,766

$847,292

WHATCOM

WA

$474,559

$607,497

$734,341

$912,607

PIERCE

WI

$414,045

$530,042

$640,685

$796,240

ST. CROIX

WI

$414,045

$530,042

$640,685

$796,240

JEFFERSON

WV

$896,220

$1,147,555

$1,387,051

$1,723,826

SHERIDAN

WY

$452,264

$578,971

$699,861

$869,725

TETON

WY

$896,220

$1,147,555

$1,387,051

$1,723,826

GUAM

GU

$520,210

$665,980

$805,010

$1,000,401

NORTHERN ISLAND

MP

$484,114

$619,729

$749,112

$930,978

SAIPAN

MP

$488,361

$625,176

$755,713

$939,148

TINIAN

MP

$491,546

$629,284

$760,652

$945,287

CULEBRA

PR

$491,546

$629,284

$760,652

$945,287

ST. JOHN ISLAND

VI

$575,416

$736,649

$890,404

$1,106,566

ST. THOMAS ISLA

VI

$411,922

$527,319

$637,408

$792,178

$388,362

$497,269

$601,034

$746,989

All other areas - 2820 counties
(floor):

.02 The nationwide average purchase
price (for use in the housing cost/income
ratio for new and existing residences) is
$368,500.
SECTION 5. EFFECT ON OTHER
DOCUMENTS
Rev. Proc. 2021-17 is obsolete except
as provided in section 6 of this revenue
procedure.

April 18, 2022

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 30, 2022,
and ends on the date as of which the safe

1028

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. 2021-17, with respect to bonds
sold, or for mortgage credit certificates
issued with respect to bond authority
exchanged, before April 29, 2022, if the

Bulletin No. 2022–16

commitments to provide financing or issue mortgage credit certificates are made
on or before May 29, 2022.
.03 Except as provided in section 6.04,
issuers must use the nationwide average
purchase price limitation contained in
this revenue procedure for commitments
to provide financing or issue mortgage
credit certificates that are made, or (if
the purchase precedes the commitment)
for residences that are purchased, in the
period that begins on March 30, 2022,
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. 2021-17 with respect to bonds sold,
or for mortgage credit certificates issued
with respect to bond authority exchanged,
before April 29, 2022, if the commitments
to provide financing or issue mortgage
credit certificates are made on or before
May 29, 2022.

Bulletin No. 2022–16

SECTION 7. PAPERWORK
REDUCTION ACT
The collection of information contained in this revenue procedure has been
reviewed and approved by the Office
of Management and Budget in accordance with the Paperwork Reduction Act
(44 U.S.C. 3507) under control number
1545-1877.
An agency may not conduct or sponsor,
and a person is not required to respond
to, a collection of information unless the
collection of information displays a valid
OMB control number.
This revenue procedure contains a collection of information requirement in section 3.03. The purpose of the collection
of information is to verify the applicable
FHA loan limit that issuers of qualified
mortgage bonds and qualified mortgage
certificates have used to calculate the
average area purchase price for a given
metropolitan statistical area for purposes
of §§ 143(e) and 25(c). The collection of
information is required to obtain the benefit of using revisions to FHA loan limits

1029

to determine average area purchase prices.
The likely respondents are state and local
governments.
The estimated total annual reporting
and/or recordkeeping burden is: 15 hours.
The estimated annual burden per respondent and/or recordkeeper: 15 minutes.
The estimated number of respondents
and/or recordkeepers: 60.
Books or records relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax
return information are confidential, as required by 26 U.S.C. 6103.
SECTION 8. DRAFTING
INFORMATION
The principal authors of this revenue
procedure are Jian H. Grant and David
White of the Office of Associate Chief
Counsel (Financial Institutions & Products). For further information regarding
this revenue procedure contact Mr. White
at (202) 317-4562 (not a toll-free number).

