rp-11-23.pdf

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Part III

Administrative, Procedural, and Miscellaneous

[26 CFR 601.201]: Rulings and determination letters
(Also: Part I, §§ 25, 103, 143

Rev. Proc. 2011-23

SECTION 1. PURPOSE
This revenue procedure provides issuers of qualified mortgage bonds, as defined
in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit
certificates, as defined in section 25(c), with (1) the nationwide average purchase price
for residences located in the United States, and (2) average area purchase price safe
harbors for residences located in statistical areas in each state, the District of Columbia,
Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and
Guam.
SECTION 2. BACKGROUND
.01 Section 103(a) provides that, except as provided in section 103(b), gross
income does not include interest on any state or local bond. Section 103(b)(1) provides

2
that section 103(a) shall not apply to any private activity bond that is not a "qualified
bond" within the meaning of section 141. Section 141(e) provides, in part, that the term
"qualified bond" means any private activity bond if such bond (1) is a qualified mortgage
bond under section 143, (2) meets the volume cap requirements under section 146, and
(3) meets the applicable requirements under section 147.
.02 Section 143(a)(1) provides that the term "qualified mortgage bond" means a
bond that is issued as part of a qualified mortgage issue. Section 143(a)(2)(A) provides
that the term "qualified mortgage issue" means an issue of one or more bonds by a
state or political subdivision thereof, but only if: (i) all proceeds of the issue (exclusive of
issuance costs and a reasonably required reserve) are to be used to finance owner-
occupied residences; (ii) the issue meets the requirements of subsections (c), (d), (e),
(f), (g), (h), (i), and (m)(7) of section 143; (iii) the issue does not meet the private
business tests of paragraphs (1) and (2) of section 141(b); and (iv) with respect to
amounts received more than 10 years after the date of issuance, repayments of
$250,000 or more of principal on mortgage financing provided by the issue are used by
the close of the first semiannual period beginning after the date the prepayment (or
complete repayment) is received to redeem bonds that are part of the issue.
Average Area Purchase Price
.03 Section 143(e)(1) provides that an issue of bonds meets the purchase price
requirements of section 143(e) if the acquisition cost of each residence financed by the
issue does not exceed 90 percent of the average area purchase price applicable to
such residence. Section 143(e)(5) provides that, in the case of a targeted area

3
residence (as defined in section 143(j)), section 143(e)(1) shall be applied by
substituting 110 percent for 90 percent.
.04 Section 143(e)(2) provides that the term "average area purchase price"
means, with respect to any residence, the average purchase price of single-family
residences (in the statistical area in which the residence is located) that were purchased
during the most recent 12-month period for which sufficient statistical information is
available. Under sections 143(e)(3) and (4), respectively, separate determinations are
to be made for new and existing residences, and for two-, three-, and four-family
residences.
.05 Section 143(e)(2) provides that the determination of the average area
purchase price for a statistical area shall be made as of the date on which the
commitment to provide the financing is made or, if earlier, the date of the purchase of
the residence.
.06 Section 143(k)(2)(A) provides that the term "statistical area" means (i) a
metropolitan statistical area (MSA), and (ii) any county (or the portion thereof) that is not
within an MSA. Section 143(k)(2)(C) further provides that if sufficient recent statistical
information with respect to a county (or portion thereof) is unavailable, the Secretary
may substitute another area for which there is sufficient recent statistical information for
such county (or portion thereof). In the case of any portion of a State which is not within
a county, section 143(k)(2)(D) provides that the Secretary may designate as a county
any area that is the equivalent of a county. Section 6a.103A-1(b)(4)(i) of the Temporary
Income Tax Regulations (issued under section 103A of the Internal Revenue Code of

4
1954, the predecessor of section 143) provides that the term “State” includes a
possession of the United States and the District of Columbia.
.07 Section 6a.103A-2(f)(5)(i) provides that an issuer may rely upon the average
area purchase price safe harbors published by the Department of the Treasury for the
statistical area in which a residence is located. Section 6a.103A-2(f)(5)(i) further
provides that an issuer may use an average area purchase price limitation different from
the published safe harbor if the issuer has more accurate and comprehensive data for
the statistical area.
Qualified Mortgage Credit Certificate Program
.08 Section 25(c) permits a state or political subdivision to establish a qualified
mortgage credit certificate program. In general, a qualified mortgage credit certificate
program is a program under which the issuing authority elects not to issue an amount of
private activity bonds that it may otherwise issue during the calendar year under section
146, and in their place, issues mortgage credit certificates to taxpayers in connection
with the acquisition of their principal residences. Section 25(a)(1) provides, in general,
that the holder of a mortgage credit certificate may claim a federal income tax credit
equal to the product of the credit rate specified in the certificate and the interest paid or
accrued during the tax year on the remaining principal of the indebtedness incurred to
acquire the residence. Section 25(c)(2)(A)(iii)(III) generally provides that residences
acquired in connection with the issuance of mortgage credit certificates must meet the
purchase price requirements of section 143(e).
Income Limitations for Qualified Mortgage Bonds and Mortgage Credit Certificates

5
.09 Section 143(f) imposes limitations on the income of mortgagors for whom
financing may be provided by qualified mortgage bonds. In addition, section
25(c)(2)(A)(iii)(IV) provides that holders of mortgage credit certificates must meet the
income requirement of section 143(f). Generally, under sections 143(f)(1) and
25(c)(2)(A)(iii)(IV), the income requirement is met only if all owner-financing under a
qualified mortgage bond and all mortgage credit certificates issued under a qualified
mortgage credit certificate program are provided to mortgagors whose family income is
115 percent or less of the applicable median family income. Section 143(f)(5), however,
generally provides for an upward adjustment to the percentage limitation in high housing
cost areas. High housing cost areas are defined in section 143(f)(5)(C) as any
statistical area for which the housing cost/income ratio is greater than 1.2.
.10 Under section 143(f)(5)(D), the housing cost/income ratio with respect to any
statistical area is determined by dividing (a) the applicable housing price ratio for such
area by (b) the ratio that the area median gross income for such area bears to the
median gross income for the United States. The applicable housing price ratio is the
new housing price ratio (new housing average area purchase price divided by the new
housing average purchase price for the United States) or the existing housing price ratio
(existing housing average area purchase price divided by the existing housing average
purchase price for the United States), whichever results in the housing cost/income ratio
being closer to 1.
Average Area and Nationwide Purchase Price Limitations
.11 Average area purchase price safe harbors for each state, the District of

6
Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin
Islands, and Guam were last published in Rev. Proc. 2010-25, 2010-27 I.R.B. 16.
.12 The nationwide average purchase price limitation was last published in
section 4.02 of Rev. Proc. 2010-25. Guidance with respect to the United States and
area median gross income figures that are to be used in computing the housing
cost/income ratio described in section 143(f)(5) was last published in Rev. Proc. 2010-
23, 2010-24 I.R.B. 762.
.13 This revenue procedure uses FHA loan limits for a given statistical area to
calculate the average area purchase price safe harbor for that area. FHA sets limits on
the dollar value of loans it will insure based on median home prices and conforming loan
limits established by the Federal Home Loan Mortgage Corporation. In particular, FHA
sets an area's loan limit at 95 percent of the median home sales price for the area,
subject to certain floors and caps measured against conforming loan limits.
.14 To calculate the average area purchase price safe harbors in this revenue
procedure, the FHA loan limits are adjusted to take into account the differences
between average and median purchase prices. Because FHA loan limits do not
differentiate between new and existing residences, this revenue procedure contains a
single average area purchase price safe harbor for both new and existing residences in
a statistical area. The Treasury Department and the Internal Revenue Service have
determined that FHA loan limits provide a reasonable basis for determining average
area purchase price safe harbors. If the Treasury Department and the Internal Revenue
Service become aware of other sources of average purchase price data, including data

7
that differentiate between new and existing residences, consideration will be given as to
whether such data provide a more accurate method for calculating average area
purchase price safe harbors.
.15 The average area purchase price safe harbors listed in section 4.01 of this
revenue procedure are based on FHA loan limits released December 01, 2010. FHA
loan limits are available for statistical areas in each state, the District of Columbia,
Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and
Guam. See section 3.03 of this revenue procedure with respect to FHA loan limits
revised after December 01, 2010.
.16 OMB Bulletin No. 03-04, dated and effective June 6, 2003, revised the
definitions of the nation’s metropolitan areas and recognized 49 new metropolitan
statistical areas. The OMB bulletin no longer includes primary metropolitan statistical
areas.
SECTION 3. APPLICATION

