rp-18-28.pdf

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26 CFR 6a.103A-2: Qualified mortgage bond

Rev. Proc. 2018-28

SECTION 1. PURPOSE
This revenue procedure provides issuers of qualified mortgage bonds, as defined
in section 143(a) of the Internal Revenue Code (Code), and issuers of mortgage credit
certificates, as defined in section 25(c), with (1) the nationwide average purchase price
for residences located in the United States, and (2) average area purchase price safe
harbors for residences located in statistical areas in each state, the District of Columbia,
Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and
Guam.
SECTION 2. BACKGROUND
.01 Section 103(a) provides that, except as provided in section 103(b), gross
income does not include interest on any state or local bond. Section 103(b)(1) provides
that section 103(a) shall not apply to any private activity bond that is not a "qualified
bond" within the meaning of section 141. Section 141(e) provides, in part, that the term
"qualified bond" means any private activity bond if such bond (1) is a qualified mortgage
bond under section 143, (2) meets the volume cap requirements under section 146,
and (3) meets the applicable requirements under section 147.

2
.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
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

3
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 Income
Tax Regulations (issued under section 103A of the Internal Revenue Code of 1954, the
predecessor of section 143 of the Code) provides that the term “State” includes a
possession of the United States and the District of Columbia.
.07 Section 6a.103A-2(f)(5)(i) provides that an issuer may rely upon the average
area purchase price safe harbors published by the Department of the Treasury
(Treasury Department) for the statistical area in which a residence is located. Section

4
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
.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

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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
Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin
Islands, and Guam were last published in Rev. Proc. 2017-27, 2017-14 I.R.B. 1042.
.12 The nationwide average purchase price limitation was last published in
section 4.02 of Rev. Proc. 2017-27. Guidance with respect to the United States and
area median gross income figures that are to be used in computing the housing

6
cost/income ratio described in section 143(f)(5) was last published in Rev. Proc. 2017-
35, 2017-21 I.R.B. 1250.
.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 (IRS)
have determined that FHA loan limits provide a reasonable basis for determining
average area purchase price safe harbors. If the Treasury Department and the IRS
become aware of other sources of average purchase price data, including data that
differentiate between new and existing residences, consideration will be given as to
whether such data provide a more accurate method for calculating average area
purchase price safe harbors.
.15 The average area purchase price safe harbors listed in section 4.01 of this
revenue procedure are based on FHA loan limits released November 28, 2017. FHA

7
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 28, 2017.
.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 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.

8
.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
28, 2017, 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 .9775.
.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
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

9
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. 2017-27, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.
2017-27 in computing the housing cost/income ratio under section 143(f)(5). Likewise,
if, pursuant to section 6.04 of this revenue procedure, an issuer relies on the nationwide
average purchase price published in Rev. Proc. 2017-27, the issuer may not rely on the
average area purchase price safe harbors published in this revenue procedure.

10
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.
2018 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State
One-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit

HALE AL $338,824 $433,760 $524,297 $651,560
PICKENS AL $338,824 $433,760 $524,297 $651,560
TUSCALOOSA AL $338,824 $433,760 $524,297 $651,560

ALEUTIANS WEST AK $394,118 $504,552 $609,872 $757,903
ANCHORAGE MUNIC AK $405,882 $519,591 $628,082 $780,563
BRISTOL BAY BOR AK $321,176 $411,151 $496,982 $617,647
DENALI BOROUGH AK $304,706 $390,077 $471,509 $585,985
DILLINGHAM CENS AK $304,706 $390,077 $471,509 $585,985
JUNEAU CITY AND AK $437,647 $560,256 $677,238 $841,637
KETCHIKAN GATEW AK $345,882 $442,762 $535,243 $665,166
KODIAK ISLAND B AK $390,588 $500,000 $604,399 $751,151
MATANUSKA-SUSIT AK $405,882 $519,591 $628,082 $780,563
NOME CENSUS ARE AK $400,000 $512,072 $618,977 $769,207
NORTH SLOPE BOR AK $340,000 $435,243 $526,138 $653,862
PETERSBURG CENS AK $340,000 $435,243 $526,138 $653,862
SITKA CITY AND AK $469,412 $600,921 $726,394 $902,711
SKAGWAY MUNICIP AK $424,706 $543,683 $657,187 $816,726
WRANGELL CITY A AK $340,000 $435,243 $526,138 $653,862
YAKUTAT CITY AN AK $430,588 $551,202 $666,292 $828,082

