Internal Revenue Bulletin 2022-16 (PDF rendition): IRS Revenue Procedures

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Bulletin No. 2022–16
April 18, 2022
HIGHLIGHTS
OF THIS ISSUE
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
certificates, as defined in § 25(c), with (1) the nation-
wide 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.
Finding Lists begin on page ii.

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Introduction
The Internal Revenue Bulletin is the authoritative instrument
of the Commissioner of Internal Revenue for announcing of-
ficial 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 sub-
stantive 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 other-
wise indicated. Procedures relating solely to matters of inter-
nal 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 rul-
ings 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 Unpublished rulings will not be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, disbar-
ment 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 is-
suers of qualified mortgage bonds, as de-
fined 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 sta-
tistical areas in each state, the District of
Columbia, Puerto Rico, the Northern Mar-
iana Islands, American Samoa, the Virgin
Islands, and Guam.
SECTION 2. BACKGROUND
.01 Section 103(a) provides that, ex-
cept 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 ac-
tivity 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 re-
quirements 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) pro-
vides that the term “qualified mortgage is-
sue” 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 reason-
ably required reserve) are to be used to fi-
nance owner-occupied residences; (ii) the
issue meets the requirements of subsec-
tions (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
$250,000 or more of principal on mort-
gage financing provided by the issue are
used by the close of the first semiannual
period beginning after the date the prepay-
ment (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 is-
sue does not exceed 90 percent of the aver-
age 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 pur-
chased during the most recent 12-month
period for which sufficient statistical in-
formation is available. Under §§ 143(e)
(3) and (4), respectively, separate determi-
nations of average area purchase price are
to be made for new and existing residenc-
es, and for two-, three-, and four-family
residences.
.05 Section 143(e)(2) also provides that
the determination of the average area pur-
chase 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 met-
ropolitan 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 re-
cent statistical information with respect to
a county (or portion thereof) is unavail-
able, 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
equivalent of a county. Section 6a.103A-
1(b)(4)(i) of the Income Tax Regulations
(issued under § 103A of the Internal Rev-
enue Code of 1954, the predecessor of
§ 143 of the Code) provides that the term
“State” includes a possession of the Unit-
ed States and the District of Columbia.
.07 Section 6a.103A-2(f)(5)(i) pro-
vides that an issuer may rely upon the
average area purchase price safe harbors
published by the Department of the Trea-
sury (Treasury Department) for the statis-
tical area in which a residence is located.
Section 6a.103A-2(f)(5)(i) further pro-
vides that an issuer may use an average
area purchase price limitation different
from the published safe harbor if the issu-
er 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 pro-
gram. 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 ac-
quisition 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 cred-
it 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 cer-
tificates must meet the purchase price re-
quirements 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
Bulletin No. 2022–16 1015 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). Gen-
erally, under §§ 143(f)(1) and 25(c)(2)(A)
(iii)(IV), the income requirement is met
only if all owner-financing under a qual-
ified mortgage bond and all mortgage
credit certificates issued under a qualified
mortgage credit certificate program are
provided to mortgagors whose family in-
come is 115 percent or less of the applica-
ble median family income. Section 143(f)
(5), however, generally provides for an
upward adjustment to the percentage lim-
itation 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 hous-
ing 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 me-
dian 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 hous-
ing average area purchase price divided
by the new housing average purchase
price for the United States) or the existing
housing price ratio (existing housing av-
erage 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 Co-
lumbia, Puerto Rico, the Northern Mari-
ana 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 re-
spect to the United States and area medi-
an 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.
.13 This revenue procedure uses Fed-
eral Housing Administration (FHA) loan
limits for a given statistical area to cal-
culate 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 con-
forming loan limits established by the
Federal Home Loan Mortgage Corpo-
ration. 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 pur-
chase price safe harbors in this revenue
procedure, the FHA loan limits are ad-
justed to take into account the differenc-
es between average and median purchase
prices. Because FHA loan limits do not
differentiate between new and existing
residences, this revenue procedure con-
tains a single average area purchase price
safe harbor for both new and existing res-
idences 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 Depart-
ment and the IRS become aware of other
sources of average purchase price data,
including data that differentiate between
new and existing residences, consider-
ation 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 ar-
eas in each state, the District of Colum-
bia, Puerto Rico, the Northern Mariana
Islands, American Samoa, the Virgin Is-
lands, 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 metropoli-
tan statistical areas. The OMB bulletin no
longer includes primary metropolitan sta-
tistical 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-fam-
ily 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 rev-
enue procedure provides safe harbors for
MSAs and for certain counties and county
equivalents. If no purchase price safe har-
bor 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 Novem-
ber 30, 2021, an issuer of qualified mort-
gage bonds or mortgage credit certificates
may use the revised FHA loan limit for
that statistical area to compute (as provid-
ed in the next sentence) a revised average
area purchase price safe harbor for the sta-
tistical area provided that the issuer main-
tains records evidencing the revised FHA
loan limit. The revised average area pur-
chase 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 com-
prehensive 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 com-
puting the average area purchase price for
a statistical area that is an MSA, as defined
in OMB Bulletin No. 03-04, the issuer
April 18, 2022 1016 Bulletin No. 2022–16