Average Area Purchase Price Safe Harbors
.01 Average area purchase price safe harbors for statistical areas in each state,
the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa,
the Virgin Islands, and Guam are set forth in section 4.01 of this revenue procedure.
Average area purchase price safe harbors are provided for single-family and two to
four-family residences. For each type of residence, section 4.01 of this revenue
procedure contains a single safe harbor that may be used for both new and existing
residences. Issuers of qualified mortgage bonds and issuers of mortgage credit

8
certificates may rely on these safe harbors to satisfy the requirements of sections
143(e) and (f). Section 4.01 of this revenue procedure provides safe harbors for MSAs
and for certain counties and county equivalents. If no purchase price safe harbor is
available for a statistical area, the safe harbor for "ALL OTHER AREAS" may be used
for that statistical area.
.02 If a residence is in an MSA, the safe harbor applicable to it is the limitation of
that MSA. If an MSA falls in more than one state, the MSA is listed in section 4.01 of
this revenue procedure under each state.
.03 If the FHA revises the FHA loan limit for any statistical area after December
01, 2010, an issuer of qualified mortgage bonds or mortgage credit certificates may use
the revised FHA loan limit for that statistical area to compute (as provided in the next
sentence) a revised average area purchase price safe harbor for the statistical area
provided that the issuer maintains records evidencing the revised FHA loan limit. The
revised average area purchase price safe harbor for that statistical area is computed by
dividing the revised FHA loan limit by .9875.
.04 If, pursuant to section 6a.103A-2(f)(5)(i), an issuer uses more accurate and
comprehensive data to determine the average area purchase price for a statistical area,
the issuer must make separate average area purchase price determinations for new
and existing residences. Moreover, when computing the average area purchase price
for a statistical area that is an MSA, as defined in OMB Bulletin No. 03-04, the issuer
must make the computation for the entire applicable MSA. When computing the
average area purchase price for a statistical area that is not an MSA, the issuer must

9
make the computation for the entire statistical area and may not combine statistical
areas. Thus, for example, the issuer may not combine two or more counties.
.05 If an issuer receives a ruling permitting it to rely on an average area purchase
price limitation that is higher than the applicable safe harbor in this revenue procedure,
the issuer may rely on that higher limitation for the purpose of satisfying the
requirements of section 143(e) and (f) for bonds sold, and mortgage credit certificates
issued, not more than 30 months following the termination date of the 12-month period
used by the issuer to compute the limitation.
Nationwide Average Purchase Price
.06 Section 4.02 of this revenue procedure sets forth a single nationwide average
purchase price for purposes of computing the housing cost/income ratio under section
143(f)(5).
.07 Issuers must use the nationwide average purchase price set forth in section
4.02 of this revenue procedure when computing the housing cost/income ratio under
section 143(f)(5) regardless of whether they are relying on the average area purchase
price safe harbors contained in this revenue procedure or using more accurate and
comprehensive data to determine average area purchase prices for new and existing
residences for a statistical area that are different from the published safe harbors in this
revenue procedure.
.08 If, pursuant to section 6.02 of this revenue procedure, an issuer relies on the
average area purchase price safe harbors contained in Rev. Proc. 2010-25, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.

10
2010-25 in computing the housing cost/income ratio under section 143(f)(5). Likewise,
if, pursuant to section 6.05 of this revenue procedure, an issuer relies on the nationwide
average purchase price published in Rev. Proc. 2010-25, the issuer may not rely on the
average area purchase price safe harbors published in this revenue procedure.
SECTION 4. AVERAGE AREA AND NATIONWIDE AVERAGE PURCHASE PRICES
.01 Average area purchase prices for single-family and two to four-family
residences in MSAs, and for certain counties and county equivalents are set forth
below. The safe harbor for “ALL OTHER AREAS” (found at the end of the table below)
may be used for a statistical area that is not listed below.
2011 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit

ALEUTIANS WEST AK $361,013$462,127$558,633 $694,228
ANCHORAGE AK $351,899$450,481$544,557 $676,709
DENALI AK $320,253$409,975$495,544 $615,848
DILLINGHAM AK $336,709$431,038$521,013 $647,494
FAIRBANKS NORTH AK $320,253$409,975$495,544 $615,848
JUNEAU AK $403,797$516,911$624,861 $776,557
KETCHIKAN GATEW AK $326,076$417,418$504,557 $627,089
KODIAK ISLAND AK $334,228$427,848$517,165 $642,734
MATANUSKA-SUSIT AK $351,899$450,481$544,557 $676,709
NOME AK $278,329$356,304$430,684 $535,241
NORTH SLOPE AK $310,937$398,025$481,165 $597,975
SITKA AK $436,709$559,038$675,797 $839,848
VALDEZ-CORDOVA AK $274,835$351,848$425,266 $528,506
YAKUTAT CITY AK $393,620$503,899$609,114 $756,962

BALDWIN AL $288,608$369,468$446,582 $554,987

11
RUSSELL AL $293,468$375,696$454,127 $564,354

APACHE AZ $284,810$364,608$440,709 $547,696
COCONINO AZ $455,696$583,342$705,165 $876,354
GILA AZ $329,114$421,316$509,266 $632,911
MARICOPA AZ $350,633$448,861$542,582 $674,278
MOHAVE AZ $326,582$418,076$505,367 $628,051
NAVAJO AZ $312,658$400,253$483,797 $601,266
PIMA AZ $320,253$409,975$495,544 $615,848
PINAL AZ $350,633$448,861$542,582 $674,278
YAVAPAI AZ $394,937$505,570$611,139 $759,494

ALAMEDA CA $738,987$946,025 $1,143,544 $1,421,165
ALPINE CA $554,430$709,772$857,924 $1,066,228
AMADOR CA $449,367$575,241$695,342 $864,152
BUTTE CA $405,063$518,532$626,785 $778,987
CALAVERAS CA $468,354$599,544$724,759 $900,709
COLUSA CA $402,532$515,291$622,886 $774,076
CONTRA COSTA CA $738,987$946,025 $1,143,544 $1,421,165
DEL NORTE CA $315,190$403,494$487,747 $606,127
EL DORADO CA $587,342$751,899$908,861 $1,129,519
FRESNO CA $386,076$494,228$597,418 $742,430
GLENN CA $291,139$372,709$450,532 $559,899
HUMBOLDT CA $398,734$510,430$617,013 $766,785
IMPERIAL CA $329,114$421,316$509,266 $632,911
INYO CA $443,038$567,139$685,570 $852,000
KERN CA $373,418$478,025$577,823 $718,127
KINGS CA $329,114$421,316$509,266 $632,911
LAKE CA $406,329$520,152$628,759 $781,418
LASSEN CA $288,608$369,468$446,582 $554,987
LOS ANGELES CA $738,987$946,025 $1,143,544 $1,421,165
MADERA CA $430,380$550,937$665,975 $827,646
MARIN CA $738,987$946,025 $1,143,544 $1,421,165
MARIPOSA CA $417,722$534,734$646,380 $803,291
MENDOCINO CA $518,987$664,405$803,089 $998,076
MERCED CA $478,481$612,557$740,405 $920,152

12
MONO CA $535,696$685,772$828,962 $1,030,177
MONTEREY CA $738,987$946,025 $1,143,544 $1,421,165
NAPA CA $738,987$946,025 $1,143,544 $1,421,165
NEVADA CA $569,620$729,215$881,468 $1,095,443
ORANGE CA $738,987$946,025 $1,143,544 $1,421,165
PLACER CA $587,342$751,899$908,861 $1,129,519
PLUMAS CA $415,190$531,494$642,481 $798,430
RIVERSIDE CA $506,329$648,203$783,494 $973,722
SACRAMENTO CA $587,342$751,899$908,861 $1,129,519
SAN BENITO CA $738,987$946,025 $1,143,544 $1,421,165
SAN BERNARDINO CA $506,329$648,203$783,494 $973,722
SAN DIEGO CA $706,329$904,253 $1,093,013 $1,358,329
SAN FRANCISCO CA $738,987$946,025 $1,143,544 $1,421,165
SAN JOAQUIN CA $494,937$633,620$765,873 $951,797
SAN LUIS OBISPO CA $696,203$891,241 $1,077,316 $1,338,886
SAN MATEO CA $738,987$946,025 $1,143,544 $1,421,165
SANTA BARBARA CA $738,987$946,025 $1,143,544 $1,421,165
SANTA CLARA CA $738,987$946,025 $1,143,544 $1,421,165
SANTA CRUZ CA $738,987$946,025 $1,143,544 $1,421,165
SHASTA CA $429,114$549,316$664,000 $825,215
SIERRA CA $308,608$395,038$477,519 $593,468
SISKIYOU CA $297,468$380,810$460,304 $572,051
SOLANO CA $564,557$722,734$873,620 $1,085,722
SONOMA CA $670,886$858,835 $1,038,177 $1,290,177
STANISLAUS CA $429,114$549,316$664,000 $825,215
SUTTER CA $430,380$550,937$665,975 $827,646
TEHAMA CA $316,456$405,114$489,671 $608,557
TULARE CA $329,114$421,316$509,266 $632,911
TUOLUMNE CA $443,038$567,139$685,570 $852,000
VENTURA CA $738,987$946,025 $1,143,544 $1,421,165
YOLO CA $587,342$751,899$908,861 $1,129,519
YUBA CA $430,380$550,937$665,975 $827,646

