Rp 2019-14

Age
113
114
115
116
117
118
119
120

Male

Male

2020
Non-Annuitant
Table
0.501004
0.500451
0.500000
0.500000
0.500000
0.500000
0.500000
1.000000

2020
Annuitant
Table
0.501004
0.500451
0.500000
0.500000
0.500000
0.500000
0.500000
1.000000

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

Rev. Proc. 2019 –14
SECTION 1. PURPOSE
This revenue procedure provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal
Revenue Code (Code), and issuers of
mortgage credit certificates, as defined
in section 25(c), with (1) the nationwide
average purchase price for residences
located in the United States, and (2)
average area purchase price safe harbors
for residences located in statistical areas
in each state, the District of Columbia,
Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam.
SECTION 2. BACKGROUND
.01 Section 103(a) provides that, except as provided in section 103(b), gross
income does not include interest on any
state or local bond. Section 103(b)(1) provides that section 103(a) shall not apply to
any private activity bond that is not a
“qualified bond” within the meaning of
section 141. Section 141(e) provides, in
part, that the term “qualified bond” means
any private activity bond if such bond (1)
is a qualified mortgage bond under section
143, (2) meets the volume cap requirements under section 146, and (3) meets
the applicable requirements under section
147.
.02 Section 143(a)(1) provides that the
term “qualified mortgage bond” means a

April 08, 2019

Male
2020
Optional
Combined
Table for
Small Plans
0.501004
0.500451
0.500000
0.500000
0.500000
0.500000
0.500000
1.000000

Female

Female

2020
Non-Annuitant
Table
0.502965
0.501253
0.500000
0.500000
0.500000
0.500000
0.500000
1.000000

2020
Annuitant
Table
0.502965
0.501253
0.500000
0.500000
0.500000
0.500000
0.500000
1.000000

bond that is issued as part of a qualified
mortgage issue. Section 143(a)(2)(A) provides that the term “qualified mortgage
issue” means an issue of one or more
bonds by a state or political subdivision
thereof, but only if: (i) all proceeds of the
issue (exclusive of issuance costs and a
reasonably required reserve) are to be
used to finance owner-occupied residences; (ii) the issue meets the requirements of
subsections (c), (d), (e), (f), (g), (h), (i),
and (m)(7) of section 143; (iii) the issue
does not meet the private business tests of
paragraphs (1) and (2) of section 141(b);
and (iv) with respect to amounts received
more than 10 years after the date of issuance, repayments of $250,000 or more of
principal on mortgage financing provided
by the issue are used by the close of the
first semiannual period beginning after the
date the prepayment (or complete repayment) is received to redeem bonds that are
part of the issue.
Average Area Purchase Price
.03 Section 143(e)(1) provides that an
issue of bonds meets the purchase price
requirements of section 143(e) if the acquisition cost of each residence financed
by the issue does not exceed 90 percent of
the average area purchase price applicable
to such residence. Section 143(e)(5) provides that, in the case of a targeted area
residence (as defined in section 143(j)),
section 143(e)(1) shall be applied by substituting 110 percent for 90 percent.
.04 Section 143(e)(2) provides that the
term “average area purchase price”

948

Female
2020
Optional
Combined
Table for
Small Plans
0.502965
0.501253
0.500000
0.500000
0.500000
0.500000
0.500000
1.000000

Unisex
2020
Table for
Distributions
Subject to § 417(e)(3)
0.501985
0.500852
0.500000
0.500000
0.500000
0.500000
0.500000
1.000000

