Revenue Procedure 2024-21
Internal Revenue Service
2024-19 I.R.B. 1054
   
     
     
 26 CFR 601.601: Rules and Regulations      
 (Also Part 1,§§ 25, 143, 6a.103A-1(b)(4), 6a.103A-2(f)(5).)      
     
 Rev. Proc. 2024-21      
     
 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 7 of this revenue procedure requests comments on the available data and method used for calculating the average area purchase price safe harbors.   
     
 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§    103(a) shall not apply to any private activity bond that is not a "qualified bond" within the meaning of§ 141. Section 141(e) provides, in part, that the term "qualified bond" means any private activity bond if such bond (1) is a qualified mortgage bond under§    143, (2) meets the volume cap requirements under§ 146, and (3) meets the applicable requirements under§ 147..02 Section 143(a)(1) provides that the term "qualified mortgage bond" means a bond that is issued as part of a qualified mortgage issue. Section 143(a)(2)(A) provides that the term "qualified mortgage issue" means an issue of one or more bonds by a State or political subdivision thereof, but only if: (i) all proceeds of the issue (exclusive of issuance costs and a reasonably required reserve) are to be used to finance owner-occupied residences; (ii) the issue meets the requirements of subsections (c), (d), (e), (f), (g), (h), (i), and (m)(7) of§ 143; (iii) the issue does not meet the private business tests of paragraphs (1) and (2) of§ 141(b); and (iv) with respect to amounts received more than 10 years after the date of issuance, repayments of $250,000 or more of principal on mortgage financing provided by the issue are used by the close of the first semiannual period beginning after the date the prepayment (or complete repayment) is received to redeem bonds that are part of the issue.   
     
 Average Area Purchase Price.03 Section 143(e)(1) provides that an issue of bonds meets the purchase price requirements of§ 143(e) if the acquisition cost of each residence financed by the issue does not exceed 90 percent of the average area purchase price applicable to such residence. Section 143(e)(5) provides that, in the case of a targeted area residence (as 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 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 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 Islands, and Guam were last published in Rev. Proc. 2023-22, 2023-19 I.R.B. 838..12 The nationwide average purchase price was last published in section 4.02 of Rev. Proc. 2023-22. 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..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, 2023. 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, 2023..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 (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, 2023, 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 0.878..04 If, pursuant to§ 6a.103A-2(f)(5)(i), an issuer uses more accurate and comprehensive data to determine the average area purchase price for a statistical area, the issuer must make separate average area purchase price determinations for new and existing residences. Moreover, when computing the average area purchase price for a statistical area that is an MSA, as defined in OMB Bulletin No. 23-01, the issuer must make the computation for the entire applicable MSA. When computing the average area purchase price for a statistical area that is not an MSA, the issuer must make the computation for the entire statistical area and may not combine statistical areas. Thus, for example, the issuer may not combine two or more counties..05 If an issuer receives a ruling permitting it to rely on an average area purchase price limitation that is higher than the applicable safe harbor in this revenue procedure, the issuer may rely on that higher limitation for the purpose of satisfying the requirements of§§ 143(e) and (f) for bonds sold, and mortgage credit certificates issued, not more than 30 months following the termination date of the 12-month period used by the issuer to compute the limitation.   
     
 Nationwide Average Purchase Price.   06 Section 4.02 of this revenue procedure sets forth a single nationwide average purchase price for purposes of computing the housing cost/income ratio under§ 143(f)(5)..07 Issuers must use the nationwide average purchase price set forth in section 4.02 of this revenue procedure when computing the housing cost/income ratio under§ 143(f)(5) regardless of whether they are relying on the average area purchase price 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. 2023-22, the issuer must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc. 2023-22 in computing the housing cost/income ratio under§ 143(f)(5). Likewise, if, pursuant to section 6.04 of this revenue procedure, an issuer relies on the nationwide average purchase price published in Rev. Proc. 2023-22, the issuer must use the average area purchase price safe harbors set forth in section 4.01 of Rev. Proc. 2023-22 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.   
     
 2024 Average Area Purchase Prices for Mortgage Revenue Bonds      
     
       
       
 One-Unit      
 Two-Unit      
 Three-Unit      
 Four-Unit      
 County Name      
 State      
 Limit    
 Limit    
 Limit    
 Limit    
     
     
       
       
       
       
ALEUTIANS WEST   
AK   
$621,082   
$795,068   
$961,077   
$1,194,424   
HOONAH-ANGOON C   
AK   
$597,497   
$764,874   
$924,559   
$1,149,020   
JUNEAU CITY AND   
AK   
$630,255   
$806,860   
$975,262   
$1,212,028   
KODIAK ISLAND B   
AK   
$589,635   
$754,847   
$912,425   
$1,133,923   
SITKA CITY AND   
AK   
$668,253   
$855,455   
$1,034,055   
$1,285,120   
SKAGWAY MUNICIP   
AK   
$597,497   
$764,874   
$924,559   
$1,149,020   
     
     
     
     
     
     
COCONINO   
AZ   
$598,807   
$766,583   
$926,610   
$1,151,583   
MARICOPA   
AZ   
$604,049   
$773,305   
$934,700   
$1,161,667   
PINAL   
AZ   
$604,049   
$773,305   
$934,700   
$1,161,667   
     
     
     
     
     