Bulletin No. 2022–16 1017 April 18, 2022
must make the computation for the entire
applicable MSA. When computing the av-
erage area purchase price for a statistical
area that is not an MSA, the issuer must
make the computation for the entire statis-
tical 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 per-
mitting it to rely on an average area pur-
chase 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 satis-
fying the requirements of §§ 143(e) and
(f) for bonds sold, and mortgage cred-
it 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 pro-
cedure 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 com-
puting the housing cost/income ratio un-
der § 143(f)(5) regardless of whether they
are relying on the average area purchase
price safe harbors contained in this reve-
nue 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 dif-
ferent 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 is-
suer 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 is-
suer must use the average area purchase
price safe harbors set forth in section
4.01 of Rev. Proc. 2021-17 in comput-
ing 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 resi-
dences in MSAs, and for certain counties
and county equivalents are set forth be-
low. 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 NameState
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit
ALEUTIANS WESTAK$503,224$644,193$778,700$967,767
ANCHORAGE MUNICAK$416,168$532,766$644,008$800,348
JUNEAU CITY ANDAK$472,436$604,819$731,064$908,545
KODIAK ISLAND BAK$418,292$535,489$647,286$804,410
MATANUSKA-SUSITAK$416,168$532,766$644,008$800,348
NOME CENSUS AREAK$406,613$520,533$629,191$781,931
SITKA CITY ANDAK$465,004$595,265$719,570$894,236
SKAGWAY MUNICIPAK$407,675$521,872$630,853$784,008
YAKUTAT CITY ANAK$388,565$497,408$601,265$747,266
COCONINOAZ$390,689$500,131$604,543$751,328
MARICOPAAZ$407,675$521,872$630,853$784,008
PINALAZ$407,675$521,872$630,853$784,008
ALAMEDACA$896,220$1,147,555$1,387,051$1,723,826
ALPINECA$427,846$547,721$662,056$822,782
CONTRA COSTACA$896,220$1,147,555$1,387,051$1,723,826
EL DORADOCA$623,191$797,810$964,351$1,198,469
INYOCA$398,120$509,640$616,082$765,637
LOS ANGELESCA$896,220$1,147,555$1,387,051$1,723,826

April 18, 2022 1018 Bulletin No. 2022–16
County NameState
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit
MARINCA$896,220$1,147,555$1,387,051$1,723,826
MENDOCINOCA$467,128$597,988$722,848$898,344
MONOCA$520,210$665,980$805,010$1,000,401
MONTEREYCA$788,809$1,009,817$1,220,625$1,516,965
NAPACA$828,090$1,060,130$1,281,416$1,592,527
NEVADACA$562,676$720,309$870,695$1,082,102
ORANGECA$896,220$1,147,555$1,387,051$1,723,826
PLACERCA$623,191$797,810$964,351$1,198,469
RIVERSIDECA$519,149$664,595$803,349$998,370
SACRAMENTOCA$623,191$797,810$964,351$1,198,469
SAN BENITOCA$896,220$1,147,555$1,387,051$1,723,826
SAN BERNARDINOCA$519,149$664,595$803,349$998,370
SAN DIEGOCA$812,165$1,039,728$1,256,767$1,561,877
SAN FRANCISCOCA$896,220$1,147,555$1,387,051$1,723,826
SAN JOAQUINCA$520,210$665,980$805,010$1,000,401
SAN LUIS OBISPOCA$743,158$951,380$1,150,002$1,429,171
SAN MATEOCA$896,220$1,147,555$1,387,051$1,723,826
SANTA BARBARACA$722,986$925,577$1,118,798$1,390,397
SANTA CLARACA$896,220$1,147,555$1,387,051$1,723,826
SANTA CRUZCA$896,220$1,147,555$1,387,051$1,723,826
SOLANOCA$566,923$725,756$877,295$1,090,272
SONOMACA$706,000$903,790$1,092,488$1,357,717
STANISLAUSCA$424,661$543,613$657,117$816,642
SUTTERCA$388,565$497,408$601,265$747,266
VENTURACA$785,624$1,005,755$1,215,732$1,510,826
YOLOCA$623,191$797,810$964,351$1,198,469
YUBACA$388,565$497,408$601,265$747,266
ADAMSCO$631,684$808,657$977,506$1,214,809
ARAPAHOECO$631,684$808,657$977,506$1,214,809
BOULDERCO$690,075$883,434$1,067,839$1,327,067
BROOMFIELDCO$631,684$808,657$977,506$1,214,809
CHAFFEECO$425,723$544,998$658,779$818,720
CLEAR CREEKCO$631,684$808,657$977,506$1,214,809
DENVERCO$631,684$808,657$977,506$1,214,809
DOUGLASCO$631,684$808,657$977,506$1,214,809
EAGLECO$796,240$1,019,326$1,232,165$1,531,274
EL PASOCO$424,661$543,613$657,117$816,642
ELBERTCO$631,684$808,657$977,506$1,214,809
GARFIELDCO$896,220$1,147,555$1,387,051$1,723,826
GILPINCO$631,684$808,657$977,506$1,214,809