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

Bulletin No. 2019 –15

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

Bulletin No. 2019 –15

under a qualified mortgage bond and all
mortgage credit certificates issued under a
qualified mortgage credit certificate program are provided to mortgagors whose
family income is 115 percent or less of the
applicable median family income. Section
143(f)(5), however, generally provides for
an upward adjustment to the percentage
limitation in high housing cost areas. High
housing cost areas are defined in section
143(f)(5)(C) as any statistical area for
which the housing cost/income ratio is
greater than 1.2.
.10 Under section 143(f)(5)(D), the
housing cost/income ratio with respect to
any statistical area is determined by dividing (a) the applicable housing price ratio
for such area by (b) the ratio that the area
median gross income for such area bears
to the median gross income for the United
States. The applicable housing price ratio
is the new housing price ratio (new housing average area purchase price divided
by the new housing average purchase
price for the United States) or the existing
housing price ratio (existing housing average area purchase price divided by the
existing housing average purchase price
for the United States), whichever results
in the housing cost/income ratio being
closer to 1.
Average Area and Nationwide Purchase
Price Limitations
.11 Average area purchase price safe
harbors for each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin
Islands, and Guam were last published in
Rev. Proc. 2018 –28, 2018 –20 I.R.B. 592.
.12 The nationwide average purchase
price limitation was last published in section 4.02 of Rev. Proc. 2018 –28. Guidance
with respect to the United States and area
median gross income figures that are to be
used in computing the housing cost/income
ratio described in section 143(f)(5) was last
published in Rev. Proc. 2018 –33, 2018 –22
I.R.B. 734.
.13 This revenue procedure uses FHA
loan limits for a given statistical area to
calculate the average area purchase price
safe harbor for that area. FHA sets limits
on the dollar value of loans it will insure
based on median home prices and conforming loan limits established by the
Federal Home Loan Mortgage Corpora-

949

tion. In particular, FHA sets an area’s loan
limit at 95 percent of the median home
sales price for the area, subject to certain
floors and caps measured against conforming loan limits.
.14 To calculate the average area purchase price safe harbors in this revenue
procedure, the FHA loan limits are adjusted to take into account the differences
between average and median purchase
prices. Because FHA loan limits do not
differentiate between new and existing
residences, this revenue procedure contains
a single average area purchase price safe
harbor for both new and existing residences
in a statistical area. The Treasury Department and the Internal Revenue Service
(IRS) have determined that FHA loan limits
provide a reasonable basis for determining
average area purchase price safe harbors. If
the Treasury Department and the IRS become aware of other sources of average
purchase price data, including data that differentiate between new and existing residences, consideration will be given as to
whether such data provide a more accurate
method for calculating average area purchase price safe harbors.
.15 The average area purchase price
safe harbors listed in section 4.01 of this
revenue procedure are based on FHA loan
limits released December 14, 2018. 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 December 14,
2018.
.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

April 08, 2019

forth in section 4.01 of this revenue procedure. Average area purchase price safe
harbors are provided for single-family and
two to four-family residences. For each
type of residence, section 4.01 of this revenue procedure contains a single safe harbor
that may be used for both new and existing
residences. Issuers of qualified mortgage
bonds and issuers of mortgage credit certificates may rely on these safe harbors to
satisfy the requirements of sections 143(e)
and (f). Section 4.01 of this revenue procedure provides safe harbors for MSAs and
for certain counties and county equivalents.
If no purchase price safe harbor is available
for a statistical area, the safe harbor for
“ALL OTHER AREAS” may be used for
that statistical area.
.02 If a residence is in an MSA, the safe
harbor applicable to it is the limitation of
that MSA. If an MSA falls in more than one
state, the MSA is listed in section 4.01 of
this revenue procedure under each state.
.03 If the FHA revises the FHA loan
limit for any statistical area after December 14, 2018, 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 .9999.
.04 If, pursuant to section 6a.103A–
2(f)(5)(i), an issuer uses more accurate

County Name
HALE
PICKENS
TUSCALOOSA
ALEUTIANS WEST
ANCHORAGE MUNIC
JUNEAU CITY AND
KETCHIKAN GATEW
KODIAK ISLAND B
MATANUSKA-SUSIT
NOME CENSUS ARE