     
ALAMEDA   
CA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
ALPINE   
CA   
$573,912   
$734,680   
$888,099   
$1,103,672   
CONTRA COSTA   
CA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
EL DORADO   
CA   
$870,040   
$1,113,812   
$1,346,362   
$1,673,197   
INYO   
CA   
$579,153   
$741,402   
$896,189   
$1,113,756   
LOS ANGELES   
CA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
MARIN   
CA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
     
     
     
     
 One-Unit    
 Two-Unit    
 Three-Unit    
 Four-Unit    
 County Name    
 State    
 Limit      
 Limit      
 Limit      
 Limit      
     
     
       
       
       
       
MENDOCINO   
CA   
$622,393   
$796,777   
$963,128   
$1,196,931   
MONO   
CA   
$790,111   
$1,011,495   
$1,222,681   
$1,519,493   
MONTEREY   
CA   
$1,048,240   
$1,341,919   
$1,622,095   
$2,015,869   
NAPA   
CA   
$1,159,616   
$1,484,514   
$1,794,428   
$2,230,075   
NEVADA   
CA   
$733,768   
$939,372   
$1,135,461   
$1,411,137   
ORANGE   
CA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
PLACER   
CA   
$870,040   
$1,113,812   
$1,346,362   
$1,673,197   
RIVERSIDE   
CA   
$733,768   
$939,372   
$1,135,461   
$1,411,137   
SACRAMENTO   
CA   
$870,040   
$1,113,812   
$1,346,362   
$1,673,197   
SAN BENITO   
CA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
SAN BERNARDINO   
CA   
$733,768   
$939,372   
$1,135,461   
$1,411,137   
SAN DIEGO   
CA   
$1,146,513   
$1,467,765   
$1,774,204   
$2,204,894   
SAN FRANCISCO   
CA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
SAN JOAQUIN   
CA   
$748,182   
$957,830   
$1,157,793   
$1,438,824   
SAN LUIS OBISPO   
CA   
$1,058,723   
$1,355,364   
$1,638,331   
$2,036,036   
SAN MATEO   
CA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
SANTA BARBARA   
CA   
$955,209   
$1,222,852   
$1,478,133   
$1,836,984   
SANTA CLARA   
CA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
SANTA CRUZ   
CA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
SOLANO   
CA   
$780,939   
$999,759   
$1,208,439   
$1,501,832   
SONOMA   
CA   
$999,759   
$1,279,879   
$1,547,066   
$1,922,667   
STANISLAUS   
CA   
$589,635   
$754,847   
$912,425   
$1,133,923   
VENTURA   
CA   
$1,087,550   
$1,392,280   
$1,682,939   
$2,091,468   
YOLO   
CA   
$870,040   
$1,113,812   
$1,346,362   
$1,673,197   
     
     
     
     
     
     
ADAMS   
CO   
$930,313   
$1,190,949   
$1,439,622   
$1,789,073   
ARAPAHOE   
CO   
$930,313   
$1,190,949   
$1,439,622   
$1,789,073   
BOULDER   
CO   
$976,174   
$1,249,685   
$1,510,606   
$1,877,319   
BROOMFIELD   
CO   
$930,313   
$1,190,949   
$1,439,622   
$1,789,073   
CHAFFEE   
CO   
$720,665   
$922,566   
$1,115,180   
$1,385,899   
CLEAR CREEK   
CO   
$930,313   
$1,190,949   
$1,439,622   
$1,789,073   
DENVER   
CO   
$930,313   
$1,190,949   
$1,439,622   
$1,789,073   
DOUGLAS   
CO   
$930,313   
$1,190,949   
$1,439,622   
$1,789,073   
EAGLE   
CO   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
EL PASO   
CO   
$589,635   
$754,847   
$912,425   
$1,133,923   
ELBERT   
CO   
$930,313   
$1,190,949   
$1,439,622   
$1,789,073   
GARFIELD   
CO   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
GILPIN   
CO   
$930,313   
$1,190,949   
$1,439,622   
$1,789,073   
GRAND   
CO   
$851,695   
$1,090,341   
$1,317,935   
$1,637,876   
GUNNISON   
CO   
$721,976   
$924,275   
$1,117,231   
$1,388,406   
JEFFERSON   
CO   
$930,313   
$1,190,949   
$1,439,622   
$1,789,073   
LA PLATA   
CO   
$746,871   
$956,121   
$1,155,742   
$1,436,317   
LARIMER   
CO   
$720,665   
$922,566   
$1,115,180   
$1,385,899   
MONTROSE   
CO   
$639,427   
$818,596   
$989,448   
$1,229,689   
     
     
     
     
 One-Unit    
 Two-Unit    
 Three-Unit    
 Four-Unit    
 County Name    
 State    
 Limit      
 Limit      
 Limit      
 Limit      
     
     
       
       
       
       
OURAY   
CO   
$639,427   
$818,596   
$989,448   
$1,229,689   
PARK   
CO   
$930,313   
$1,190,949   
$1,439,622   
$1,789,073   
PITKIN   
CO   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
ROUTT   
CO   
$1,153,065   
$1,476,139   
$1,784,345   
$2,217,484   
SAN JUAN   
CO   
$589,635   
$754,847   
$912,425   
$1,133,923   
SAN MIGUEL   
CO   
$1,191,063   
$1,524,791   
$1,843,137   
$2,290,576   
SUMMIT   
CO   
$1,146,513   
$1,467,765   
$1,774,204   
$2,204,894   
TELLER   
CO   
$589,635   
$754,847   
$912,425   
$1,133,923   
WELD   
CO   
$638,116   
$816,887   
$987,454   
$1,227,182   
     
     
     
     
     