ADAMS CO $411,392$526,633$636,608 $791,139
ARAPAHOE CO $411,392$526,633$636,608 $791,139
ARCHULETA CO $321,519$411,595$497,519 $618,278

13
BOULDER CO $465,823$596,304$720,810 $895,797
BROOMFIELD CO $411,392$526,633$636,608 $791,139
CHAFFEE CO $283,544$362,987$438,734 $545,266
CLEAR CREEK CO $411,392$526,633$636,608 $791,139
DENVER CO $411,392$526,633$636,608 $791,139
DOUGLAS CO $411,392$526,633$636,608 $791,139
EAGLE CO $738,987$946,025 $1,143,544 $1,421,165
EL PASO CO $329,114$421,316$509,266 $632,911
ELBERT CO $411,392$526,633$636,608 $791,139
GARFIELD CO $430,380$550,937$665,975 $827,646
GILPIN CO $411,392$526,633$636,608 $791,139
GRAND CO $360,759$461,823$558,228 $693,772
GUNNISON CO $439,241$562,278$679,696 $844,709
HINSDALE CO $564,557$722,734$873,620 $1,085,722
JEFFERSON CO $411,392$526,633$636,608 $791,139
LA PLATA CO $449,367$575,241$695,342 $864,152
LAKE CO $738,987$946,025 $1,143,544 $1,421,165
LARIMER CO $316,456$405,114$489,671 $608,557
MESA CO $375,949$481,266$581,772 $722,987
MINERAL CO $303,797$388,911$470,076 $584,203
OURAY CO $488,608$625,519$756,101 $939,646
PARK CO $411,392$526,633$636,608 $791,139
PITKIN CO $738,987$946,025 $1,143,544 $1,421,165
ROUTT CO $683,544$875,038 $1,057,772 $1,314,532
SAN JUAN CO $430,380$550,937$665,975 $827,646
SAN MIGUEL CO $659,494$844,253 $1,020,506 $1,268,253
SUMMIT CO $738,987$946,025 $1,143,544 $1,421,165
TELLER CO $329,114$421,316$509,266 $632,911
WELD CO $422,785$541,215$654,228 $813,063

FAIRFIELD CT $717,722$918,835 $1,110,633 $1,380,253
HARTFORD CT $445,570$570,380$689,468 $856,861
LITCHFIELD CT $379,747$486,127$587,646 $730,278
MIDDLESEX CT $445,570$570,380$689,468 $856,861
NEW HAVEN CT $392,405$502,329$607,190 $754,633
NEW LONDON CT $403,797$516,911$624,861 $776,557

14
TOLLAND CT $445,570$570,380$689,468 $856,861
WINDHAM CT $275,949$353,266$426,987 $530,684

DISTRICT OF COL DC $738,987$946,025 $1,143,544 $1,421,165

KENT DE $381,013$487,747$589,570 $732,709
NEW CASTLE DE $425,316$544,456$658,127 $817,924
SUSSEX DE $379,747$486,127$587,646 $730,278

BAKER FL $392,405$502,329$607,190 $754,633
BAY FL $401,266$513,671$620,911 $771,646
BREVARD FL $294,937$377,570$456,405 $567,190
BROWARD FL $429,114$549,316$664,000 $825,215
CHARLOTTE FL $300,000$384,051$464,203 $576,911
CLAY FL $392,405$502,329$607,190 $754,633
COLLIER FL $537,975$688,709$832,456 $1,034,582
DUVAL FL $392,405$502,329$607,190 $754,633
FLAGLER FL $291,139$372,709$450,532 $559,899
FRANKLIN FL $308,861$395,392$477,924 $593,975
HERNANDO FL $296,203$379,190$458,329 $569,620
HILLSBOROUGH FL $296,203$379,190$458,329 $569,620
INDIAN RIVER FL $287,342$367,848$444,608 $552,557
LAKE FL $358,228$458,582$554,329 $688,911
LEE FL $360,759$461,823$558,228 $693,772
MANATEE FL $448,101$573,620$693,418 $861,722
MARTIN FL $379,747$486,127$587,646 $730,278
MIAMI-DADE FL $429,114$549,316$664,000 $825,215
MONROE FL $738,987$946,025 $1,143,544 $1,421,165
NASSAU FL $392,405$502,329$607,190 $754,633
OKALOOSA FL $316,456$405,114$489,671 $608,557
ORANGE FL $358,228$458,582$554,329 $688,911
OSCEOLA FL $358,228$458,582$554,329 $688,911
PALM BEACH FL $429,114$549,316$664,000 $825,215
PASCO FL $296,203$379,190$458,329 $569,620
PINELLAS FL $296,203$379,190$458,329 $569,620
SARASOTA FL $448,101$573,620$693,418 $861,722

15
SEMINOLE FL $358,228$458,582$554,329 $688,911
ST. JOHNS FL $392,405$502,329$607,190 $754,633
ST. LUCIE FL $379,747$486,127$587,646 $730,278
SUMTER FL $282,278$361,367$436,810 $542,835
VOLUSIA FL $307,595$393,772$475,949 $591,544
WALTON FL $367,382$470,278$568,506 $706,481

BARROW GA $350,633$448,861$542,582 $674,278
BARTOW GA $350,633$448,861$542,582 $674,278
BRANTLEY GA $279,747$358,127$432,861 $537,975
BUTTS GA $350,633$448,861$542,582 $674,278
CARROLL GA $350,633$448,861$542,582 $674,278
CHATTAHOOCHEE GA $293,468$375,696$454,127 $564,354
CHEROKEE GA $350,633$448,861$542,582 $674,278
CLARKE GA $302,532$387,291$468,152 $581,772
CLAYTON GA $350,633$448,861$542,582 $674,278
COBB GA $350,633$448,861$542,582 $674,278
COWETA GA $350,633$448,861$542,582 $674,278
DAWSON GA $350,633$448,861$542,582 $674,278
DEKALB GA $350,633$448,861$542,582 $674,278
DOUGLAS GA $350,633$448,861$542,582 $674,278
FAYETTE GA $350,633$448,861$542,582 $674,278
FORSYTH GA $350,633$448,861$542,582 $674,278
FULTON GA $350,633$448,861$542,582 $674,278
GLYNN GA $279,747$358,127$432,861 $537,975
GREENE GA $670,886$858,835 $1,038,177 $1,290,177
GWINNETT GA $350,633$448,861$542,582 $674,278
HARALSON GA $350,633$448,861$542,582 $674,278
HARRIS GA $293,468$375,696$454,127 $564,354
HEARD GA $350,633$448,861$542,582 $674,278
HENRY GA $350,633$448,861$542,582 $674,278
JASPER GA $350,633$448,861$542,582 $674,278
LAMAR GA $350,633$448,861$542,582 $674,278
MADISON GA $302,532$387,291$468,152 $581,772
MARION GA $293,468$375,696$454,127 $564,354
MCINTOSH GA $279,747$358,127$432,861 $537,975

16
MERIWETHER GA $350,633$448,861$542,582 $674,278
MUSCOGEE GA $293,468$375,696$454,127 $564,354
NEWTON GA $350,633$448,861$542,582 $674,278
OCONEE GA $302,532$387,291$468,152 $581,772
OGLETHORPE GA $302,532$387,291$468,152 $581,772
PAULDING GA $350,633$448,861$542,582 $674,278
PICKENS GA $350,633$448,861$542,582 $674,278
PIKE GA $350,633$448,861$542,582 $674,278
ROCKDALE GA $350,633$448,861$542,582 $674,278
SPALDING GA $350,633$448,861$542,582 $674,278
WALTON GA $350,633$448,861$542,582 $674,278

