Rp 2022-21

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

Rev. Proc. 2022-21

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

1

§ 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 owneroccupied 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

2

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

3

and the District of Columbia.
.07 Section 6a.103A-2(f)(5)(i) provides that an issuer may rely upon the average
area purchase price safe harbors published by the Department of the Treasury
(Treasury Department) for the statistical area in which a residence is located. Section
6a.103A-2(f)(5)(i) further provides that an issuer may use an average area purchase
price limitation different from the published safe harbor if the issuer has more accurate
and comprehensive data for the statistical area.
Qualified Mortgage Credit Certificate Program
.08 Section 25(c) permits a State or political subdivision thereof to establish a
qualified mortgage credit certificate program. In general, a qualified mortgage credit
certificate program is a program under which the issuing authority elects not to issue an
amount of private activity bonds that it may otherwise issue during the calendar year
under § 146, and in its place, issues mortgage credit certificates to taxpayers in
connection with the acquisition of their principal residences. Section 25(a)(1) provides,
in general, that the holder of a mortgage credit certificate may claim a federal income
tax credit equal to the product of the credit rate 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

4

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

5

Islands, and Guam were last published in Rev. Proc. 2021-17, 2021-15 I.R.B. 991.
.12 The nationwide average purchase price was last published in section 4.02 of
Rev. Proc. 2021-17. Guidance with respect to the United States and area median gross
income figures that are used in computing the housing cost/income ratio described in
§ 143(f)(5) was published in Rev. Proc. 2021-19, 2021-15 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. 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

6

whether such data provide a more accurate method for calculating average area
purchase price safe harbors.
.15 The average area purchase price safe harbors listed in section 4.01 of this
revenue procedure are based on FHA loan limits released November 30, 2021. FHA
loan limits are available for statistical areas in each state, the District of Columbia,
Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and
Guam. See section 3.03 of this revenue procedure with respect to FHA loan limits
revised after November 30, 2021.
.16 OMB Bulletin No. 03-04, dated and effective June 6, 2003, revised the
definitions of the nation’s metropolitan areas and recognized 49 new metropolitan
statistical areas. The OMB bulletin no longer includes primary metropolitan statistical
areas.
SECTION 3. APPLICATION
Average Area Purchase Price Safe Harbors
.01 Average area purchase price safe harbors for statistical areas in each state,
the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa,
the Virgin Islands, and Guam are set forth in section 4.01 of this revenue procedure.
Average area purchase price safe harbors are provided for single-family and two to
four-family residences. For each type of residence, section 4.01 of this revenue
procedure contains a single safe harbor that may be used for both new and existing
residences. Issuers of qualified mortgage bonds and issuers of mortgage credit
certificates may rely on these safe harbors to satisfy the requirements of §§ 143(e) and

7

(f). Section 4.01 of this revenue procedure provides safe harbors for MSAs and for
certain counties and county equivalents. If no purchase price safe harbor is available
for a statistical area, the safe harbor for "ALL OTHER AREAS" may be used for that
statistical area.
.02 If a residence is in an MSA, the safe harbor applicable to it is the limitation of
that MSA. If an MSA falls in more than one state, the MSA is listed in section 4.01 of
this revenue procedure under each state.
.03 If the FHA revises the FHA loan limit for any statistical area after November
30, 2021, an issuer of qualified mortgage bonds or mortgage credit certificates may use
the revised FHA loan limit for that statistical area to compute (as provided in the next
sentence) a revised average area purchase price safe harbor for the statistical area
provided that the issuer maintains records evidencing the revised FHA loan limit. The
revised average area purchase price safe harbor for that statistical area is computed by
dividing the revised FHA loan limit by 1.083.
.04 If, pursuant to § 6a.103A-2(f)(5)(i), an issuer uses more accurate and
comprehensive data to determine the average area purchase price for a statistical area,
the issuer must make separate average area purchase price determinations for new
and existing residences. Moreover, when computing the average area purchase price
for a statistical area that is an MSA, as defined in OMB Bulletin No. 03-04, the issuer
must make the computation for the entire applicable MSA. When computing the
average area purchase price for a statistical area that is not an MSA, the issuer must
make the computation for the entire statistical area and may not combine statistical

8

areas. Thus, for example, the issuer may not combine two or more counties.
.05 If an issuer receives a ruling permitting it to rely on an average area purchase
price limitation that is higher than the applicable safe harbor in this revenue procedure,
the issuer may rely on that higher limitation for the purpose of satisfying the
requirements of §§ 143(e) and (f) for bonds sold, and mortgage credit certificates
issued, not more than 30 months following the termination date of the 12-month period
used by the issuer to compute the limitation.
Nationwide Average Purchase Price
.06 Section 4.02 of this revenue procedure sets forth a single nationwide average
purchase price for purposes of computing the housing cost/income ratio under
§ 143(f)(5).
.07 Issuers must use the nationwide average purchase price set forth in section
4.02 of this revenue procedure when computing the housing cost/income ratio under
§ 143(f)(5) regardless of whether they are relying on the average area purchase price
safe harbors contained in this revenue procedure or using more accurate and
comprehensive data to determine average area purchase prices for new and existing
residences for a statistical area that are different from the published safe harbors in this
revenue procedure.
.08 If, pursuant to section 6.02 of this revenue procedure, an issuer relies on the
average area purchase price safe harbors contained in Rev. Proc. 2021-17, the issuer
must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc.
2021-17 in computing the housing cost/income ratio under § 143(f)(5). Likewise, if,