Bulletin No. 2022–16 1019 April 18, 2022
County NameState
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit
GRANDCO$493,669$631,961$763,929$949,349
GUNNISONCO$398,120$509,640$616,082$765,637
HINSDALECO$394,935$505,578$611,143$759,498
JEFFERSONCO$631,684$808,657$977,506$1,214,809
LA PLATACO$456,511$584,417$706,415$877,895
LARIMERCO$481,991$617,052$745,835$926,916
MONTROSECO$392,812$502,855$607,866$755,390
OURAYCO$392,812$502,855$607,866$755,390
PARKCO$631,684$808,657$977,506$1,214,809
PITKINCO$896,220$1,147,555$1,387,051$1,723,826
ROUTTCO$626,376$801,872$969,290$1,204,608
SAN MIGUELCO$896,220$1,147,555$1,387,051$1,723,826
SUMMITCO$854,631$1,094,103$1,322,497$1,643,532
TELLERCO$424,661$543,613$657,117$816,642
WELDCO$445,895$570,800$689,983$857,493
FAIRFIELDCT$642,300$822,274$993,939$1,235,211
DISTRICT OF COLDC$896,220$1,147,555$1,387,051$1,723,826
NEW CASTLEDE$440,586$564,015$681,766$847,292
BAKERFL$399,182$511,025$617,698$767,668
BROWARDFL$424,661$543,613$657,117$816,642
CLAYFL$399,182$511,025$617,698$767,668
COLLIERFL$509,594$652,363$788,578$979,999
DUVALFL$399,182$511,025$617,698$767,668
MARTINFL$398,120$509,640$616,082$765,637
MIAMI-DADEFL$424,661$543,613$657,117$816,642
MONROEFL$656,102$839,907$1,015,264$1,261,752
NASSAUFL$399,182$511,025$617,698$767,668
OKALOOSAFL$497,916$637,408$770,484$957,519
PALM BEACHFL$424,661$543,613$657,117$816,642
ST. JOHNSFL$399,182$511,025$617,698$767,668
ST. LUCIEFL$398,120$509,640$616,082$765,637
WALTONFL$497,916$637,408$770,484$957,519
BARROWGA$435,278$557,230$673,550$837,091
BARTOWGA$435,278$557,230$673,550$837,091
BUTTSGA$435,278$557,230$673,550$837,091
CARROLLGA$435,278$557,230$673,550$837,091