HAWAII HI $626,582$802,127$969,620 $1,204,962
HONOLULU HI $803,797 $1,012,658 $1,243,848 $1,545,772
KALAWAO HI $725,316$928,557 $1,122,380 $1,394,886
KAUAI HI $783,544 $1,003,089 $1,212,506 $1,506,835
MAUI HI $800,000 $1,012,658 $1,237,975 $1,538,481

ADA ID $307,595$393,772$475,949 $591,544
ADAMS ID $277,215$354,886$428,962 $533,114
BLAINE ID $738,987$946,025 $1,143,544 $1,421,165
BOISE ID $307,595$393,772$475,949 $591,544
CANYON ID $307,595$393,772$475,949 $591,544
GEM ID $307,595$393,772$475,949 $591,544
KOOTENAI ID $289,873$371,089$448,557 $557,418
OWYHEE ID $307,595$393,772$475,949 $591,544
TETON ID $702,532$899,342 $1,087,139 $1,351,038
VALLEY ID $468,354$599,544$724,759 $900,709

BOND IL $284,810$364,608$440,709 $547,696
BOONE IL $343,544$439,797$531,595 $660,658
CALHOUN IL $284,810$364,608$440,709 $547,696
CLINTON IL $284,810$364,608$440,709 $547,696
COOK IL $415,190$531,494$642,481 $798,430
DEKALB IL $415,190$531,494$642,481 $798,430
DUPAGE IL $415,190$531,494$642,481 $798,430

17
GRUNDY IL $415,190$531,494$642,481 $798,430
JERSEY IL $284,810$364,608$440,709 $547,696
KANE IL $415,190$531,494$642,481 $798,430
KENDALL IL $415,190$531,494$642,481 $798,430
LAKE IL $415,190$531,494$642,481 $798,430
MACOUPIN IL $284,810$364,608$440,709 $547,696
MADISON IL $284,810$364,608$440,709 $547,696
MCHENRY IL $415,190$531,494$642,481 $798,430
MONROE IL $284,810$364,608$440,709 $547,696
ST. CLAIR IL $284,810$364,608$440,709 $547,696
WILL IL $415,190$531,494$642,481 $798,430
WINNEBAGO IL $343,544$439,797$531,595 $660,658

CLARK IN $306,329$392,152$474,025 $589,114
DEARBORN IN $341,772$437,519$528,861 $657,266
FLOYD IN $306,329$392,152$474,025 $589,114
FRANKLIN IN $341,772$437,519$528,861 $657,266
HARRISON IN $306,329$392,152$474,025 $589,114
JASPER IN $415,190$531,494$642,481 $798,430
LAKE IN $415,190$531,494$642,481 $798,430
NEWTON IN $415,190$531,494$642,481 $798,430
OHIO IN $341,772$437,519$528,861 $657,266
PORTER IN $415,190$531,494$642,481 $798,430
WASHINGTON IN $306,329$392,152$474,025 $589,114

BOONE KY $341,772$437,519$528,861 $657,266
BRACKEN KY $341,772$437,519$528,861 $657,266
BULLITT KY $306,329$392,152$474,025 $589,114
CAMPBELL KY $341,772$437,519$528,861 $657,266
GALLATIN KY $341,772$437,519$528,861 $657,266
GRANT KY $341,772$437,519$528,861 $657,266
HENRY KY $306,329$392,152$474,025 $589,114
JEFFERSON KY $306,329$392,152$474,025 $589,114
KENTON KY $341,772$437,519$528,861 $657,266
MEADE KY $306,329$392,152$474,025 $589,114
NELSON KY $306,329$392,152$474,025 $589,114

18
OLDHAM KY $306,329$392,152$474,025 $589,114
PENDLETON KY $341,772$437,519$528,861 $657,266
SHELBY KY $306,329$392,152$474,025 $589,114
SPENCER KY $306,329$392,152$474,025 $589,114
TRIMBLE KY $306,329$392,152$474,025 $589,114

ASCENSION LA $283,544$362,987$438,734 $545,266
EAST BATON ROUG LA $283,544$362,987$438,734 $545,266
EAST FELICIANA LA $283,544$362,987$438,734 $545,266
IBERVILLE LA $283,544$362,987$438,734 $545,266
JEFFERSON LA $291,139$372,709$450,532 $559,899
LIVINGSTON LA $283,544$362,987$438,734 $545,266
ORLEANS LA $291,139$372,709$450,532 $559,899
PLAQUEMINES LA $291,139$372,709$450,532 $559,899
POINTE COUPEE LA $283,544$362,987$438,734 $545,266
ST. BERNARD LA $291,139$372,709$450,532 $559,899
ST. CHARLES LA $291,139$372,709$450,532 $559,899
ST. HELENA LA $283,544$362,987$438,734 $545,266
ST. JOHN THE BA LA $291,139$372,709$450,532 $559,899
ST. TAMMANY LA $291,139$372,709$450,532 $559,899
WEST BATON ROUG LA $283,544$362,987$438,734 $545,266
WEST FELICIANA LA $283,544$362,987$438,734 $545,266

BARNSTABLE MA $468,354$599,544$724,759 $900,709
BRISTOL MA $481,013$615,797$744,354 $925,013
DUKES MA $738,987$946,025 $1,143,544 $1,421,165
ESSEX MA $530,380$678,987$820,709 $1,019,949
FRANKLIN MA $322,785$413,215$499,494 $620,759
HAMPDEN MA $322,785$413,215$499,494 $620,759
HAMPSHIRE MA $322,785$413,215$499,494 $620,759
MIDDLESEX MA $530,380$678,987$820,709 $1,019,949
NANTUCKET MA $738,987$946,025 $1,143,544 $1,421,165
NORFOLK MA $530,380$678,987$820,709 $1,019,949
PLYMOUTH MA $530,380$678,987$820,709 $1,019,949
SUFFOLK MA $530,380$678,987$820,709 $1,019,949
WORCESTER MA $389,873$499,089$603,291 $749,772

19

ANNE ARUNDEL MD $567,089$725,975$877,519 $1,090,582
BALTIMORE MD $567,089$725,975$877,519 $1,090,582
BALTIMORE CITY MD $567,089$725,975$877,519 $1,090,582
CALVERT MD $738,987$946,025 $1,143,544 $1,421,165
CARROLL MD $567,089$725,975$877,519 $1,090,582
CECIL MD $425,316$544,456$658,127 $817,924
CHARLES MD $738,987$946,025 $1,143,544 $1,421,165
FREDERICK MD $738,987$946,025 $1,143,544 $1,421,165
GARRETT MD $443,038$567,139$685,570 $852,000
HARFORD MD $567,089$725,975$877,519 $1,090,582
HOWARD MD $567,089$725,975$877,519 $1,090,582
KENT MD $348,101$445,620$538,633 $669,418
MONTGOMERY MD $738,987$946,025 $1,143,544 $1,421,165
PRINCE GEORGE'S MD $738,987$946,025 $1,143,544 $1,421,165
QUEEN ANNE'S MD $567,089$725,975$877,519 $1,090,582
SOMERSET MD $332,911$426,177$515,139 $640,203
ST. MARY'S MD $405,063$518,532$626,785 $778,987
TALBOT MD $449,367$575,241$695,342 $864,152
WASHINGTON MD $382,278$489,367$591,544 $735,139
WICOMICO MD $332,911$426,177$515,139 $640,203
WORCESTER MD $443,038$567,139$685,570 $852,000

CUMBERLAND ME $341,772$437,519$528,861 $657,266
HANCOCK ME $275,949$353,266$426,987 $530,684
KNOX ME $282,987$362,278$437,873 $544,203
LINCOLN ME $322,785$413,215$499,494 $620,759
SAGADAHOC ME $341,772$437,519$528,861 $657,266
YORK ME $341,772$437,519$528,861 $657,266

BERRIEN MI $302,532$387,291$468,152 $581,772
KALAMAZOO MI $289,873$371,089$448,557 $557,418
LAPEER MI $301,266$385,671$466,177 $579,342
LENAWEE MI $301,266$385,671$466,177 $579,342
LIVINGSTON MI $301,266$385,671$466,177 $579,342
MACOMB MI $301,266$385,671$466,177 $579,342

20
MONROE MI $301,266$385,671$466,177 $579,342
OAKLAND MI $301,266$385,671$466,177 $579,342
ST. CLAIR MI $301,266$385,671$466,177 $579,342
VAN BUREN MI $289,873$371,089$448,557 $557,418
WASHTENAW MI $349,367$447,241$540,608 $671,848
WAYNE MI $301,266$385,671$466,177 $579,342