9

pursuant to section 6.04 of this revenue procedure, an issuer relies on the nationwide
average purchase price published in Rev. Proc. 2021-17, the issuer must use the
average area purchase price safe harbors set forth in section 4.01 of Rev. Proc. 202117 in computing the housing cost/income ratio under § 143(f)(5).
SECTION 4. AVERAGE AREA AND NATIONWIDE AVERAGE PURCHASE PRICES
.01 Average area purchase prices for single-family and two to four-family
residences in MSAs, and for certain counties and county equivalents are set forth
below. The safe harbor for “ALL OTHER AREAS” (found at the end of the table below)
may be used for a statistical area that is not listed below.
2022 Average Area Purchase Prices for Mortgage Revenue Bonds
State
AK
AK
AK
AK
AK
AK
AK
AK
AK

One-Unit
Limit
$503,224
$416,168
$472,436
$418,292
$416,168
$406,613
$465,004
$407,675
$388,565

COCONINO
MARICOPA
PINAL

AZ
AZ
AZ

$390,689
$407,675
$407,675

$500,131
$521,872
$521,872

$604,543
$630,853
$630,853

$751,328
$784,008
$784,008

ALAMEDA
ALPINE
CONTRA COSTA
EL DORADO

CA
CA
CA
CA

$896,220
$427,846
$896,220
$623,191

$1,147,555
$547,721
$1,147,555
$797,810

$1,387,051
$662,056
$1,387,051
$964,351

$1,723,826
$822,782
$1,723,826
$1,198,469

County Name
ALEUTIANS WEST
ANCHORAGE MUNIC
JUNEAU CITY AND
KODIAK ISLAND B
MATANUSKA-SUSIT
NOME CENSUS ARE
SITKA CITY AND
SKAGWAY MUNICIP
YAKUTAT CITY AN

10

Two-Unit Three-Unit
Limit
Limit
$644,193
$778,700
$532,766
$644,008
$604,819
$731,064
$535,489
$647,286
$532,766
$644,008
$520,533
$629,191
$595,265
$719,570
$521,872
$630,853
$497,408
$601,265

Four-Unit
Limit
$967,767
$800,348
$908,545
$804,410
$800,348
$781,931
$894,236
$784,008
$747,266

INYO
LOS ANGELES
MARIN
MENDOCINO
MONO
MONTEREY
NAPA
NEVADA
ORANGE
PLACER
RIVERSIDE
SACRAMENTO
SAN BENITO
SAN BERNARDINO
SAN DIEGO
SAN FRANCISCO
SAN JOAQUIN
SAN LUIS OBISPO
SAN MATEO
SANTA BARBARA
SANTA CLARA
SANTA CRUZ
SOLANO
SONOMA
STANISLAUS
SUTTER
VENTURA
YOLO
YUBA

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

$398,120
$896,220
$896,220
$467,128
$520,210
$788,809
$828,090
$562,676
$896,220
$623,191
$519,149
$623,191
$896,220
$519,149
$812,165
$896,220
$520,210
$743,158
$896,220
$722,986
$896,220
$896,220
$566,923
$706,000
$424,661
$388,565
$785,624
$623,191
$388,565

$509,640
$1,147,555
$1,147,555
$597,988
$665,980
$1,009,817
$1,060,130
$720,309
$1,147,555
$797,810
$664,595
$797,810
$1,147,555
$664,595
$1,039,728
$1,147,555
$665,980
$951,380
$1,147,555
$925,577
$1,147,555
$1,147,555
$725,756
$903,790
$543,613
$497,408
$1,005,755
$797,810
$497,408

$616,082
$1,387,051
$1,387,051
$722,848
$805,010
$1,220,625
$1,281,416
$870,695
$1,387,051
$964,351
$803,349
$964,351
$1,387,051
$803,349
$1,256,767
$1,387,051
$805,010
$1,150,002
$1,387,051
$1,118,798
$1,387,051
$1,387,051
$877,295
$1,092,488
$657,117
$601,265
$1,215,732
$964,351
$601,265

$765,637
$1,723,826
$1,723,826
$898,344
$1,000,401
$1,516,965
$1,592,527
$1,082,102
$1,723,826
$1,198,469
$998,370
$1,198,469
$1,723,826
$998,370
$1,561,877
$1,723,826
$1,000,401
$1,429,171
$1,723,826
$1,390,397
$1,723,826
$1,723,826
$1,090,272
$1,357,717
$816,642
$747,266
$1,510,826
$1,198,469
$747,266