     
FAIRFIELD   
CT   
$818,938   
$1,048,411   
$1,267,289   
$1,574,924   
     
     
     
     
     
     
DISTRICT OF COL   
DC   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
     
     
     
     
     
     
NEW CASTLE   
DE   
$635,496   
$813,526   
$983,409   
$1,222,112   
     
     
     
     
     
     
BAKER   
FL   
$643,358   
$823,609   
$995,544   
$1,237,266   
BROWARD   
FL   
$707,562   
$905,816   
$1,094,899   
$1,360,719   
CLAY   
FL   
$643,358   
$823,609   
$995,544   
$1,237,266   
COLLIER   
FL   
$832,041   
$1,065,160   
$1,287,513   
$1,600,105   
DUVAL   
FL   
$643,358   
$823,609   
$995,544   
$1,237,266   
MANATEE   
FL   
$623,703   
$798,429   
$965,122   
$1,199,438   
MARTIN   
FL   
$622,393   
$796,777   
$963,128   
$1,196,931   
MIAMI-DADE   
FL   
$707,562   
$905,816   
$1,094,899   
$1,360,719   
MONROE   
FL   
$1,058,723   
$1,355,364   
$1,638,331   
$2,036,036   
NASSAU   
FL   
$643,358   
$823,609   
$995,544   
$1,237,266   
OKALOOSA   
FL   
$687,908   
$880,636   
$1,064,477   
$1,322,891   
PALM BEACH   
FL   
$707,562   
$905,816   
$1,094,899   
$1,360,719   
SARASOTA   
FL   
$623,703   
$798,429   
$965,122   
$1,199,438   
ST. JOHNS   
FL   
$643,358   
$823,609   
$995,544   
$1,237,266   
ST. LUCIE   
FL   
$622,393   
$796,777   
$963,128   
$1,196,931   
WALTON   
FL   
$687,908   
$880,636   
$1,064,477   
$1,322,891   
     
     
     
     
     
     
BARROW   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
BARTOW   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
BUTTS   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
CARROLL   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
CHEROKEE   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
CLARKE   
GA   
$622,393   
$796,777   
$963,128   
$1,196,931   
CLAYTON   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
COBB   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
COWETA   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
DAWSON   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
DEKALB   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
     
     
     
     
 One-Unit    
 Two-Unit    
 Three-Unit    
 Four-Unit    
 County Name    
 State    
 Limit      
 Limit      
 Limit      
 Limit      
     
     
       
       
       
       
DOUGLAS   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
FAYETTE   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
FORSYTH   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
FULTON   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
GREENE   
GA   
$602,738   
$771,596   
$932,706   
$1,159,103   
GWINNETT   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
HARALSON   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
HEARD   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
HENRY   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
JASPER   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
LAMAR   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
MADISON   
GA   
$622,393   
$796,777   
$963,128   
$1,196,931   
MERIWETHER   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
MORGAN   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
NEWTON   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
OCONEE   
GA   
$622,393   
$796,777   
$963,128   
$1,196,931   
OGLETHORPE   
GA   
$622,393   
$796,777   
$963,128   
$1,196,931   
PAULDING   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
PICKENS   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
PIKE   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
ROCKDALE   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
SPALDING   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
WALTON   
GA   
$740,320   
$947,746   
$1,145,602   
$1,423,727   
     
     
     
     
     
     
HAWAII   
HI   
$589,635   
$754,847   
$912,425   
$1,133,923   
HONOLULU   
HI   
$888,384   
$1,137,284   
$1,374,733   
$1,708,461   
KALAWAO   
HI   
$1,139,962   
$1,459,390   
$1,764,063   
$2,192,304   
KAUAI   
HI   
$1,172,719   
$1,501,320   
$1,814,709   
$2,255,255   
MAUI   
HI   
$1,139,962   
$1,459,390   
$1,764,063   
$2,192,304   
     
     
     
     
     
     
ADA   
ID   
$668,253   
$855,455   
$1,034,055   
$1,285,120   
BLAINE   
ID   
$864,798   
$1,107,090   
$1,338,216   
$1,663,113   
BOISE   
ID   
$668,253   
$855,455   
$1,034,055   
$1,285,120   
BONNER   
ID   
$596,187   
$763,222   
$922,566   
$1,146,513   
CAMAS   
ID   
$864,798   
$1,107,090   
$1,338,216   
$1,663,113   
CANYON   
ID   
$668,253   
$855,455   
$1,034,055   
$1,285,120   
GEM   
ID   
$668,253   
$855,455   
$1,034,055   
$1,285,120   
KOOTENAI   
ID   
$652,530   
$835,345   
$1,009,729   
$1,254,869   
OWYHEE   
ID   
$668,253   
$855,455   
$1,034,055   
$1,285,120   
TETON   
ID   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
VALLEY   
ID   
$653,840   
$837,054   
$1,011,780   
$1,257,376   
     
     
     
     
     
     
BARNSTABLE   
MA   
$851,695   
$1,090,341   
$1,317,935   
$1,637,876   
BRISTOL   
MA   
$838,592   
$1,073,535   
$1,297,653   
$1,612,695   
     
     
     
     
 One-Unit    
 Two-Unit    
 Three-Unit    
 Four-Unit    
 County Name    
 State    
 Limit      
 Limit      
 Limit      
 Limit      
     
     
       
       
       