COCONINO AZ $370,588 $474,425 $573,453 $712,685

ALAMEDA CA $695,294 $890,256 $1,076,087 $1,337,263

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CONTRA COSTA CA $695,294 $890,256 $1,076,087 $1,337,263
LOS ANGELES CA $695,294 $890,256 $1,076,087 $1,337,263
MARIN CA $695,294 $890,256 $1,076,087 $1,337,263
NAPA CA $695,294 $890,256 $1,076,087 $1,337,263
ORANGE CA $695,294 $890,256 $1,076,087 $1,337,263
SAN BENITO CA $695,294 $890,256 $1,076,087 $1,337,263
SAN FRANCISCO CA $695,294 $890,256 $1,076,087 $1,337,263
SAN MATEO CA $695,294 $890,256 $1,076,087 $1,337,263
SANTA CLARA CA $695,294 $890,256 $1,076,087 $1,337,263
SANTA CRUZ CA $695,294 $890,256 $1,076,087 $1,337,263
ALPINE CA $474,118 $606,957 $733,657 $911,765
AMADOR CA $340,000 $435,243 $526,138 $653,862
CALAVERAS CA $382,353 $489,463 $591,662 $735,294
EL DORADO CA $529,412 $677,749 $819,233 $1,018,107
HUMBOLDT CA $335,294 $429,207 $518,824 $644,808
INYO CA $377,647 $483,427 $584,399 $726,240
MARIPOSA CA $329,412 $421,688 $509,719 $633,504
MENDOCINO CA $403,529 $516,573 $624,450 $776,010
MONO CA $541,176 $692,788 $837,442 $1,040,716
MONTEREY CA $629,412 $805,780 $973,964 $1,210,435
NEVADA CA $488,235 $625,013 $755,499 $938,926
PLACER CA $529,412 $677,749 $819,233 $1,018,107
PLUMAS CA $344,706 $441,279 $533,402 $662,916
RIVERSIDE CA $415,294 $531,662 $642,660 $798,619
SACRAMENTO CA $529,412 $677,749 $819,233 $1,018,107
SAN BERNARDINO CA $415,294 $531,662 $642,660 $798,619
SAN DIEGO CA $664,706 $850,946 $1,028,593 $1,278,312
SAN JOAQUIN CA $400,000 $512,072 $618,977 $769,207
SAN LUIS OBISPO CA $629,412 $805,780 $973,964 $1,210,435
SANTA BARBARA CA $668,235 $855,448 $1,034,066 $1,285,064
SIERRA CA $311,765 $399,079 $482,404 $599,540
SOLANO CA $470,588 $602,404 $728,184 $904,962
SONOMA CA $663,529 $849,412 $1,026,752 $1,276,010
STANISLAUS CA $329,412 $421,688 $509,719 $633,504
SUTTER CA $305,882 $391,560 $473,299 $588,235
TUOLUMNE CA $338,824 $433,760 $524,297 $651,560
VENTURA CA $688,235 $881,074 $1,065,013 $1,323,529
YOLO CA $529,412 $677,749 $819,233 $1,018,107

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YUBA CA $305,882 $391,560 $473,299 $588,235

EAGLE CO $695,294 $890,256 $1,076,087 $1,337,263
GARFIELD CO $695,294 $890,256 $1,076,087 $1,337,263
PITKIN CO $695,294 $890,256 $1,076,087 $1,337,263
SAN MIGUEL CO $695,294 $890,256 $1,076,087 $1,337,263
SUMMIT CO $695,294 $890,256 $1,076,087 $1,337,263
ADAMS CO $541,176 $692,788 $837,442 $1,040,716
ARAPAHOE CO $541,176 $692,788 $837,442 $1,040,716
BOULDER CO $591,765 $757,545 $915,703 $1,138,005
BROOMFIELD CO $541,176 $692,788 $837,442 $1,040,716
CHAFFEE CO $308,235 $394,578 $476,982 $592,737
CLEAR CREEK CO $541,176 $692,788 $837,442 $1,040,716
DENVER CO $541,176 $692,788 $837,442 $1,040,716
DOUGLAS CO $541,176 $692,788 $837,442 $1,040,716
ELBERT CO $541,176 $692,788 $837,442 $1,040,716
EL PASO CO $311,765 $399,079 $482,404 $599,540
GILPIN CO $541,176 $692,788 $837,442 $1,040,716
GRAND CO $382,353 $489,463 $591,662 $735,294
GUNNISON CO $365,882 $468,389 $566,189 $703,632
HINSDALE CO $437,647 $560,256 $677,238 $841,637
JEFFERSON CO $541,176 $692,788 $837,442 $1,040,716
LA PLATA CO $400,000 $512,072 $618,977 $769,207
LARIMER CO $411,765 $527,110 $637,187 $791,867
OURAY CO $435,294 $557,238 $673,606 $837,084
PARK CO $541,176 $692,788 $837,442 $1,040,716
ROUTT CO $649,412 $831,355 $1,004,910 $1,248,900
TELLER CO $311,765 $399,079 $482,404 $599,540
WELD CO $367,059 $469,872 $567,980 $705,882

FAIRFIELD CT $615,294 $787,673 $952,123 $1,183,274
HARTFORD CT $361,176 $462,353 $558,875 $694,578
LITCHFIELD CT $365,882 $468,389 $566,189 $703,632
MIDDLESEX CT $361,176 $462,353 $558,875 $694,578
NEW HAVEN CT $312,941 $400,614 $484,246 $601,790
TOLLAND CT $361,176 $462,353 $558,875 $694,578
WINDHAM CT $321,176 $411,151 $496,982 $617,647

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DISTRICT OF COLUMBIA DC $695,294 $890,256 $1,076,087 $1,337,263

NEW CASTLE DE $394,118 $504,552 $609,872 $757,903
SUSSEX DE $323,529 $414,169 $500,614 $622,148

BAKER FL $351,765 $450,332 $544,348 $676,471
BROWARD FL $352,941 $451,816 $546,138 $678,721
CLAY FL $351,765 $450,332 $544,348 $676,471
COLLIER FL $461,176 $590,384 $713,657 $886,905
DUVAL FL $351,765 $450,332 $544,348 $676,471
MANATEE FL $305,882 $391,560 $473,299 $588,235
MARTIN FL $323,529 $414,169 $500,614 $622,148
MIAMI-DADE FL $352,941 $451,816 $546,138 $678,721
MONROE FL $541,176 $692,788 $837,442 $1,040,716
NASSAU FL $351,765 $450,332 $544,348 $676,471
OKALOOSA FL $363,529 $465,371 $562,506 $699,079
PALM BEACH FL $352,941 $451,816 $546,138 $678,721
ST. JOHNS FL $351,765 $450,332 $544,348 $676,471
ST. LUCIE FL $323,529 $414,169 $500,614 $622,148
SARASOTA FL $305,882 $391,560 $473,299 $588,235
WALTON FL $363,529 $465,371 $562,506 $699,079