ADAMS
ARAPAHOE
BOULDER
BROOMFIELD
CHAFFEE
CLEAR CREEK
DENVER

CO
CO
CO
CO
CO
CO
CO

$631,684
$631,684
$690,075
$631,684
$425,723
$631,684
$631,684

$808,657
$808,657
$883,434
$808,657
$544,998
$808,657
$808,657

$977,506
$977,506
$1,067,839
$977,506
$658,779
$977,506
$977,506

$1,214,809
$1,214,809
$1,327,067
$1,214,809
$818,720
$1,214,809
$1,214,809

11

DOUGLAS
EAGLE
EL PASO
ELBERT
GARFIELD
GILPIN
GRAND
GUNNISON
HINSDALE
JEFFERSON
LA PLATA
LARIMER
MONTROSE
OURAY
PARK
PITKIN
ROUTT
SAN MIGUEL
SUMMIT
TELLER
WELD

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

$631,684
$796,240
$424,661
$631,684
$896,220
$631,684
$493,669
$398,120
$394,935
$631,684
$456,511
$481,991
$392,812
$392,812
$631,684
$896,220
$626,376
$896,220
$854,631
$424,661
$445,895

$808,657
$1,019,326
$543,613
$808,657
$1,147,555
$808,657
$631,961
$509,640
$505,578
$808,657
$584,417
$617,052
$502,855
$502,855
$808,657
$1,147,555
$801,872
$1,147,555
$1,094,103
$543,613
$570,800

$977,506
$1,232,165
$657,117
$977,506
$1,387,051
$977,506
$763,929
$616,082
$611,143
$977,506
$706,415
$745,835
$607,866
$607,866
$977,506
$1,387,051
$969,290
$1,387,051
$1,322,497
$657,117
$689,983

$1,214,809
$1,531,274
$816,642
$1,214,809
$1,723,826
$1,214,809
$949,349
$765,637
$759,498
$1,214,809
$877,895
$926,916
$755,390
$755,390
$1,214,809
$1,723,826
$1,204,608
$1,723,826
$1,643,532
$816,642
$857,493

FAIRFIELD

CT

$642,300

$822,274

$993,939

$1,235,211

DISTRICT OF COL

DC

$896,220

$1,147,555

$1,387,051

$1,723,826

NEW CASTLE

DE

$440,586

$564,015

$681,766

$847,292

BAKER
BROWARD
CLAY
COLLIER
DUVAL
MARTIN
MIAMI-DADE
MONROE
NASSAU

FL
FL
FL
FL
FL
FL
FL
FL
FL

$399,182
$424,661
$399,182
$509,594
$399,182
$398,120
$424,661
$656,102
$399,182

$511,025
$543,613
$511,025
$652,363
$511,025
$509,640
$543,613
$839,907
$511,025

$617,698
$657,117
$617,698
$788,578
$617,698
$616,082
$657,117
$1,015,264
$617,698

$767,668
$816,642
$767,668
$979,999
$767,668
$765,637
$816,642
$1,261,752
$767,668

12

OKALOOSA
PALM BEACH
ST. JOHNS
ST. LUCIE
WALTON

FL
FL
FL
FL
FL

$497,916
$424,661
$399,182
$398,120
$497,916

$637,408
$543,613
$511,025
$509,640
$637,408

$770,484
$657,117
$617,698
$616,082
$770,484

$957,519
$816,642
$767,668
$765,637
$957,519

BARROW
BARTOW
BUTTS
CARROLL
CHEROKEE
CLARKE
CLAYTON
COBB
COWETA
DAWSON
DEKALB
DOUGLAS
FAYETTE
FORSYTH
FULTON
GREENE
GWINNETT
HARALSON
HEARD
HENRY
JASPER
LAMAR
MADISON
MERIWETHER
MORGAN
NEWTON
OCONEE
OGLETHORPE
PAULDING
PICKENS
PIKE

GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA
GA

$435,278
$435,278
$435,278
$435,278
$435,278
$422,538
$435,278
$435,278
$435,278
$435,278
$435,278
$435,278
$435,278
$435,278
$435,278
$475,621
$435,278
$435,278
$435,278
$435,278
$435,278
$435,278
$422,538
$435,278
$435,278
$435,278
$422,538
$422,538
$435,278
$435,278
$435,278

$557,230
$557,230
$557,230
$557,230
$557,230
$540,936
$557,230
$557,230
$557,230
$557,230
$557,230
$557,230
$557,230
$557,230
$557,230
$608,881
$557,230
$557,230
$557,230
$557,230
$557,230
$557,230
$540,936
$557,230
$557,230
$557,230
$540,936
$540,936
$557,230
$557,230
$557,230

$673,550
$673,550
$673,550
$673,550
$673,550
$653,840
$673,550
$673,550
$673,550
$673,550
$673,550
$673,550
$673,550
$673,550
$673,550
$736,003
$673,550
$673,550
$673,550
$673,550
$673,550
$673,550
$653,840
$673,550
$673,550
$673,550
$653,840
$653,840
$673,550
$673,550
$673,550

$837,091
$837,091
$837,091
$837,091
$837,091
$812,581
$837,091
$837,091
$837,091
$837,091
$837,091
$837,091
$837,091
$837,091
$837,091
$914,684
$837,091
$837,091
$837,091
$837,091
$837,091
$837,091
$812,581
$837,091
$837,091
$837,091
$812,581
$812,581
$837,091
$837,091
$837,091

