rp-25-18.pdf

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Part III

Administrative, Procedural, and Miscellaneous

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

Rev. Proc. 2025-18

SECTION 1. PURPOSE
This revenue procedure provides issuers of qualified mortgage bonds, as defined in
§ 143(a) of the Internal Revenue Code
1
, and issuers of mortgage credit certificates, as
defined in § 25(c), with (1) the nationwide average purchase price for residences
located in the United States, and (2) average area purchase price safe harbors for
residences located in statistical areas in each state, the District of Columbia, Puerto
Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam.
SECTION 2. BACKGROUND
.01 Section 103(a) provides that, except as provided in § 103(b), gross income does

1
Unless otherwise specified, all “section” or “§” references are to sections of the Internal Revenue Code
or the Temporary Regulations under Title II of the Omnibus Reconciliation Act of 1980 (26 CFR part 6a).

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

3
defined in § 143(j)), § 143(e)(1) shall be applied by substituting 110 percent for 90
percent.
.04 Section 143(e)(2) provides that the term "average area purchase price" means,
with respect to any residence, the average purchase price of single-family residences
(in the statistical area in which the residence is located) that were purchased during the
most recent 12-month period for which sufficient statistical information is available.
Under §§ 143(e)(3) and (4), respectively, separate determinations of average area
purchase price are to be made for new and existing residences, and for two-, three-,
and four-family residences.
.05 Section 143(e)(2) also provides that the determination of the average area
purchase price shall be made as of the date on which the commitment to provide the
financing is made or, if earlier, the date of the purchase of the residence.
.06 Section 143(k)(2)(A) provides that the term "statistical area" means (i) a
metropolitan statistical area (MSA), and (ii) any county (or the portion thereof) that is not
within an MSA. Section 143(k)(2)(C) further provides that if sufficient recent statistical
information with respect to a county (or portion thereof) is unavailable, the Secretary
may substitute another area for which there is sufficient recent statistical information for
such county (or portion thereof). In the case of any portion of a State which is not within
a county, § 143(k)(2)(D) provides that the Secretary may designate an area that is the
equivalent of a county. Section 6a.103A-1(b)(4)(i) (issued under § 103A of the Internal
Revenue Code of 1954, the predecessor of § 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

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area purchase price safe harbors published by the Department of the Treasury
(Treasury Department) for the statistical area in which a residence is located. Section
6a.103A-2(f)(5)(i) further provides that an issuer may use an average area purchase
price limitation different from the published safe harbor if the issuer has more accurate
and comprehensive data for the statistical area.
Qualified Mortgage Credit Certificate Program
.08 Section 25(c) permits a State or political subdivision thereof to establish a
qualified mortgage credit certificate program. In general, a qualified mortgage credit
certificate program is a program under which the issuing authority elects not to issue an
amount of private activity bonds that it may otherwise issue during the calendar year
under § 146, and in its place, issues mortgage credit certificates to taxpayers in
connection with the acquisition of their principal residences. Section 25(a)(1) provides,
in general, that the holder of a mortgage credit certificate may claim a federal income
tax credit equal to the product of the credit rate specified in the certificate and the
interest paid or accrued during the tax year on the remaining principal of the
indebtedness incurred to acquire the residence. Section 25(c)(2)(A)(iii)(III) generally
provides that residences acquired in connection with the issuance of mortgage credit
certificates must meet the purchase price requirements of § 143(e).
Income Limitations for Qualified Mortgage Bonds and Mortgage Credit Certificates
.09 Section 143(f) imposes limitations on the income of mortgagors for whom
financing may be provided by qualified mortgage bonds. In addition,
§ 25(c)(2)(A)(iii)(IV) provides that holders of mortgage credit certificates must meet the
income requirement of § 143(f). Generally, under §§ 143(f)(1) and 25(c)(2)(A)(iii)(IV),

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the income requirement is met only if all owner-financing under a qualified mortgage
bond and all mortgage credit certificates issued under a qualified mortgage credit
certificate program are provided to mortgagors whose family income is 115 percent or
less of the applicable median family income. Section 143(f)(5), however, generally
provides for an upward adjustment to the percentage limitation in high housing cost
areas. High housing cost areas are defined in § 143(f)(5)(C) as any statistical area for
which the housing cost/income ratio is greater than 1.2.
.10 Under § 143(f)(5)(D), the housing cost/income ratio with respect to any statistical
area is determined by dividing (a) the applicable housing price ratio for such area by (b)
the ratio that the area median gross income for such area bears to the median gross
income for the United States. The applicable housing price ratio is the new housing
price ratio (new housing average area purchase price divided by the new housing
average purchase price for the United States) or the existing housing price ratio
(existing housing average area purchase price divided by the existing housing average
purchase price for the United States), whichever results in the housing cost/income ratio
being closer to 1.
Average Area and Nationwide Purchase Price Limitations
.11 Average area purchase price safe harbors for each state, the District of
Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin
Islands, and Guam were last published in Rev. Proc. 2024-21, 2024-19 I.R.B. 1054.
.12 The nationwide average purchase price was last published in section 4.02 of
Rev. Proc. 2024-21. Guidance with respect to the United States and area median gross
income figures that are used in computing the housing cost/income ratio described in

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§ 143(f)(5) was published in Rev. Proc. 2021-19, 2021-15 I.R.B. 1008.
.13 This revenue procedure uses Federal Housing Administration (FHA) loan limits
for a given statistical area to calculate the average area purchase price safe harbor for
that area. FHA sets limits on the dollar value of loans it will insure based on median
home prices and conforming loan limits established by the Federal Home Loan
Mortgage Corporation. In particular, FHA sets an area's loan limit at 95 percent of the
median home sales price for the area, subject to certain floors and caps measured
against conforming loan limits.
.14 To calculate the average area purchase price safe harbors in this revenue
procedure, the FHA loan limits are adjusted to take into account the differences
between average and median purchase prices. Because FHA loan limits do not
differentiate between new and existing residences, this revenue procedure contains a
single average area purchase price safe harbor for both new and existing residences in
a statistical area.
.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 26, 2024. FHA
loan limits are available for statistical areas in each state, the District of Columbia,
Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and
Guam. See section 3.03 of this revenue procedure with respect to FHA loan limits
revised after November 26, 2024.
.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 MSAs. The OMB bulletin no
longer includes primary MSAs.