April 18, 2022 1020 Bulletin No. 2022–16
County NameState
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit
CHEROKEEGA$435,278$557,230$673,550$837,091
CLARKEGA$422,538$540,936$653,840$812,581
CLAYTONGA$435,278$557,230$673,550$837,091
COBBGA$435,278$557,230$673,550$837,091
COWETAGA$435,278$557,230$673,550$837,091
DAWSONGA$435,278$557,230$673,550$837,091
DEKALBGA$435,278$557,230$673,550$837,091
DOUGLASGA$435,278$557,230$673,550$837,091
FAYETTEGA$435,278$557,230$673,550$837,091
FORSYTHGA$435,278$557,230$673,550$837,091
FULTONGA$435,278$557,230$673,550$837,091
GREENEGA$475,621$608,881$736,003$914,684
GWINNETTGA$435,278$557,230$673,550$837,091
HARALSONGA$435,278$557,230$673,550$837,091
HEARDGA$435,278$557,230$673,550$837,091
HENRYGA$435,278$557,230$673,550$837,091
JASPERGA$435,278$557,230$673,550$837,091
LAMARGA$435,278$557,230$673,550$837,091
MADISONGA$422,538$540,936$653,840$812,581
MERIWETHERGA$435,278$557,230$673,550$837,091
MORGANGA$435,278$557,230$673,550$837,091
NEWTONGA$435,278$557,230$673,550$837,091
OCONEEGA$422,538$540,936$653,840$812,581
OGLETHORPEGA$422,538$540,936$653,840$812,581
PAULDINGGA$435,278$557,230$673,550$837,091
PICKENSGA$435,278$557,230$673,550$837,091
PIKEGA$435,278$557,230$673,550$837,091
ROCKDALEGA$435,278$557,230$673,550$837,091
SPALDINGGA$435,278$557,230$673,550$837,091
WALTONGA$435,278$557,230$673,550$837,091
HAWAIIHI$440,586$564,015$681,766$847,292
HONOLULUHI$690,075$883,434$1,067,839$1,327,067
KALAWAOHI$764,391$978,568$1,182,867$1,470,021
KAUAIHI$780,315$998,970$1,207,516$1,500,624
MAUIHI$764,391$978,568$1,182,867$1,470,021
ADAID$475,621$608,881$736,003$914,684
BLAINEID$598,773$766,514$926,547$1,151,479
BOISEID$475,621$608,881$736,003$914,684
BONNERID$394,935$505,578$611,143$759,498

Bulletin No. 2022–16 1021 April 18, 2022
County NameState
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit
CAMASID$598,773$766,514$926,547$1,151,479
CANYONID$475,621$608,881$736,003$914,684
GEMID$475,621$608,881$736,003$914,684
KOOTENAIID$445,895$570,800$689,983$857,493
OWYHEEID$475,621$608,881$736,003$914,684
TETONID$896,220$1,147,555$1,387,051$1,723,826
JOHNSONKS$398,120$509,640$616,082$765,637
LEAVENWORTHKS$398,120$509,640$616,082$765,637
LINNKS$398,120$509,640$616,082$765,637
MIAMIKS$398,120$509,640$616,082$765,637
WYANDOTTEKS$398,120$509,640$616,082$765,637
BARNSTABLEMA$573,293$733,926$887,127$1,102,504
BRISTOLMA$546,752$699,953$846,046$1,051,453
DUKESMA$896,220$1,147,555$1,387,051$1,723,826
ESSEXMA$711,308$910,622$1,100,704$1,367,918
MIDDLESEXMA$711,308$910,622$1,100,704$1,367,918
NANTUCKETMA$896,220$1,147,555$1,387,051$1,723,826
NORFOLKMA$711,308$910,622$1,100,704$1,367,918
PLYMOUTHMA$711,308$910,622$1,100,704$1,367,918
SUFFOLKMA$711,308$910,622$1,100,704$1,367,918
ANNE ARUNDELMD$538,258$689,059$832,937$1,035,112
BALTIMOREMD$538,258$689,059$832,937$1,035,112
BALTIMORE CITYMD$538,258$689,059$832,937$1,035,112
CALVERTMD$896,220$1,147,555$1,387,051$1,723,826
CARROLLMD$538,258$689,059$832,937$1,035,112
CECILMD$440,586$564,015$681,766$847,292
CHARLESMD$896,220$1,147,555$1,387,051$1,723,826
FREDERICKMD$896,220$1,147,555$1,387,051$1,723,826
HARFORDMD$538,258$689,059$832,937$1,035,112
HOWARDMD$538,258$689,059$832,937$1,035,112
MONTGOMERYMD$896,220$1,147,555$1,387,051$1,723,826
PRINCE GEORGE'SMD$896,220$1,147,555$1,387,051$1,723,826
QUEEN ANNE'SMD$538,258$689,059$832,937$1,035,112
TALBOTMD$398,120$509,640$616,082$765,637
CUMBERLANDME$427,846$547,721$662,056$822,782
SAGADAHOCME$427,846$547,721$662,056$822,782
YORKME$427,846$547,721$662,056$822,782

