Rp 2018-28

family coverage under an HDHP made the
maximum HSA contribution for the 2018
calendar year before the issuance of Rev.
Proc. 2018 –18 reducing the deduction limitation, and that many other individuals
made annual salary reduction elections for
HSA contributions through their employers’
cafeteria plans based on the $6,900 limit for
an individual with family coverage under an
HDHP. Further, stakeholders informed the
Treasury Department and the IRS that the
costs of modifying the various systems to
reflect the reduced maximum, as well as the
costs associated with distributing a $50 excess contribution (and earnings), would be
significantly greater than any tax benefit associated with an unreduced HSA contribution (and in some instances may exceed
$50). Some stakeholders also pointed to section 223(g)(1), which requires annual inflation adjustments for HSAs to be published
by June 1 of the preceding calendar year, as
another indication that a current year change
would be unduly burdensome.
In response to these concerns, the Treasury Department and the IRS have determined that it is in the best interest of
sound and efficient tax administration to
allow taxpayers to treat the $6,900 annual
limitation originally published in Rev.
Proc. 2017–37 as the 2018 inflation adjusted limitation on HSA contributions for
eligible individuals with family coverage
under an HDHP.
SECTION 3. PROCEDURE
For calendar year 2018, taxpayers may
treat $6,900 as the annual limitation on
deductions under section 223(b)(2)(B) for
an individual with family coverage under
an HDHP.
An individual who receives a distribution from an HSA of an excess contribution (with earnings) based on the $6,850
deduction limit published in Rev. Proc.
2018 –18 may repay the distribution to the
HSA and treat the distribution as the result
of a mistake of fact due to reasonable
cause under Q&A-37 of Notice 2004 –50,
2004 –2 C.B. 196. Accordingly, the portion of a distribution (including earnings)
that an individual repays to an HSA by
April 15, 2019, is not included in the
individual’s gross income under section
223(f)(2) or subject to the 20 percent
additional tax under section 223(f)(4),
and the repayment is not subject to the

May 14, 2018

excise tax on excess contributions under
section 4973(a)(5). Mistaken distributions that are repaid to an HSA are not
required to be reported on Form
1099 –SA or Form 8889 and are not
required to be reported as additional
HSA contributions. However, in accordance with Q&A-76 of Notice 2004 –50,
a trustee or custodian is not required to
allow individuals to repay mistaken distributions.
Alternatively, an individual who receives a distribution from an HSA of an
excess contribution (with earnings) based
on the $6,850 deduction limit published in
Rev. Proc. 2018 –18 and does not repay
the distribution to the HSA may treat the
distribution in accordance with section
223(f)(3), which describes the treatment
of excess contributions returned before
the due date of return. Thus, the excess
contribution generally would not be included in gross income under section
223(f)(2) or subject to the 20 percent additional tax under section 223(f)(4), provided the distribution is received on or
before the last day prescribed by law (including extensions of time) for filing the
individual’s 2018 tax return.
The tax treatment described in the preceding paragraph does not apply to distributions from an HSA that are attributable
to employer contributions (pursuant to a
cafeteria plan election or otherwise) if the
employer does not include any portion of
the contributions in the employee’s wages
because the employer treats $6,900 as the
annual limitation on deductions under section 223(b)(2)(B). In that case, unless the
distribution from the HSA is used to pay
qualified medical expenses, the distribution is includible in the employee’s gross
income under section 223(f)(2) and subject to the 20 percent additional tax under
section 223(f)(4).
SECTION 4. EFFECT ON OTHER
DOCUMENTS
This revenue procedure modifies and
supersedes the second sentence of section
4 of Rev. Proc. 2018 –18, which for calendar year 2018 addresses the annual limitation on deductions under section
223(b)(2)(B) for an individual with family
coverage under an HDHP.

592

SECTION 5. EFFECTIVE DATE
This revenue procedure applies for calendar year 2018.
SECTION 6. DRAFTING
INFORMATION
The principal author of this revenue
procedure is Karen Levin of the Office of
Associate Chief Counsel (Tax Exempt
and Government Entities). For further information regarding this revenue procedure contact Karen Levin on (202) 3175500 (not a toll-free number).
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.
.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

Bulletin No. 2018 –20

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 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

Bulletin No. 2018 –20

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 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).

593

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 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

May 14, 2018

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. 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
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 ar-

May 14, 2018

eas 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.
.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 statisti-

594

cal 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 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

Bulletin No. 2018 –20

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.

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
HALE
PICKENS
TUSCALOOSA

State
AL
AL
AL

One-Unit Limit
$338,824
$338,824
$338,824

Two-Unit Limit
$433,760
$433,760
$433,760

ALEUTIANS WEST
ANCHORAGE MUNIC
BRISTOL BAY BOR
DENALI BOROUGH
DILLINGHAM CENS
JUNEAU CITY AND
KETCHIKAN GATEW
KODIAK ISLAND B
MATANUSKA-SUSIT
NOME CENSUS ARE
NORTH SLOPE BOR
PETERSBURG CENS
SITKA CITY AND
SKAGWAY MUNICIP
WRANGELL CITY A
YAKUTAT CITY AN

AK
AK
AK
AK
AK
AK
AK
AK
AK
AK
AK
AK
AK
AK
AK
AK

$394,118
$405,882
$321,176
$304,706
$304,706
$437,647
$345,882
$390,588
$405,882
$400,000
$340,000
$340,000
$469,412
$424,706
$340,000
$430,588

$504,552
$519,591
$411,151
$390,077
$390,077
$560,256
$442,762
$500,000
$519,591
$512,072
$435,243
$435,243
$600,921
$543,683
$435,243
$551,202