13

ROCKDALE
SPALDING
WALTON

GA
GA
GA

$435,278
$435,278
$435,278

$557,230
$557,230
$557,230

$673,550
$673,550
$673,550

$837,091
$837,091
$837,091

HAWAII
HONOLULU
KALAWAO
KAUAI
MAUI

HI
HI
HI
HI
HI

$440,586
$690,075
$764,391
$780,315
$764,391

$564,015
$883,434
$978,568
$998,970
$978,568

$681,766
$1,067,839
$1,182,867
$1,207,516
$1,182,867

$847,292
$1,327,067
$1,470,021
$1,500,624
$1,470,021

ADA
BLAINE
BOISE
BONNER
CAMAS
CANYON
GEM
KOOTENAI
OWYHEE
TETON

ID
ID
ID
ID
ID
ID
ID
ID
ID
ID

$475,621
$598,773
$475,621
$394,935
$598,773
$475,621
$475,621
$445,895
$475,621
$896,220

$608,881
$766,514
$608,881
$505,578
$766,514
$608,881
$608,881
$570,800
$608,881
$1,147,555

$736,003
$926,547
$736,003
$611,143
$926,547
$736,003
$736,003
$689,983
$736,003
$1,387,051

$914,684
$1,151,479
$914,684
$759,498
$1,151,479
$914,684
$914,684
$857,493
$914,684
$1,723,826

JOHNSON
LEAVENWORTH
LINN
MIAMI
WYANDOTTE

KS
KS
KS
KS
KS

$398,120
$398,120
$398,120
$398,120
$398,120

$509,640
$509,640
$509,640
$509,640
$509,640

$616,082
$616,082
$616,082
$616,082
$616,082

$765,637
$765,637
$765,637
$765,637
$765,637

BARNSTABLE
BRISTOL
DUKES
ESSEX
MIDDLESEX
NANTUCKET
NORFOLK
PLYMOUTH
SUFFOLK

MA
MA
MA
MA
MA
MA
MA
MA
MA

$573,293
$546,752
$896,220
$711,308
$711,308
$896,220
$711,308
$711,308
$711,308

$733,926
$699,953
$1,147,555
$910,622
$910,622
$1,147,555
$910,622
$910,622
$910,622

$887,127
$846,046
$1,387,051
$1,100,704
$1,100,704
$1,387,051
$1,100,704
$1,100,704
$1,100,704

$1,102,504
$1,051,453
$1,723,826
$1,367,918
$1,367,918
$1,723,826
$1,367,918
$1,367,918
$1,367,918

14

ANNE ARUNDEL
BALTIMORE
BALTIMORE CITY
CALVERT
CARROLL
CECIL
CHARLES
FREDERICK
HARFORD
HOWARD
MONTGOMERY
PRINCE GEORGE'S
QUEEN ANNE'S
TALBOT

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

$538,258
$538,258
$538,258
$896,220
$538,258
$440,586
$896,220
$896,220
$538,258
$538,258
$896,220
$896,220
$538,258
$398,120

$689,059
$689,059
$689,059
$1,147,555
$689,059
$564,015
$1,147,555
$1,147,555
$689,059
$689,059
$1,147,555
$1,147,555
$689,059
$509,640

$832,937
$832,937
$832,937
$1,387,051
$832,937
$681,766
$1,387,051
$1,387,051
$832,937
$832,937
$1,387,051
$1,387,051
$832,937
$616,082

$1,035,112
$1,035,112
$1,035,112
$1,723,826
$1,035,112
$847,292
$1,723,826
$1,723,826
$1,035,112
$1,035,112
$1,723,826
$1,723,826
$1,035,112
$765,637

CUMBERLAND
SAGADAHOC
YORK

ME
ME
ME

$427,846
$427,846
$427,846

$547,721
$547,721
$547,721

$662,056
$662,056
$662,056

$822,782
$822,782
$822,782

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

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

$414,045
$414,045
$414,045
$414,045
$414,045
$414,045
$414,045
$414,045
$414,045
$414,045
$414,045
$414,045
$414,045

$530,042
$530,042
$530,042
$530,042
$530,042
$530,042
$530,042
$530,042
$530,042
$530,042
$530,042
$530,042
$530,042

$640,685
$640,685
$640,685
$640,685
$640,685
$640,685
$640,685
$640,685
$640,685
$640,685
$640,685
$640,685
$640,685

$796,240
$796,240
$796,240
$796,240
$796,240
$796,240
$796,240
$796,240
$796,240
$796,240
$796,240
$796,240
$796,240