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SECTION 3. APPLICATION

Average Area Purchase Price Safe Harbors
.01 Average area purchase price safe harbors for statistical areas in each state, the
District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the
Virgin Islands, and Guam are set forth in section 4.01 of this revenue procedure.
Average area purchase price safe harbors are provided for single-family and two to
four-family residences. For each type of residence, section 4.01 of this revenue
procedure contains a single safe harbor that may be used for both new and existing
residences. Issuers of qualified mortgage bonds and issuers of mortgage credit
certificates may rely on these safe harbors to satisfy the requirements of §§ 143(e) and
(f). Section 4.01 of this revenue procedure provides safe harbors for MSAs and for
certain counties and county equivalents. If no purchase price safe harbor is available
for a statistical area, the safe harbor for "ALL OTHER AREAS" may be used for that
statistical area.
.02 If a residence is in an MSA, the safe harbor applicable to it is the limitation of that
MSA. If an MSA falls in more than one state, the MSA is listed in section 4.01 of this
revenue procedure under each state.
.03 If the FHA revises the FHA loan limit for any statistical area after November 26,
2024, 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

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dividing the revised FHA loan limit by 0.867.
.04 If, pursuant to § 6a.103A-2(f)(5)(i), an issuer uses more accurate and
comprehensive data to determine the average area purchase price for a statistical area,
the issuer must make separate average area purchase price determinations for new
and existing residences. Moreover, when computing the average area purchase price
for a statistical area that is an MSA, as defined in OMB Bulletin No. 23-01, 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
requirements of §§ 143(e) and (f) for bonds sold, and mortgage credit certificates
issued, not more than 30 months following the termination date of the 12-month period
used by the issuer to compute the limitation.
Nationwide Average Purchase Price
.06 Section 4.02 of this revenue procedure sets forth a single nationwide average
purchase price for purposes of computing the housing cost/income ratio under
§ 143(f)(5).
.07 Issuers must use the nationwide average purchase price set forth in section 4.02
of this revenue procedure when computing the housing cost/income ratio under
§ 143(f)(5) regardless of whether they are relying on the average area purchase price

9
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. 2024-21, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.
2024-21 in computing the housing cost/income ratio under § 143(f)(5). Likewise, if,
pursuant to section 6.04 of this revenue procedure, an issuer relies on the nationwide
average purchase price published in Rev. Proc. 2024-21, the issuer must use the
average area purchase price safe harbors set forth in section 4.01 of Rev. Proc. 2024-
21 in computing the housing cost/income ratio under § 143(f)(5).
SECTION 4. AVERAGE AREA AND NATIONWIDE AVERAGE PURCHASE PRICES
.01 Average area purchase prices for single-family and two to four-family residences
in MSAs, and for certain counties and county equivalents are set forth below. The safe
harbor for “ALL OTHER AREAS” (found at the end of the table below) may be used for
a statistical area that is not listed below.

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2025 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 675,212 864,389 1,044,857 1,298,515
HOONAH-ANGOON C AK 604,905 774,357 936,022 1,163,265
JUNEAU CITY AND AK 638,068 816,864 987,354 1,227,055
KODIAK ISLAND B AK 624,803 799,849 966,821 1,201,562
SITKA CITY AND AK 676,538 866,061 1,046,875 1,301,053
SKAGWAY MUNICIP AK 604,905 774,357 936,022 1,163,265
COCONINO AZ 650,007 832,148 1,005,868 1,250,010
MARICOPA AZ 630,109 806,655 975,069 1,211,771
PINAL AZ 630,109 806,655 975,069 1,211,771
ALAMEDA CA 1,395,468 1,786,771 2,159,645 2,684,092
CONTRA COSTA CA 1,395,468 1,786,771 2,159,645 2,684,092
EL DORADO CA 880,826 1,127,622 1,363,055 1,693,941
LOS ANGELES CA 1,395,468 1,786,771 2,159,645 2,684,092
MARIN CA 1,395,468 1,786,771 2,159,645 2,684,092
MENDOCINO CA 630,109 806,655 975,069 1,211,771
MONO CA 895,418 1,146,309 1,385,606 1,721,972
MONTEREY CA 1,119,605 1,433,304 1,732,526 2,153,157
NAPA CA 1,173,993 1,502,919 1,816,675 2,257,723
NEVADA CA 742,866 951,018 1,149,538 1,428,632
ORANGE CA 1,395,468 1,786,771 2,159,645 2,684,092
PLACER CA 880,826 1,127,622 1,363,055 1,693,941
RIVERSIDE CA 776,029 993,467 1,200,870 1,492,364
SACRAMENTO CA 880,826 1,127,622 1,363,055 1,693,941
SAN BENITO CA 1,395,468 1,786,771 2,159,645 2,684,092
SAN BERNARDINO CA 776,029 993,467 1,200,870 1,492,364
SAN DIEGO CA 1,242,973 1,591,220 1,923,434 2,390,378
SAN FRANCISCO CA 1,395,468 1,786,771 2,159,645 2,684,092
SAN JOAQUIN CA 782,662 1,001,946 1,211,136 1,505,168
SAN LUIS OBISPO CA 1,115,625 1,428,228 1,726,355 2,145,486
SAN MATEO CA 1,395,468 1,786,771 2,159,645 2,684,092
SANTA BARBARA CA 1,053,277 1,348,405 1,629,921 2,025,578
SANTA CLARA CA 1,395,468 1,786,771 2,159,645 2,684,092
SANTA CRUZ CA 1,395,468 1,786,771 2,159,645 2,684,092
SOLANO CA 790,621 1,012,154 1,223,421 1,520,452
SONOMA CA 1,034,706 1,324,642 1,601,141 1,989,876
STANISLAUS CA 618,170 791,371 956,555 1,188,816
VENTURA CA 1,173,993 1,502,919 1,816,675 2,257,723
YOLO CA 880,826 1,127,622 1,363,055 1,693,941
ADAMS CO 961,746 1,231,207 1,488,269 1,849,551
ARAPAHOE CO 961,746 1,231,207 1,488,269 1,849,551
BOULDER CO 994,909 1,273,657 1,539,600 1,913,340
BROOMFIELD CO 961,746 1,231,207 1,488,269 1,849,551
CHAFFEE CO 769,396 984,989 1,190,604 1,479,618