$609,872
$628,082
$496,982
$471,509
$471,509
$677,238
$535,243
$604,399
$628,082
$618,977
$526,138
$526,138
$726,394
$657,187
$526,138
$666,292

$757,903
$780,563
$617,647
$585,985
$585,985
$841,637
$665,166
$751,151
$780,563
$769,207
$653,862
$653,862
$902,711
$816,726
$653,862
$828,082

COCONINO

AZ

$370,588

$474,425

$573,453

$712,685

ALAMEDA
CONTRA COSTA
LOS ANGELES
MARIN
NAPA
ORANGE
SAN BENITO
SAN FRANCISCO
SAN MATEO
SANTA CLARA
SANTA CRUZ
ALPINE
AMADOR
CALAVERAS
EL DORADO
HUMBOLDT

CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA

$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$474,118
$340,000
$382,353
$529,412
$335,294

$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$606,957
$435,243
$489,463
$677,749
$429,207

$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$733,657
$526,138
$591,662
$819,233
$518,824

$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$911,765
$653,862
$735,294
$1,018,107
$644,808

Bulletin No. 2018 –20

595

Three-Unit Limit
$524,297
$524,297
$524,297

Four-Unit Limit
$651,560
$651,560
$651,560

May 14, 2018

County Name
INYO
MARIPOSA
MENDOCINO
MONO
MONTEREY
NEVADA
PLACER
PLUMAS
RIVERSIDE
SACRAMENTO
SAN BERNARDINO
SAN DIEGO
SAN JOAQUIN
SAN LUIS OBISPO
SANTA BARBARA
SIERRA
SOLANO
SONOMA
STANISLAUS
SUTTER
TUOLUMNE
VENTURA
YOLO
YUBA
EAGLE
GARFIELD
PITKIN
SAN MIGUEL
SUMMIT
ADAMS
ARAPAHOE
BOULDER
BROOMFIELD
CHAFFEE
CLEAR CREEK
DENVER
DOUGLAS
ELBERT
EL PASO
GILPIN
GRAND
GUNNISON
HINSDALE
JEFFERSON
LA PLATA
LARIMER

May 14, 2018

State
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA

One-Unit Limit
$377,647
$329,412
$403,529
$541,176
$629,412
$488,235
$529,412
$344,706
$415,294
$529,412
$415,294
$664,706
$400,000
$629,412
$668,235
$311,765
$470,588
$663,529
$329,412
$305,882
$338,824
$688,235
$529,412
$305,882

Two-Unit Limit
$483,427
$421,688
$516,573
$692,788
$805,780
$625,013
$677,749
$441,279
$531,662
$677,749
$531,662
$850,946
$512,072
$805,780
$855,448
$399,079
$602,404
$849,412
$421,688
$391,560
$433,760
$881,074
$677,749
$391,560

Three-Unit Limit
$584,399
$509,719
$624,450
$837,442
$973,964
$755,499
$819,233
$533,402
$642,660
$819,233
$642,660
$1,028,593
$618,977
$973,964
$1,034,066
$482,404
$728,184
$1,026,752
$509,719
$473,299
$524,297
$1,065,013
$819,233
$473,299

Four-Unit Limit
$726,240
$633,504
$776,010
$1,040,716
$1,210,435
$938,926
$1,018,107
$662,916
$798,619
$1,018,107
$798,619
$1,278,312
$769,207
$1,210,435
$1,285,064
$599,540
$904,962
$1,276,010
$633,504
$588,235
$651,560
$1,323,529
$1,018,107
$588,235

CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO
CO

$695,294
$695,294
$695,294
$695,294
$695,294
$541,176
$541,176
$591,765
$541,176
$308,235
$541,176
$541,176
$541,176
$541,176
$311,765
$541,176
$382,353
$365,882
$437,647
$541,176
$400,000
$411,765

$890,256
$890,256
$890,256
$890,256
$890,256
$692,788
$692,788
$757,545
$692,788
$394,578
$692,788
$692,788
$692,788
$692,788
$399,079
$692,788
$489,463
$468,389
$560,256
$692,788
$512,072
$527,110

$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$837,442
$837,442
$915,703
$837,442
$476,982
$837,442
$837,442
$837,442
$837,442
$482,404
$837,442
$591,662
$566,189
$677,238
$837,442
$618,977
$637,187

$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,040,716
$1,040,716
$1,138,005
$1,040,716
$592,737
$1,040,716
$1,040,716
$1,040,716
$1,040,716
$599,540
$1,040,716
$735,294
$703,632
$841,637
$1,040,716
$769,207
$791,867

596

Bulletin No. 2018 –20

County Name
OURAY
PARK
ROUTT
TELLER
WELD

State
CO
CO
CO
CO
CO

One-Unit Limit
$435,294
$541,176
$649,412
$311,765
$367,059

Two-Unit Limit
$557,238
$692,788
$831,355
$399,079
$469,872

FAIRFIELD
HARTFORD
LITCHFIELD
MIDDLESEX
NEW HAVEN
TOLLAND
WINDHAM

CT
CT
CT
CT
CT
CT
CT

$615,294
$361,176
$365,882
$361,176
$312,941
$361,176
$321,176

$787,673
$462,353
$468,389
$462,353
$400,614
$462,353
$411,151

$952,123
$558,875
$566,189
$558,875
$484,246
$558,875
$496,982

$1,183,274
$694,578
$703,632
$694,578
$601,790
$694,578
$617,647

DISTRICT OF
COLUMBIA

DC

$695,294

$890,256

$1,076,087

$1,337,263

NEW CASTLE
SUSSEX

DE
DE

$394,118
$323,529

$504,552
$414,169

$609,872
$500,614

$757,903
$622,148

BAKER
BROWARD
CLAY
COLLIER
DUVAL
MANATEE
MARTIN
MIAMI-DADE
MONROE
NASSAU
OKALOOSA
PALM BEACH
ST. JOHNS
ST. LUCIE
SARASOTA
WALTON

FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL

$351,765
$352,941
$351,765
$461,176
$351,765
$305,882
$323,529
$352,941
$541,176
$351,765
$363,529
$352,941
$351,765
$323,529
$305,882
$363,529

$450,332
$451,816
$450,332
$590,384
$450,332
$391,560
$414,169
$451,816
$692,788
$450,332
$465,371
$451,816
$450,332
$414,169
$391,560
$465,371

$544,348
$546,138
$544,348
$713,657
$544,348
$473,299
$500,614
$546,138
$837,442
$544,348
$562,506
$546,138
$544,348
$500,614
$473,299
$562,506

$676,471
$678,721
$676,471
$886,905
$676,471
$588,235
$622,148
$678,721
$1,040,716
$676,471
$699,079
$678,721
$676,471
$622,148
$588,235
$699,079

BARROW
BARTOW
BUTTS
CARROLL
CHEROKEE
CLARKE
CLAYTON
COBB
COWETA
DAWSON

GA
GA
GA
GA
GA
GA
GA
GA
GA
GA

$368,235
$368,235
$368,235
$368,235
$368,235
$328,235
$368,235
$368,235
$368,235
$368,235

$471,407
$471,407
$471,407
$471,407
$471,407
$420,205
$471,407
$471,407
$471,407
$471,407

$569,821
$569,821
$569,821
$569,821
$569,821
$507,928
$569,821
$569,821
$569,821
$569,821

$708,133
$708,133
$708,133
$708,133
$708,133
$631,202
$708,133
$708,133
$708,133
$708,133

Bulletin No. 2018 –20

597

Three-Unit Limit
$673,606
$837,442
$1,004,910
$482,404
$567,980

Four-Unit Limit
$837,084
$1,040,716
$1,248,900
$599,540
$705,882

May 14, 2018

County Name
DEKALB
DOUGLAS
FAYETTE
FORSYTH
FULTON
GREENE
GWINNETT
HARALSON
HEARD
HENRY
JASPER
LAMAR
MADISON
MERIWETHER
MORGAN
NEWTON
OCONEE
OGLETHORPE
PAULDING
PICKENS
PIKE
ROCKDALE
SPALDING
WALTON

State
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA

One-Unit Limit
$368,235
$368,235
$368,235
$368,235
$368,235
$527,059
$368,235
$368,235
$368,235
$368,235
$368,235
$368,235
$328,235
$368,235
$368,235
$368,235
$328,235
$328,235
$368,235
$368,235
$368,235
$368,235
$368,235
$368,235

Two-Unit Limit
$471,407
$471,407
$471,407
$471,407
$471,407
$674,731
$471,407
$471,407
$471,407
$471,407
$471,407
$471,407
$420,205
$471,407
$471,407
$471,407
$420,205
$420,205
$471,407
$471,407
$471,407
$471,407
$471,407
$471,407

Three-Unit Limit
$569,821
$569,821
$569,821
$569,821
$569,821
$815,601
$569,821
$569,821
$569,821
$569,821
$569,821
$569,821
$507,928
$569,821
$569,821
$569,821
$507,928
$507,928
$569,821
$569,821
$569,821
$569,821
$569,821
$569,821

Four-Unit Limit
$708,133
$708,133
$708,133
$708,133
$708,133
$1,013,606
$708,133
$708,133
$708,133
$708,133
$708,133
$708,133
$631,202
$708,133
$708,133
$708,133
$631,202
$631,202
$708,133
$708,133
$708,133
$708,133
$708,133
$708,133

HONOLULU
KAUAI
HAWAII
KALAWAO
MAUI

HI
HI
HI
HI
HI

$737,647
$729,412
$376,471
$672,941
$672,941

$944,297
$933,760
$481,944
$861,483
$861,483

$1,141,483
$1,128,747
$582,558
$1,041,330
$1,041,330

$1,418,568
$1,402,711
$723,990
$1,294,118
$1,294,118

TETON
BLAINE
CAMAS
LINCOLN

ID
ID
ID
ID

$695,294
$661,176
$661,176
$661,176

$890,256
$846,445
$846,445
$846,445

$1,076,087
$1,023,120
$1,023,120
$1,023,120

$1,337,263
$1,271,509
$1,271,509
$1,271,509

BOONE
COOK
DEKALB
DUPAGE
GRUNDY
KANE
KENDALL
LAKE
MCHENRY
WILL
WINNEBAGO

IL
IL
IL
IL
IL
IL
IL
IL
IL
IL
IL

$347,059
$374,118
$374,118
$374,118
$374,118
$374,118
$374,118
$374,118
$374,118
$374,118
$347,059

$444,297
$478,926
$478,926
$478,926
$478,926
$478,926
$478,926
$478,926
$478,926
$478,926
$444,297

$537,033
$578,926
$578,926
$578,926
$578,926
$578,926
$578,926
$578,926
$578,926
$578,926
$537,033

$667,417
$719,437
$719,437
$719,437
$719,437
$719,437
$719,437
$719,437
$719,437
$719,437
$667,417

May 14, 2018

598

Bulletin No. 2018 –20

County Name

State

One-Unit Limit

Two-Unit Limit

BOONE
BROWN
CLARK
FLOYD
HAMILTON
HANCOCK
HARRISON
HENDRICKS
JASPER
JOHNSON
LAKE
MADISON
MARION
MORGAN
NEWTON
PORTER
PUTNAM
SCOTT
SHELBY
WASHINGTON