April 08, 2019

and comprehensive data to determine the
average area purchase price for a statistical area, the issuer must make separate
average area purchase price determinations for new and existing residences.
Moreover, when computing the average
area purchase price for a statistical area
that is an MSA, as defined in OMB Bulletin No. 03– 04, the issuer must make the
computation for the entire applicable
MSA. When computing the average area
purchase price for a statistical area that is
not an MSA, the issuer must make the
computation for the entire statistical area
and may not combine statistical areas.
Thus, for example, the issuer may not
combine two or more counties.
.05 If an issuer receives a ruling permitting it to rely on an average area purchase price limitation that is higher than
the applicable safe harbor in this revenue
procedure, the issuer may rely on that
higher limitation for the purpose of satisfying the requirements of section 143(e)
and (f) for bonds sold, and mortgage
credit certificates issued, not more than 30
months following the termination date of
the 12-month period used by the issuer to
compute the limitation.
Nationwide Average Purchase Price
.06 Section 4.02 of this revenue procedure sets forth a single nationwide average purchase price for purposes of computing the housing cost/income ratio
under section 143(f)(5).
.07 Issuers must use the nationwide
average purchase price set forth in section
4.02 of this revenue procedure when com-

puting the housing cost/income ratio under section 143(f)(5) regardless of
whether they are relying on the average
area purchase price safe harbors contained
in this revenue procedure or using more
accurate and comprehensive data to determine average area purchase prices for new
and existing residences for a statistical
area that are different from the published
safe harbors in this revenue procedure.
.08 If, pursuant to section 6.02 of this
revenue procedure, an issuer relies on the
average area purchase price safe harbors
contained in Rev. Proc. 2018 –28, the issuer must use the nationwide average purchase price set forth in section 4.02 of
Rev. Proc. 2018 –28 in computing the
housing cost/income ratio under section
143(f)(5). Likewise, if, pursuant to section
6.04 of this revenue procedure, an issuer
relies on the nationwide average purchase
price published in Rev. Proc. 2018 –28,
the issuer may not rely on the average area
purchase price safe harbors published in
this revenue procedure.
SECTION 4. AVERAGE AREA AND
NATIONWIDE AVERAGE
PURCHASE PRICES
.01 Average area purchase prices for
single-family and two to four-family residences in MSAs, and for certain counties
and county equivalents are set forth below. The safe harbor for “ALL OTHER
AREAS” (found at the end of the table
below) may be used for a statistical area
that is not listed below.

2019 Average Area Purchase Prices for Mortgage Revenue Bonds
One-Unit
Two-Unit
Three-Unit
State
Limit
Limit
Limit
AL
$331,206
$424,007
$512,509
AL
$331,206
$424,007
$512,509
AL
$331,206
$424,007
$512,509
AK
AK
AK
AK
AK
AK
AK

$385,256
$401,357
$455,408
$369,156
$407,107
$401,357
$391,007

950

$493,208
$513,809
$583,010
$472,558
$521,159
$513,809
$500,558

$596,160
$621,060
$704,712
$571,260
$629,961
$621,060
$605,060

Four-Unit
Limit
$636,911
$636,911
$636,911
$740,862
$771,863
$875,765
$709,912
$782,913
$771,863
$751,913

Bulletin No. 2019 –15

County Name
NORTH SLOPE BOR
PETERSBURG CENS
SITKA CITY AND
SKAGWAY MUNICIP
WRANGELL CITY A
YAKUTAT CITY AN

2019 Average Area Purchase Prices for Mortgage Revenue Bonds
One-Unit
Two-Unit
Three-Unit
State
Limit
Limit
Limit
AK
$332,356
$425,457
$514,309
AK
$332,356
$425,457
$514,309
AK
$486,458
$622,760
$752,763
AK
$415,157
$531,459
$642,411
AK
$332,356
$425,457
$514,309
AK
$420,907
$538,809
$651,311