April 18, 2022

Definition of Terms
Revenue rulings and revenue procedures
(hereinafter referred to as “rulings”) that
have an effect on previous rulings use the
following defined terms to describe the
­effect:
Amplified describes a situation where
no change is being made in a prior published position, but the prior position is
being extended to apply to a variation of
the fact situation set forth therein. Thus, if
an earlier ruling held that a principle applied to A, and the new ruling holds that
the same principle also applies to B, the
earlier ruling is amplified. (Compare with
modified, below).
Clarified is used in those instances
where the language in a prior ruling is being made clear because the language has
caused, or may cause, some confusion. It
is not used where a position in a prior ruling is being changed.
Distinguished describes a situation
where a ruling mentions a previously published ruling and points out an essential
difference between them.
Modified is used where the substance
of a previously published position is being
changed. Thus, if a prior ruling held that a
principle applied to A but not to B, and the

new ruling holds that it applies to both A
and B, the prior ruling is modified because
it corrects a published position. (Compare
with amplified and clarified, above).
Obsoleted describes a previously published ruling that is not considered determinative with respect to future transactions.
This term is most commonly used in a ruling
that lists previously published rulings that
are obsoleted because of changes in laws or
regulations. A ruling may also be obsoleted
because the substance has been included in
regulations subsequently adopted.
Revoked describes situations where the
position in the previously published ruling
is not correct and the correct position is
being stated in a new ruling.
Superseded describes a situation where
the new ruling does nothing more than
restate the substance and situation of a
previously published ruling (or rulings).
Thus, the term is used to republish under
the 1986 Code and regulations the same
position published under the 1939 Code
and regulations. The term is also used
when it is desired to republish in a single
ruling a series of situations, names, etc.,
that were previously published over a
period of time in separate rulings. If the

new ruling does more than restate the substance of a prior ruling, a combination of
terms is used. For example, modified and
superseded describes a situation where the
substance of a previously published ruling
is being changed in part and is continued
without change in part and it is desired to
restate the valid portion of the previously published ruling in a new ruling that is
self contained. In this case, the previously
published ruling is first modified and then,
as modified, is superseded.
Supplemented is used in situations in
which a list, such as a list of the names of
countries, is published in a ruling and that
list is expanded by adding further names
in subsequent rulings. After the original
ruling has been supplemented several
times, a new ruling may be published that
includes the list in the original ruling and
the additions, and supersedes all prior rulings in the series.
Suspended is used in rare situations to
show that the previous published rulings
will not be applied pending some future
action such as the issuance of new or
amended regulations, the outcome of cases in litigation, or the outcome of a Service study.

Abbreviations
The following abbreviations in current
use and formerly used will appear in
material published in the Bulletin.

A—Individual.
Acq.—Acquiescence.
B—Individual.
BE—Beneficiary.
BK—Bank.
B.T.A.—Board of Tax Appeals.
C—Individual.
C.B.—Cumulative Bulletin.
CFR—Code of Federal Regulations.
CI—City.
COOP—Cooperative.
Ct.D.—Court Decision.
CY—County.
D—Decedent.
DC—Dummy Corporation.
DE—Donee.
Del. Order—Delegation Order.
DISC—Domestic International Sales Corporation.
DR—Donor.
E—Estate.
EE—Employee.
E.O.—Executive Order.
ER—Employer.

Bulletin No. 2022–16

ERISA—Employee Retirement Income Security Act.
EX—Executor.
F—Fiduciary.
FC—Foreign Country.
FICA—Federal Insurance Contributions Act.
FISC—Foreign International Sales Company.
FPH—Foreign Personal Holding Company.
F.R.—Federal Register.
FUTA—Federal Unemployment Tax Act.
FX—Foreign corporation.
G.C.M.—Chief Counsel’s Memorandum.
GE—Grantee.
GP—General Partner.
GR—Grantor.
IC—Insurance Company.
I.R.B.—Internal Revenue Bulletin.
LE—Lessee.
LP—Limited Partner.
LR—Lessor.
M—Minor.
Nonacq.—Nonacquiescence.
O—Organization.
P—Parent Corporation.
PHC—Personal Holding Company.
PO—Possession of the U.S.
PR—Partner.
PRS—Partnership.

i

PTE—Prohibited Transaction Exemption.
Pub. L.—Public Law.
REIT—Real Estate Investment Trust.
Rev. Proc.—Revenue Procedure.
Rev. Rul.—Revenue Ruling.
S—Subsidiary.
S.P.R.—Statement of Procedural Rules.
Stat.—Statutes at Large.
T—Target Corporation.
T.C.—Tax Court.
T.D.—Treasury Decision.
TFE—Transferee.
TFR—Transferor.
T.I.R.—Technical Information Release.
TP—Taxpayer.
TR—Trust.
TT—Trustee.
U.S.C.—United States Code.
X—Corporation.
Y—Corporation.
Z—Corporation.