ANOKA MN $369,620$473,165$571,949 $710,785
CARVER MN $369,620$473,165$571,949 $710,785
CHISAGO MN $369,620$473,165$571,949 $710,785
COOK MN $300,000$384,051$464,203 $576,911
DAKOTA MN $369,620$473,165$571,949 $710,785
HENNEPIN MN $369,620$473,165$571,949 $710,785
ISANTI MN $369,620$473,165$571,949 $710,785
RAMSEY MN $369,620$473,165$571,949 $710,785
SCOTT MN $369,620$473,165$571,949 $710,785
SHERBURNE MN $369,620$473,165$571,949 $710,785
WASHINGTON MN $369,620$473,165$571,949 $710,785
WRIGHT MN $369,620$473,165$571,949 $710,785

CRAWFORD MO $284,810$364,608$440,709 $547,696
FRANKLIN MO $284,810$364,608$440,709 $547,696
JEFFERSON MO $284,810$364,608$440,709 $547,696
LINCOLN MO $284,810$364,608$440,709 $547,696
ST. CHARLES MO $284,810$364,608$440,709 $547,696
ST. LOUIS MO $284,810$364,608$440,709 $547,696
ST. LOUIS CITY MO $284,810$364,608$440,709 $547,696
WARREN MO $284,810$364,608$440,709 $547,696
WASHINGTON MO $284,810$364,608$440,709 $547,696

CARBON MT $294,937$377,570$456,405 $567,190
FLATHEAD MT $305,114$390,582$472,152 $586,734
GALLATIN MT $391,139$500,709$605,266 $752,203
JEFFERSON MT $345,570$442,380$534,734 $664,557
LAKE MT $305,063$390,532$472,051 $586,633
LEWIS AND CLARK MT $345,570$442,380$534,734 $664,557

21
MADISON MT $285,316$365,266$441,519 $548,658
MISSOULA MT $294,937$377,570$456,405 $567,190
RAVALLI MT $307,595$393,772$475,949 $591,544
SWEET GRASS MT $350,633$448,861$542,582 $674,278
YELLOWSTONE MT $294,937$377,570$456,405 $567,190

ANSON NC $307,595$393,772$475,949 $591,544
BRUNSWICK NC $307,595$393,772$475,949 $591,544
BUNCOMBE NC $307,595$393,772$475,949 $591,544
CABARRUS NC $307,595$393,772$475,949 $591,544
CAMDEN NC $738,987$946,025 $1,143,544 $1,421,165
CARTERET NC $291,139$372,709$450,532 $559,899
CHATHAM NC $338,886$433,823$524,405 $651,696
CURRITUCK NC $464,658$594,835$719,038 $893,570
DARE NC $465,823$596,304$720,810 $895,797
DURHAM NC $338,886$433,823$524,405 $651,696
FRANKLIN NC $298,734$382,430$462,278 $574,481
GASTON NC $307,595$393,772$475,949 $591,544
HAYWOOD NC $307,595$393,772$475,949 $591,544
HENDERSON NC $307,595$393,772$475,949 $591,544
HYDE NC $489,114$626,127$756,861 $940,608
JOHNSTON NC $298,734$382,430$462,278 $574,481
MADISON NC $307,595$393,772$475,949 $591,544
MECKLENBURG NC $307,595$393,772$475,949 $591,544
NEW HANOVER NC $307,595$393,772$475,949 $591,544
ONSLOW NC $310,127$397,013$479,899 $596,405
ORANGE NC $338,886$433,823$524,405 $651,696
PASQUOTANK NC $738,987$946,025 $1,143,544 $1,421,165
PENDER NC $307,595$393,772$475,949 $591,544
PERQUIMANS NC $738,987$946,025 $1,143,544 $1,421,165
PERSON NC $338,886$433,823$524,405 $651,696
TRANSYLVANIA NC $297,468$380,810$460,304 $572,051
UNION NC $307,595$393,772$475,949 $591,544
WAKE NC $298,734$382,430$462,278 $574,481
WATAUGA NC $288,608$369,468$446,582 $554,987

22
BELKNAP NH $284,810$364,608$440,709 $547,696
GRAFTON NH $284,810$364,608$440,709 $547,696
HILLSBOROUGH NH $407,595$521,772$630,734 $783,848
MERRIMACK NH $306,329$392,152$474,025 $589,114
ROCKINGHAM NH $530,380$678,987$820,709 $1,019,949
STRAFFORD NH $530,380$678,987$820,709 $1,019,949

ATLANTIC NJ $459,494$588,203$711,038 $883,646
BERGEN NJ $738,987$946,025 $1,143,544 $1,421,165
BURLINGTON NJ $425,316$544,456$658,127 $817,924
CAMDEN NJ $425,316$544,456$658,127 $817,924
CAPE MAY NJ $493,671$632,000$763,899 $949,367
CUMBERLAND NJ $410,127$525,013$634,633 $788,709
ESSEX NJ $738,987$946,025 $1,143,544 $1,421,165
GLOUCESTER NJ $425,316$544,456$658,127 $817,924
HUDSON NJ $738,987$946,025 $1,143,544 $1,421,165
HUNTERDON NJ $738,987$946,025 $1,143,544 $1,421,165
MERCER NJ $445,570$570,380$689,468 $856,861
MIDDLESEX NJ $738,987$946,025 $1,143,544 $1,421,165
MONMOUTH NJ $738,987$946,025 $1,143,544 $1,421,165
MORRIS NJ $738,987$946,025 $1,143,544 $1,421,165
OCEAN NJ $738,987$946,025 $1,143,544 $1,421,165
PASSAIC NJ $738,987$946,025 $1,143,544 $1,421,165
SALEM NJ $425,316$544,456$658,127 $817,924
SOMERSET NJ $738,987$946,025 $1,143,544 $1,421,165
SUSSEX NJ $738,987$946,025 $1,143,544 $1,421,165
UNION NJ $738,987$946,025 $1,143,544 $1,421,165
WARREN NJ $407,595$521,772$630,734 $783,848

LOS ALAMOS NM $385,468$493,468$596,456 $741,266
SAN JUAN NM $284,810$364,608$440,709 $547,696
SANTA FE NM $432,911$554,177$669,873 $832,506
TAOS NM $276,000$353,316$427,089 $530,785

CARSON CITY NV $403,797$516,911$624,861 $776,557
CLARK NV $405,063$518,532$626,785 $778,987

23
DOUGLAS NV $474,684$607,696$734,532 $912,861
ELKO NV $329,114$421,316$509,266 $632,911
EUREKA NV $329,114$421,316$509,266 $632,911
LYON NV $335,443$429,418$519,089 $645,063
NYE NV $329,114$421,316$509,266 $632,911
STOREY NV $408,861$523,392$632,658 $786,278
WASHOE NV $408,861$523,392$632,658 $786,278

ALBANY NY $316,456$405,114$489,671 $608,557
BRONX NY $738,987$946,025 $1,143,544 $1,421,165
COLUMBIA NY $279,747$358,127$432,861 $537,975
DUTCHESS NY $449,367$575,241$695,342 $864,152
ERIE NY $279,747$358,127$432,861 $537,975
KINGS NY $738,987$946,025 $1,143,544 $1,421,165
MADISON NY $284,810$364,608$440,709 $547,696
NASSAU NY $738,987$946,025 $1,143,544 $1,421,165
NEW YORK NY $738,987$946,025 $1,143,544 $1,421,165
NIAGARA NY $279,747$358,127$432,861 $537,975
ONONDAGA NY $284,810$364,608$440,709 $547,696
ORANGE NY $449,367$575,241$695,342 $864,152
OSWEGO NY $284,810$364,608$440,709 $547,696
PUTNAM NY $738,987$946,025 $1,143,544 $1,421,165
QUEENS NY $738,987$946,025 $1,143,544 $1,421,165
RENSSELAER NY $316,456$405,114$489,671 $608,557
RICHMOND NY $738,987$946,025 $1,143,544 $1,421,165
ROCKLAND NY $738,987$946,025 $1,143,544 $1,421,165
SARATOGA NY $316,456$405,114$489,671 $608,557
SCHENECTADY NY $316,456$405,114$489,671 $608,557
SCHOHARIE NY $316,456$405,114$489,671 $608,557
SUFFOLK NY $738,987$946,025 $1,143,544 $1,421,165
ULSTER NY $411,392$526,633$636,608 $791,139
WESTCHESTER NY $738,987$946,025 $1,143,544 $1,421,165

ASHTABULA OH $294,937$377,570$456,405 $567,190
ATHENS OH $437,975$560,658$677,722 $842,278
BROWN OH $341,772$437,519$528,861 $657,266