       
DUKES   
MA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
ESSEX   
MA   
$982,725   
$1,258,059   
$1,520,746   
$1,889,909   
MIDDLESEX   
MA   
$982,725   
$1,258,059   
$1,520,746   
$1,889,909   
NANTUCKET   
MA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
NORFOLK   
MA   
$982,725   
$1,258,059   
$1,520,746   
$1,889,909   
PLYMOUTH   
MA   
$982,725   
$1,258,059   
$1,520,746   
$1,889,909   
SUFFOLK   
MA   
$982,725   
$1,258,059   
$1,520,746   
$1,889,909   
     
     
     
     
     
     
ANNE ARUNDEL   
MD   
$759,974   
$972,927   
$1,176,023   
$1,461,498   
BALTIMORE   
MD   
$759,974   
$972,927   
$1,176,023   
$1,461,498   
BALTIMORE CITY   
MD   
$759,974   
$972,927   
$1,176,023   
$1,461,498   
CALVERT   
MD   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
CARROLL   
MD   
$759,974   
$972,927   
$1,176,023   
$1,461,498   
CECIL   
MD   
$635,496   
$813,526   
$983,409   
$1,222,112   
CHARLES   
MD   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
FREDERICK   
MD   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
HARFORD   
MD   
$759,974   
$972,927   
$1,176,023   
$1,461,498   
HOWARD   
MD   
$759,974   
$972,927   
$1,176,023   
$1,461,498   
MONTGOMERY   
MD   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
PRINCE GEORGE'S   
MD   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
QUEEN ANNE'S   
MD   
$759,974   
$972,927   
$1,176,023   
$1,461,498   
     
     
     
     
     
     
CUMBERLAND   
ME   
$622,393   
$796,777   
$963,128   
$1,196,931   
SAGADAHOC   
ME   
$622,393   
$796,777   
$963,128   
$1,196,931   
YORK   
ME   
$622,393   
$796,777   
$963,128   
$1,196,931   
     
     
     
     
     
     
ANOKA   
MN   
$587,015   
$751,486   
$908,380   
$1,128,909   
CARVER   
MN   
$587,015   
$751,486   
$908,380   
$1,128,909   
CHISAGO   
MN   
$587,015   
$751,486   
$908,380   
$1,128,909   
DAKOTA   
MN   
$587,015   
$751,486   
$908,380   
$1,128,909   
HENNEPIN   
MN   
$587,015   
$751,486   
$908,380   
$1,128,909   
ISANTI   
MN   
$587,015   
$751,486   
$908,380   
$1,128,909   
LE SUEUR   
MN   
$587,015   
$751,486   
$908,380   
$1,128,909   
MILLE LACS   
MN   
$587,015   
$751,486   
$908,380   
$1,128,909   
RAMSEY   
MN   
$587,015   
$751,486   
$908,380   
$1,128,909   
SCOTT   
MN   
$587,015   
$751,486   
$908,380   
$1,128,909   
SHERBURNE   
MN   
$587,015   
$751,486   
$908,380   
$1,128,909   
WASHINGTON   
MN   
$587,015   
$751,486   
$908,380   
$1,128,909   
WRIGHT   
MN   
$587,015   
$751,486   
$908,380   
$1,128,909   
     
     
     
     
     
     
BROADWATER   
MT   
$568,670   
$728,014   
$879,952   
$1,093,588   
CARBON   
MT   
$859,557   
$1,100,368   
$1,330,126   
$1,653,030   
FLATHEAD   
MT   
$636,806   
$815,235   
$985,403   
$1,224,618   
GALLATIN   
MT   
$818,938   
$1,048,411   
$1,267,289   
$1,574,924   
     
     
     
     
 One-Unit    
 Two-Unit    
 Three-Unit    
 Four-Unit    
 County Name    
 State    
 Limit      
 Limit      
 Limit      
 Limit      
     
     
       
       
       
       
MISSOULA   
MT   
$622,393   
$796,777   
$963,128   
$1,196,931   
PARK   
MT   
$642,047   
$821,957   
$993,550   
$1,234,702   
RAVALLI   
MT   
$575,222   
$736,389   
$890,093   
$1,106,179   
STILLWATER   
MT   
$859,557   
$1,100,368   
$1,330,126   
$1,653,030   
YELLOWSTONE   
MT   
$859,557   
$1,100,368   
$1,330,126   
$1,653,030   
     
     
     
     
     
     
CAMDEN   
NC   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
CHATHAM   
NC   
$686,598   
$878,984   
$1,062,483   
$1,320,384   
CURRITUCK   
NC   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
DARE   
NC   
$703,631   
$900,746   
$1,088,803   
$1,353,142   
DURHAM   
NC   
$686,598   
$878,984   
$1,062,483   
$1,320,384   
FRANKLIN   
NC   
$602,738   
$771,596   
$932,706   
$1,159,103   
GATES   
NC   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
GRANVILLE   
NC   
$686,598   
$878,984   
$1,062,483   
$1,320,384   
JOHNSTON   
NC   
$602,738   
$771,596   
$932,706   
$1,159,103   
ORANGE   
NC   
$686,598   
$878,984   
$1,062,483   
$1,320,384   
PASQUOTANK   
NC   
$917,210   
$1,174,200   
$1,419,340   
$1,763,892   
PERQUIMANS   
NC   
$917,210   
$1,174,200   
$1,419,340   
$1,763,892   
PERSON   
NC   
$686,598   
$878,984   
$1,062,483   
$1,320,384   
WAKE   
NC   
$602,738   
$771,596   
$932,706   
$1,159,103   
     
     
     
     
     