Four-Unit
Limit
$639,161
$639,161
$935,516
$798,363
$639,161
$809,464

COCONINO

AZ

$362,256

$463,758

$560,559

$696,662

ALAMEDA
ALPINE
AMADOR
CALAVERAS
CONTRA COSTA
EL DORADO
HUMBOLDT
INYO
LOS ANGELES
MARIN
MARIPOSA
MENDOCINO
MONO
MONTEREY
NAPA
NEVADA
ORANGE
PLACER
PLUMAS
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
TUOLUMNE
VENTURA
YOLO

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
CA
CA
CA
CA
CA
CA
CA
CA
CA

$726,537
$463,458
$350,756
$373,756
$726,537
$552,009
$333,506
$369,156
$726,537
$726,537
$322,005
$409,407
$529,009
$652,061
$726,537
$486,458
$726,537
$552,009
$336,956
$431,257
$552,009
$726,537
$431,257
$690,012
$726,537
$425,507
$667,011
$726,537
$653,211
$726,537
$726,537
$494,508
$704,962
$350,756
$324,305
$331,206
$713,012
$552,009

$930,316
$593,310
$449,008
$478,458
$930,316
$706,662
$426,957
$472,558
$930,316
$930,316
$412,207
$524,109
$677,211
$834,764
$930,316
$622,760
$930,316
$706,662
$431,357
$552,059
$706,662
$930,316
$552,059
$883,315
$930,316
$544,709
$853,914
$930,316
$836,214
$930,316
$930,316
$633,061
$902,465
$449,008
$415,157
$424,007
$912,765
$706,662

$1,124,494
$717,162
$542,759
$578,360
$1,124,494
$854,214
$516,059
$571,260
$1,124,494
$1,124,494
$498,258
$633,511
$818,614
$1,009,017
$1,124,494
$752,763
$1,124,494
$854,214
$521,409
$667,361
$854,214
$1,124,494
$667,361
$1,067,768
$1,124,494
$658,461
$1,032,167
$1,124,494
$1,010,817
$1,124,494
$1,124,494
$765,213
$1,090,868
$542,759
$501,808
$512,509
$1,103,369
$854,214

$1,397,423
$891,265
$674,511
$718,762
$1,397,423
$1,061,568
$641,361
$709,912
$1,397,423
$1,397,423
$619,260
$787,313
$1,017,317
$1,253,971
$1,397,423
$935,516
$1,397,423
$1,061,568
$648,011
$829,364
$1,061,568
$1,397,423
$829,364
$1,326,972
$1,397,423
$818,264
$1,282,722
$1,397,423
$1,256,171
$1,397,423
$1,397,423
$950,966
$1,355,723
$674,511
$623,660
$636,911
$1,371,173
$1,061,568

Bulletin No. 2019 –15

951

April 08, 2019

County Name
YUBA

2019 Average Area Purchase Prices for Mortgage Revenue Bonds
One-Unit
Two-Unit
Three-Unit
State
Limit
Limit
Limit
CA
$324,305
$415,157
$501,808

Four-Unit
Limit
$623,660

ADAMS
ARAPAHOE
BOULDER
BROOMFIELD
CHAFFEE
CLEAR CREEK
DENVER
DOUGLAS
EAGLE
EL PASO
ELBERT
GARFIELD
GILPIN
GRAND
GUNNISON
HINSDALE
JEFFERSON
LA PLATA
LARIMER
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
CO
CO
CO
CO
CO
CO

$561,209
$561,209
$626,761
$561,209
$333,506
$561,209
$561,209
$561,209
$726,537
$339,256
$561,209
$726,537
$561,209
$402,507
$357,656
$427,807
$561,209
$419,757
$437,007
$425,507
$561,209
$726,537
$634,811
$726,537
$722,212
$339,256
$385,256

$718,462
$718,462
$802,363
$718,462
$426,957
$718,462
$718,462
$718,462
$930,316
$434,307
$718,462
$930,316
$718,462
$515,259
$457,858
$547,659
$718,462
$537,359
$559,459
$544,709
$718,462
$930,316
$812,664
$930,316
$924,566
$434,307
$493,208