IN
IN
IN
IN
IN
IN
IN
IN
IN
IN
IN
IN
IN
IN
IN
IN
IN
IN
IN
IN

$329,412
$329,412
$311,765
$311,765
$329,412
$329,412
$311,765
$329,412
$374,118
$329,412
$374,118
$329,412
$329,412
$329,412
$374,118
$374,118
$329,412
$311,765
$329,412
$311,765

$421,688
$421,688
$399,079
$399,079
$421,688
$421,688
$399,079
$421,688
$478,926
$421,688
$478,926
$421,688
$421,688
$421,688
$478,926
$478,926
$421,688
$399,079
$421,688
$399,079

$509,719
$509,719
$482,404
$482,404
$509,719
$509,719
$482,404
$509,719
$578,926
$509,719
$578,926
$509,719
$509,719
$509,719
$578,926
$578,926
$509,719
$482,404
$509,719
$482,404

$633,504
$633,504
$599,540
$599,540
$633,504
$633,504
$599,540
$633,504
$719,437
$633,504
$719,437
$633,504
$633,504
$633,504
$719,437
$719,437
$633,504
$599,540
$633,504
$599,540

JOHNSON
LEAVENWORTH
LINN
MIAMI
WYANDOTTE

KS
KS
KS
KS
KS

$325,882
$325,882
$325,882
$325,882
$325,882

$417,187
$417,187
$417,187
$417,187
$417,187

$504,297
$504,297
$504,297
$504,297
$504,297

$626,701
$626,701
$626,701
$626,701
$626,701

BULLITT
HENRY
JEFFERSON
OLDHAM
SHELBY
SPENCER
TRIMBLE

KY
KY
KY
KY
KY
KY
KY

$311,765
$311,765
$311,765
$311,765
$311,765
$311,765
$311,765

$399,079
$399,079
$399,079
$399,079
$399,079
$399,079
$399,079

$482,404
$482,404
$482,404
$482,404
$482,404
$482,404
$482,404

$599,540
$599,540
$599,540
$599,540
$599,540
$599,540
$599,540

DUKES
NANTUCKET
BARNSTABLE
BRISTOL
ESSEX
HAMPDEN
HAMPSHIRE
MIDDLESEX
NORFOLK
PLYMOUTH
SUFFOLK

MA
MA
MA
MA
MA
MA
MA
MA
MA
MA
MA

$695,294
$695,294
$441,176
$441,176
$617,647
$305,882
$305,882
$617,647
$617,647
$617,647
$617,647

$890,256
$890,256
$564,757
$564,757
$790,691
$391,560
$391,560
$790,691
$790,691
$790,691
$790,691

$1,076,087
$1,076,087
$682,711
$682,711
$955,754
$473,299
$473,299
$955,754
$955,754
$955,754
$955,754

$1,337,263
$1,337,263
$848,440
$848,440
$1,187,775
$588,235
$588,235
$1,187,775
$1,187,775
$1,187,775
$1,187,775

Bulletin No. 2018 –20

599

Three-Unit Limit

Four-Unit Limit

May 14, 2018

County Name
WORCESTER

State
MA

One-Unit Limit
$321,176

Two-Unit Limit
$411,151

Three-Unit Limit
$496,982

Four-Unit Limit
$617,647

CALVERT
CHARLES
FREDERICK
MONTGOMERY
PRINCE GEORGE’S
ANNE ARUNDEL
BALTIMORE
CARROLL
CECIL
HARFORD
HOWARD
QUEEN ANNE’S
ST. MARY’S
SOMERSET
TALBOT
WICOMICO
WORCESTER
BALTIMORE CITY

MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD

$695,294
$695,294
$695,294
$695,294
$695,294
$529,412
$529,412
$529,412
$394,118
$529,412
$529,412
$529,412
$355,294
$323,529
$391,765
$323,529
$323,529
$529,412

$890,256
$890,256
$890,256
$890,256
$890,256
$677,749
$677,749
$677,749
$504,552
$677,749
$677,749
$677,749
$454,834
$414,169
$501,535
$414,169
$414,169
$677,749

$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$819,233
$819,233
$819,233
$609,872
$819,233
$819,233
$819,233
$549,770
$500,614
$606,240
$500,614
$500,614
$819,233

$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,018,107
$1,018,107
$1,018,107
$757,903
$1,018,107
$1,018,107
$1,018,107
$683,274
$622,148
$753,402
$622,148
$622,148
$1,018,107

CUMBERLAND
SAGADAHOC
YORK

ME
ME
ME

$337,647
$337,647
$337,647

$432,225
$432,225
$432,225

$522,455
$522,455
$522,455

$649,309
$649,309
$649,309

ANOKA
CARVER
CHISAGO
DAKOTA
HENNEPIN
ISANTI
LE SUEUR
MILLE LACS
RAMSEY
SCOTT
SHERBURNE
SIBLEY
WASHINGTON
WRIGHT

MN
MN
MN
MN
MN
MN
MN
MN
MN
MN
MN
MN
MN
MN

$364,706
$364,706
$364,706
$364,706
$364,706
$364,706
$364,706
$364,706
$364,706
$364,706
$364,706
$364,706
$364,706
$364,706

$466,854
$466,854
$466,854
$466,854
$466,854
$466,854
$466,854
$466,854
$466,854
$466,854
$466,854
$466,854
$466,854
$466,854

$564,348
$564,348
$564,348
$564,348
$564,348
$564,348
$564,348
$564,348
$564,348
$564,348
$564,348
$564,348
$564,348
$564,348