24
BUTLER OH $341,772$437,519$528,861 $657,266
CARROLL OH $281,013$359,747$434,835 $540,405
CLERMONT OH $341,772$437,519$528,861 $657,266
CUYAHOGA OH $302,532$387,291$468,152 $581,772
DELAWARE OH $345,570$442,380$534,734 $664,557
FAIRFIELD OH $345,570$442,380$534,734 $664,557
FRANKLIN OH $345,570$442,380$534,734 $664,557
GEAUGA OH $302,532$387,291$468,152 $581,772
GREENE OH $274,684$351,646$425,063 $528,253
HAMILTON OH $341,772$437,519$528,861 $657,266
LAKE OH $302,532$387,291$468,152 $581,772
LICKING OH $345,570$442,380$534,734 $664,557
LORAIN OH $302,532$387,291$468,152 $581,772
MADISON OH $345,570$442,380$534,734 $664,557
MEDINA OH $302,532$387,291$468,152 $581,772
MERCER OH $296,203$379,190$458,329 $569,620
MIAMI OH $274,684$351,646$425,063 $528,253
MONTGOMERY OH $274,684$351,646$425,063 $528,253
MORROW OH $345,570$442,380$534,734 $664,557
PICKAWAY OH $345,570$442,380$534,734 $664,557
PORTAGE OH $334,177$427,797$517,114 $642,633
PREBLE OH $274,684$351,646$425,063 $528,253
STARK OH $281,013$359,747$434,835 $540,405
SUMMIT OH $334,177$427,797$517,114 $642,633
UNION OH $345,570$442,380$534,734 $664,557
VAN WERT OH $305,063$390,532$472,051 $586,633
WARREN OH $341,772$437,519$528,861 $657,266

BENTON OR $341,772$437,519$528,861 $657,266
CLACKAMAS OR $424,051$542,835$656,203 $815,494
CLATSOP OR $351,899$450,481$544,557 $676,709
COLUMBIA OR $424,051$542,835$656,203 $815,494
CURRY OR $355,696$455,342$550,430 $684,051
DESCHUTES OR $453,165$580,101$701,215 $871,494
HOOD RIVER OR $398,734$510,430$617,013 $766,785
JACKSON OR $427,848$547,696$662,076 $822,785

25
JOSEPHINE OR $329,114$421,316$509,266 $632,911
LANE OR $348,101$445,620$538,633 $669,418
LINCOLN OR $316,456$405,114$489,671 $608,557
MARION OR $298,734$382,430$462,278 $574,481
MULTNOMAH OR $424,051$542,835$656,203 $815,494
POLK OR $298,734$382,430$462,278 $574,481
TILLAMOOK OR $348,101$445,620$538,633 $669,418
WASHINGTON OR $424,051$542,835$656,203 $815,494
YAMHILL OR $424,051$542,835$656,203 $815,494

ALLEGHENY PA $331,646$424,557$513,215 $637,772
ARMSTRONG PA $331,646$424,557$513,215 $637,772
BEAVER PA $331,646$424,557$513,215 $637,772
BERKS PA $303,797$388,911$470,076 $584,203
BUCKS PA $425,316$544,456$658,127 $817,924
BUTLER PA $331,646$424,557$513,215 $637,772
CARBON PA $407,595$521,772$630,734 $783,848
CENTRE PA $283,544$362,987$438,734 $545,266
CHESTER PA $425,316$544,456$658,127 $817,924
DELAWARE PA $425,316$544,456$658,127 $817,924
FAYETTE PA $331,646$424,557$513,215 $637,772
LANCASTER PA $388,608$497,468$601,316 $747,342
LEHIGH PA $407,595$521,772$630,734 $783,848
MONTGOMERY PA $425,316$544,456$658,127 $817,924
NORTHAMPTON PA $407,595$521,772$630,734 $783,848
PHILADELPHIA PA $425,316$544,456$658,127 $817,924
PIKE PA $738,987$946,025 $1,143,544 $1,421,165
WASHINGTON PA $331,646$424,557$513,215 $637,772
WESTMORELAND PA $331,646$424,557$513,215 $637,772
YORK PA $430,380$550,937$665,975 $827,646

BRISTOL RI $481,013$615,797$744,354 $925,013
KENT RI $481,013$615,797$744,354 $925,013
NEWPORT RI $481,013$615,797$744,354 $925,013
PROVIDENCE RI $481,013$615,797$744,354 $925,013
WASHINGTON RI $481,013$615,797$744,354 $925,013

26

BEAUFORT SC $392,405$502,329$607,190 $754,633
BERKELEY SC $339,241$434,278$524,962 $652,405
CHARLESTON SC $339,241$434,278$524,962 $652,405
DORCHESTER SC $339,241$434,278$524,962 $652,405
GEORGETOWN SC $400,000$512,051$618,987 $769,215
GREENVILLE SC $298,734$382,430$462,278 $574,481
HORRY SC $289,873$371,089$448,557 $557,418
JASPER SC $392,405$502,329$607,190 $754,633
LAURENS SC $298,734$382,430$462,278 $574,481
PICKENS SC $298,734$382,430$462,278 $574,481
YORK SC $307,595$393,772$475,949 $591,544

CANNON TN $437,975$560,658$677,722 $842,278
CHEATHAM TN $437,975$560,658$677,722 $842,278
DAVIDSON TN $437,975$560,658$677,722 $842,278
DICKSON TN $437,975$560,658$677,722 $842,278
HICKMAN TN $437,975$560,658$677,722 $842,278
MACON TN $437,975$560,658$677,722 $842,278
ROBERTSON TN $437,975$560,658$677,722 $842,278
RUTHERFORD TN $437,975$560,658$677,722 $842,278
SMITH TN $437,975$560,658$677,722 $842,278
SUMNER TN $437,975$560,658$677,722 $842,278
TROUSDALE TN $437,975$560,658$677,722 $842,278
WILLIAMSON TN $437,975$560,658$677,722 $842,278
WILSON TN $437,975$560,658$677,722 $842,278

ATASCOSA TX $336,709$431,038$521,013 $647,494
BANDERA TX $336,709$431,038$521,013 $647,494
BASTROP TX $292,405$374,329$452,456 $562,329
BEXAR TX $336,709$431,038$521,013 $647,494
CALDWELL TX $292,405$374,329$452,456 $562,329
COMAL TX $336,709$431,038$521,013 $647,494
GUADALUPE TX $336,709$431,038$521,013 $647,494
HAYS TX $292,405$374,329$452,456 $562,329
JEFF DAVIS TX $274,684$351,646$425,063 $528,253

27
KENDALL TX $336,709$431,038$521,013 $647,494
MEDINA TX $336,709$431,038$521,013 $647,494
TRAVIS TX $292,405$374,329$452,456 $562,329
WILLIAMSON TX $292,405$374,329$452,456 $562,329
WILSON TX $336,709$431,038$521,013 $647,494

DAGGETT UT $306,278$392,101$473,924 $589,013
DAVIS UT $402,532$515,291$622,886 $774,076
JUAB UT $327,848$419,696$507,291 $630,481
KANE UT $388,608$497,468$601,316 $747,342
MORGAN UT $402,532$515,291$622,886 $774,076
RICH UT $300,456$384,608$464,911 $577,772
SALT LAKE UT $738,987$946,025 $1,143,544 $1,421,165
SUMMIT UT $738,987$946,025 $1,143,544 $1,421,165
TOOELE UT $738,987$946,025 $1,143,544 $1,421,165
UTAH UT $327,848$419,696$507,291 $630,481
WASATCH UT $436,709$559,038$675,797 $839,848
WASHINGTON UT $377,215$482,886$583,696 $725,418
WEBER UT $402,532$515,291$622,886 $774,076

ALBEMARLE VA $442,532$566,532$684,759 $851,038
ALEXANDRIA VA $738,987$946,025 $1,143,544 $1,421,165
AMELIA VA $542,684$694,734$839,747 $1,043,646
AMHERST VA $295,797$378,684$457,722 $568,810
APPOMATTOX VA $295,797$378,684$457,722 $568,810
ARLINGTON VA $738,987$946,025 $1,143,544 $1,421,165
BEDFORD VA $295,797$378,684$457,722 $568,810
BEDFORD IND VA $295,797$378,684$457,722 $568,810
BOTETOURT VA $283,544$362,987$438,734 $545,266
CAMPBELL VA $295,797$378,684$457,722 $568,810
CAROLINE VA $542,684$694,734$839,747 $1,043,646
CHARLES CITY VA $542,684$694,734$839,747 $1,043,646
CHARLOTTESVILLE VA $442,532$566,532$684,759 $851,038
CHESAPEAKE VA $464,658$594,835$719,038 $893,570
CHESTERFIELD VA $542,684$694,734$839,747 $1,043,646
CLARKE VA $738,987$946,025 $1,143,544 $1,421,165