April 18, 2022 1022 Bulletin No. 2022–16
County NameState
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit
ANOKAMN$414,045$530,042$640,685$796,240
CARVERMN$414,045$530,042$640,685$796,240
CHISAGOMN$414,045$530,042$640,685$796,240
DAKOTAMN$414,045$530,042$640,685$796,240
HENNEPINMN$414,045$530,042$640,685$796,240
ISANTIMN$414,045$530,042$640,685$796,240
LE SUEURMN$414,045$530,042$640,685$796,240
MILLE LACSMN$414,045$530,042$640,685$796,240
RAMSEYMN$414,045$530,042$640,685$796,240
SCOTTMN$414,045$530,042$640,685$796,240
SHERBURNEMN$414,045$530,042$640,685$796,240
WASHINGTONMN$414,045$530,042$640,685$796,240
WRIGHTMN$414,045$530,042$640,685$796,240
BATESMO$398,120$509,640$616,082$765,637
CALDWELLMO$398,120$509,640$616,082$765,637
CASSMO$398,120$509,640$616,082$765,637
CLAYMO$398,120$509,640$616,082$765,637
CLINTONMO$398,120$509,640$616,082$765,637
JACKSONMO$398,120$509,640$616,082$765,637
LAFAYETTEMO$398,120$509,640$616,082$765,637
PLATTEMO$398,120$509,640$616,082$765,637
RAYMO$398,120$509,640$616,082$765,637
FLATHEADMT$407,675$521,872$630,853$784,008
GALLATINMT$557,368$713,524$862,478$1,071,855
MISSOULAMT$435,278$557,230$673,550$837,091
PARKMT$424,661$543,613$657,117$816,642
RAVALLIMT$389,627$498,793$602,927$749,297
CAMDENNC$451,203$577,632$698,199$867,694
CHATHAMNC$467,128$597,988$722,848$898,344
CURRITUCKNC$451,203$577,632$698,199$867,694
DARENC$435,278$557,230$673,550$837,091
DURHAMNC$467,128$597,988$722,848$898,344
GATESNC$451,203$577,632$698,199$867,694
GRANVILLENC$467,128$597,988$722,848$898,344
HYDENC$445,895$570,800$689,983$857,493
ORANGENC$467,128$597,988$722,848$898,344
PASQUOTANKNC$743,158$951,380$1,150,002$1,429,171

Bulletin No. 2022–16 1023 April 18, 2022
County NameState
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit
PERQUIMANSNC$743,158$951,380$1,150,002$1,429,171
PERSONNC$467,128$597,988$722,848$898,344
LINCOLNNE$400,243$512,363$619,360$769,699
LOGANNE$400,243$512,363$619,360$769,699
MCPHERSONNE$400,243$512,363$619,360$769,699
HILLSBOROUGHNH$397,058$508,301$614,421$763,560
ROCKINGHAMNH$711,308$910,622$1,100,704$1,367,918
STRAFFORDNH$711,308$910,622$1,100,704$1,367,918
BERGENNJ$896,220$1,147,555$1,387,051$1,723,826
BURLINGTONNJ$440,586$564,015$681,766$847,292
CAMDENNJ$440,586$564,015$681,766$847,292
CAPE MAYNJ$452,264$578,971$699,861$869,725
ESSEXNJ$896,220$1,147,555$1,387,051$1,723,826
GLOUCESTERNJ$440,586$564,015$681,766$847,292
HUDSONNJ$896,220$1,147,555$1,387,051$1,723,826
HUNTERDONNJ$896,220$1,147,555$1,387,051$1,723,826
MIDDLESEXNJ$896,220$1,147,555$1,387,051$1,723,826
MONMOUTHNJ$896,220$1,147,555$1,387,051$1,723,826
MORRISNJ$896,220$1,147,555$1,387,051$1,723,826
OCEANNJ$896,220$1,147,555$1,387,051$1,723,826
PASSAICNJ$896,220$1,147,555$1,387,051$1,723,826
SALEMNJ$440,586$564,015$681,766$847,292
SOMERSETNJ$896,220$1,147,555$1,387,051$1,723,826
SUSSEXNJ$896,220$1,147,555$1,387,051$1,723,826
UNIONNJ$896,220$1,147,555$1,387,051$1,723,826
LOS ALAMOSNM$489,422$626,560$757,328$941,225
SANTA FENM$432,093$553,168$668,611$830,952
TAOSNM$390,689$500,131$604,543$751,328
CARSON CITYNV$414,045$530,042$640,685$796,240
DOUGLASNV$525,519$672,765$813,227$1,010,602
STOREYNV$493,669$631,961$763,929$949,349
WASHOENV$493,669$631,961$763,929$949,349
BRONXNY$896,220$1,147,555$1,387,051$1,723,826
KINGSNY$896,220$1,147,555$1,387,051$1,723,826
NASSAUNY$896,220$1,147,555$1,387,051$1,723,826