$701,330
$701,330
$701,330
$701,330
$701,330
$701,330
$701,330
$701,330
$701,330
$701,330
$701,330
$701,330
$701,330
$701,330

BATES
CALDWELL
CASS
CLAY
CLINTON
JACKSON
LAFAYETTE

MO
MO
MO
MO
MO
MO
MO

$325,882
$325,882
$325,882
$325,882
$325,882
$325,882
$325,882

$417,187
$417,187
$417,187
$417,187
$417,187
$417,187
$417,187

$504,297
$504,297
$504,297
$504,297
$504,297
$504,297
$504,297

$626,701
$626,701
$626,701
$626,701
$626,701
$626,701
$626,701

May 14, 2018

600

Bulletin No. 2018 –20

County Name
PLATTE
RAY

State
MO
MO

One-Unit Limit
$325,882
$325,882

Two-Unit Limit
$417,187
$417,187

FLATHEAD
GALLATIN
JEFFERSON
LEWIS AND CLARK
MADISON
MISSOULA

MT
MT
MT
MT
MT
MT

$308,235
$390,588
$303,529
$303,529
$332,941
$324,706

$394,578
$500,000
$388,542
$388,542
$426,189
$415,652

$476,982
$604,399
$469,668
$469,668
$515,192
$502,455

$592,737
$751,151
$583,683
$583,683
$640,256
$624,450

CAMDEN
PASQUOTANK
PERQUIMANS
CHATHAM
CURRITUCK
DARE
DURHAM
FRANKLIN
GATES
HYDE
JOHNSTON
ORANGE
PERSON
TYRRELL
WAKE

NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC

$695,294
$695,294
$695,294
$388,235
$469,412
$400,000
$388,235
$325,882
$469,412
$494,118
$325,882
$388,235
$388,235
$400,000
$325,882

$890,256
$890,256
$890,256
$496,982
$600,921
$512,072
$496,982
$417,187
$600,921
$632,532
$417,187
$496,982
$496,982
$512,072
$417,187

$1,076,087
$1,076,087
$1,076,087
$600,767
$726,394
$618,977
$600,767
$504,297
$726,394
$764,604
$504,297
$600,767
$600,767
$618,977
$504,297

$1,337,263
$1,337,263
$1,337,263
$746,598
$902,711
$769,207
$746,598
$626,701
$902,711
$950,230
$626,701
$746,598
$746,598
$769,207
$626,701

BILLINGS
BURLEIGH
MCKENZIE
MORTON
OLIVER
SIOUX
STARK
WILLIAMS

ND
ND
ND
ND
ND
ND
ND
ND

$347,059
$316,471
$309,412
$316,471
$316,471
$316,471
$315,294
$337,647

$444,297
$405,115
$396,113
$405,115
$405,115
$405,115
$403,632
$432,225

$537,033
$489,719
$478,772
$489,719
$489,719
$489,719
$487,877
$522,455

$667,417
$608,593
$595,038
$608,593
$608,593
$608,593
$606,343
$649,309

LINCOLN
LOGAN
MCPHERSON

NE
NE
NE

$443,529
$443,529
$443,529

$567,775
$567,775
$567,775

$686,343
$686,343
$686,343

$852,941
$852,941
$852,941

HILLSBOROUGH
ROCKINGHAM
STRAFFORD

NH
NH
NH

$320,000
$617,647
$617,647

$409,668
$790,691
$790,691

$495,192
$955,754
$955,754

$615,396
$1,187,775
$1,187,775

BERGEN
ESSEX
HUDSON
HUNTERDON

NJ
NJ
NJ
NJ

$695,294
$695,294
$695,294
$695,294

$890,256
$890,256
$890,256
$890,256

$1,076,087
$1,076,087
$1,076,087
$1,076,087

$1,337,263
$1,337,263
$1,337,263
$1,337,263

Bulletin No. 2018 –20

601

Three-Unit Limit
$504,297
$504,297

Four-Unit Limit
$626,701
$626,701

May 14, 2018

County Name
MIDDLESEX
MONMOUTH
MORRIS
OCEAN
PASSAIC
SOMERSET
SUSSEX
UNION
ATLANTIC
BURLINGTON
CAMDEN
CAPE MAY
GLOUCESTER
MERCER
SALEM
WARREN

State
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ

One-Unit Limit
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$323,529
$394,118
$394,118
$423,529
$394,118
$352,941
$394,118
$381,176

Two-Unit Limit
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$414,169
$504,552
$504,552
$542,199
$504,552
$451,816
$504,552
$487,980

CATRON
LOS ALAMOS
SANTA FE

NM
NM
NM

$410,588
$389,412
$376,471

$525,627
$498,517
$481,944

$635,345
$602,558
$582,558

$789,616
$748,849
$723,990

DOUGLAS
STOREY
WASHOE
CARSON CITY

NV
NV
NV
NV

$370,588
$378,824
$378,824
$305,882

$474,425
$484,962
$484,962
$391,560

$573,453
$586,189
$586,189
$473,299

$712,685
$728,491
$728,491
$588,235

BRONX
DUTCHESS
KINGS
NASSAU
NEW YORK
ORANGE
PUTNAM
QUEENS
RICHMOND
ROCKLAND
SUFFOLK
WESTCHESTER
ALBANY
RENSSELAER
SARATOGA
SCHENECTADY
SCHOHARIE

NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY
NY

$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$310,588
$310,588
$310,588
$310,588
$310,588

$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$397,596
$397,596
$397,596
$397,596
$397,596

$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$480,614
$480,614
$480,614
$480,614
$480,614

$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$597,289
$597,289
$597,289
$597,289
$597,289