28
COLONIAL HEIGHT VA $542,684$694,734$839,747 $1,043,646
CRAIG VA $283,544$362,987$438,734 $545,266
CULPEPER VA $387,342$495,848$599,392 $744,911
CUMBERLAND VA $542,684$694,734$839,747 $1,043,646
DINWIDDIE VA $542,684$694,734$839,747 $1,043,646
ESSEX VA $379,747$486,127$587,646 $730,278
FAIRFAX VA $738,987$946,025 $1,143,544 $1,421,165
FAIRFAX IND VA $738,987$946,025 $1,143,544 $1,421,165
FALLS CHURCH VA $738,987$946,025 $1,143,544 $1,421,165
FAUQUIER VA $738,987$946,025 $1,143,544 $1,421,165
FLUVANNA VA $442,532$566,532$684,759 $851,038
FRANKLIN VA $283,544$362,987$438,734 $545,266
FREDERICK VA $481,013$615,797$744,354 $925,013
FREDERICKSBURG VA $738,987$946,025 $1,143,544 $1,421,165
GILES VA $295,797$378,684$457,722 $568,810
GLOUCESTER VA $464,658$594,835$719,038 $893,570
GOOCHLAND VA $542,684$694,734$839,747 $1,043,646
GREENE VA $442,532$566,532$684,759 $851,038
HAMPTON VA $464,658$594,835$719,038 $893,570
HANOVER VA $542,684$694,734$839,747 $1,043,646
HARRISONBURG VA $280,658$359,291$434,278 $539,696
HENRICO VA $542,684$694,734$839,747 $1,043,646
HIGHLAND VA $291,139$372,709$450,532 $559,899
HOPEWELL VA $542,684$694,734$839,747 $1,043,646
ISLE OF WIGHT VA $464,658$594,835$719,038 $893,570
JAMES CITY VA $464,658$594,835$719,038 $893,570
KING AND QUEEN VA $542,684$694,734$839,747 $1,043,646
KING GEORGE VA $391,139$500,709$605,266 $752,203
KING WILLIAM VA $542,684$694,734$839,747 $1,043,646
LANCASTER VA $551,899$706,532$854,025 $1,061,367
LEXINGTON VA $300,000$384,051$464,203 $576,911
LOUDOUN VA $738,987$946,025 $1,143,544 $1,421,165
LOUISA VA $542,684$694,734$839,747 $1,043,646
LYNCHBURG VA $295,797$378,684$457,722 $568,810
MADISON VA $281,013$359,747$434,835 $540,405
MANASSAS VA $738,987$946,025 $1,143,544 $1,421,165

29
MANASSAS PARK VA $738,987$946,025 $1,143,544 $1,421,165
MATHEWS VA $464,658$594,835$719,038 $893,570
MIDDLESEX VA $334,177$427,797$517,114 $642,633
MONTGOMERY VA $295,797$378,684$457,722 $568,810
NELSON VA $442,532$566,532$684,759 $851,038
NEW KENT VA $542,684$694,734$839,747 $1,043,646
NEWPORT NEWS VA $464,658$594,835$719,038 $893,570
NORFOLK VA $464,658$594,835$719,038 $893,570
NORTHUMBERLAND VA $397,468$508,810$615,038 $764,354
ORANGE VA $335,443$429,418$519,089 $645,063
PETERSBURG VA $542,684$694,734$839,747 $1,043,646
POQUOSON VA $464,658$594,835$719,038 $893,570
PORTSMOUTH VA $464,658$594,835$719,038 $893,570
POWHATAN VA $542,684$694,734$839,747 $1,043,646
PRINCE GEORGE VA $542,684$694,734$839,747 $1,043,646
PRINCE WILLIAM VA $738,987$946,025 $1,143,544 $1,421,165
PULASKI VA $295,797$378,684$457,722 $568,810
RADFORD VA $295,797$378,684$457,722 $568,810
RAPPAHANNOCK VA $364,506$466,633$564,051 $700,962
RICHMOND VA $303,797$388,911$470,076 $584,203
RICHMOND IND VA $542,684$694,734$839,747 $1,043,646
ROANOKE VA $283,544$362,987$438,734 $545,266
ROANOKE IND VA $283,544$362,987$438,734 $545,266
ROCKINGHAM VA $280,658$359,291$434,278 $539,696
SALEM VA $283,544$362,987$438,734 $545,266
SPOTSYLVANIA VA $738,987$946,025 $1,143,544 $1,421,165
STAFFORD VA $738,987$946,025 $1,143,544 $1,421,165
SUFFOLK VA $464,658$594,835$719,038 $893,570
SURRY VA $464,658$594,835$719,038 $893,570
SUSSEX VA $542,684$694,734$839,747 $1,043,646
VIRGINIA BEACH VA $464,658$594,835$719,038 $893,570
WARREN VA $738,987$946,025 $1,143,544 $1,421,165
WILLIAMSBURG VA $464,658$594,835$719,038 $893,570
WINCHESTER VA $481,013$615,797$744,354 $925,013
YORK VA $464,658$594,835$719,038 $893,570

30
BENNINGTON VT $280,658$359,291$434,278 $539,696
CHITTENDEN VT $322,785$413,215$499,494 $620,759
FRANKLIN VT $322,785$413,215$499,494 $620,759
GRAND ISLE VT $322,785$413,215$499,494 $620,759
LAMOILLE VT $279,494$357,772$432,506 $537,468
ORANGE VT $284,810$364,608$440,709 $547,696
WINDSOR VT $284,810$364,608$440,709 $547,696

BENTON WA $278,481$356,506$430,937 $535,544
CHELAN WA $347,038$444,253$537,013 $667,392
CLALLAM WA $388,962$497,924$601,873 $748,000
CLARK WA $424,051$542,835$656,203 $815,494
DOUGLAS WA $347,038$444,253$537,013 $667,392
FRANKLIN WA $278,481$356,506$430,937 $535,544
ISLAND WA $386,076$494,228$597,418 $742,430
JEFFERSON WA $443,038$567,139$685,570 $852,000
KING WA $574,684$735,696$889,266 $1,105,165
KITSAP WA $481,013$615,797$744,354 $925,013
KITTITAS WA $332,911$426,177$515,139 $640,203
MASON WA $313,924$401,873$485,772 $603,696
PIERCE WA $574,684$735,696$889,266 $1,105,165
SAN JUAN WA $601,266$769,722$930,430 $1,156,304
SKAGIT WA $378,481$484,506$585,671 $727,848
SKAMANIA WA $424,051$542,835$656,203 $815,494
SNOHOMISH WA $574,684$735,696$889,266 $1,105,165
THURSTON WA $365,823$468,304$566,076 $703,494
WHATCOM WA $379,747$486,127$587,646 $730,278

COLUMBIA WI $297,468$380,810$460,304 $572,051
DANE WI $297,468$380,810$460,304 $572,051
IOWA WI $297,468$380,810$460,304 $572,051
KENOSHA WI $415,190$531,494$642,481 $798,430
MILWAUKEE WI $318,987$408,354$493,620 $613,418
OZAUKEE WI $318,987$408,354$493,620 $613,418
PIERCE WI $369,620$473,165$571,949 $710,785
ST. CROIX WI $369,620$473,165$571,949 $710,785

31
WALWORTH WI $282,278$361,367$436,810 $542,835
WASHINGTON WI $318,987$408,354$493,620 $613,418
WAUKESHA WI $318,987$408,354$493,620 $613,418

BERKELEY WV $382,278$489,367$591,544 $735,139
HAMPSHIRE WV $481,013$615,797$744,354 $925,013
JEFFERSON WV $738,987$946,025 $1,143,544 $1,421,165
MORGAN WV $382,278$489,367$591,544 $735,139

SHERIDAN WY $275,949$353,266$426,987 $530,684
SUBLETTE WY $302,532$387,291$468,152 $581,772
TETON WY $702,532$899,342 $1,087,139 $1,351,038

MANUA AS $308,861$395,392$477,924 $593,975

GUAM GU $659,494$844,253 $1,020,506 $1,268,253

NORTHERN ISLAND MP $612,658$784,304$948,051 $1,178,228
ROTA MP $479,747$614,177$742,380 $922,582
SAIPAN MP $617,722$790,785$955,899 $1,187,949
TINIAN MP $621,519$795,646$961,772 $1,195,241