$868,415
$868,415
$969,866
$868,415
$516,059
$868,415
$868,415
$868,415
$1,124,494
$524,959
$868,415
$1,124,494
$868,415
$622,860
$553,459
$662,011
$868,415
$649,561
$676,211
$658,461
$868,415
$1,124,494
$982,316
$1,124,494
$1,117,569
$524,959
$596,160

$1,079,268
$1,079,268
$1,205,320
$1,079,268
$641,361
$1,079,268
$1,079,268
$1,079,268
$1,397,423
$652,411
$1,079,268
$1,397,423
$1,079,268
$774,063
$687,812
$822,714
$1,079,268
$807,214
$840,414
$818,264
$1,079,268
$1,397,423
$1,220,820
$1,397,423
$1,388,873
$652,411
$740,862

FAIRFIELD
HARTFORD
LITCHFIELD
MIDDLESEX
TOLLAND
WINDHAM

CT
CT
CT
CT
CT
CT

$601,460
$353,056
$357,656
$353,056
$353,056
$327,755

$769,963
$451,958
$457,858
$451,958
$451,958
$419,557

$930,716
$546,309
$553,459
$546,309
$546,309
$507,159

$1,156,669
$678,961
$687,812
$678,961
$678,961
$630,311

DISTRICT OF COL

DC

$726,537

$930,316

$1,124,494

$1,397,423

NEW CASTLE
SUSSEX
BAKER
BROWARD
CLAY
COLLIER
DUVAL
MANATEE
MARTIN

DE
DE
FL
FL
FL
FL
FL
FL
FL

$402,507
$336,956
$358,806
$356,506
$358,806
$450,808
$358,806
$320,855
$327,755

$515,259
$431,357
$459,308
$456,358
$459,308
$577,110
$459,308
$410,757
$419,557

$622,860
$521,409
$555,209
$551,659
$555,209
$697,612
$555,209
$496,508
$507,159

$774,063
$648,011
$690,012
$685,561
$690,012
$866,965
$690,012
$617,010
$630,311

April 08, 2019

952

Bulletin No. 2019 –15

County Name
MIAMI-DADE
MONROE
NASSAU
OKALOOSA
PALM BEACH
SARASOTA
ST. JOHNS
ST. LUCIE
WALTON

2019 Average Area Purchase Prices for Mortgage Revenue Bonds
One-Unit
Two-Unit
Three-Unit
State
Limit
Limit
Limit
FL
$356,506
$456,358
$551,659
FL
$529,009
$677,211
$818,614
FL
$358,806
$459,308
$555,209
FL
$370,306
$474,058
$573,010
FL
$356,506
$456,358
$551,659
FL
$320,855
$410,757
$496,508
FL
$358,806
$459,308
$555,209
FL
$327,755
$419,557
$507,159
FL
$370,306
$474,058
$573,010

Four-Unit
Limit
$685,561
$1,017,317
$690,012
$712,112
$685,561
$617,010
$690,012
$630,311
$712,112

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
ROCKDALE
SPALDING
WALTON

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
GA
GA
GA

$379,506
$379,506
$379,506
$379,506
$379,506
$341,556
$379,506
$379,506
$379,506
$379,506
$379,506
$379,506
$379,506
$379,506
$379,506
$515,209
$379,506
$379,506
$379,506
$379,506
$379,506
$379,506
$341,556
$379,506
$379,506
$379,506
$341,556
$341,556
$379,506
$379,506
$379,506
$379,506
$379,506
$379,506

$485,808
$485,808
$485,808
$485,808
$485,808
$437,257
$485,808
$485,808
$485,808
$485,808
$485,808
$485,808
$485,808
$485,808
$485,808
$659,561
$485,808
$485,808
$485,808
$485,808
$485,808
$485,808
$437,257
$485,808
$485,808
$485,808
$437,257
$437,257
$485,808
$485,808
$485,808
$485,808
$485,808
$485,808