BARROW GA $368,235 $471,407 $569,821 $708,133
BARTOW GA $368,235 $471,407 $569,821 $708,133
BUTTS GA $368,235 $471,407 $569,821 $708,133
CARROLL GA $368,235 $471,407 $569,821 $708,133
CHEROKEE GA $368,235 $471,407 $569,821 $708,133
CLARKE GA $328,235 $420,205 $507,928 $631,202
CLAYTON GA $368,235 $471,407 $569,821 $708,133
COBB GA $368,235 $471,407 $569,821 $708,133
COWETA GA $368,235 $471,407 $569,821 $708,133
DAWSON GA $368,235 $471,407 $569,821 $708,133
DEKALB GA $368,235 $471,407 $569,821 $708,133
DOUGLAS GA $368,235 $471,407 $569,821 $708,133
FAYETTE GA $368,235 $471,407 $569,821 $708,133
FORSYTH GA $368,235 $471,407 $569,821 $708,133
FULTON GA $368,235 $471,407 $569,821 $708,133
GREENE GA $527,059 $674,731 $815,601 $1,013,606

14
GWINNETT GA $368,235 $471,407 $569,821 $708,133
HARALSON GA $368,235 $471,407 $569,821 $708,133
HEARD GA $368,235 $471,407 $569,821 $708,133
HENRY GA $368,235 $471,407 $569,821 $708,133
JASPER GA $368,235 $471,407 $569,821 $708,133
LAMAR GA $368,235 $471,407 $569,821 $708,133
MADISON GA $328,235 $420,205 $507,928 $631,202
MERIWETHER GA $368,235 $471,407 $569,821 $708,133
MORGAN GA $368,235 $471,407 $569,821 $708,133
NEWTON GA $368,235 $471,407 $569,821 $708,133
OCONEE GA $328,235 $420,205 $507,928 $631,202
OGLETHORPE GA $328,235 $420,205 $507,928 $631,202
PAULDING GA $368,235 $471,407 $569,821 $708,133
PICKENS GA $368,235 $471,407 $569,821 $708,133
PIKE GA $368,235 $471,407 $569,821 $708,133
ROCKDALE GA $368,235 $471,407 $569,821 $708,133
SPALDING GA $368,235 $471,407 $569,821 $708,133
WALTON GA $368,235 $471,407 $569,821 $708,133

HONOLULU HI $737,647 $944,297 $1,141,483 $1,418,568
KAUAI HI $729,412 $933,760 $1,128,747 $1,402,711
HAWAII HI $376,471 $481,944 $582,558 $723,990
KALAWAO HI $672,941 $861,483 $1,041,330 $1,294,118
MAUI HI $672,941 $861,483 $1,041,330 $1,294,118

TETON ID $695,294 $890,256 $1,076,087 $1,337,263
BLAINE ID $661,176 $846,445 $1,023,120 $1,271,509
CAMAS ID $661,176 $846,445 $1,023,120 $1,271,509
LINCOLN ID $661,176 $846,445 $1,023,120 $1,271,509

BOONE IL $347,059 $444,297 $537,033 $667,417
COOK IL $374,118 $478,926 $578,926 $719,437
DEKALB IL $374,118 $478,926 $578,926 $719,437
DUPAGE IL $374,118 $478,926 $578,926 $719,437
GRUNDY IL $374,118 $478,926 $578,926 $719,437
KANE IL $374,118 $478,926 $578,926 $719,437
KENDALL IL $374,118 $478,926 $578,926 $719,437
LAKE IL $374,118 $478,926 $578,926 $719,437

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MCHENRY IL $374,118 $478,926 $578,926 $719,437
WILL IL $374,118 $478,926 $578,926 $719,437
WINNEBAGO IL $347,059 $444,297 $537,033 $667,417

BOONE IN $329,412 $421,688 $509,719 $633,504
BROWN IN $329,412 $421,688 $509,719 $633,504
CLARK IN $311,765 $399,079 $482,404 $599,540
FLOYD IN $311,765 $399,079 $482,404 $599,540
HAMILTON IN $329,412 $421,688 $509,719 $633,504
HANCOCK IN $329,412 $421,688 $509,719 $633,504
HARRISON IN $311,765 $399,079 $482,404 $599,540
HENDRICKS IN $329,412 $421,688 $509,719 $633,504
JASPER IN $374,118 $478,926 $578,926 $719,437
JOHNSON IN $329,412 $421,688 $509,719 $633,504
LAKE IN $374,118 $478,926 $578,926 $719,437
MADISON IN $329,412 $421,688 $509,719 $633,504
MARION IN $329,412 $421,688 $509,719 $633,504
MORGAN IN $329,412 $421,688 $509,719 $633,504
NEWTON IN $374,118 $478,926 $578,926 $719,437
PORTER IN $374,118 $478,926 $578,926 $719,437
PUTNAM IN $329,412 $421,688 $509,719 $633,504
SCOTT IN $311,765 $399,079 $482,404 $599,540
SHELBY IN $329,412 $421,688 $509,719 $633,504
WASHINGTON IN $311,765 $399,079 $482,404 $599,540

JOHNSON KS $325,882 $417,187 $504,297 $626,701
LEAVENWORTH KS $325,882 $417,187 $504,297 $626,701
LINN KS $325,882 $417,187 $504,297 $626,701
MIAMI KS $325,882 $417,187 $504,297 $626,701
WYANDOTTE KS $325,882 $417,187 $504,297 $626,701

BULLITT KY $311,765 $399,079 $482,404 $599,540
HENRY KY $311,765 $399,079 $482,404 $599,540
JEFFERSON KY $311,765 $399,079 $482,404 $599,540
OLDHAM KY $311,765 $399,079 $482,404 $599,540
SHELBY KY $311,765 $399,079 $482,404 $599,540
SPENCER KY $311,765 $399,079 $482,404 $599,540
TRIMBLE KY $311,765 $399,079 $482,404 $599,540