AGUAS BUENAS PR $613,924$785,924$950,025 $1,180,658
AIBONITO PR $613,924$785,924$950,025 $1,180,658
ARECIBO PR $613,924$785,924$950,025 $1,180,658
BARCELONETA PR $613,924$785,924$950,025 $1,180,658
BARRANQUITAS PR $613,924$785,924$950,025 $1,180,658
BAYAMON PR $613,924$785,924$950,025 $1,180,658
CAGUAS PR $613,924$785,924$950,025 $1,180,658
CAMUY PR $613,924$785,924$950,025 $1,180,658
CANOVANAS PR $613,924$785,924$950,025 $1,180,658
CAROLINA PR $613,924$785,924$950,025 $1,180,658
CATANO PR $613,924$785,924$950,025 $1,180,658
CAYEY PR $613,924$785,924$950,025 $1,180,658
CEIBA PR $329,114$421,316$509,266 $632,911
CIALES PR $613,924$785,924$950,025 $1,180,658

32
CIDRA PR $613,924$785,924$950,025 $1,180,658
COMERIO PR $613,924$785,924$950,025 $1,180,658
COROZAL PR $613,924$785,924$950,025 $1,180,658
DORADO PR $613,924$785,924$950,025 $1,180,658
FAJARDO PR $329,114$421,316$509,266 $632,911
FLORIDA PR $613,924$785,924$950,025 $1,180,658
GUAYNABO PR $613,924$785,924$950,025 $1,180,658
GURABO PR $613,924$785,924$950,025 $1,180,658
HATILLO PR $613,924$785,924$950,025 $1,180,658
HUMACAO PR $613,924$785,924$950,025 $1,180,658
JUNCOS PR $613,924$785,924$950,025 $1,180,658
LAS PIEDRAS PR $613,924$785,924$950,025 $1,180,658
LOIZA PR $613,924$785,924$950,025 $1,180,658
LUQUILLO PR $329,114$421,316$509,266 $632,911
MANATI PR $613,924$785,924$950,025 $1,180,658
MAUNABO PR $613,924$785,924$950,025 $1,180,658
MOROVIS PR $613,924$785,924$950,025 $1,180,658
NAGUABO PR $613,924$785,924$950,025 $1,180,658
NARANJITO PR $613,924$785,924$950,025 $1,180,658
OROCOVIS PR $613,924$785,924$950,025 $1,180,658
QUEBRADILLAS PR $613,924$785,924$950,025 $1,180,658
RIO GRANDE PR $613,924$785,924$950,025 $1,180,658
SAN JUAN PR $613,924$785,924$950,025 $1,180,658
SAN LORENZO PR $613,924$785,924$950,025 $1,180,658
TOA ALTA PR $613,924$785,924$950,025 $1,180,658
TOA BAJA PR $613,924$785,924$950,025 $1,180,658
TRUJILLO ALTO PR $613,924$785,924$950,025 $1,180,658
VEGA ALTA PR $613,924$785,924$950,025 $1,180,658
VEGA BAJA PR $613,924$785,924$950,025 $1,180,658
YABUCOA PR $613,924$785,924$950,025 $1,180,658

ST. CROIX VI $331,899$424,861$513,570 $638,278
ST. JOHN, VI VI $631,190$808,051$976,709 $1,213,823
ST. THOMAS VI $451,848$578,430$699,190 $868,962

All other areas (floor):
$274,481$351,392$424,709 $527,848

33

.02 The nationwide average purchase price (for use in the housing cost/income
ratio for new and existing residences) is $220,000.
SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2010-25 is obsolete except as provided in section 6 of this revenue
procedure.
SECTION 6. EFFECTIVE DATES
.01 Issuers may rely on this revenue procedure to determine average area
purchase price safe harbors for commitments to provide financing or issue mortgage
credit certificates that are made, or (if the purchase precedes the commitment) for
residences that are purchased, in the period that begins on March 22, 2011, and ends
on the date as of which the safe harbors contained in section 4.01 of this revenue
procedure are rendered obsolete by a new revenue procedure.
.02 Notwithstanding section 5 of this revenue procedure, issuers may continue to
rely on the average area purchase price safe harbors contained in Rev. Proc. 2010-25,
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before April 21, 2011, if the commitments to provide
financing or issue mortgage credit certificates are made on or before May 21, 2011.
.03 Except as provided in section 6.04, issuers must use the nationwide average
purchase price limitation contained in this revenue procedure for commitments to
provide financing or issue mortgage credit certificates that are made, or (if the purchase
precedes the commitment) for residences that are purchased, in the period that begins

34
on March 22, 2011, and ends on the date when the nationwide average purchase price
limitation is rendered obsolete by a new revenue procedure.
.04 Notwithstanding sections 5 and 6.03 of this revenue procedure, issuers may
continue to rely on the nationwide average purchase price set forth in Rev. Proc. 2010-
25 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before April 21, 2011, if the commitments to provide
financing or issue mortgage credit certificates are made on or before May 21, 2011.
SECTION 7. REQUEST FOR COMMENTS
The Treasury Department and the IRS are reviewing the available data sources and
method used to determine the average area purchase price safe harbors listed in
section 4.01 of this revenue procedure and are considering possible changes in the
data used to determine these safe harbors beginning in 2012. The alternative
method under consideration would involve the use of certain current available data from
the Department of Housing and Urban Development (“HUD”) regarding county median
housing purchase prices instead of the FHA loan limits.
For example, the 2011 single unit purchase price limit for Elmore County, Alabama is
$274,481 based on the FHA loan limit of $271,050. According to HUD, the median
housing price in Elmore County was $141,727 for January through August 2010.
However, Elmore County is part of the Montgomery metropolitan area and Autauga
County in that metropolitan area had the highest median price for that period of
$150,000. Since $150,000 is a median value, dividing by .79 converts it to a mean
value for a single unit limit of $189,873. Applying factors based on the minimum FHA

35
loan limit amounts by property size, the limit would be $243,075 for two-units, $293,790
for three-units, and $365,145 for four-units.
Similarly, the 2011 single unit purchase price for Wicomico County, Maryland is
$332,911 based on the FHA loan limit of $328,750. According to HUD, the median
housing price in Wicomico County was $155,000 for January through August 2010.
Although Wicomico is in the Salisbury metropolitan area, it has the highest median price
for that period for the area. Since $155,000 is a median value, dividing by .79 converts
it to a mean value for a single-unit limit of $196,203. Applying factors based on the
minimum FHA loan limit amounts by property size, the limit would be $251,179 for two-
units, $303,585 for three-units, and $377,318 for four-units.
The Treasury Department and the IRS solicit public comments on this alternative
method using current HUD data on county median housing purchase prices or whether
other data or methods should be used to calculate these safe harbors.
Comments should be submitted in writing and can be e-mailed to
notice.comments@irscounsel.treas.gov
(include “Rev. Proc. 2011-23“ in the subject
line) or mailed to Office of Associate Chief Counsel (Financial Institutions & Products),
Re: Rev. Proc. 2011-23, CC:FIP:B5, Room 3547, 1111 Constitution Avenue, NW,
Washington, DC 20224. The due date for the public comments is June 15, 2011.
Comments that are submitted will be made available to the public.
SECTION 8. PAPERWORK REDUCTION ACT
The collection of information contained in this revenue procedure has been
reviewed and approved by the Office of Management and Budget in accordance with

36
the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1877.
An agency may not conduct or sponsor, and a person is not required to respond
to, a collection of information unless the collection of information displays a valid OMB
control number.
This revenue procedure contains a collection of information requirement in
section 3.03. The purpose of the collection of information is to verify the applicable FHA
loan limit that issuers of qualified mortgage bonds and qualified mortgage certificates
have used to calculate the average area purchase price for a given metropolitan
statistical area for purposes of section 143(e) and 25(c). The collection of information is
required to obtain the benefit of using revisions to FHA loan limits to determine average
area purchase prices. The likely respondents are state and local governments.
The estimated total annual reporting and/or recordkeeping burden is: 15 hours.
The estimated annual burden per respondent and/or recordkeeper: 15 minutes.
The estimated number of respondents and/or recordkeepers: 60.
Books or records relating to a collection of information must be retained as long
as their contents may become material in the administration of any internal revenue law.
Generally tax returns and tax return information are confidential, as required by 26
U.S.C. 6103.
SECTION 9. DRAFTING INFORMATION
The principal authors of this revenue procedure are David E. White
and Timothy
L. Jones of the Office of Associate Chief Counsel (Financial Institutions & Products)
.
For further information regarding this revenue procedure contact David E. White on

37
(202) 622-3980 (not a toll free call).