     
BILLINGS   
ND   
$579,153   
$741,402   
$896,189   
$1,113,756   
STARK   
ND   
$579,153   
$741,402   
$896,189   
$1,113,756   
     
     
     
     
     
     
DAWSON   
NE   
$687,908   
$880,636   
$1,064,477   
$1,322,891   
GOSPER   
NE   
$687,908   
$880,636   
$1,064,477   
$1,322,891   
     
     
     
     
     
     
ROCKINGHAM   
NH   
$982,725   
$1,258,059   
$1,520,746   
$1,889,909   
STRAFFORD   
NH   
$982,725   
$1,258,059   
$1,520,746   
$1,889,909   
     
     
     
     
     
     
BERGEN   
NJ   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
BURLINGTON   
NJ   
$635,496   
$813,526   
$983,409   
$1,222,112   
CAMDEN   
NJ   
$635,496   
$813,526   
$983,409   
$1,222,112   
CAPE MAY   
NJ   
$635,496   
$813,526   
$983,409   
$1,222,112   
ESSEX   
NJ   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
GLOUCESTER   
NJ   
$635,496   
$813,526   
$983,409   
$1,222,112   
HUDSON   
NJ   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
HUNTERDON   
NJ   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
MIDDLESEX   
NJ   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
MONMOUTH   
NJ   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
MORRIS   
NJ   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
OCEAN   
NJ   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
PASSAIC   
NJ   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
SALEM   
NJ   
$635,496   
$813,526   
$983,409   
$1,222,112   
     
     
     
     
 One-Unit    
 Two-Unit    
 Three-Unit    
 Four-Unit    
 County Name    
 State    
 Limit      
 Limit    
 Limit      
 Limit      
     
     
       
       
       
       
SOMERSET   
NJ   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
SUSSEX   
NJ   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
UNION   
NJ   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
     
     
     
     
     
     
LOS ALAMOS   
NM   
$712,804   
$912,539   
$1,103,045   
$1,370,802   
SANTA FE   
NM   
$617,152   
$790,054   
$954,981   
$1,186,848   
     
     
     
     
     
     
CARSON CITY   
NV   
$581,773   
$744,763   
$900,233   
$1,118,826   
DOUGLAS   
NV   
$749,492   
$959,482   
$1,159,787   
$1,441,331   
STOREY   
NV   
$707,562   
$905,816   
$1,094,899   
$1,360,719   
WASHOE   
NV   
$707,562   
$905,816   
$1,094,899   
$1,360,719   
     
     
     
     
     
     
BRONX   
NY   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
KINGS   
NY   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
NASSAU   
NY   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
NEW YORK   
NY   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
PUTNAM   
NY   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
QUEENS   
NY   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
RICHMOND   
NY   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
ROCKLAND   
NY   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
SUFFOLK   
NY   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
WESTCHESTER   
NY   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
     
     
     
     
     
     
DELAWARE   
OH   
$622,393   
$796,777   
$963,128   
$1,196,931   
FAIRFIELD   
OH   
$622,393   
$796,777   
$963,128   
$1,196,931   
FRANKLIN   
OH   
$622,393   
$796,777   
$963,128   
$1,196,931   
HOCKING   
OH   
$622,393   
$796,777   
$963,128   
$1,196,931   
LICKING   
OH   
$622,393   
$796,777   
$963,128   
$1,196,931   
MADISON   
OH   
$622,393   
$796,777   
$963,128   
$1,196,931   
MORROW   
OH   
$622,393   
$796,777   
$963,128   
$1,196,931   
PERRY   
OH   
$622,393   
$796,777   
$963,128   
$1,196,931   
PICKAWAY   
OH   
$622,393   
$796,777   
$963,128   
$1,196,931   
UNION   
OH   
$622,393   
$796,777   
$963,128   
$1,196,931   
     
     
     
     
     
     
BENTON   
OR   
$681,356   
$872,261   
$1,054,336   
$1,310,301   
CLACKAMAS   
OR   
$774,388   
$991,328   
$1,198,298   
$1,489,242   
CLATSOP   
OR   
$602,738   
$771,596   
$932,706   
$1,159,103   
COLUMBIA   
OR   
$774,388   
$991,328   
$1,198,298   
$1,489,242   
DESCHUTES   
OR   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
HOOD RIVER   
OR   
$825,489   
$1,056,786   
$1,277,429   
$1,587,515   
MULTNOMAH   
OR   
$774,388   
$991,328   
$1,198,298   
$1,489,242   
WASHINGTON   
OR   
$774,388   
$991,328   
$1,198,298   
$1,489,242   
YAMHILL   
OR   
$774,388   
$991,328   
$1,198,298   
$1,489,242   
     
     
     
     
 One-Unit    
 Two-Unit    
 Three-Unit    
 Four-Unit    
 County Name    
 State    
 Limit      
 Limit      
 Limit      
 Limit      
     
     
       
       
       
       
BUCKS   
PA   
$635,496   
$813,526   
$983,409   
$1,222,112   
CHESTER   
PA   
$635,496   
$813,526   
$983,409   
$1,222,112   
DELAWARE   
PA   
$635,496   
$813,526   
$983,409   
$1,222,112   
MONTGOMERY   
PA   
$635,496   
$813,526   
$983,409   
$1,222,112   
PHILADELPHIA   
PA   
$635,496   
$813,526   
$983,409   
$1,222,112   
PIKE   
PA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
     
     
     
     
     