BATES
CALDWELL
CASS
CLAY

MO
MO
MO
MO

$398,120
$398,120
$398,120
$398,120

$509,640
$509,640
$509,640
$509,640

$616,082
$616,082
$616,082
$616,082

$765,637
$765,637
$765,637
$765,637

15

CLINTON
JACKSON
LAFAYETTE
PLATTE
RAY

MO
MO
MO
MO
MO

$398,120
$398,120
$398,120
$398,120
$398,120

$509,640
$509,640
$509,640
$509,640
$509,640

$616,082
$616,082
$616,082
$616,082
$616,082

$765,637
$765,637
$765,637
$765,637
$765,637

FLATHEAD
GALLATIN
MISSOULA
PARK
RAVALLI

MT
MT
MT
MT
MT

$407,675
$557,368
$435,278
$424,661
$389,627

$521,872
$713,524
$557,230
$543,613
$498,793

$630,853
$862,478
$673,550
$657,117
$602,927

$784,008
$1,071,855
$837,091
$816,642
$749,297

CAMDEN
CHATHAM
CURRITUCK
DARE
DURHAM
GATES
GRANVILLE
HYDE
ORANGE
PASQUOTANK
PERQUIMANS
PERSON

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

$451,203
$467,128
$451,203
$435,278
$467,128
$451,203
$467,128
$445,895
$467,128
$743,158
$743,158
$467,128

$577,632
$597,988
$577,632
$557,230
$597,988
$577,632
$597,988
$570,800
$597,988
$951,380
$951,380
$597,988

$698,199
$722,848
$698,199
$673,550
$722,848
$698,199
$722,848
$689,983
$722,848
$1,150,002
$1,150,002
$722,848

$867,694
$898,344
$867,694
$837,091
$898,344
$867,694
$898,344
$857,493
$898,344
$1,429,171
$1,429,171
$898,344

LINCOLN
LOGAN
MCPHERSON

NE
NE
NE

$400,243
$400,243
$400,243

$512,363
$512,363
$512,363

$619,360
$619,360
$619,360

$769,699
$769,699
$769,699

HILLSBOROUGH
ROCKINGHAM
STRAFFORD

NH
NH
NH

$397,058
$711,308
$711,308

$508,301
$910,622
$910,622

$614,421
$1,100,704
$1,100,704

$763,560
$1,367,918
$1,367,918

BERGEN
BURLINGTON
CAMDEN
CAPE MAY

NJ
NJ
NJ
NJ

$896,220
$440,586
$440,586
$452,264

$1,147,555
$564,015
$564,015
$578,971

$1,387,051
$681,766
$681,766
$699,861

$1,723,826
$847,292
$847,292
$869,725

16

ESSEX
GLOUCESTER
HUDSON
HUNTERDON
MIDDLESEX
MONMOUTH
MORRIS
OCEAN
PASSAIC
SALEM
SOMERSET
SUSSEX
UNION

NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ

$896,220
$440,586
$896,220
$896,220
$896,220
$896,220
$896,220
$896,220
$896,220
$440,586
$896,220
$896,220
$896,220

$1,147,555
$564,015
$1,147,555
$1,147,555
$1,147,555
$1,147,555
$1,147,555
$1,147,555
$1,147,555
$564,015
$1,147,555
$1,147,555
$1,147,555

$1,387,051
$681,766
$1,387,051
$1,387,051
$1,387,051
$1,387,051
$1,387,051
$1,387,051
$1,387,051
$681,766
$1,387,051
$1,387,051
$1,387,051

$1,723,826
$847,292
$1,723,826
$1,723,826
$1,723,826
$1,723,826
$1,723,826
$1,723,826
$1,723,826
$847,292
$1,723,826
$1,723,826
$1,723,826

LOS ALAMOS
SANTA FE
TAOS

NM
NM
NM

$489,422
$432,093
$390,689

$626,560
$553,168
$500,131

$757,328
$668,611
$604,543

$941,225
$830,952
$751,328

CARSON CITY
DOUGLAS
STOREY
WASHOE

NV
NV
NV
NV

$414,045
$525,519
$493,669
$493,669

$530,042
$672,765
$631,961
$631,961

$640,685
$813,227
$763,929
$763,929

$796,240
$1,010,602
$949,349
$949,349

BRONX
KINGS
NASSAU
NEW YORK
PUTNAM
QUEENS
RICHMOND
ROCKLAND
SUFFOLK
WESTCHESTER

NY
NY
NY
NY
NY
NY
NY
NY
NY
NY

$896,220
$896,220
$896,220
$896,220
$896,220
$896,220
$896,220
$896,220
$896,220
$896,220

$1,147,555
$1,147,555
$1,147,555
$1,147,555
$1,147,555
$1,147,555
$1,147,555
$1,147,555
$1,147,555
$1,147,555

$1,387,051
$1,387,051
$1,387,051
$1,387,051
$1,387,051
$1,387,051
$1,387,051
$1,387,051
$1,387,051
$1,387,051

$1,723,826
$1,723,826
$1,723,826
$1,723,826
$1,723,826
$1,723,826
$1,723,826
$1,723,826
$1,723,826
$1,723,826