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CLEAR CREEK CO 961,746 1,231,207 1,488,269 1,849,551
DENVER CO 961,746 1,231,207 1,488,269 1,849,551
DOUGLAS CO 961,746 1,231,207 1,488,269 1,849,551
EAGLE CO 1,395,468 1,786,771 2,159,645 2,684,092
EL PASO CO 615,517 787,968 952,460 1,183,682
ELBERT CO 961,746 1,231,207 1,488,269 1,849,551
GARFIELD CO 1,395,468 1,786,771 2,159,645 2,684,092
GILPIN CO 961,746 1,231,207 1,488,269 1,849,551
GRAND CO 1,008,175 1,290,671 1,560,075 1,938,833
GUNNISON CO 862,255 1,103,859 1,334,274 1,658,182
JEFFERSON CO 961,746 1,231,207 1,488,269 1,849,551
LA PLATA CO 795,927 1,018,902 1,231,669 1,530,661
LARIMER CO 729,600 934,004 1,129,006 1,403,082
MONTROSE CO 866,234 1,108,935 1,340,446 1,665,853
OURAY CO 866,234 1,108,935 1,340,446 1,665,853
PARK CO 961,746 1,231,207 1,488,269 1,849,551
PITKIN CO 1,395,468 1,786,771 2,159,645 2,684,092
ROUTT CO 1,167,360 1,494,440 1,806,467 2,244,977
SAN MIGUEL CO 1,205,830 1,543,695 1,865,988 2,318,975
SUMMIT CO 1,231,034 1,575,936 1,904,977 2,367,423
TELLER CO 615,517 787,968 952,460 1,183,682
WELD CO 650,007 832,148 1,005,868 1,250,010
FAIRFIELD CT 981,644 1,256,700 1,519,068 1,887,790
DISTRICT OF COL DC 1,395,468 1,786,771 2,159,645 2,684,092
NEW CASTLE DE 685,824 878,000 1,061,294 1,318,932
BAKER FL 669,906 857,583 1,036,667 1,288,307
BROWARD FL 754,804 966,302 1,167,995 1,451,587
CLAY FL 669,906 857,583 1,036,667 1,288,307
COLLIER FL 882,153 1,129,294 1,365,073 1,696,479
DUVAL FL 669,906 857,583 1,036,667 1,288,307
MANATEE FL 631,436 808,328 977,087 1,214,308
MARTIN FL 688,477 881,345 1,065,389 1,324,008
MIAMI-DADE FL 754,804 966,302 1,167,995 1,451,587
MONROE FL 1,115,625 1,428,228 1,726,355 2,145,486
NASSAU FL 669,906 857,583 1,036,667 1,288,307
OKALOOSA FL 696,436 891,554 1,077,674 1,339,292
PALM BEACH FL 754,804 966,302 1,167,995 1,451,587
SARASOTA FL 631,436 808,328 977,087 1,214,308
ST. JOHNS FL 669,906 857,583 1,036,667 1,288,307
ST. LUCIE FL 688,477 881,345 1,065,389 1,324,008
WALTON FL 696,436 891,554 1,077,674 1,339,292
BARROW GA 794,601 1,017,230 1,229,593 1,528,123
BARTOW GA 794,601 1,017,230 1,229,593 1,528,123
BUTTS GA 794,601 1,017,230 1,229,593 1,528,123
CARROLL GA 794,601 1,017,230 1,229,593 1,528,123
CHEROKEE GA 794,601 1,017,230 1,229,593 1,528,123
CLARKE GA 696,436 891,554 1,077,674 1,339,292
CLAYTON GA 794,601 1,017,230 1,229,593 1,528,123
COBB GA 794,601 1,017,230 1,229,593 1,528,123
COWETA GA 794,601 1,017,230 1,229,593 1,528,123