     
BRISTOL   
RI   
$838,592   
$1,073,535   
$1,297,653   
$1,612,695   
KENT   
RI   
$838,592   
$1,073,535   
$1,297,653   
$1,612,695   
NEWPORT   
RI   
$838,592   
$1,073,535   
$1,297,653   
$1,612,695   
PROVIDENCE   
RI   
$838,592   
$1,073,535   
$1,297,653   
$1,612,695   
WASHINGTON   
RI   
$838,592   
$1,073,535   
$1,297,653   
$1,612,695   
     
     
     
     
     
     
BEAUFORT   
SC   
$622,393   
$796,777   
$963,128   
$1,196,931   
BERKELEY   
SC   
$668,253   
$855,455   
$1,034,055   
$1,285,120   
CHARLESTON   
SC   
$668,253   
$855,455   
$1,034,055   
$1,285,120   
DORCHESTER   
SC   
$668,253   
$855,455   
$1,034,055   
$1,285,120   
JASPER   
SC   
$622,393   
$796,777   
$963,128   
$1,196,931   
     
     
     
     
     
     
LAWRENCE   
SD   
$617,152   
$790,054   
$954,981   
$1,186,848   
     
     
     
     
     
     
CANNON   
TN   
$1,074,447   
$1,375,474   
$1,662,658   
$2,066,287   
CHEATHAM   
TN   
$1,074,447   
$1,375,474   
$1,662,658   
$2,066,287   
DAVIDSON   
TN   
$1,074,447   
$1,375,474   
$1,662,658   
$2,066,287   
DICKSON   
TN   
$1,074,447   
$1,375,474   
$1,662,658   
$2,066,287   
MACON   
TN   
$1,074,447   
$1,375,474   
$1,662,658   
$2,066,287   
MAURY   
TN   
$1,074,447   
$1,375,474   
$1,662,658   
$2,066,287   
ROBERTSON   
TN   
$1,074,447   
$1,375,474   
$1,662,658   
$2,066,287   
RUTHERFORD   
TN   
$1,074,447   
$1,375,474   
$1,662,658   
$2,066,287   
SMITH   
TN   
$1,074,447   
$1,375,474   
$1,662,658   
$2,066,287   
SUMNER   
TN   
$1,074,447   
$1,375,474   
$1,662,658   
$2,066,287   
TROUSDALE   
TN   
$1,074,447   
$1,375,474   
$1,662,658   
$2,066,287   
WILLIAMSON   
TN   
$1,074,447   
$1,375,474   
$1,662,658   
$2,066,287   
WILSON   
TN   
$1,074,447   
$1,375,474   
$1,662,658   
$2,066,287   
     
     
     
     
     
     
ATASCOSA   
TX   
$635,496   
$813,526   
$983,409   
$1,222,112   
BANDERA   
TX   
$635,496   
$813,526   
$983,409   
$1,222,112   
BASTROP   
TX   
$651,219   
$833,693   
$1,007,735   
$1,252,363   
BEXAR   
TX   
$635,496   
$813,526   
$983,409   
$1,222,112   
CALDWELL   
TX   
$651,219   
$833,693   
$1,007,735   
$1,252,363   
COLLIN   
TX   
$642,047   
$821,957   
$993,550   
$1,234,702   
COMAL   
TX   
$635,496   
$813,526   
$983,409   
$1,222,112   
DALLAS   
TX   
$642,047   
$821,957   
$993,550   
$1,234,702   
DENTON   
TX   
$642,047   
$821,957   
$993,550   
$1,234,702   
     
     
     
     
 One-Unit    
 Two-Unit    
 Three-Unit    
 Four-Unit    
 County Name    
 State    
 Limit      
 Limit      
 Limit      
 Limit      
     
     
       
       
       
       
ELLIS   
TX   
$642,047   
$821,957   
$993,550   
$1,234,702   
GUADALUPE   
TX   
$635,496   
$813,526   
$983,409   
$1,222,112   
HAYS   
TX   
$651,219   
$833,693   
$1,007,735   
$1,252,363   
HUNT   
TX   
$642,047   
$821,957   
$993,550   
$1,234,702   
JOHNSON   
TX   
$642,047   
$821,957   
$993,550   
$1,234,702   
KAUFMAN   
TX   
$642,047   
$821,957   
$993,550   
$1,234,702   
KENDALL   
TX   
$635,496   
$813,526   
$983,409   
$1,222,112   
MEDINA   
TX   
$635,496   
$813,526   
$983,409   
$1,222,112   
PARKER   
TX   
$642,047   
$821,957   
$993,550   
$1,234,702   
ROCKWALL   
TX   
$642,047   
$821,957   
$993,550   
$1,234,702   
TARRANT   
TX   
$642,047   
$821,957   
$993,550   
$1,234,702   
TRAVIS   
TX   
$651,219   
$833,693   
$1,007,735   
$1,252,363   
WILLIAMSON   
TX   
$651,219   
$833,693   
$1,007,735   
$1,252,363   
WILSON   
TX   
$635,496   
$813,526   
$983,409   
$1,222,112   
WISE   
TX   
$642,047   
$821,957   
$993,550   
$1,234,702   
     
     
     
     
     