April 18, 2022 1024 Bulletin No. 2022–16
County NameState
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit
NEW YORKNY$896,220$1,147,555$1,387,051$1,723,826
PUTNAMNY$896,220$1,147,555$1,387,051$1,723,826
QUEENSNY$896,220$1,147,555$1,387,051$1,723,826
RICHMONDNY$896,220$1,147,555$1,387,051$1,723,826
ROCKLANDNY$896,220$1,147,555$1,387,051$1,723,826
SUFFOLKNY$896,220$1,147,555$1,387,051$1,723,826
WESTCHESTERNY$896,220$1,147,555$1,387,051$1,723,826
DELAWAREOH$405,552$519,149$627,576$779,900
FAIRFIELDOH$405,552$519,149$627,576$779,900
FRANKLINOH$405,552$519,149$627,576$779,900
HOCKINGOH$405,552$519,149$627,576$779,900
LICKINGOH$405,552$519,149$627,576$779,900
MADISONOH$405,552$519,149$627,576$779,900
MORROWOH$405,552$519,149$627,576$779,900
PERRYOH$405,552$519,149$627,576$779,900
PICKAWAYOH$405,552$519,149$627,576$779,900
UNIONOH$405,552$519,149$627,576$779,900
BENTONOR$445,895$570,800$689,983$857,493
CLACKAMASOR$552,060$706,738$854,262$1,061,654
CLATSOPOR$403,428$516,471$624,252$775,838
COLUMBIAOR$552,060$706,738$854,262$1,061,654
DESCHUTESOR$525,519$672,765$813,227$1,010,602
HOOD RIVEROR$553,122$708,077$855,924$1,063,731
MULTNOMAHOR$552,060$706,738$854,262$1,061,654
WASHINGTONOR$552,060$706,738$854,262$1,061,654
YAMHILLOR$552,060$706,738$854,262$1,061,654
BUCKSPA$440,586$564,015$681,766$847,292
CHESTERPA$440,586$564,015$681,766$847,292
DELAWAREPA$440,586$564,015$681,766$847,292
MONTGOMERYPA$440,586$564,015$681,766$847,292
PHILADELPHIAPA$440,586$564,015$681,766$847,292
PIKEPA$896,220$1,147,555$1,387,051$1,723,826
BRISTOLRI$546,752$699,953$846,046$1,051,453
KENTRI$546,752$699,953$846,046$1,051,453
NEWPORTRI$546,752$699,953$846,046$1,051,453
PROVIDENCERI$546,752$699,953$846,046$1,051,453
WASHINGTONRI$546,752$699,953$846,046$1,051,453

Bulletin No. 2022–16 1025 April 18, 2022
County NameState
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit
BERKELEYSC$437,401$559,953$676,827$841,153
CHARLESTONSC$437,401$559,953$676,827$841,153
DORCHESTERSC$437,401$559,953$676,827$841,153
CANNONTN$641,239$820,889$992,277$1,233,180
CHEATHAMTN$641,239$820,889$992,277$1,233,180
DAVIDSONTN$641,239$820,889$992,277$1,233,180
DICKSONTN$641,239$820,889$992,277$1,233,180
MACONTN$641,239$820,889$992,277$1,233,180
MAURYTN$641,239$820,889$992,277$1,233,180
ROBERTSONTN$641,239$820,889$992,277$1,233,180
RUTHERFORDTN$641,239$820,889$992,277$1,233,180
SMITHTN$641,239$820,889$992,277$1,233,180
SUMNERTN$641,239$820,889$992,277$1,233,180
TROUSDALETN$641,239$820,889$992,277$1,233,180
WILLIAMSONTN$641,239$820,889$992,277$1,233,180
WILSONTN$641,239$820,889$992,277$1,233,180
ATASCOSATX$415,107$531,381$642,347$798,271
BANDERATX$415,107$531,381$642,347$798,271
BASTROPTX$445,895$570,800$689,983$857,493
BEXARTX$415,107$531,381$642,347$798,271
CALDWELLTX$445,895$570,800$689,983$857,493
COLLINTX$416,168$532,766$644,008$800,348
COMALTX$415,107$531,381$642,347$798,271
DALLASTX$416,168$532,766$644,008$800,348
DENTONTX$416,168$532,766$644,008$800,348
ELLISTX$416,168$532,766$644,008$800,348
GUADALUPETX$415,107$531,381$642,347$798,271
HAYSTX$445,895$570,800$689,983$857,493
HUNTTX$416,168$532,766$644,008$800,348
JOHNSONTX$416,168$532,766$644,008$800,348
KAUFMANTX$416,168$532,766$644,008$800,348
KENDALLTX$415,107$531,381$642,347$798,271
MEDINATX$415,107$531,381$642,347$798,271
PARKERTX$416,168$532,766$644,008$800,348
ROCKWALLTX$416,168$532,766$644,008$800,348
TARRANTTX$416,168$532,766$644,008$800,348
TRAVISTX$445,895$570,800$689,983$857,493
WILLIAMSONTX$445,895$570,800$689,983$857,493