$587,260
$587,260
$587,260
$587,260
$587,260
$528,509
$587,260
$587,260
$587,260
$587,260
$587,260
$587,260
$587,260
$587,260
$587,260
$797,263
$587,260
$587,260
$587,260
$587,260
$587,260
$587,260
$528,509
$587,260
$587,260
$587,260
$528,509
$528,509
$587,260
$587,260
$587,260
$587,260
$587,260
$587,260

$729,812
$729,812
$729,812
$729,812
$729,812
$656,811
$729,812
$729,812
$729,812
$729,812
$729,812
$729,812
$729,812
$729,812
$729,812
$990,817
$729,812
$729,812
$729,812
$729,812
$729,812
$729,812
$656,811
$729,812
$729,812
$729,812
$656,811
$656,811
$729,812
$729,812
$729,812
$729,812
$729,812
$729,812

HAWAII
HONOLULU

HI
HI

$387,556
$721,062

$496,108
$923,065

$599,710
$1,115,819

$745,312
$1,386,673

Bulletin No. 2019 –15

953

April 08, 2019

County Name
KALAWAO
KAUAI
MAUI
ADA
BLAINE
BOISE
CAMAS
CANYON
GEM
LINCOLN
OWYHEE
TETON

2019 Average Area Purchase Prices for Mortgage Revenue
One-Unit
Two-Unit
State
Limit
Limit
HI
$678,511
$868,615
HI
$713,012
$912,765
HI
$678,511
$868,615
ID
$331,206
$424,007
ID
$646,311
$827,414
ID
$331,206
$424,007
ID
$646,311
$827,414
ID
$331,206
$424,007
ID
$331,206
$424,007
ID
$646,311
$827,414
ID
$331,206
$424,007
ID
$726,537
$930,316

Bonds
Three-Unit
Limit
$1,049,968
$1,103,369
$1,049,968
$512,509
$1,000,117
$512,509
$1,000,117
$512,509
$512,509
$1,000,117
$512,509
$1,124,494

Four-Unit
Limit
$1,304,872
$1,371,173
$1,304,872
$636,911
$1,242,921
$636,911
$1,242,921
$636,911
$636,911
$1,242,921
$636,911
$1,397,423

BOONE
COOK
DEKALB
DUPAGE
GRUNDY
KANE
KENDALL
LAKE
MCHENRY
WILL
WINNEBAGO

IL
IL
IL
IL
IL
IL
IL
IL
IL
IL
IL

$339,256
$368,006
$368,006
$368,006
$368,006
$368,006
$368,006
$368,006
$368,006
$368,006
$339,256

$434,307
$471,108
$471,108
$471,108
$471,108
$471,108
$471,108
$471,108
$471,108
$471,108
$434,307

$524,959
$569,460
$569,460
$569,460
$569,460
$569,460
$569,460
$569,460
$569,460
$569,460
$524,959

$652,411
$707,712
$707,712
$707,712
$707,712
$707,712
$707,712
$707,712
$707,712
$707,712
$652,411

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

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

$343,856
$343,856
$316,255
$316,255
$343,856
$343,856
$316,255
$343,856
$368,006
$343,856
$368,006
$343,856
$343,856
$343,856
$368,006
$368,006
$343,856
$316,255
$343,856
$316,255

$440,207
$440,207
$404,857
$404,857
$440,207
$440,207
$404,857
$440,207
$471,108
$440,207
$471,108
$440,207
$440,207
$440,207
$471,108
$471,108
$440,207
$404,857
$440,207
$404,857

$532,109
$532,109
$489,358
$489,358
$532,109
$532,109
$489,358
$532,109
$569,460
$532,109
$569,460
$532,109
$532,109
$532,109
$569,460
$569,460
$532,109
$489,358
$532,109
$489,358

$661,261
$661,261
$608,160
$608,160
$661,261
$661,261
$608,160
$661,261
$707,712
$661,261
$707,712
$661,261
$661,261
$661,261
$707,712
$707,712
$661,261
$608,160
$661,261
$608,160

