rp-22-21.pdf

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Part III
Administrative, Procedural, and Miscellaneous

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

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§ 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 $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

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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
equivalent of a county. Section 6a.103A-1(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

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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 specifi ed 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

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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

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Islands, and Guam were last published in Rev. Proc. 2021-1 7, 2021-1 5 I.R.B. 991.
.12 The nationwide average purchase price was last published in section 4.02 of
Rev. Proc. 2021-1 7. 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, 2021-1 5 I.R.B. 1008.
.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

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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.
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

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(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
must make the computation for the entire applicable MSA. When computing the
average area purchase price for a statist ical area that is not an MSA, the issuer must
make the computation for the entire statistical area and may not combine statistical

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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. 2021-1 7, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.
2021-1 7 in computing the housing cost/income ratio under § 143(f)(5). Likewise, if,

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pursuant to section 6.04 of this revenue procedure, an issuer relies on the nationwide
average purchase price published in Rev. Proc. 2021-1 7, 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

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INYO CA $398,120 $509,640 $616,082 $765,637
LOS ANGELES CA $896,220 $1,147,555 $1,387,051 $1,723,826
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

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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
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

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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
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

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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
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

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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

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

16
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
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

17
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
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

18
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

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

19
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
WILSON TX $415,107 $531,381 $642,347 $798,271
WISE TX $416,168 $532,766 $644,008 $800,348

20
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

21
HENRICO VA $494,731 $633,346 $765,545 $951,426
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

22

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
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

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.

23
SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2021-1 7 is obsolete except as provided in section 6 of this revenue
procedure.
SECTION 6. EFFECTIVE DATES
.01 Issuers may rely on this revenue procedure to determine average area
purchase price safe harbors for commitments to provide financing or issue mortgage
credit certificates that are made, or (if the purchase precedes the commitment) for
residences that are purchased, in the period that begins on March 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 continue to
rely on the average area purchase price safe harbors contained in Rev. Proc. 2021-1 7,
with respect to bonds sold, or for mortgage credit certif icates 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.
.03 Except as provided in section 6.04, issuers must use the nationwide average
purchase pri ce 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

24
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 certi ficates are made on or before May 29, 2022.
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 to determine average
area purchase pri ces. 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

25
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).