16

DUKES MA $695,294 $890,256 $1,076,087 $1,337,263
NANTUCKET MA $695,294 $890,256 $1,076,087 $1,337,263
BARNSTABLE MA $441,176 $564,757 $682,711 $848,440
BRISTOL MA $441,176 $564,757 $682,711 $848,440
ESSEX MA $617,647 $790,691 $955,754 $1,187,775
HAMPDEN MA $305,882 $391,560 $473,299 $588,235
HAMPSHIRE MA $305,882 $391,560 $473,299 $588,235
MIDDLESEX MA $617,647 $790,691 $955,754 $1,187,775
NORFOLK MA $617,647 $790,691 $955,754 $1,187,775
PLYMOUTH MA $617,647 $790,691 $955,754 $1,187,775
SUFFOLK MA $617,647 $790,691 $955,754 $1,187,775
WORCESTER MA $321,176 $411,151 $496,982 $617,647

CALVERT MD $695,294 $890,256 $1,076,087 $1,337,263
CHARLES MD $695,294 $890,256 $1,076,087 $1,337,263
FREDERICK MD $695,294 $890,256 $1,076,087 $1,337,263
MONTGOMERY MD $695,294 $890,256 $1,076,087 $1,337,263
PRINCE GEORGE'S MD $695,294 $890,256 $1,076,087 $1,337,263
ANNE ARUNDEL MD $529,412 $677,749 $819,233 $1,018,107
BALTIMORE MD $529,412 $677,749 $819,233 $1,018,107
CARROLL MD $529,412 $677,749 $819,233 $1,018,107
CECIL MD $394,118 $504,552 $609,872 $757,903
HARFORD MD $529,412 $677,749 $819,233 $1,018,107
HOWARD MD $529,412 $677,749 $819,233 $1,018,107
QUEEN ANNE'S MD $529,412 $677,749 $819,233 $1,018,107
ST. MARY'S MD $355,294 $454,834 $549,770 $683,274
SOMERSET MD $323,529 $414,169 $500,614 $622,148
TALBOT MD $391,765 $501,535 $606,240 $753,402
WICOMICO MD $323,529 $414,169 $500,614 $622,148
WORCESTER MD $323,529 $414,169 $500,614 $622,148
BALTIMORE CITY MD $529,412 $677,749 $819,233 $1,018,107

CUMBERLAND ME $337,647 $432,225 $522,455 $649,309
SAGADAHOC ME $337,647 $432,225 $522,455 $649,309
YORK ME $337,647 $432,225 $522,455 $649,309

ANOKA MN $364,706 $466,854 $564,348 $701,330

17
CARVER MN $364,706 $466,854 $564,348 $701,330
CHISAGO MN $364,706 $466,854 $564,348 $701,330
DAKOTA MN $364,706 $466,854 $564,348 $701,330
HENNEPIN MN $364,706 $466,854 $564,348 $701,330
ISANTI MN $364,706 $466,854 $564,348 $701,330
LE SUEUR MN $364,706 $466,854 $564,348 $701,330
MILLE LACS MN $364,706 $466,854 $564,348 $701,330
RAMSEY MN $364,706 $466,854 $564,348 $701,330
SCOTT MN $364,706 $466,854 $564,348 $701,330
SHERBURNE MN $364,706 $466,854 $564,348 $701,330
SIBLEY MN $364,706 $466,854 $564,348 $701,330
WASHINGTON MN $364,706 $466,854 $564,348 $701,330
WRIGHT MN $364,706 $466,854 $564,348 $701,330

BATES MO $325,882 $417,187 $504,297 $626,701
CALDWELL MO $325,882 $417,187 $504,297 $626,701
CASS MO $325,882 $417,187 $504,297 $626,701
CLAY MO $325,882 $417,187 $504,297 $626,701
CLINTON MO $325,882 $417,187 $504,297 $626,701
JACKSON MO $325,882 $417,187 $504,297 $626,701
LAFAYETTE MO $325,882 $417,187 $504,297 $626,701
PLATTE MO $325,882 $417,187 $504,297 $626,701
RAY MO $325,882 $417,187 $504,297 $626,701

FLATHEAD MT $308,235 $394,578 $476,982 $592,737
GALLATIN MT $390,588 $500,000 $604,399 $751,151
JEFFERSON MT $303,529 $388,542 $469,668 $583,683
LEWIS AND CLARK MT $303,529 $388,542 $469,668 $583,683
MADISON MT $332,941 $426,189 $515,192 $640,256
MISSOULA MT $324,706 $415,652 $502,455 $624,450

CAMDEN NC $695,294 $890,256 $1,076,087 $1,337,263
PASQUOTANK NC $695,294 $890,256 $1,076,087 $1,337,263
PERQUIMANS NC $695,294 $890,256 $1,076,087 $1,337,263
CHATHAM NC $388,235 $496,982 $600,767 $746,598
CURRITUCK NC $469,412 $600,921 $726,394 $902,711
DARE NC $400,000 $512,072 $618,977 $769,207
DURHAM NC $388,235 $496,982 $600,767 $746,598

18
FRANKLIN NC $325,882 $417,187 $504,297 $626,701
GATES NC $469,412 $600,921 $726,394 $902,711
HYDE NC $494,118 $632,532 $764,604 $950,230
JOHNSTON NC $325,882 $417,187 $504,297 $626,701
ORANGE NC $388,235 $496,982 $600,767 $746,598
PERSON NC $388,235 $496,982 $600,767 $746,598
TYRRELL NC $400,000 $512,072 $618,977 $769,207
WAKE NC $325,882 $417,187 $504,297 $626,701