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DAWSON GA 794,601 1,017,230 1,229,593 1,528,123
DEKALB GA 794,601 1,017,230 1,229,593 1,528,123
DOUGLAS GA 794,601 1,017,230 1,229,593 1,528,123
FAYETTE GA 794,601 1,017,230 1,229,593 1,528,123
FORSYTH GA 794,601 1,017,230 1,229,593 1,528,123
FULTON GA 794,601 1,017,230 1,229,593 1,528,123
GREENE GA 640,722 820,209 991,449 1,232,188
GWINNETT GA 794,601 1,017,230 1,229,593 1,528,123
HARALSON GA 794,601 1,017,230 1,229,593 1,528,123
HEARD GA 794,601 1,017,230 1,229,593 1,528,123
HENRY GA 794,601 1,017,230 1,229,593 1,528,123
JASPER GA 794,601 1,017,230 1,229,593 1,528,123
LAMAR GA 794,601 1,017,230 1,229,593 1,528,123
MADISON GA 696,436 891,554 1,077,674 1,339,292
MERIWETHER GA 794,601 1,017,230 1,229,593 1,528,123
MORGAN GA 794,601 1,017,230 1,229,593 1,528,123
NEWTON GA 794,601 1,017,230 1,229,593 1,528,123
OCONEE GA 696,436 891,554 1,077,674 1,339,292
OGLETHORPE GA 696,436 891,554 1,077,674 1,339,292
PAULDING GA 794,601 1,017,230 1,229,593 1,528,123
PICKENS GA 794,601 1,017,230 1,229,593 1,528,123
PIKE GA 794,601 1,017,230 1,229,593 1,528,123
ROCKDALE GA 794,601 1,017,230 1,229,593 1,528,123
SPALDING GA 794,601 1,017,230 1,229,593 1,528,123
WALTON GA 794,601 1,017,230 1,229,593 1,528,123
GUAM GU 650,007 832,148 1,005,868 1,250,010
HAWAII HI 659,293 844,029 1,020,229 1,267,889
HONOLULU HI 899,398 1,151,384 1,391,777 1,729,643
KALAWAO HI 1,268,178 1,623,519 1,962,480 2,438,883
KAUAI HI 1,281,443 1,640,476 1,982,955 2,464,376
MAUI HI 1,268,178 1,623,519 1,962,480 2,438,883
ADA ID 676,538 866,061 1,046,875 1,301,053
BLAINE ID 875,520 1,120,816 1,354,807 1,683,733
BOISE ID 676,538 866,061 1,046,875 1,301,053
CAMAS ID 875,520 1,120,816 1,354,807 1,683,733
CANYON ID 676,538 866,061 1,046,875 1,301,053
GEM ID 676,538 866,061 1,046,875 1,301,053
KOOTENAI ID 660,620 845,702 1,022,248 1,270,427
OWYHEE ID 676,538 866,061 1,046,875 1,301,053
TETON ID 1,395,468 1,786,771 2,159,645 2,684,092
VALLEY ID 661,946 847,432 1,024,324 1,272,965
BARNSTABLE MA 921,949 1,180,280 1,426,671 1,773,015
BRISTOL MA 848,989 1,086,845 1,313,742 1,632,689
DUKES MA 1,395,468 1,786,771 2,159,645 2,684,092
ESSEX MA 1,054,604 1,350,077 1,631,940 2,028,115
MIDDLESEX MA 1,054,604 1,350,077 1,631,940 2,028,115
NANTUCKET MA 1,395,468 1,786,771 2,159,645 2,684,092
NORFOLK MA 1,054,604 1,350,077 1,631,940 2,028,115
PLYMOUTH MA 1,054,604 1,350,077 1,631,940 2,028,115
SUFFOLK MA 1,054,604 1,350,077 1,631,940 2,028,115

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ANNE ARUNDEL MD 843,683 1,080,039 1,305,552 1,622,481
BALTIMORE MD 843,683 1,080,039 1,305,552 1,622,481
BALTIMORE CITY MD 843,683 1,080,039 1,305,552 1,622,481
CALVERT MD 1,395,468 1,786,771 2,159,645 2,684,092
CARROLL MD 843,683 1,080,039 1,305,552 1,622,481
CECIL MD 685,824 878,000 1,061,294 1,318,932
CHARLES MD 1,395,468 1,786,771 2,159,645 2,684,092
FREDERICK MD 1,395,468 1,786,771 2,159,645 2,684,092
HARFORD MD 843,683 1,080,039 1,305,552 1,622,481
HOWARD MD 843,683 1,080,039 1,305,552 1,622,481
MONTGOMERY MD 1,395,468 1,786,771 2,159,645 2,684,092
PRINCE GEORGE'S MD 1,395,468 1,786,771 2,159,645 2,684,092
QUEEN ANNE'S MD 843,683 1,080,039 1,305,552 1,622,481
CUMBERLAND ME 692,457 886,479 1,071,561 1,331,679
SAGADAHOC ME 692,457 886,479 1,071,561 1,331,679
YORK ME 692,457 886,479 1,071,561 1,331,679
ANOKA MN 610,211 781,162 944,270 1,173,474
CARVER MN 610,211 781,162 944,270 1,173,474
CHISAGO MN 610,211 781,162 944,270 1,173,474
DAKOTA MN 610,211 781,162 944,270 1,173,474
HENNEPIN MN 610,211 781,162 944,270 1,173,474
ISANTI MN 610,211 781,162 944,270 1,173,474
LE SUEUR MN 610,211 781,162 944,270 1,173,474
MILLE LACS MN 610,211 781,162 944,270 1,173,474
RAMSEY MN 610,211 781,162 944,270 1,173,474
SCOTT MN 610,211 781,162 944,270 1,173,474
SHERBURNE MN 610,211 781,162 944,270 1,173,474
WASHINGTON MN 610,211 781,162 944,270 1,173,474
WRIGHT MN 610,211 781,162 944,270 1,173,474
NORTHERN ISLAND MP 604,905 774,357 936,022 1,163,265
SAIPAN MP 610,211 781,162 944,270 1,173,474
TINIAN MP 614,191 786,296 950,441 1,181,145
CARBON MT 870,214 1,114,010 1,346,617 1,673,524
FLATHEAD MT 660,620 845,702 1,022,248 1,270,427
GALLATIN MT 829,091 1,061,410 1,283,000 1,594,450
MISSOULA MT 646,028 827,015 999,696 1,242,397
PARK MT 650,007 832,148 1,005,868 1,250,010
STILLWATER MT 870,214 1,114,010 1,346,617 1,673,524
YELLOWSTONE MT 870,214 1,114,010 1,346,617 1,673,524
CAMDEN NC 874,194 1,119,143 1,352,788 1,681,195
CHATHAM NC 729,600 934,004 1,129,006 1,403,082
CURRITUCK NC 874,194 1,119,143 1,352,788 1,681,195
DARE NC 765,417 979,856 1,184,432 1,472,004
DURHAM NC 729,600 934,004 1,129,006 1,403,082
FRANKLIN NC 611,538 782,893 946,288 1,176,069
GATES NC 874,194 1,119,143 1,352,788 1,681,195
GRANVILLE NC 729,600 934,004 1,129,006 1,403,082
JOHNSTON NC 611,538 782,893 946,288 1,176,069
ORANGE NC 729,600 934,004 1,129,006 1,403,082
PASQUOTANK NC 928,582 1,188,758 1,436,937 1,785,761