DELAWARE
FAIRFIELD
FRANKLIN

OH
OH
OH

$352,941
$352,941
$352,941

$451,816
$451,816
$451,816

$546,138
$546,138
$546,138

$678,721
$678,721
$678,721

May 14, 2018

602

Three-Unit Limit
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$500,614
$609,872
$609,872
$655,396
$609,872
$546,138
$609,872
$589,821

Four-Unit Limit
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$622,148
$757,903
$757,903
$814,476
$757,903
$678,721
$757,903
$733,043

Bulletin No. 2018 –20

County Name
HOCKING
LICKING
MADISON
MORROW
PERRY
PICKAWAY
UNION

State
OH
OH
OH
OH
OH
OH
OH

One-Unit Limit
$352,941
$352,941
$352,941
$352,941
$352,941
$352,941
$352,941

Two-Unit Limit
$451,816
$451,816
$451,816
$451,816
$451,816
$451,816
$451,816

BENTON
CLACKAMAS
CLATSOP
COLUMBIA
CURRY
DESCHUTES
HOOD RIVER
JACKSON
MULTNOMAH
WASHINGTON
YAMHILL

OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR

$364,706
$458,824
$305,882
$458,824
$335,294
$382,353
$464,706
$309,412
$458,824
$458,824
$458,824

$466,854
$587,366
$391,560
$587,366
$429,207
$489,463
$594,885
$396,113
$587,366
$587,366
$587,366

$564,348
$709,974
$473,299
$709,974
$518,824
$591,662
$719,079
$478,772
$709,974
$709,974
$709,974

$701,330
$882,353
$588,235
$882,353
$644,808
$735,294
$893,657
$595,038
$882,353
$882,353
$882,353

PIKE
BUCKS
CARBON
CHESTER
DELAWARE
LEHIGH
MONTGOMERY
NORTHAMPTON
PHILADELPHIA

PA
PA
PA
PA
PA
PA
PA
PA
PA

$695,294
$394,118
$381,176
$394,118
$394,118
$381,176
$394,118
$381,176
$394,118

$890,256
$504,552
$487,980
$504,552
$504,552
$487,980
$504,552
$487,980
$504,552

$1,076,087
$609,872
$589,821
$609,872
$609,872
$589,821
$609,872
$589,821
$609,872

$1,337,263
$757,903
$733,043
$757,903
$757,903
$733,043
$757,903
$733,043
$757,903

BRISTOL
KENT
NEWPORT
PROVIDENCE
WASHINGTON

RI
RI
RI
RI
RI

$441,176
$441,176
$441,176
$441,176
$441,176

$564,757
$564,757
$564,757
$564,757
$564,757

$682,711
$682,711
$682,711
$682,711
$682,711

$848,440
$848,440
$848,440
$848,440
$848,440

BEAUFORT
BERKELEY
CHARLESTON
DORCHESTER
GEORGETOWN
JASPER

SC
SC
SC
SC
SC
SC

$358,824
$376,471
$376,471
$376,471
$335,294
$358,824

$459,335
$481,944
$481,944
$481,944
$429,207
$459,335

$555,243
$582,558
$582,558
$582,558
$518,824
$555,243

$690,026
$723,990
$723,990
$723,990
$644,808
$690,026

CANNON
CHEATHAM
DAVIDSON
DICKSON

TN
TN
TN
TN

$505,882
$505,882
$505,882
$505,882

$647,621
$647,621
$647,621
$647,621

$782,813
$782,813
$782,813
$782,813

$972,839
$972,839
$972,839
$972,839

Bulletin No. 2018 –20

603

Three-Unit Limit
$546,138
$546,138
$546,138
$546,138
$546,138
$546,138
$546,138

Four-Unit Limit
$678,721
$678,721
$678,721
$678,721
$678,721
$678,721
$678,721

May 14, 2018

County Name
HICKMAN
MACON
MAURY
ROBERTSON
RUTHERFORD
SMITH
SUMNER
TROUSDALE
WILLIAMSON
WILSON
ATASCOSA
AUSTIN
BANDERA
BASTROP
BEXAR
BRAZORIA
CALDWELL
CHAMBERS
COLLIN
COMAL
DALLAS
DENTON
ELLIS
FORT BEND
GALVESTON
GUADALUPE
HARRIS
HAYS
HOOD
HUNT
JOHNSON
KAUFMAN
KENDALL
LIBERTY
MEDINA
MONTGOMERY
PARKER
ROCKWALL
SOMERVELL
TARRANT
TRAVIS
WALLER
WILLIAMSON
WILSON
WISE

May 14, 2018

State
TN
TN
TN
TN
TN
TN
TN
TN
TN
TN

One-Unit Limit
$505,882
$505,882
$505,882
$505,882
$505,882
$505,882
$505,882
$505,882
$505,882
$505,882

Two-Unit Limit
$647,621
$647,621
$647,621
$647,621
$647,621
$647,621
$647,621
$647,621
$647,621
$647,621

Three-Unit Limit
$782,813
$782,813
$782,813
$782,813
$782,813
$782,813
$782,813
$782,813
$782,813
$782,813

Four-Unit Limit
$972,839
$972,839
$972,839
$972,839
$972,839
$972,839
$972,839
$972,839
$972,839
$972,839

TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX

$368,235
$338,824
$368,235
$392,941
$368,235
$338,824
$392,941
$338,824
$395,294
$368,235
$395,294
$395,294
$395,294
$338,824
$338,824
$368,235
$338,824
$392,941
$395,294
$395,294
$395,294
$395,294
$368,235
$338,824
$368,235
$338,824
$395,294
$395,294
$395,294
$395,294
$392,941
$338,824
$392,941
$368,235
$395,294