BILLINGS ND $347,059 $444,297 $537,033 $667,417
BURLEIGH ND $316,471 $405,115 $489,719 $608,593
MCKENZIE ND $309,412 $396,113 $478,772 $595,038
MORTON ND $316,471 $405,115 $489,719 $608,593
OLIVER ND $316,471 $405,115 $489,719 $608,593
SIOUX ND $316,471 $405,115 $489,719 $608,593
STARK ND $315,294 $403,632 $487,877 $606,343
WILLIAMS ND $337,647 $432,225 $522,455 $649,309

LINCOLN NE $443,529 $567,775 $686,343 $852,941
LOGAN NE $443,529 $567,775 $686,343 $852,941
MCPHERSON NE $443,529 $567,775 $686,343 $852,941

HILLSBOROUGH NH $320,000 $409,668 $495,192 $615,396
ROCKINGHAM NH $617,647 $790,691 $955,754 $1,187,775
STRAFFORD NH $617,647 $790,691 $955,754 $1,187,775

BERGEN NJ $695,294 $890,256 $1,076,087 $1,337,263
ESSEX NJ $695,294 $890,256 $1,076,087 $1,337,263
HUDSON NJ $695,294 $890,256 $1,076,087 $1,337,263
HUNTERDON NJ $695,294 $890,256 $1,076,087 $1,337,263
MIDDLESEX NJ $695,294 $890,256 $1,076,087 $1,337,263
MONMOUTH NJ $695,294 $890,256 $1,076,087 $1,337,263
MORRIS NJ $695,294 $890,256 $1,076,087 $1,337,263
OCEAN NJ $695,294 $890,256 $1,076,087 $1,337,263
PASSAIC NJ $695,294 $890,256 $1,076,087 $1,337,263
SOMERSET NJ $695,294 $890,256 $1,076,087 $1,337,263
SUSSEX NJ $695,294 $890,256 $1,076,087 $1,337,263
UNION NJ $695,294 $890,256 $1,076,087 $1,337,263

19
ATLANTIC NJ $323,529 $414,169 $500,614 $622,148
BURLINGTON NJ $394,118 $504,552 $609,872 $757,903
CAMDEN NJ $394,118 $504,552 $609,872 $757,903
CAPE MAY NJ $423,529 $542,199 $655,396 $814,476
GLOUCESTER NJ $394,118 $504,552 $609,872 $757,903
MERCER NJ $352,941 $451,816 $546,138 $678,721
SALEM NJ $394,118 $504,552 $609,872 $757,903
WARREN NJ $381,176 $487,980 $589,821 $733,043

CATRON NM $410,588 $525,627 $635,345 $789,616
LOS ALAMOS NM $389,412 $498,517 $602,558 $748,849
SANTA FE NM $376,471 $481,944 $582,558 $723,990

DOUGLAS NV $370,588 $474,425 $573,453 $712,685
STOREY NV $378,824 $484,962 $586,189 $728,491
WASHOE NV $378,824 $484,962 $586,189 $728,491
CARSON CITY NV $305,882 $391,560 $473,299 $588,235

BRONX NY $695,294 $890,256 $1,076,087 $1,337,263
DUTCHESS NY $695,294 $890,256 $1,076,087 $1,337,263
KINGS NY $695,294 $890,256 $1,076,087 $1,337,263
NASSAU NY $695,294 $890,256 $1,076,087 $1,337,263
NEW YORK NY $695,294 $890,256 $1,076,087 $1,337,263
ORANGE NY $695,294 $890,256 $1,076,087 $1,337,263
PUTNAM NY $695,294 $890,256 $1,076,087 $1,337,263
QUEENS NY $695,294 $890,256 $1,076,087 $1,337,263
RICHMOND NY $695,294 $890,256 $1,076,087 $1,337,263
ROCKLAND NY $695,294 $890,256 $1,076,087 $1,337,263
SUFFOLK NY $695,294 $890,256 $1,076,087 $1,337,263
WESTCHESTER NY $695,294 $890,256 $1,076,087 $1,337,263
ALBANY NY $310,588 $397,596 $480,614 $597,289
RENSSELAER NY $310,588 $397,596 $480,614 $597,289
SARATOGA NY $310,588 $397,596 $480,614 $597,289
SCHENECTADY NY $310,588 $397,596 $480,614 $597,289
SCHOHARIE NY $310,588 $397,596 $480,614 $597,289

DELAWARE OH $352,941 $451,816 $546,138 $678,721
FAIRFIELD OH $352,941 $451,816 $546,138 $678,721

20
FRANKLIN OH $352,941 $451,816 $546,138 $678,721
HOCKING OH $352,941 $451,816 $546,138 $678,721
LICKING OH $352,941 $451,816 $546,138 $678,721
MADISON OH $352,941 $451,816 $546,138 $678,721
MORROW OH $352,941 $451,816 $546,138 $678,721
PERRY OH $352,941 $451,816 $546,138 $678,721
PICKAWAY OH $352,941 $451,816 $546,138 $678,721
UNION OH $352,941 $451,816 $546,138 $678,721

BENTON OR $364,706 $466,854 $564,348 $701,330
CLACKAMAS OR $458,824 $587,366 $709,974 $882,353
CLATSOP OR $305,882 $391,560 $473,299 $588,235
COLUMBIA OR $458,824 $587,366 $709,974 $882,353
CURRY OR $335,294 $429,207 $518,824 $644,808
DESCHUTES OR $382,353 $489,463 $591,662 $735,294
HOOD RIVER OR $464,706 $594,885 $719,079 $893,657
JACKSON OR $309,412 $396,113 $478,772 $595,038
MULTNOMAH OR $458,824 $587,366 $709,974 $882,353
WASHINGTON OR $458,824 $587,366 $709,974 $882,353
YAMHILL OR $458,824 $587,366 $709,974 $882,353