DELAWARE
FAIRFIELD
FRANKLIN

OH
OH
OH

$405,552
$405,552
$405,552

$519,149
$519,149
$519,149

$627,576
$627,576
$627,576

$779,900
$779,900
$779,900

17

HOCKING
LICKING
MADISON
MORROW
PERRY
PICKAWAY
UNION

OH
OH
OH
OH
OH
OH
OH

$405,552
$405,552
$405,552
$405,552
$405,552
$405,552
$405,552

$519,149
$519,149
$519,149
$519,149
$519,149
$519,149
$519,149

$627,576
$627,576
$627,576
$627,576
$627,576
$627,576
$627,576

$779,900
$779,900
$779,900
$779,900
$779,900
$779,900
$779,900

BENTON
CLACKAMAS
CLATSOP
COLUMBIA
DESCHUTES
HOOD RIVER
MULTNOMAH
WASHINGTON
YAMHILL

OR
OR
OR
OR
OR
OR
OR
OR
OR

$445,895
$552,060
$403,428
$552,060
$525,519
$553,122
$552,060
$552,060
$552,060

$570,800
$706,738
$516,471
$706,738
$672,765
$708,077
$706,738
$706,738
$706,738

$689,983
$854,262
$624,252
$854,262
$813,227
$855,924
$854,262
$854,262
$854,262

$857,493
$1,061,654
$775,838
$1,061,654
$1,010,602
$1,063,731
$1,061,654
$1,061,654
$1,061,654

BUCKS
CHESTER
DELAWARE
MONTGOMERY
PHILADELPHIA
PIKE

PA
PA
PA
PA
PA
PA

$440,586
$440,586
$440,586
$440,586
$440,586
$896,220

$564,015
$564,015
$564,015
$564,015
$564,015
$1,147,555

$681,766
$681,766
$681,766
$681,766
$681,766
$1,387,051

$847,292
$847,292
$847,292
$847,292
$847,292
$1,723,826

BRISTOL
KENT
NEWPORT
PROVIDENCE
WASHINGTON

RI
RI
RI
RI
RI

$546,752
$546,752
$546,752
$546,752
$546,752

$699,953
$699,953
$699,953
$699,953
$699,953

$846,046
$846,046
$846,046
$846,046
$846,046

$1,051,453
$1,051,453
$1,051,453
$1,051,453
$1,051,453

BERKELEY
CHARLESTON
DORCHESTER

SC
SC
SC

$437,401
$437,401
$437,401

$559,953
$559,953
$559,953

$676,827
$676,827
$676,827

$841,153
$841,153
$841,153

CANNON
CHEATHAM

TN
TN

$641,239
$641,239

$820,889
$820,889

$992,277
$992,277

$1,233,180
$1,233,180

18

DAVIDSON
DICKSON
MACON
MAURY
ROBERTSON
RUTHERFORD
SMITH
SUMNER
TROUSDALE
WILLIAMSON
WILSON

TN
TN
TN
TN
TN
TN
TN
TN
TN
TN
TN

$641,239
$641,239
$641,239
$641,239
$641,239
$641,239
$641,239
$641,239
$641,239
$641,239
$641,239

$820,889
$820,889
$820,889
$820,889
$820,889
$820,889
$820,889
$820,889
$820,889
$820,889
$820,889

$992,277
$992,277
$992,277
$992,277
$992,277
$992,277
$992,277
$992,277
$992,277
$992,277
$992,277

$1,233,180
$1,233,180
$1,233,180
$1,233,180
$1,233,180
$1,233,180
$1,233,180
$1,233,180
$1,233,180
$1,233,180
$1,233,180

ATASCOSA
BANDERA
BASTROP
BEXAR
CALDWELL
COLLIN
COMAL
DALLAS
DENTON
ELLIS
GUADALUPE
HAYS
HUNT
JOHNSON
KAUFMAN
KENDALL
MEDINA
PARKER
ROCKWALL
TARRANT
TRAVIS
WILLIAMSON
WILSON
WISE

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

$415,107
$415,107
$445,895
$415,107
$445,895
$416,168
$415,107
$416,168
$416,168
$416,168
$415,107
$445,895
$416,168
$416,168
$416,168
$415,107
$415,107
$416,168
$416,168
$416,168
$445,895
$445,895
$415,107
$416,168

$531,381
$531,381
$570,800
$531,381
$570,800
$532,766
$531,381
$532,766
$532,766
$532,766
$531,381
$570,800
$532,766
$532,766
$532,766
$531,381
$531,381
$532,766
$532,766
$532,766
$570,800
$570,800
$531,381
$532,766

$642,347
$642,347
$689,983
$642,347
$689,983
$644,008
$642,347
$644,008
$644,008
$644,008
$642,347
$689,983
$644,008
$644,008
$644,008
$642,347
$642,347
$644,008
$644,008
$644,008
$689,983
$689,983
$642,347
$644,008

$798,271
$798,271
$857,493
$798,271
$857,493
$800,348
$798,271
$800,348
$800,348
$800,348
$798,271
$857,493
$800,348
$800,348
$800,348
$798,271
$798,271
$800,348
$800,348
$800,348
$857,493
$857,493
$798,271
$800,348

19

BOX ELDER
DAVIS
JUAB
MORGAN
RICH
SALT LAKE
SUMMIT
TOOELE
UTAH
WASATCH
WASHINGTON
WEBER

UT
UT
UT
UT
UT
UT
UT
UT
UT
UT
UT
UT

$596,649
$596,649
$469,251
$596,649
$412,983
$483,052
$896,220
$483,052
$469,251
$896,220
$444,833
$596,649