$471,407
$433,760
$471,407
$503,018
$471,407
$433,760
$503,018
$433,760
$506,036
$471,407
$506,036
$506,036
$506,036
$433,760
$433,760
$471,407
$433,760
$503,018
$506,036
$506,036
$506,036
$506,036
$471,407
$433,760
$471,407
$433,760
$506,036
$506,036
$506,036
$506,036
$503,018
$433,760
$503,018
$471,407
$506,036

$569,821
$524,297
$569,821
$608,031
$569,821
$524,297
$608,031
$524,297
$611,662
$569,821
$611,662
$611,662
$611,662
$524,297
$524,297
$569,821
$524,297
$608,031
$611,662
$611,662
$611,662
$611,662
$569,821
$524,297
$569,821
$524,297
$611,662
$611,662
$611,662
$611,662
$608,031
$524,297
$608,031
$569,821
$611,662

$708,133
$651,560
$708,133
$755,652
$708,133
$651,560
$755,652
$651,560
$760,205
$708,133
$760,205
$760,205
$760,205
$651,560
$651,560
$708,133
$651,560
$755,652
$760,205
$760,205
$760,205
$760,205
$708,133
$651,560
$708,133
$651,560
$760,205
$760,205
$760,205
$760,205
$755,652
$651,560
$755,652
$708,133
$760,205

604

Bulletin No. 2018 –20

County Name
SUMMIT
BOX ELDER
DAGGETT
DAVIS
JUAB
MORGAN
RICH
SALT LAKE
TOOELE
UTAH
WASATCH
WASHINGTON
WEBER
ARLINGTON
CLARKE
CULPEPER
FAIRFAX
FAUQUIER
LOUDOUN
PRINCE WILLIAM
RAPPAHANNOCK
SPOTSYLVANIA
STAFFORD
WARREN
ALEXANDRIA CITY
FAIRFAX CITY
FALLS CHURCH
CITY
FREDERICKSBURG
MANASSAS CITY
MANASSAS PARK
CITY
ALBEMARLE
AMELIA
BUCKINGHAM
CAROLINE
CHARLES CITY
CHESTERFIELD
DINWIDDIE
FLUVANNA
GLOUCESTER
GOOCHLAND
GREENE
HANOVER
HENRICO
ISLE OF WIGHT

Bulletin No. 2018 –20

State
UT
UT
UT
UT
UT
UT
UT
UT
UT
UT
UT
UT
UT

One-Unit Limit
$695,294
$398,824
$309,412
$398,824
$349,412
$398,824
$303,529
$364,706
$364,706
$349,412
$438,824
$330,588
$398,824

Two-Unit Limit
$890,256
$510,537
$396,113
$510,537
$447,315
$510,537
$388,542
$466,854
$466,854
$447,315
$561,739
$423,223
$510,537

Three-Unit Limit
$1,076,087
$617,136
$478,772
$617,136
$540,665
$617,136
$469,668
$564,348
$564,348
$540,665
$679,028
$511,560
$617,136

Four-Unit Limit
$1,337,263
$766,957
$595,038
$766,957
$671,918
$766,957
$583,683
$701,330
$701,330
$671,918
$843,887
$635,754
$766,957

VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA

$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294
$695,294

$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256
$890,256

$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087
$1,076,087

$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263
$1,337,263

VA
VA
VA

$695,294
$695,294
$695,294

$890,256
$890,256
$890,256

$1,076,087
$1,076,087
$1,076,087

$1,337,263
$1,337,263
$1,337,263

VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA

$447,059
$548,235
$447,059
$548,235
$548,235
$548,235
$548,235
$447,059
$469,412
$548,235
$447,059
$548,235
$548,235
$469,412

$572,327
$701,841
$572,327
$701,841
$701,841
$701,841
$701,841
$572,327
$600,921
$701,841
$572,327
$701,841
$701,841
$600,921

$691,765
$848,338
$691,765
$848,338
$848,338
$848,338
$848,338
$691,765
$726,394
$848,338
$691,765
$848,338
$848,338
$726,394

$859,744
$1,054,322
$859,744
$1,054,322
$1,054,322
$1,054,322
$1,054,322
$859,744
$902,711
$1,054,322
$859,744
$1,054,322
$1,054,322
$902,711

605

May 14, 2018

County Name
JAMES CITY
KING GEORGE
KING WILLIAM
LANCASTER
MATHEWS
NELSON
NEW KENT
NORTHUMBERLAND
POWHATAN
PRINCE GEORGE
SUSSEX
YORK
CHARLOTTESVILLE
CHESAPEAKE CITY
COLONIAL HEIGHT
HAMPTON CITY
HOPEWELL CITY
LEXINGTON CITY
NEWPORT NEWS
CITY
NORFOLK CITY
PETERSBURG CITY
POQUOSON CITY
PORTSMOUTH CITY
RICHMOND CITY
SUFFOLK CITY
VIRGINIA BEACH
WILLIAMSBURG
CITY

State
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA
VA

One-Unit Limit
$469,412
$358,824
$548,235
$452,941
$469,412
$447,059
$548,235
$325,882
$548,235
$548,235
$548,235
$469,412
$447,059
$469,412
$548,235
$469,412
$548,235
$314,118
$469,412

Two-Unit Limit
$600,921
$459,335
$701,841
$579,847
$600,921
$572,327
$701,841
$417,187
$701,841
$701,841
$701,841
$600,921
$572,327
$600,921
$701,841
$600,921
$701,841
$402,097
$600,921