April 18, 2022

Numerical Finding List1

Revenue Procedures:—Continued

Bulletin 2022–16

2022-20, 2022-14 I.R.B. 945
2022-21, 2022-16 I.R.B. 1015

Announcements:
2022-3, 2022-8 I.R.B. 788
2022-4, 2022-9 I.R.B. 789
2022-5, 2022-11 I.R.B. 825
2022-6, 2022-13 I.R.B. 934
2022-7, 2022-15 I.R.B. 946

AOD:
2022-1, 2022-06 I.R.B. 466
2022-2, 2022-12 I.R.B. 903

Notices:
2022-1, 2022-02 I.R.B. 304
2022-2, 2022-02 I.R.B. 304
2022-3, 2022-02 I.R.B. 308
2022-4, 2022-02 I.R.B. 309
2022-5, 2022-05 I.R.B. 457
2022-6, 2022-05 I.R.B. 460
2022-7, 2022-06 I.R.B. 469
2022-8, 2022-07 I.R.B. 491
2022-9, 2022-10 I.R.B. 811
2022-10, 2022-10 I.R.B. 815
2022-12, 2022-12 I.R.B. 906
2022-11, 2022-14 I.R.B. 939
2022-13, 2022-14 I.R.B. 940
2022-14, 2022-14 I.R.B. 941

Revenue Rulings:
2022-1, 2022-02 I.R.B. 301
2022-2, 2022-04 I.R.B. 451
2022-3, 2022-06 I.R.B. 467
2022-4, 2022-10 I.R.B. 790
2022-5, 2022-10 I.R.B. 792
2022-6, 2022-12 I.R.B. 904
2022-7, 2022-14 I.R.B. 935
2022-8, 2022-14 I.R.B. 936

Treasury Decisions:
9959, 2022-03 I.R.B. 328
9961, 2022-03 I.R.B. 430
9960, 2022-07 I.R.B. 481
9962, 2022-11 I.R.B. 823

Proposed Regulations:
REG-118250-20, 2022-07 I.R.B. 753
REG-105954-20, 2022-11 I.R.B. 828
REG-114209-21, 2022-11 I.R.B. 898
REG-114209-21, 2022-11 I.R.B. 898
REG-121508-18, 2022-15 I.R.B. 996

Revenue Procedures:
2022-1, 2022-01 I.R.B. 1
2022-2, 2022-01 I.R.B. 120
2022-3, 2022-01 I.R.B. 144
2022-4, 2022-01 I.R.B. 161
2022-5, 2022-01 I.R.B. 256
2022-7, 2022-01 I.R.B. 297
2022-9, 2022-02 I.R.B. 310
2022-11, 2022-03 I.R.B. 449
2022-8, 2022-04 I.R.B. 451
2022-10, 2022-06 I.R.B. 473
2022-13, 2022-06 I.R.B. 477
2022-12, 2022-07 I.R.B. 494
2022-14, 2022-07 I.R.B. 502
2022-15, 2022-13 I.R.B. 908
2022-17, 2022-13 I.R.B. 930
2022-17, 2022-13 I.R.B. 933

A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2020–27 through 2020–52 is in Internal Revenue Bulletin
2020–52, dated December 27, 2021.
1

April 18, 2022

ii

Bulletin No. 2022–16

Finding List of Current Actions on
Previously Published Items1
Bulletin 2022–16

A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2020–27 through 2020–52 is in Internal Revenue Bulletin
2020–52, dated December 27, 2021.
1

Bulletin No. 2022–16

iii

April 18, 2022

Internal Revenue Service
Washington, DC 20224
Official Business
Penalty for Private Use, $300

INTERNAL REVENUE BULLETIN

The Introduction at the beginning of this issue describes the purpose and content of this publication. The weekly Internal Revenue
Bulletins are available at www.irs.gov/irb/.

We Welcome Comments About the Internal Revenue Bulletin

If you have comments concerning the format or production of the Internal Revenue Bulletin or suggestions for improving it,
we would be pleased to hear from you. You can email us your suggestions or comments through the IRS Internet Home Page
www.irs.gov) or write to the Internal Revenue Service, Publishing Division, IRB Publishing Program Desk, 1111 Constitution Ave.
NW, IR-6230 Washington, DC 20224.

---

Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Airs%3Ab8067be118307fdf. Public record. Not legal advice.