PIKE PA $695,294 $890,256 $1,076,087 $1,337,263
BUCKS PA $394,118 $504,552 $609,872 $757,903
CARBON PA $381,176 $487,980 $589,821 $733,043
CHESTER PA $394,118 $504,552 $609,872 $757,903
DELAWARE PA $394,118 $504,552 $609,872 $757,903
LEHIGH PA $381,176 $487,980 $589,821 $733,043
MONTGOMERY PA $394,118 $504,552 $609,872 $757,903
NORTHAMPTON PA $381,176 $487,980 $589,821 $733,043
PHILADELPHIA PA $394,118 $504,552 $609,872 $757,903

BRISTOL RI $441,176 $564,757 $682,711 $848,440
KENT RI $441,176 $564,757 $682,711 $848,440
NEWPORT RI $441,176 $564,757 $682,711 $848,440
PROVIDENCE RI $441,176 $564,757 $682,711 $848,440
WASHINGTON RI $441,176 $564,757 $682,711 $848,440

BEAUFORT SC $358,824 $459,335 $555,243 $690,026

21
BERKELEY SC $376,471 $481,944 $582,558 $723,990
CHARLESTON SC $376,471 $481,944 $582,558 $723,990
DORCHESTER SC $376,471 $481,944 $582,558 $723,990
GEORGETOWN SC $335,294 $429,207 $518,824 $644,808
JASPER SC $358,824 $459,335 $555,243 $690,026

CANNON TN $505,882 $647,621 $782,813 $972,839
CHEATHAM TN $505,882 $647,621 $782,813 $972,839
DAVIDSON TN $505,882 $647,621 $782,813 $972,839
DICKSON TN $505,882 $647,621 $782,813 $972,839
HICKMAN TN $505,882 $647,621 $782,813 $972,839
MACON TN $505,882 $647,621 $782,813 $972,839
MAURY TN $505,882 $647,621 $782,813 $972,839
ROBERTSON TN $505,882 $647,621 $782,813 $972,839
RUTHERFORD TN $505,882 $647,621 $782,813 $972,839
SMITH TN $505,882 $647,621 $782,813 $972,839
SUMNER TN $505,882 $647,621 $782,813 $972,839
TROUSDALE TN $505,882 $647,621 $782,813 $972,839
WILLIAMSON TN $505,882 $647,621 $782,813 $972,839
WILSON TN $505,882 $647,621 $782,813 $972,839

ATASCOSA TX $368,235 $471,407 $569,821 $708,133
AUSTIN TX $338,824 $433,760 $524,297 $651,560
BANDERA TX $368,235 $471,407 $569,821 $708,133
BASTROP TX $392,941 $503,018 $608,031 $755,652
BEXAR TX $368,235 $471,407 $569,821 $708,133
BRAZORIA TX $338,824 $433,760 $524,297 $651,560
CALDWELL TX $392,941 $503,018 $608,031 $755,652
CHAMBERS TX $338,824 $433,760 $524,297 $651,560
COLLIN TX $395,294 $506,036 $611,662 $760,205
COMAL TX $368,235 $471,407 $569,821 $708,133
DALLAS TX $395,294 $506,036 $611,662 $760,205
DENTON TX $395,294 $506,036 $611,662 $760,205
ELLIS TX $395,294 $506,036 $611,662 $760,205
FORT BEND TX $338,824 $433,760 $524,297 $651,560
GALVESTON TX $338,824 $433,760 $524,297 $651,560
GUADALUPE TX $368,235 $471,407 $569,821 $708,133
HARRIS TX $338,824 $433,760 $524,297 $651,560

22
HAYS TX $392,941 $503,018 $608,031 $755,652
HOOD TX $395,294 $506,036 $611,662 $760,205
HUNT TX $395,294 $506,036 $611,662 $760,205
JOHNSON TX $395,294 $506,036 $611,662 $760,205
KAUFMAN TX $395,294 $506,036 $611,662 $760,205
KENDALL TX $368,235 $471,407 $569,821 $708,133
LIBERTY TX $338,824 $433,760 $524,297 $651,560
MEDINA TX $368,235 $471,407 $569,821 $708,133
MONTGOMERY TX $338,824 $433,760 $524,297 $651,560
PARKER TX $395,294 $506,036 $611,662 $760,205
ROCKWALL TX $395,294 $506,036 $611,662 $760,205
SOMERVELL TX $395,294 $506,036 $611,662 $760,205
TARRANT TX $395,294 $506,036 $611,662 $760,205
TRAVIS TX $392,941 $503,018 $608,031 $755,652
WALLER TX $338,824 $433,760 $524,297 $651,560
WILLIAMSON TX $392,941 $503,018 $608,031 $755,652
WILSON TX $368,235 $471,407 $569,821 $708,133
WISE TX $395,294 $506,036 $611,662 $760,205

SUMMIT UT $695,294 $890,256 $1,076,087 $1,337,263
BOX ELDER UT $398,824 $510,537 $617,136 $766,957
DAGGETT UT $309,412 $396,113 $478,772 $595,038
DAVIS UT $398,824 $510,537 $617,136 $766,957
JUAB UT $349,412 $447,315 $540,665 $671,918
MORGAN UT $398,824 $510,537 $617,136 $766,957
RICH UT $303,529 $388,542 $469,668 $583,683
SALT LAKE UT $364,706 $466,854 $564,348 $701,330
TOOELE UT $364,706 $466,854 $564,348 $701,330
UTAH UT $349,412 $447,315 $540,665 $671,918
WASATCH UT $438,824 $561,739 $679,028 $843,887
WASHINGTON UT $330,588 $423,223 $511,560 $635,754
WEBER UT $398,824 $510,537 $617,136 $766,957