April 18, 2022 1026 Bulletin No. 2022–16
County NameState
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit
WILSONTX$415,107$531,381$642,347$798,271
WISETX$416,168$532,766$644,008$800,348
BOX ELDERUT$596,649$763,837$923,269$1,147,417
DAVISUT$596,649$763,837$923,269$1,147,417
JUABUT$469,251$600,711$726,125$902,406
MORGANUT$596,649$763,837$923,269$1,147,417
RICHUT$412,983$528,704$639,069$794,209
SALT LAKEUT$483,052$618,390$747,497$928,947
SUMMITUT$896,220$1,147,555$1,387,051$1,723,826
TOOELEUT$483,052$618,390$747,497$928,947
UTAHUT$469,251$600,711$726,125$902,406
WASATCHUT$896,220$1,147,555$1,387,051$1,723,826
WASHINGTONUT$444,833$569,462$688,367$855,462
WEBERUT$596,649$763,837$923,269$1,147,417
ALBEMARLEVA$424,661$543,613$657,117$816,642
ALEXANDRIA CITYVA$896,220$1,147,555$1,387,051$1,723,826
AMELIAVA$494,731$633,346$765,545$951,426
ARLINGTONVA$896,220$1,147,555$1,387,051$1,723,826
CHARLES CITYVA$494,731$633,346$765,545$951,426
CHARLOTTESVILLEVA$424,661$543,613$657,117$816,642
CHESAPEAKE CITYVA$451,203$577,632$698,199$867,694
CHESTERFIELDVA$494,731$633,346$765,545$951,426
CLARKEVA$896,220$1,147,555$1,387,051$1,723,826
COLONIAL HEIGHTVA$494,731$633,346$765,545$951,426
CULPEPERVA$896,220$1,147,555$1,387,051$1,723,826
DINWIDDIEVA$494,731$633,346$765,545$951,426
FAIRFAXVA$896,220$1,147,555$1,387,051$1,723,826
FAIRFAX CITYVA$896,220$1,147,555$1,387,051$1,723,826
FALLS CHURCH CIVA$896,220$1,147,555$1,387,051$1,723,826
FAUQUIERVA$896,220$1,147,555$1,387,051$1,723,826
FLUVANNAVA$424,661$543,613$657,117$816,642
FRANKLIN CITYVA$451,203$577,632$698,199$867,694
FREDERICKSBURGVA$896,220$1,147,555$1,387,051$1,723,826
GLOUCESTERVA$451,203$577,632$698,199$867,694
GOOCHLANDVA$494,731$633,346$765,545$951,426
GREENEVA$424,661$543,613$657,117$816,642
HAMPTON CITYVA$451,203$577,632$698,199$867,694
HANOVERVA$494,731$633,346$765,545$951,426
HENRICOVA$494,731$633,346$765,545$951,426

Bulletin No. 2022–16 1027 April 18, 2022
County NameState
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit
HOPEWELL CITYVA$494,731$633,346$765,545$951,426
ISLE OF WIGHTVA$451,203$577,632$698,199$867,694
JAMES CITYVA$451,203$577,632$698,199$867,694
KING AND QUEENVA$494,731$633,346$765,545$951,426
KING WILLIAMVA$494,731$633,346$765,545$951,426
LANCASTERVA$408,737$523,257$632,469$786,039
LOUDOUNVA$896,220$1,147,555$1,387,051$1,723,826
MADISONVA$896,220$1,147,555$1,387,051$1,723,826
MANASSAS CITYVA$896,220$1,147,555$1,387,051$1,723,826
MANASSAS PARK CVA$896,220$1,147,555$1,387,051$1,723,826
MATHEWSVA$451,203$577,632$698,199$867,694
NELSONVA$424,661$543,613$657,117$816,642
NEW KENTVA$494,731$633,346$765,545$951,426
NEWPORT NEWS CIVA$451,203$577,632$698,199$867,694
NORFOLK CITYVA$451,203$577,632$698,199$867,694
PETERSBURG CITYVA$494,731$633,346$765,545$951,426
POQUOSON CITYVA$451,203$577,632$698,199$867,694
PORTSMOUTH CITYVA$451,203$577,632$698,199$867,694
POWHATANVA$494,731$633,346$765,545$951,426
PRINCE GEORGEVA$494,731$633,346$765,545$951,426
PRINCE WILLIAMVA$896,220$1,147,555$1,387,051$1,723,826
RAPPAHANNOCKVA$896,220$1,147,555$1,387,051$1,723,826
RICHMOND CITYVA$494,731$633,346$765,545$951,426
SOUTHAMPTONVA$451,203$577,632$698,199$867,694
SPOTSYLVANIAVA$896,220$1,147,555$1,387,051$1,723,826
STAFFORDVA$896,220$1,147,555$1,387,051$1,723,826
SUFFOLK CITYVA$451,203$577,632$698,199$867,694
SUSSEXVA$494,731$633,346$765,545$951,426
VIRGINIA BEACHVA$451,203$577,632$698,199$867,694
WARRENVA$896,220$1,147,555$1,387,051$1,723,826
WILLIAMSBURG CIVA$451,203$577,632$698,199$867,694
YORKVA$451,203$577,632$698,199$867,694
CHITTENDENVT$401,305$513,748$620,975$771,730
FRANKLINVT$401,305$513,748$620,975$771,730
GRAND ISLEVT$401,305$513,748$620,975$771,730
CLARKWA$552,060$706,738$854,262$1,061,654
ISLANDWA$472,436$604,819$731,064$908,545
KINGWA$822,782$1,053,299$1,273,200$1,582,279
KITSAPWA$459,696$588,479$711,354$884,034