14
PERQUIMANS NC 928,582 1,188,758 1,436,937 1,785,761
PERSON NC 729,600 934,004 1,129,006 1,403,082
WAKE NC 611,538 782,893 946,288 1,176,069
DAWSON NE 696,436 891,554 1,077,674 1,339,292
GOSPER NE 696,436 891,554 1,077,674 1,339,292
HILLSBOROUGH NH 630,109 806,655 975,069 1,211,771
ROCKINGHAM NH 1,054,604 1,350,077 1,631,940 2,028,115
STRAFFORD NH 1,054,604 1,350,077 1,631,940 2,028,115
BERGEN NJ 1,395,468 1,786,771 2,159,645 2,684,092
BURLINGTON NJ 685,824 878,000 1,061,294 1,318,932
CAMDEN NJ 685,824 878,000 1,061,294 1,318,932
CAPE MAY NJ 769,396 984,989 1,190,604 1,479,618
ESSEX NJ 1,395,468 1,786,771 2,159,645 2,684,092
GLOUCESTER NJ 685,824 878,000 1,061,294 1,318,932
HUDSON NJ 1,395,468 1,786,771 2,159,645 2,684,092
HUNTERDON NJ 1,395,468 1,786,771 2,159,645 2,684,092
MIDDLESEX NJ 1,395,468 1,786,771 2,159,645 2,684,092
MONMOUTH NJ 1,395,468 1,786,771 2,159,645 2,684,092
MORRIS NJ 1,395,468 1,786,771 2,159,645 2,684,092
OCEAN NJ 1,395,468 1,786,771 2,159,645 2,684,092
PASSAIC NJ 1,395,468 1,786,771 2,159,645 2,684,092
SALEM NJ 685,824 878,000 1,061,294 1,318,932
SOMERSET NJ 1,395,468 1,786,771 2,159,645 2,684,092
SUSSEX NJ 1,395,468 1,786,771 2,159,645 2,684,092
UNION NJ 1,395,468 1,786,771 2,159,645 2,684,092
LOS ALAMOS NM 798,581 1,022,305 1,235,764 1,535,736
SANTA FE NM 624,803 799,849 966,821 1,201,562
CARSON CITY NV 663,273 849,105 1,026,400 1,275,560
DOUGLAS NV 829,091 1,061,410 1,283,000 1,594,450
STOREY NV 729,600 934,004 1,129,006 1,403,082
WASHOE NV 729,600 934,004 1,129,006 1,403,082
BRONX NY 1,395,468 1,786,771 2,159,645 2,684,092
KINGS NY 1,395,468 1,786,771 2,159,645 2,684,092
NASSAU NY 1,395,468 1,786,771 2,159,645 2,684,092
NEW YORK NY 1,395,468 1,786,771 2,159,645 2,684,092
PUTNAM NY 1,395,468 1,786,771 2,159,645 2,684,092
QUEENS NY 1,395,468 1,786,771 2,159,645 2,684,092
RICHMOND NY 1,395,468 1,786,771 2,159,645 2,684,092
ROCKLAND NY 1,395,468 1,786,771 2,159,645 2,684,092
SUFFOLK NY 1,395,468 1,786,771 2,159,645 2,684,092
WESTCHESTER NY 1,395,468 1,786,771 2,159,645 2,684,092
DELAWARE OH 656,640 840,626 1,016,134 1,262,756
FAIRFIELD OH 656,640 840,626 1,016,134 1,262,756
FRANKLIN OH 656,640 840,626 1,016,134 1,262,756
HOCKING OH 656,640 840,626 1,016,134 1,262,756
LICKING OH 656,640 840,626 1,016,134 1,262,756
MADISON OH 656,640 840,626 1,016,134 1,262,756
MORROW OH 656,640 840,626 1,016,134 1,262,756
PERRY OH 656,640 840,626 1,016,134 1,262,756
PICKAWAY OH 656,640 840,626 1,016,134 1,262,756