$763,837
$763,837
$600,711
$763,837
$528,704
$618,390
$1,147,555
$618,390
$600,711
$1,147,555
$569,462
$763,837

$923,269
$923,269
$726,125
$923,269
$639,069
$747,497
$1,387,051
$747,497
$726,125
$1,387,051
$688,367
$923,269

$1,147,417
$1,147,417
$902,406
$1,147,417
$794,209
$928,947
$1,723,826
$928,947
$902,406
$1,723,826
$855,462
$1,147,417

ALBEMARLE
ALEXANDRIA CITY
AMELIA
ARLINGTON
CHARLES CITY
CHARLOTTESVILLE
CHESAPEAKE CITY
CHESTERFIELD
CLARKE
COLONIAL HEIGHT
CULPEPER
DINWIDDIE
FAIRFAX
FAIRFAX CITY
FALLS CHURCH CI
FAUQUIER
FLUVANNA
FRANKLIN CITY
FREDERICKSBURG
GLOUCESTER
GOOCHLAND
GREENE
HAMPTON CITY
HANOVER

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

$424,661
$896,220
$494,731
$896,220
$494,731
$424,661
$451,203
$494,731
$896,220
$494,731
$896,220
$494,731
$896,220
$896,220
$896,220
$896,220
$424,661
$451,203
$896,220
$451,203
$494,731
$424,661
$451,203
$494,731

$543,613
$1,147,555
$633,346
$1,147,555
$633,346
$543,613
$577,632
$633,346
$1,147,555
$633,346
$1,147,555
$633,346
$1,147,555
$1,147,555
$1,147,555
$1,147,555
$543,613
$577,632
$1,147,555
$577,632
$633,346
$543,613
$577,632
$633,346

$657,117
$1,387,051
$765,545
$1,387,051
$765,545
$657,117
$698,199
$765,545
$1,387,051
$765,545
$1,387,051
$765,545
$1,387,051
$1,387,051
$1,387,051
$1,387,051
$657,117
$698,199
$1,387,051
$698,199
$765,545
$657,117
$698,199
$765,545

$816,642
$1,723,826
$951,426
$1,723,826
$951,426
$816,642
$867,694
$951,426
$1,723,826
$951,426
$1,723,826
$951,426
$1,723,826
$1,723,826
$1,723,826
$1,723,826
$816,642
$867,694
$1,723,826
$867,694
$951,426
$816,642
$867,694
$951,426

20

HENRICO
HOPEWELL CITY
ISLE OF WIGHT
JAMES CITY
KING AND QUEEN
KING WILLIAM
LANCASTER
LOUDOUN
MADISON
MANASSAS CITY
MANASSAS PARK C
MATHEWS
NELSON
NEW KENT
NEWPORT NEWS CI
NORFOLK CITY
PETERSBURG CITY
POQUOSON CITY
PORTSMOUTH CITY
POWHATAN
PRINCE GEORGE
PRINCE WILLIAM
RAPPAHANNOCK
RICHMOND CITY
SOUTHAMPTON
SPOTSYLVANIA
STAFFORD
SUFFOLK CITY
SUSSEX
VIRGINIA BEACH
WARREN
WILLIAMSBURG CI
YORK

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

$494,731
$494,731
$451,203
$451,203
$494,731
$494,731
$408,737
$896,220
$896,220
$896,220
$896,220
$451,203
$424,661
$494,731
$451,203
$451,203
$494,731
$451,203
$451,203
$494,731
$494,731
$896,220
$896,220
$494,731
$451,203
$896,220
$896,220
$451,203
$494,731
$451,203
$896,220
$451,203
$451,203

$633,346
$633,346
$577,632
$577,632
$633,346
$633,346
$523,257
$1,147,555
$1,147,555
$1,147,555
$1,147,555
$577,632
$543,613
$633,346
$577,632
$577,632
$633,346
$577,632
$577,632
$633,346
$633,346
$1,147,555
$1,147,555
$633,346
$577,632
$1,147,555
$1,147,555
$577,632
$633,346
$577,632
$1,147,555
$577,632
$577,632

$765,545
$765,545
$698,199
$698,199
$765,545
$765,545
$632,469
$1,387,051
$1,387,051
$1,387,051
$1,387,051
$698,199
$657,117
$765,545
$698,199
$698,199
$765,545
$698,199
$698,199
$765,545
$765,545
$1,387,051
$1,387,051
$765,545
$698,199
$1,387,051
$1,387,051
$698,199
$765,545
$698,199
$1,387,051
$698,199
$698,199

$951,426
$951,426
$867,694
$867,694
$951,426
$951,426
$786,039
$1,723,826
$1,723,826
$1,723,826
$1,723,826
$867,694
$816,642
$951,426
$867,694
$867,694
$951,426
$867,694
$867,694
$951,426
$951,426
$1,723,826
$1,723,826
$951,426
$867,694
$1,723,826
$1,723,826
$867,694
$951,426
$867,694
$1,723,826
$867,694
$867,694