April 18, 2022 1028 Bulletin No. 2022–16
County NameState
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit
PIERCEWA$822,782$1,053,299$1,273,200$1,582,279
SAN JUANWA$459,696$588,479$711,354$884,034
SKAGITWA$437,401$559,953$676,827$841,153
SKAMANIAWA$552,060$706,738$854,262$1,061,654
SNOHOMISHWA$822,782$1,053,299$1,273,200$1,582,279
THURSTONWA$440,586$564,015$681,766$847,292
WHATCOMWA$474,559$607,497$734,341$912,607
PIERCEWI$414,045$530,042$640,685$796,240
ST. CROIXWI$414,045$530,042$640,685$796,240
JEFFERSONWV$896,220$1,147,555$1,387,051$1,723,826
SHERIDANWY$452,264$578,971$699,861$869,725
TETONWY$896,220$1,147,555$1,387,051$1,723,826
GUAMGU$520,210$665,980$805,010$1,000,401
NORTHERN ISLANDMP$484,114$619,729$749,112$930,978
SAIPANMP$488,361$625,176$755,713$939,148
TINIANMP$491,546$629,284$760,652$945,287
CULEBRAPR$491,546$629,284$760,652$945,287
ST. JOHN ISLANDVI$575,416$736,649$890,404$1,106,566
ST. THOMAS ISLAVI$411,922$527,319$637,408$792,178
All other areas - 2820 counties
(floor): $388,362$497,269$601,034$746,989
.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.
SECTION 6. EFFECTIVE DATES
.01 Issuers may rely on this revenue
procedure to determine average area pur-
chase 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
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 contin-
ue 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 1029 April 18, 2022
commitments to provide financing or is-
sue 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 nation-
wide 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.
SECTION 7. PAPERWORK
REDUCTION ACT
The collection of information con-
tained in this revenue procedure has been
reviewed and approved by the Office
of Management and Budget in accor-
dance 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 col-
lection of information requirement in sec-
tion 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 ben-
efit 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 re-
spondent and/or recordkeeper: 15 minutes.
The estimated number of respondents
and/or recordkeepers: 60.
Books or records relating to a collec-
tion of information must be retained as
long as their contents may become mate-
rial in the administration of any internal
revenue law. Generally, tax returns and tax
return information are confidential, as re-
quired 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 & Prod-
ucts). For further information regarding
this revenue procedure contact Mr. White
at (202) 317-4562 (not a toll-free number).

Bulletin No. 2022–16 i 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 pub-
lished 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 ap-
plied 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 be-
ing made clear because the language has
caused, or may cause, some confusion. It
is not used where a position in a prior rul-
ing is being changed.
Distinguished describes a situation
where a ruling mentions a previously pub-
lished 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 pub-
lished ruling that is not considered deter-
minative 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 sub-
stance 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 previous-
ly 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 rul-
ings 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 cas-
es in litigation, or the outcome of a Ser-
vice 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.
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.
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 ii Bulletin No. 2022–16
Numerical Finding List
1
Bulletin 2022–16
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
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
Revenue Procedures:—Continued
2022-20, 2022-14 I.R.B. 945
2022-21, 2022-16 I.R.B. 1015
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
1
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.

Bulletin No. 2022–16 iii April 18, 2022
Finding List of Current Actions on
Previously Published Items
1
Bulletin 2022–16
1
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.

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