     
BOX ELDER   
UT   
$847,764   
$1,085,271   
$1,311,896   
$1,630,356   
DAVIS   
UT   
$847,764   
$1,085,271   
$1,311,896   
$1,630,356   
GRAND   
UT   
$691,839   
$885,649   
$1,070,573   
$1,330,468   
JUAB   
UT   
$685,287   
$877,275   
$1,060,432   
$1,317,878   
MORGAN   
UT   
$847,764   
$1,085,271   
$1,311,896   
$1,630,356   
RICH   
UT   
$660,392   
$845,429   
$1,021,921   
$1,270,023   
SALT LAKE   
UT   
$706,252   
$904,107   
$1,092,905   
$1,358,212   
SUMMIT   
UT   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
TOOELE   
UT   
$706,252   
$904,107   
$1,092,905   
$1,358,212   
UTAH   
UT   
$685,287   
$877,275   
$1,060,432   
$1,317,878   
WASATCH   
UT   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
WASHINGTON   
UT   
$676,115   
$865,539   
$1,046,247   
$1,300,217   
WAYNE   
UT   
$1,136,031   
$1,454,320   
$1,757,968   
$2,184,727   
WEBER   
UT   
$847,764   
$1,085,271   
$1,311,896   
$1,630,356   
     
     
     
     
     
     
ALBEMARLE   
VA   
$621,082   
$795,068   
$961,077   
$1,194,424   
ALEXANDRIA CITY   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
AMELIA   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
ARLINGTON   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
CHARLES CITY   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
CHARLOTTESVILLE   
VA   
$621,082   
$795,068   
$961,077   
$1,194,424   
CHESAPEAKE CITY   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
CHESTERFIELD   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
CLARKE   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
COLONIAL HEIGHT   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
CULPEPER   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
DINWIDDIE   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
FAIRFAX   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
     
     
     
     
 One-Unit    
 Two-Unit    
 Three-Unit    
 Four-Unit    
 County Name    
 State    
 Limit      
 Limit      
 Limit      
 Limit      
     
     
       
       
       
       
FAIRFAX CITY   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
FALLS CHURCH CI   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
FAUQUIER   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
FLUVANNA   
VA   
$621,082   
$795,068   
$961,077   
$1,194,424   
FRANKLIN CITY   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
FREDERICKSBURG   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
GLOUCESTER   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
GOOCHLAND   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
GREENE   
VA   
$621,082   
$795,068   
$961,077   
$1,194,424   
HAMPTON CITY   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
HANOVER   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
HENRICO   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
HOPEWELL CITY   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
ISLE OF WIGHT   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
JAMES CITY   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
KING AND QUEEN   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
KING WILLIAM   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
LOUDOUN   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
MADISON   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
MANASSAS CITY   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
MANASSAS PARK C   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
MATHEWS   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
NELSON   
VA   
$621,082   
$795,068   
$961,077   
$1,194,424   
NEW KENT   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
NEWPORT NEWS CI   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
NORFOLK CITY   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
PETERSBURG CITY   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
POQUOSON CITY   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
PORTSMOUTH CITY   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
POWHATAN   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
PRINCE GEORGE   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
PRINCE WILLIAM   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
RAPPAHANNOCK   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
RICHMOND CITY   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
SOUTHAMPTON   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
SPOTSYLVANIA   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
STAFFORD   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
SUFFOLK CITY   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
SUSSEX   
VA   
$719,355   
$920,913   
$1,113,186   
$1,383,393   
VIRGINIA BEACH   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
WARREN   
VA   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
WILLIAMSBURG CI   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
YORK   
VA   
$786,180   
$1,006,425   
$1,216,586   
$1,511,916   
     
     
     
     
 One-Unit    
 Two-Unit    
 Three-Unit    
 Four-Unit    
 County Name    
 State    
 Limit      
 Limit      
 Limit      
 Limit      
     
     
       
       
       
       
CHITTENDEN   
VT   
$589,635   
$754,847   
$912,425   
$1,133,923   
FRANKLIN   
VT   
$589,635   
$754,847   
$912,425   
$1,133,923   
GRAND ISLE   
VT   
$589,635   
$754,847   
$912,425   
$1,133,923   
     
     
     
     
     
     
CHELAN   
WA   
$576,532   
$738,041   
$892,144   
$1,108,742   
CLARK   
WA   
$774,388   
$991,328   
$1,198,298   
$1,489,242   
DOUGLAS   
WA   
$576,532   
$738,041   
$892,144   
$1,108,742   
ISLAND   
WA   
$655,150   
$838,706   
$1,013,831   
$1,259,939   
JEFFERSON   
WA   
$589,635   
$754,847   
$912,425   
$1,133,923   
KING   
WA   
$1,113,756   
$1,425,835   
$1,723,501   
$2,141,886   
KITSAP   
WA   
$642,047   
$821,957   
$993,550   
$1,234,702   
PIERCE   
WA   
$1,113,756   
$1,425,835   
$1,723,501   
$2,141,886   
SKAGIT   
WA   
$621,082   
$795,068   
$961,077   
$1,194,424   
SKAMANIA   
WA   
$774,388   
$991,328   
$1,198,298   
$1,489,242   
SNOHOMISH   
WA   
$1,113,756   
$1,425,835   
$1,723,501   
$2,141,886   
THURSTON   
WA   
$622,393   
$796,777   
$963,128   
$1,196,931   
WHATCOM   
WA   
$687,908   
$880,636   
$1,064,477   
$1,322,891   
WHITMAN   
WA   
$602,738   
$771,596   
$932,706   
$1,159,103   
     
     
     
     
     
     
PIERCE   
WI   
$587,015   
$751,486   
$908,380   
$1,128,909   
ST. CROIX   
WI   
$587,015   
$751,486   
$908,380   
$1,128,909   
     
     
     
     
     
     
JEFFERSON   
WV   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
     
     
     
     
     