VA
VA
VA
VA
VA
VA
VA
VA

$469,412
$548,235
$469,412
$469,412
$548,235
$469,412
$469,412
$469,412

$600,921
$701,841
$600,921
$600,921
$701,841
$600,921
$600,921
$600,921

$726,394
$848,338
$726,394
$726,394
$848,338
$726,394
$726,394
$726,394

$902,711
$1,054,322
$902,711
$902,711
$1,054,322
$902,711
$902,711
$902,711

CHITTENDEN
FRANKLIN
GRAND ISLE

VT
VT
VT

$350,588
$350,588
$350,588

$448,798
$448,798
$448,798

$542,506
$542,506
$542,506

$674,220
$674,220
$674,220

CHELAN
CLALLAM
CLARK
DOUGLAS
ISLAND
JEFFERSON
KING
KITSAP
PIERCE
SAN JUAN
SKAGIT
SKAMANIA
SNOHOMISH

WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA

$350,588
$392,941
$458,824
$350,588
$352,941
$329,412
$682,353
$337,647
$682,353
$494,118
$322,353
$458,824
$682,353

$448,798
$503,018
$587,366
$448,798
$451,816
$421,688
$873,555
$432,225
$873,555
$632,532
$412,634
$587,366
$873,555

$542,506
$608,031
$709,974
$542,506
$546,138
$509,719
$1,055,908
$522,455
$1,055,908
$764,604
$498,824
$709,974
$1,055,908

$674,220
$755,652
$882,353
$674,220
$678,721
$633,504
$1,312,225
$649,309
$1,312,225
$950,230
$619,898
$882,353
$1,312,225

May 14, 2018

606

Three-Unit Limit
$726,394
$555,243
$848,338
$700,870
$726,394
$691,765
$848,338
$504,297
$848,338
$848,338
$848,338
$726,394
$691,765
$726,394
$848,338
$726,394
$848,338
$486,087
$726,394

Four-Unit Limit
$902,711
$690,026
$1,054,322
$871,049
$902,711
$859,744
$1,054,322
$626,701
$1,054,322
$1,054,322
$1,054,322
$902,711
$859,744
$902,711
$1,054,322
$902,711
$1,054,322
$604,092
$902,711

Bulletin No. 2018 –20

County Name
THURSTON
WHATCOM

State
WA
WA

One-Unit Limit
$323,529
$352,941

Two-Unit Limit
$414,169
$451,816

COLUMBIA
DANE
GREEN
IOWA
KENOSHA
MILWAUKEE
OZAUKEE
PIERCE
ST. CROIX
WASHINGTON
WAUKESHA

WI
WI
WI
WI
WI
WI
WI
WI
WI
WI
WI

$305,882
$305,882
$305,882
$305,882
$374,118
$312,941
$312,941
$364,706
$364,706
$312,941
$312,941

$391,560
$391,560
$391,560
$391,560
$478,926
$400,614
$400,614
$466,854
$466,854
$400,614
$400,614

$473,299
$473,299
$473,299
$473,299
$578,926
$484,246
$484,246
$564,348
$564,348
$484,246
$484,246

$588,235
$588,235
$588,235
$588,235
$719,437
$601,790
$601,790
$701,330
$701,330
$601,790
$601,790

JEFFERSON

WV

$695,294

$890,256

$1,076,087

$1,337,263

TETON
SHERIDAN
SUBLETTE
SWEETWATER

WY
WY
WY
WY

$695,294
$315,294
$307,059
$323,529

$890,256
$403,632
$393,095
$414,169

$1,076,087
$487,877
$475,141
$500,614

$1,337,263
$606,343
$590,486
$622,148

GUAM

GU

$576,471

$738,005

$892,072

$1,108,593

NORTHERN ISLAND
ROTA
SAIPAN
TINIAN

MP
MP
MP
MP

$536,471
$420,000
$541,176
$544,706

$686,752
$537,647
$692,788
$697,340

$830,128
$649,923
$837,442
$842,916

$1,031,662
$807,673
$1,040,716
$1,047,519

AGUAS BUENAS
AIBONITO
BARCELONETA
BARRANQUITAS
BAYAMON
CAGUAS
CANOVANAS
CAROLINA
CATANO
CAYEY
CEIBA
CIALES
CIDRA
COMERIO
COROZAL
DORADO
FAJARDO
FLORIDA

PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR

$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118

$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552

$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872

$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903

Bulletin No. 2018 –20

607

Three-Unit Limit
$500,614
$546,138

Four-Unit Limit
$622,148
$678,721

May 14, 2018

County Name
GUAYNABO
GURABO
HUMACAO
JUNCOS
LAS PIEDRAS
LOIZA
LUQUILLO
MANATI
MAUNABO
MOROVIS
NAGUABO
NARANJITO
OROCOVIS
RIO GRANDE
SAN JUAN
SAN LORENZO
TOA ALTA
TOA BAJA
TRUJILLO ALTO
VEGA ALTA
VEGA BAJA
YABUCOA
ST. CROIX ISLAND
ST. JOHN ISLAND
ST. THOMAS
ISLAND

State
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR
PR

One-Unit Limit
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118
$394,118

Two-Unit Limit
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552
$504,552

Three-Unit Limit
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872
$609,872

Four-Unit Limit
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903
$757,903

VI
VI
VI

$335,294
$637,647
$456,471

$429,207
$816,317
$584,348

$518,824
$986,701
$706,343

$644,808
$1,226,240
$877,852

$301,294

$385,754

$466,292

$579,463

All other areas - 2657
counties (floor):
.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
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 pe-

May 14, 2018

riod 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

608

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. 2017–27 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.

Bulletin No. 2018 –20

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 15451877.
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

Bulletin No. 2018 –20

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.

609

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 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
number).

May 14, 2018