15
UNION OH 656,640 840,626 1,016,134 1,262,756
BENTON OR 689,804 883,076 1,067,408 1,326,546
CLACKAMAS OR 802,560 1,027,438 1,241,935 1,543,407
CLATSOP OR 647,354 828,745 1,001,715 1,244,934
COLUMBIA OR 802,560 1,027,438 1,241,935 1,543,407
DESCHUTES OR 822,458 1,052,874 1,272,734 1,581,646
HOOD RIVER OR 879,500 1,125,949 1,360,978 1,691,346
MULTNOMAH OR 802,560 1,027,438 1,241,935 1,543,407
WASHINGTON OR 802,560 1,027,438 1,241,935 1,543,407
YAMHILL OR 802,560 1,027,438 1,241,935 1,543,407
BUCKS PA 685,824 878,000 1,061,294 1,318,932
CHESTER PA 685,824 878,000 1,061,294 1,318,932
DELAWARE PA 685,824 878,000 1,061,294 1,318,932
MONTGOMERY PA 685,824 878,000 1,061,294 1,318,932
PHILADELPHIA PA 685,824 878,000 1,061,294 1,318,932
PIKE PA 1,395,468 1,786,771 2,159,645 2,684,092
AGUAS BUENAS PR 795,927 1,018,902 1,231,669 1,530,661
AIBONITO PR 795,927 1,018,902 1,231,669 1,530,661
BARCELONETA PR 795,927 1,018,902 1,231,669 1,530,661
BARRANQUITAS PR 795,927 1,018,902 1,231,669 1,530,661
BAYAMON PR 795,927 1,018,902 1,231,669 1,530,661
CAGUAS PR 795,927 1,018,902 1,231,669 1,530,661
CANOVANAS PR 795,927 1,018,902 1,231,669 1,530,661
CAROLINA PR 795,927 1,018,902 1,231,669 1,530,661
CATANO PR 795,927 1,018,902 1,231,669 1,530,661
CAYEY PR 795,927 1,018,902 1,231,669 1,530,661
CEIBA PR 795,927 1,018,902 1,231,669 1,530,661
CIALES PR 795,927 1,018,902 1,231,669 1,530,661
CIDRA PR 795,927 1,018,902 1,231,669 1,530,661
COMERIO PR 795,927 1,018,902 1,231,669 1,530,661
COROZAL PR 795,927 1,018,902 1,231,669 1,530,661
CULEBRA PR 614,191 786,296 950,441 1,181,145
DORADO PR 795,927 1,018,902 1,231,669 1,530,661
FAJARDO PR 795,927 1,018,902 1,231,669 1,530,661
FLORIDA PR 795,927 1,018,902 1,231,669 1,530,661
GUAYNABO PR 795,927 1,018,902 1,231,669 1,530,661
GURABO PR 795,927 1,018,902 1,231,669 1,530,661
HUMACAO PR 795,927 1,018,902 1,231,669 1,530,661
JUNCOS PR 795,927 1,018,902 1,231,669 1,530,661
LAS PIEDRAS PR 795,927 1,018,902 1,231,669 1,530,661
LOIZA PR 795,927 1,018,902 1,231,669 1,530,661
LUQUILLO PR 795,927 1,018,902 1,231,669 1,530,661
MANATI PR 795,927 1,018,902 1,231,669 1,530,661
MAUNABO PR 795,927 1,018,902 1,231,669 1,530,661
MOROVIS PR 795,927 1,018,902 1,231,669 1,530,661
NAGUABO PR 795,927 1,018,902 1,231,669 1,530,661
NARANJITO PR 795,927 1,018,902 1,231,669 1,530,661
OROCOVIS PR 795,927 1,018,902 1,231,669 1,530,661
RIO GRANDE PR 795,927 1,018,902 1,231,669 1,530,661
SAN JUAN PR 795,927 1,018,902 1,231,669 1,530,661