     
TETON   
WY   
$1,310,101   
$1,677,470   
$2,027,576   
$2,519,879   
     
     
     
     
     
     
GUAM   
GU   
$642,047   
$821,957   
$993,550   
$1,234,702   
     
     
     
     
     
     
NORTHERN ISLAND   
MP   
$597,497   
$764,874   
$924,559   
$1,149,020   
SAIPAN   
MP   
$602,738   
$771,596   
$932,706   
$1,159,103   
TINIAN   
MP   
$606,669   
$776,666   
$938,802   
$1,166,680   
     
     
     
     
     
     
CULEBRA   
PR   
$606,669   
$776,666   
$938,802   
$1,166,680   
     
     
     
     
     
     
ST. JOHN ISLAND   
VI   
$1,206,787   
$1,544,901   
$1,867,463   
$2,320,770   
ST. THOMAS ISLA   
VI   
$728,527   
$932,649   
$1,127,371   
$1,401,053   
     
     
     
     
     
     
All other areas - 2826 counties (floor):   
     
$567,710   
$726,875   
$878,614   
$1,091,936.02 The nationwide average purchase price (for use in the housing cost/income ratio for new and existing residences) is $510,100.
   
SECTION 5. EFFECT ON OTHER DOCUMENTS 
   
Rev. Proc. 2023-22 is obsolete except as provided in section 6 of this revenue procedure.
   
SECTION 6. EFFECTIVE DATES.
   
01 Issuers may rely on this revenue procedure to determine average area purchase price safe harbors for commitments to provide financing or issue mortgage credit certificates that are made, or (if the purchase precedes the commitment) for residences that are purchased, in the period that begins on April 16, 2024, 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. 2023-22, with respect to bonds sold, or for mort-gage credit certificates issued with respect to bond authority exchanged, before May 16, 2024, if the commitments to provide financing or issue mortgage credit certificates are made on or before June 15, 2024..03 Except as provided in section 6.04, issuers must use the nationwide average purchase price limitation contained in this revenue procedure for commitments to provide financing or issue mortgage credit certificates that are made, or (if the purchase precedes the commitment) for residences that are purchased, in the period that begins on April 16, 2024, 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. 2023-22 with respect to bonds sold, or for mortgage credit certificates issued with respect to bond authority exchanged, before May 16, 2024, if the commitments to provide financing or issue mortgage credit certificates are made on or before June 15, 2024.
   
SECTION 7. REQUEST FOR COMMENTS.01 Comments Regarding Guidance in this Revenue Procedure. The Treasury Department and the IRS are reviewing the available data sources and method used to determine the average area purchase price safe harbors listed in section 4.01 of this revenue procedure and are considering possible changes in the data used to determine these safe harbors beginning in 2025.
   
The relationship between safe harbor values calculated under the current methodology and actual area purchase prices has been growing weaker over the past decade. The current methodology relies on the FHA single family forward mort-gage limits, which are subject to both a floor and ceiling. Because 87 percent of counties are subject to the FHA mortgage limit floor and 2 percent of counties are subject to the FHA ceiling in 2024, most counties have a safe harbor value that does not closely relate to their average area purchase price under the current methodology.
   
The Treasury Department and the IRS are considering a shift away from using FHA mortgage limits as the basis for calculating average purchase prices and using median purchase prices as reported by the Department of Housing and Urban Development (HUD) as the basis to make such calculations. The Treasury and IRS solicit public comments on the use of this data and any alternative data sources that would generate average area purchase price safe harbors that more closely track area purchase prices.
   
Implementing such a change using HUD data would lead to large changes in safe harbors if done in a single year. One approach to implementing this change would be to phase in the new safe harbor amounts over five years, using the current 2024 values as a baseline and shifting towards the HUD values over time. The first year would maintain 80 percent of the 2024 values and 20 percent of values calculated using 2025 HUD data. The second year would be 60 percent of the 2024 values and 40 percent of the values calculated using 2026 HUD data. The third, fourth, and fifth years would follow, such that the fifth year would feature 100 percent of actual 2029 price data.
   
A second approach would instead freeze values at the 2024 levels until such time when an area's average purchase price based on HUD data surpasses the frozen value, after which the safe harbor would follow the HUD data.
   
The Treasury and IRS also seek comments on these implementation approaches, as well as any other potential implementation approaches..02 Procedures for Submitting Comments.
   
(1) Deadline. Written comments should be submitted by June 15, 2024.
   
(2) Form and manner. The subject line for the comments should include a reference to Revenue Procedure 2024 - 21. All commenters are strongly encouraged to submit comments electronically. However, comments may be submitted in one of two ways:
   
(a) Electronically via the Federal eRulemaking Portal at www.regulations.gov (type IRS-2024-0019 in the search field on the regulations.gov homepage to find this notice and submit comments); or
   
(b) By mail to: Internal Revenue Service, CC:PA:01:PR (Revenue Procedure 2024-21), Room 5203, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.
   
(3) Publication of comments. The Treasury Department and the IRS will publish for public availability any comment submitted electronically or on paper to its public docket on regulations.gov.
   
SECTION 8. PAPERWORK REDUCTION ACT 
   
The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1877.
   
An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number.
   
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 as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.
   
SECTION 9. DRAFTING INFORMATION 
   
The principal authors of this revenue procedure are Zoran Stojanovic and David White of the Office of Associate Chief Counsel (Financial Institutions & Products). For further information regarding this revenue procedure contact Mr. White at (202) 317-4562 (not a toll-free number).