ARLINGTON VA $695,294 $890,256 $1,076,087 $1,337,263
CLARKE VA $695,294 $890,256 $1,076,087 $1,337,263
CULPEPER VA $695,294 $890,256 $1,076,087 $1,337,263
FAIRFAX VA $695,294 $890,256 $1,076,087 $1,337,263
FAUQUIER VA $695,294 $890,256 $1,076,087 $1,337,263

23
LOUDOUN VA $695,294 $890,256 $1,076,087 $1,337,263
PRINCE WILLIAM VA $695,294 $890,256 $1,076,087 $1,337,263
RAPPAHANNOCK VA $695,294 $890,256 $1,076,087 $1,337,263
SPOTSYLVANIA VA $695,294 $890,256 $1,076,087 $1,337,263
STAFFORD VA $695,294 $890,256 $1,076,087 $1,337,263
WARREN VA $695,294 $890,256 $1,076,087 $1,337,263
ALEXANDRIA CITY VA $695,294 $890,256 $1,076,087 $1,337,263
FAIRFAX CITY VA $695,294 $890,256 $1,076,087 $1,337,263
FALLS CHURCH CITY VA $695,294 $890,256 $1,076,087 $1,337,263
FREDERICKSBURG VA $695,294 $890,256 $1,076,087 $1,337,263
MANASSAS CITY VA $695,294 $890,256 $1,076,087 $1,337,263
MANASSAS PARK CITY VA $695,294 $890,256 $1,076,087 $1,337,263
ALBEMARLE VA $447,059 $572,327 $691,765 $859,744
AMELIA VA $548,235 $701,841 $848,338 $1,054,322
BUCKINGHAM VA $447,059 $572,327 $691,765 $859,744
CAROLINE VA $548,235 $701,841 $848,338 $1,054,322
CHARLES CITY VA $548,235 $701,841 $848,338 $1,054,322
CHESTERFIELD VA $548,235 $701,841 $848,338 $1,054,322
DINWIDDIE VA $548,235 $701,841 $848,338 $1,054,322
FLUVANNA VA $447,059 $572,327 $691,765 $859,744
GLOUCESTER VA $469,412 $600,921 $726,394 $902,711
GOOCHLAND VA $548,235 $701,841 $848,338 $1,054,322
GREENE VA $447,059 $572,327 $691,765 $859,744
HANOVER VA $548,235 $701,841 $848,338 $1,054,322
HENRICO VA $548,235 $701,841 $848,338 $1,054,322
ISLE OF WIGHT VA $469,412 $600,921 $726,394 $902,711
JAMES CITY VA $469,412 $600,921 $726,394 $902,711
KING GEORGE VA $358,824 $459,335 $555,243 $690,026
KING WILLIAM VA $548,235 $701,841 $848,338 $1,054,322
LANCASTER VA $452,941 $579,847 $700,870 $871,049
MATHEWS VA $469,412 $600,921 $726,394 $902,711
NELSON VA $447,059 $572,327 $691,765 $859,744
NEW KENT VA $548,235 $701,841 $848,338 $1,054,322
NORTHUMBERLAND VA $325,882 $417,187 $504,297 $626,701
POWHATAN VA $548,235 $701,841 $848,338 $1,054,322
PRINCE GEORGE VA $548,235 $701,841 $848,338 $1,054,322
SUSSEX VA $548,235 $701,841 $848,338 $1,054,322
YORK VA $469,412 $600,921 $726,394 $902,711

24
CHARLOTTESVILLE VA $447,059 $572,327 $691,765 $859,744
CHESAPEAKE CITY VA $469,412 $600,921 $726,394 $902,711
COLONIAL HEIGHT VA $548,235 $701,841 $848,338 $1,054,322
HAMPTON CITY VA $469,412 $600,921 $726,394 $902,711
HOPEWELL CITY VA $548,235 $701,841 $848,338 $1,054,322
LEXINGTON CITY VA $314,118 $402,097 $486,087 $604,092
NEWPORT NEWS CITY VA $469,412 $600,921 $726,394 $902,711
NORFOLK CITY VA $469,412 $600,921 $726,394 $902,711
PETERSBURG CITY VA $548,235 $701,841 $848,338 $1,054,322
POQUOSON CITY VA $469,412 $600,921 $726,394 $902,711
PORTSMOUTH CITY VA $469,412 $600,921 $726,394 $902,711
RICHMOND CITY VA $548,235 $701,841 $848,338 $1,054,322
SUFFOLK CITY VA $469,412 $600,921 $726,394 $902,711
VIRGINIA BEACH VA $469,412 $600,921 $726,394 $902,711
WILLIAMSBURG CITY VA $469,412 $600,921 $726,394 $902,711

CHITTENDEN VT $350,588 $448,798 $542,506 $674,220
FRANKLIN VT $350,588 $448,798 $542,506 $674,220
GRAND ISLE VT $350,588 $448,798 $542,506 $674,220

CHELAN WA $350,588 $448,798 $542,506 $674,220
CLALLAM WA $392,941 $503,018 $608,031 $755,652
CLARK WA $458,824 $587,366 $709,974 $882,353
DOUGLAS WA $350,588 $448,798 $542,506 $674,220
ISLAND WA $352,941 $451,816 $546,138 $678,721
JEFFERSON WA $329,412 $421,688 $509,719 $633,504
KING WA $682,353 $873,555 $1,055,908 $1,312,225
KITSAP WA $337,647 $432,225 $522,455 $649,309
PIERCE WA $682,353 $873,555 $1,055,908 $1,312,225
SAN JUAN WA $494,118 $632,532 $764,604 $950,230
SKAGIT WA $322,353 $412,634 $498,824 $619,898
SKAMANIA WA $458,824 $587,366 $709,974 $882,353
SNOHOMISH WA $682,353 $873,555 $1,055,908 $1,312,225
THURSTON WA $323,529 $414,169 $500,614 $622,148
WHATCOM WA $352,941 $451,816 $546,138 $678,721