16
SAN LORENZO PR 795,927 1,018,902 1,231,669 1,530,661
TOA ALTA PR 795,927 1,018,902 1,231,669 1,530,661
TOA BAJA PR 795,927 1,018,902 1,231,669 1,530,661
TRUJILLO ALTO PR 795,927 1,018,902 1,231,669 1,530,661
VEGA ALTA PR 795,927 1,018,902 1,231,669 1,530,661
VEGA BAJA PR 795,927 1,018,902 1,231,669 1,530,661
YABUCOA PR 795,927 1,018,902 1,231,669 1,530,661
BRISTOL RI 848,989 1,086,845 1,313,742 1,632,689
KENT RI 848,989 1,086,845 1,313,742 1,632,689
NEWPORT RI 848,989 1,086,845 1,313,742 1,632,689
PROVIDENCE RI 848,989 1,086,845 1,313,742 1,632,689
WASHINGTON RI 848,989 1,086,845 1,313,742 1,632,689
BEAUFORT SC 703,069 900,032 1,087,941 1,352,096
BERKELEY SC 729,600 934,004 1,129,006 1,403,082
CHARLESTON SC 729,600 934,004 1,129,006 1,403,082
DORCHESTER SC 729,600 934,004 1,129,006 1,403,082
JASPER SC 703,069 900,032 1,087,941 1,352,096
LAWRENCE SD 624,803 799,849 966,821 1,201,562
CANNON TN 1,140,829 1,460,469 1,765,402 2,193,934
CHEATHAM TN 1,140,829 1,460,469 1,765,402 2,193,934
DAVIDSON TN 1,140,829 1,460,469 1,765,402 2,193,934
DICKSON TN 1,140,829 1,460,469 1,765,402 2,193,934
MACON TN 1,140,829 1,460,469 1,765,402 2,193,934
MAURY TN 1,140,829 1,460,469 1,765,402 2,193,934
ROBERTSON TN 1,140,829 1,460,469 1,765,402 2,193,934
RUTHERFORD TN 1,140,829 1,460,469 1,765,402 2,193,934
SMITH TN 1,140,829 1,460,469 1,765,402 2,193,934
SUMNER TN 1,140,829 1,460,469 1,765,402 2,193,934
TROUSDALE TN 1,140,829 1,460,469 1,765,402 2,193,934
WILLIAMSON TN 1,140,829 1,460,469 1,765,402 2,193,934
WILSON TN 1,140,829 1,460,469 1,765,402 2,193,934
ATASCOSA TX 643,375 823,612 995,601 1,237,263
BANDERA TX 643,375 823,612 995,601 1,237,263
BASTROP TX 659,293 844,029 1,020,229 1,267,889
BEXAR TX 643,375 823,612 995,601 1,237,263
CALDWELL TX 659,293 844,029 1,020,229 1,267,889
COLLIN TX 650,007 832,148 1,005,868 1,250,010
COMAL TX 643,375 823,612 995,601 1,237,263
DALLAS TX 650,007 832,148 1,005,868 1,250,010
DENTON TX 650,007 832,148 1,005,868 1,250,010
ELLIS TX 650,007 832,148 1,005,868 1,250,010
GUADALUPE TX 643,375 823,612 995,601 1,237,263
HAYS TX 659,293 844,029 1,020,229 1,267,889
HUNT TX 650,007 832,148 1,005,868 1,250,010
JOHNSON TX 650,007 832,148 1,005,868 1,250,010
KAUFMAN TX 650,007 832,148 1,005,868 1,250,010
KENDALL TX 643,375 823,612 995,601 1,237,263
MEDINA TX 643,375 823,612 995,601 1,237,263
PARKER TX 650,007 832,148 1,005,868 1,250,010
ROCKWALL TX 650,007 832,148 1,005,868 1,250,010

17
TARRANT TX 650,007 832,148 1,005,868 1,250,010
TRAVIS TX 659,293 844,029 1,020,229 1,267,889
WILLIAMSON TX 659,293 844,029 1,020,229 1,267,889
WILSON TX 643,375 823,612 995,601 1,237,263
WISE TX 650,007 832,148 1,005,868 1,250,010
BOX ELDER UT 858,275 1,098,726 1,328,161 1,650,569
DAVIS UT 858,275 1,098,726 1,328,161 1,650,569
GRAND UT 818,479 1,047,798 1,266,563 1,574,033
JUAB UT 693,783 888,151 1,073,579 1,334,217
MORGAN UT 858,275 1,098,726 1,328,161 1,650,569
RICH UT 668,579 855,910 1,034,590 1,285,769
SALT LAKE UT 725,620 928,928 1,122,834 1,395,468
SUMMIT UT 1,342,464 1,718,626 2,077,428 2,581,746
TOOELE UT 725,620 928,928 1,122,834 1,395,468
UTAH UT 693,783 888,151 1,073,579 1,334,217
WASATCH UT 1,342,464 1,718,626 2,077,428 2,581,746
WASHINGTON UT 684,498 876,270 1,059,218 1,316,337
WAYNE UT 1,150,115 1,472,350 1,779,763 2,211,813
WEBER UT 858,275 1,098,726 1,328,161 1,650,569
ALBEMARLE VA 683,171 874,597 1,057,142 1,313,799
ALEXANDRIA CITY VA 1,395,468 1,786,771 2,159,645 2,684,092
AMELIA VA 777,356 995,140 1,202,889 1,494,959
ARLINGTON VA 1,395,468 1,786,771 2,159,645 2,684,092
CHARLES CITY VA 777,356 995,140 1,202,889 1,494,959
CHARLOTTESVILLE VA 683,171 874,597 1,057,142 1,313,799
CHESAPEAKE CITY VA 874,194 1,119,143 1,352,788 1,681,195
CHESTERFIELD VA 777,356 995,140 1,202,889 1,494,959
CLARKE VA 1,395,468 1,786,771 2,159,645 2,684,092
COLONIAL HEIGHT VA 777,356 995,140 1,202,889 1,494,959
CULPEPER VA 1,395,468 1,786,771 2,159,645 2,684,092
DINWIDDIE VA 777,356 995,140 1,202,889 1,494,959
FAIRFAX VA 1,395,468 1,786,771 2,159,645 2,684,092
FAIRFAX CITY VA 1,395,468 1,786,771 2,159,645 2,684,092
FALLS CHURCH CI VA 1,395,468 1,786,771 2,159,645 2,684,092
FAUQUIER VA 1,395,468 1,786,771 2,159,645 2,684,092
FLUVANNA VA 683,171 874,597 1,057,142 1,313,799
FRANKLIN CITY VA 874,194 1,119,143 1,352,788 1,681,195
FREDERICKSBURG VA 1,395,468 1,786,771 2,159,645 2,684,092
GLOUCESTER VA 874,194 1,119,143 1,352,788 1,681,195
GOOCHLAND VA 777,356 995,140 1,202,889 1,494,959
GREENE VA 683,171 874,597 1,057,142 1,313,799
HAMPTON CITY VA 874,194 1,119,143 1,352,788 1,681,195
HANOVER VA 777,356 995,140 1,202,889 1,494,959
HENRICO VA 777,356 995,140 1,202,889 1,494,959
HOPEWELL CITY VA 777,356 995,140 1,202,889 1,494,959
ISLE OF WIGHT VA 874,194 1,119,143 1,352,788 1,681,195
JAMES CITY VA 874,194 1,119,143 1,352,788 1,681,195
KING AND QUEEN VA 777,356 995,140 1,202,889 1,494,959
KING WILLIAM VA 777,356 995,140 1,202,889 1,494,959
LOUDOUN VA 1,395,468 1,786,771 2,159,645 2,684,092