CHITTENDEN
FRANKLIN
GRAND ISLE

VT
VT
VT

$401,305
$401,305
$401,305

$513,748
$513,748
$513,748

$620,975
$620,975
$620,975

$771,730
$771,730
$771,730

21

CLARK
ISLAND
KING
KITSAP
PIERCE
SAN JUAN
SKAGIT
SKAMANIA
SNOHOMISH
THURSTON
WHATCOM

WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA

$552,060
$472,436
$822,782
$459,696
$822,782
$459,696
$437,401
$552,060
$822,782
$440,586
$474,559

$706,738
$604,819
$1,053,299
$588,479
$1,053,299
$588,479
$559,953
$706,738
$1,053,299
$564,015
$607,497

$854,262
$731,064
$1,273,200
$711,354
$1,273,200
$711,354
$676,827
$854,262
$1,273,200
$681,766
$734,341

$1,061,654
$908,545
$1,582,279
$884,034
$1,582,279
$884,034
$841,153
$1,061,654
$1,582,279
$847,292
$912,607

PIERCE
ST. CROIX

WI
WI

$414,045
$414,045

$530,042
$530,042

$640,685
$640,685

$796,240
$796,240

JEFFERSON

WV

$896,220

$1,147,555

$1,387,051

$1,723,826

SHERIDAN
TETON

WY
WY

$452,264
$896,220

$578,971
$1,147,555

$699,861
$1,387,051

$869,725
$1,723,826

GUAM

GU

$520,210

$665,980

$805,010

$1,000,401

NORTHERN ISLAND
SAIPAN
TINIAN

MP
MP
MP

$484,114
$488,361
$491,546

$619,729
$625,176
$629,284

$749,112
$755,713
$760,652

$930,978
$939,148
$945,287

CULEBRA

PR

$491,546

$629,284

$760,652

$945,287

ST. JOHN ISLAND
ST. THOMAS ISLA

VI
VI

$575,416
$411,922

$736,649
$527,319

$890,404
$637,408

$1,106,566
$792,178

$388,362

$497,269

$601,034

$746,989

All other areas - 2820
counties (floor):

.02 The nationwide average purchase price (for use in the housing cost/income
ratio for new and existing residences) is $368,500.

22

SECTION 5. EFFECT ON OTHER DOCUMENTS
Rev. Proc. 2021-17 is obsolete except as provided in section 6 of this revenue
procedure.
SECTION 6. EFFECTIVE DATES
.01 Issuers may rely on this revenue procedure to determine average area
purchase price safe harbors for commitments to provide financing or issue mortgage
credit certificates that are made, or (if the purchase precedes the commitment) for
residences that are purchased, in the period that begins on March 30, 2022, and ends
on the date as of which the safe harbors contained in section 4.01 of this revenue
procedure are rendered obsolete by a new revenue procedure.
.02 Notwithstanding section 5 of this revenue procedure, issuers may continue to
rely on the average area purchase price safe harbors contained in Rev. Proc. 2021-17,
with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before April 29, 2022, if the commitments to provide
financing or issue mortgage credit certificates are made on or before May 29, 2022.
.03 Except as provided in section 6.04, issuers must use the nationwide average
purchase price limitation contained in this revenue procedure for commitments to
provide financing or issue mortgage credit certificates that are made, or (if the purchase
precedes the commitment) for residences that are purchased, in the period that begins
on March 30, 2022, and ends on the date when the nationwide average purchase price
limitation is rendered obsolete by a new revenue procedure.
.04 Notwithstanding sections 5 and 6.03 of this revenue procedure, issuers may

23

continue to rely on the nationwide average purchase price set forth in Rev. Proc. 202117 with respect to bonds sold, or for mortgage credit certificates issued with respect to
bond authority exchanged, before April 29, 2022, if the commitments to provide
financing or issue mortgage credit certificates are made on or before May 29, 2022.
SECTION 7. PAPERWORK REDUCTION ACT
The collection of information contained in this revenue procedure has been
reviewed and approved by the Office of Management and Budget in accordance with
the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1877.
An agency may not conduct or sponsor, and a person is not required to respond
to, a collection of information unless the collection of information displays a valid OMB
control number.
This revenue procedure contains a collection of information requirement in
section 3.03. The purpose of the collection of information is to verify the applicable FHA
loan limit that issuers of qualified mortgage bonds and qualified mortgage certificates
have used to calculate the average area purchase price for a given metropolitan
statistical area for purposes of §§ 143(e) and 25(c). The collection of information is
required to obtain the benefit of using revisions to FHA loan limits to determine average
area purchase 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

24

as their contents may become material in the administration of any internal revenue law.
Generally, tax returns and tax return information are confidential, as required by 26
U.S.C. 6103.
SECTION 8. DRAFTING INFORMATION
The principal authors of this revenue procedure are Jian H. Grant and David
White of the Office of Associate Chief Counsel (Financial Institutions & Products). For
further information regarding this revenue procedure contact Mr. White at (202) 3174562 (not a toll-free number).

25