COLUMBIA WI $305,882 $391,560 $473,299 $588,235
DANE WI $305,882 $391,560 $473,299 $588,235

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GREEN WI $305,882 $391,560 $473,299 $588,235
IOWA WI $305,882 $391,560 $473,299 $588,235
KENOSHA WI $374,118 $478,926 $578,926 $719,437
MILWAUKEE WI $312,941 $400,614 $484,246 $601,790
OZAUKEE WI $312,941 $400,614 $484,246 $601,790
PIERCE WI $364,706 $466,854 $564,348 $701,330
ST. CROIX WI $364,706 $466,854 $564,348 $701,330
WASHINGTON WI $312,941 $400,614 $484,246 $601,790
WAUKESHA WI $312,941 $400,614 $484,246 $601,790

JEFFERSON WV $695,294 $890,256 $1,076,087 $1,337,263

TETON WY $695,294 $890,256 $1,076,087 $1,337,263
SHERIDAN WY $315,294 $403,632 $487,877 $606,343
SUBLETTE WY $307,059 $393,095 $475,141 $590,486
SWEETWATER WY $323,529 $414,169 $500,614 $622,148

GUAM GU $576,471 $738,005 $892,072 $1,108,593

NORTHERN ISLAND MP $536,471 $686,752 $830,128 $1,031,662
ROTA MP $420,000 $537,647 $649,923 $807,673
SAIPAN MP $541,176 $692,788 $837,442 $1,040,716
TINIAN MP $544,706 $697,340 $842,916 $1,047,519

AGUAS BUENAS PR $394,118 $504,552 $609,872 $757,903
AIBONITO PR $394,118 $504,552 $609,872 $757,903
BARCELONETA PR $394,118 $504,552 $609,872 $757,903
BARRANQUITAS PR $394,118 $504,552 $609,872 $757,903
BAYAMON PR $394,118 $504,552 $609,872 $757,903
CAGUAS PR $394,118 $504,552 $609,872 $757,903
CANOVANAS PR $394,118 $504,552 $609,872 $757,903
CAROLINA PR $394,118 $504,552 $609,872 $757,903
CATANO PR $394,118 $504,552 $609,872 $757,903
CAYEY PR $394,118 $504,552 $609,872 $757,903
CEIBA PR $394,118 $504,552 $609,872 $757,903
CIALES PR $394,118 $504,552 $609,872 $757,903
CIDRA PR $394,118 $504,552 $609,872 $757,903
COMERIO PR $394,118 $504,552 $609,872 $757,903

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COROZAL PR $394,118 $504,552 $609,872 $757,903
DORADO PR $394,118 $504,552 $609,872 $757,903
FAJARDO PR $394,118 $504,552 $609,872 $757,903
FLORIDA PR $394,118 $504,552 $609,872 $757,903
GUAYNABO PR $394,118 $504,552 $609,872 $757,903
GURABO PR $394,118 $504,552 $609,872 $757,903
HUMACAO PR $394,118 $504,552 $609,872 $757,903
JUNCOS PR $394,118 $504,552 $609,872 $757,903
LAS PIEDRAS PR $394,118 $504,552 $609,872 $757,903
LOIZA PR $394,118 $504,552 $609,872 $757,903
LUQUILLO PR $394,118 $504,552 $609,872 $757,903
MANATI PR $394,118 $504,552 $609,872 $757,903
MAUNABO PR $394,118 $504,552 $609,872 $757,903
MOROVIS PR $394,118 $504,552 $609,872 $757,903
NAGUABO PR $394,118 $504,552 $609,872 $757,903
NARANJITO PR $394,118 $504,552 $609,872 $757,903
OROCOVIS PR $394,118 $504,552 $609,872 $757,903
RIO GRANDE PR $394,118 $504,552 $609,872 $757,903
SAN JUAN PR $394,118 $504,552 $609,872 $757,903
SAN LORENZO PR $394,118 $504,552 $609,872 $757,903
TOA ALTA PR $394,118 $504,552 $609,872 $757,903
TOA BAJA PR $394,118 $504,552 $609,872 $757,903
TRUJILLO ALTO PR $394,118 $504,552 $609,872 $757,903
VEGA ALTA PR $394,118 $504,552 $609,872 $757,903
VEGA BAJA PR $394,118 $504,552 $609,872 $757,903
YABUCOA PR $394,118 $504,552 $609,872 $757,903

ST. CROIX ISLAND VI $335,294 $429,207 $518,824 $644,808
ST. JOHN ISLAND VI $637,647 $816,317 $986,701 $1,226,240
ST. THOMAS ISLAND VI $456,471 $584,348 $706,343 $877,852

All other areas - 2657 counties (floor): $301,294 $385,754 $466,292 $579,463

.02 The nationwide average purchase price (for use in the housing cost/income
ratio for new and existing residences) is $289,200.
SECTION 5. EFFECT ON OTHER DOCUMENTS

27
Rev. Proc. 2017-27 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 April 24, 2018, 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. 2017-27,
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before May 24, 2018, if the commitments to provide
financing or issue mortgage credit certificates are made on or before June 23, 2018.
.03 Except as provided in section 6.04, issuers must use the nationwide average
purchase price limitation contained in this revenue procedure for commitments to
provide financing or issue mortgage credit certificates that are made, or (if the purchase
precedes the commitment) for residences that are purchased, in the period that begins
on April 24, 2018, 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. 2017-

28
27 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before May 24, 2018, if the commitments to provide
financing or issue mortgage credit certificates are made on or before June 23, 2018.
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 sections 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

29
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 David White and Timothy
Jones of the Office of Associate Chief Counsel (Financial Institutions & Products). For
further information regarding this revenue procedure contact David White on (202) 317-
4562 (not a toll free call).