18
MADISON VA 1,395,468 1,786,771 2,159,645 2,684,092
MANASSAS CITY VA 1,395,468 1,786,771 2,159,645 2,684,092
MANASSAS PARK C VA 1,395,468 1,786,771 2,159,645 2,684,092
MATHEWS VA 874,194 1,119,143 1,352,788 1,681,195
NELSON VA 683,171 874,597 1,057,142 1,313,799
NEW KENT VA 777,356 995,140 1,202,889 1,494,959
NEWPORT NEWS CI VA 874,194 1,119,143 1,352,788 1,681,195
NORFOLK CITY VA 874,194 1,119,143 1,352,788 1,681,195
PETERSBURG CITY VA 777,356 995,140 1,202,889 1,494,959
POQUOSON CITY VA 874,194 1,119,143 1,352,788 1,681,195
PORTSMOUTH CITY VA 874,194 1,119,143 1,352,788 1,681,195
POWHATAN VA 777,356 995,140 1,202,889 1,494,959
PRINCE GEORGE VA 777,356 995,140 1,202,889 1,494,959
PRINCE WILLIAM VA 1,395,468 1,786,771 2,159,645 2,684,092
RAPPAHANNOCK VA 1,395,468 1,786,771 2,159,645 2,684,092
RICHMOND CITY VA 777,356 995,140 1,202,889 1,494,959
SOUTHAMPTON VA 874,194 1,119,143 1,352,788 1,681,195
SPOTSYLVANIA VA 1,395,468 1,786,771 2,159,645 2,684,092
STAFFORD VA 1,395,468 1,786,771 2,159,645 2,684,092
SUFFOLK CITY VA 874,194 1,119,143 1,352,788 1,681,195
SUSSEX VA 777,356 995,140 1,202,889 1,494,959
VIRGINIA BEACH VA 874,194 1,119,143 1,352,788 1,681,195
WARREN VA 1,395,468 1,786,771 2,159,645 2,684,092
WILLIAMSBURG CI VA 874,194 1,119,143 1,352,788 1,681,195
YORK VA 874,194 1,119,143 1,352,788 1,681,195
ST. JOHN ISLAND VI 1,285,423 1,645,609 1,989,126 2,472,047
ST. THOMAS ISLA VI 776,029 993,467 1,200,870 1,492,364
CHITTENDEN VT 663,273 849,105 1,026,400 1,275,560
FRANKLIN VT 663,273 849,105 1,026,400 1,275,560
GRAND ISLE VT 663,273 849,105 1,026,400 1,275,560
CHELAN WA 630,109 806,655 975,069 1,211,771
CLARK WA 802,560 1,027,438 1,241,935 1,543,407
DOUGLAS WA 630,109 806,655 975,069 1,211,771
ISLAND WA 696,436 891,554 1,077,674 1,339,292
KING WA 1,196,544 1,531,814 1,851,627 2,301,095
KITSAP WA 663,273 849,105 1,026,400 1,275,560
PIERCE WA 1,196,544 1,531,814 1,851,627 2,301,095
SKAGIT WA 650,007 832,148 1,005,868 1,250,010
SKAMANIA WA 802,560 1,027,438 1,241,935 1,543,407
SNOHOMISH WA 1,196,544 1,531,814 1,851,627 2,301,095
THURSTON WA 643,375 823,612 995,601 1,237,263
WHATCOM WA 729,600 934,004 1,129,006 1,403,082
WHITMAN WA 668,579 855,910 1,034,590 1,285,769
PIERCE WI 610,211 781,162 944,270 1,173,474
ST. CROIX WI 610,211 781,162 944,270 1,173,474
JEFFERSON WV 1,395,468 1,786,771 2,159,645 2,684,092
TETON WY 1,395,468 1,786,771 2,159,645 2,684,092

All other areas – 2,794 counties (floor):

$604,703 $774,241 $935,820 $1,163,092

19

.02 The nationwide average purchase price (for use in the housing cost/income
ratio for new and existing residences) is $540,700.
SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2024-21 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 16, 2025, 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. 2024-21,
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before May 16, 2025, if the commitments to provide
financing or issue mortgage credit certificates are made on or before June 15, 2025.
.03 Except as provided in section 6.04 of this revenue procedure, 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 16, 2025, and ends on the date when the nationwide
average purchase price limitation is rendered obsolete by a new revenue procedure.

20
.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. 2024-
21 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before May 16, 2025, if the commitments to provide
financing or issue mortgage credit certificates are made on or before June 15, 2025.
SECTION 7. PRIOR COMMENTS RECEIVED
In Section 7 of Rev. Proc. 2024-21, the Treasury Department and the Internal
Revenue Service (IRS) requested comments for alternate data sources to calculate
average area purchase prices. The Treasury Department and the IRS have reviewed
all received comments and have determined that no changes to the data or the
methodology for calculating average area purchase prices will be made.
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 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.
Section 3.03 of this revenue procedure contains a collection of information
requirement. 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 MSA for purposes of
§§ 143(e) and 25(c). T he collection of information is required to obtain the benefit of

21
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 Zoran Stojanovic and Elena
Hildebrandt of the Office of Associate Chief Counsel (Financial Institutions & Products).
For further information regarding this revenue procedure contact Ms. Hildebrandt at
(202) 317-4565 (not a toll-free number).