JOHNSON
LEAVENWORTH

KS
KS

$336,956
$336,956

$431,357
$431,357

$521,409
$521,409

$648,011
$648,011

April 08, 2019

954

Bulletin No. 2019 –15

County Name
LINN
MIAMI
WYANDOTTE
BULLITT
HENRY
JEFFERSON
OLDHAM
SHELBY
SPENCER
TRIMBLE

2019 Average Area Purchase Prices for Mortgage Revenue Bonds
One-Unit
Two-Unit
Three-Unit
State
Limit
Limit
Limit
KS
$336,956
$431,357
$521,409
KS
$336,956
$431,357
$521,409
KS
$336,956
$431,357
$521,409
KY
$316,255
$404,857
$489,358
KY
$316,255
$404,857
$489,358
KY
$316,255
$404,857
$489,358
KY
$316,255
$404,857
$489,358
KY
$316,255
$404,857
$489,358
KY
$316,255
$404,857
$489,358
KY
$316,255
$404,857
$489,358

Four-Unit
Limit
$648,011
$648,011
$648,011
$608,160
$608,160
$608,160
$608,160
$608,160
$608,160
$608,160

BARNSTABLE
BRISTOL
DUKES
ESSEX
HAMPDEN
HAMPSHIRE
MIDDLESEX
NANTUCKET
NORFOLK
PLYMOUTH
SUFFOLK
WORCESTER

MA
MA
MA
MA
MA
MA
MA
MA
MA
MA
MA
MA

$458,858
$454,258
$726,537
$688,862
$318,555
$318,555
$688,862
$726,537
$688,862
$688,862
$688,862
$327,755

$587,410
$581,510
$930,316
$881,865
$407,807
$407,807
$881,865
$930,316
$881,865
$881,865
$881,865
$419,557

$710,062
$702,912
$1,124,494
$1,065,968
$492,958
$492,958
$1,065,968
$1,124,494
$1,065,968
$1,065,968
$1,065,968
$507,159

$882,415
$873,565
$1,397,423
$1,324,772
$612,610
$612,610
$1,324,772
$1,397,423
$1,324,772
$1,324,772
$1,324,772
$630,311

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

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

$517,509
$517,509
$517,509
$726,537
$517,509
$402,507
$726,537
$726,537
$517,509
$517,509
$726,537
$726,537
$517,509
$336,956
$347,306
$382,956
$336,956
$336,956

$662,511
$662,511
$662,511
$930,316
$662,511
$515,259
$930,316
$930,316
$662,511
$662,511
$930,316
$930,316
$662,511
$431,357
$444,607
$490,258
$431,357
$431,357

$800,813
$800,813
$800,813
$1,124,494
$800,813
$622,860
$1,124,494
$1,124,494
$800,813
$800,813
$1,124,494
$1,124,494
$800,813
$521,409
$537,409
$592,610
$521,409
$521,409

$995,217
$995,217
$995,217
$1,397,423
$995,217
$774,063
$1,397,423
$1,397,423
$995,217
$995,217
$1,397,423
$1,397,423
$995,217
$648,011
$667,911
$736,462
$648,011
$648,011

CUMBERLAND
SAGADAHOC
YORK

ME
ME
ME

$351,906
$351,906
$351,906

$450,508
$450,508
$450,508

$544,559
$544,559
$544,559

$676,761
$676,761
$676,761

BENZIE

MI

$316,255

$404,857

$489,358

$608,160

Bulletin No. 2019 –15

955

April 08, 2019

County Name
GRAND TRAVERSE
KALKASKA
LEELANAU

2019 Average Area Purchase Prices for Mortgage Revenue Bonds
One-Unit
Two-Unit
Three-Unit
State
Limit
Limit
Limit
MI
$316,255
$404,857
$489,358
MI
$316,255
$404,857
$489,358
MI
$316,255
$404,857
$489,358

Four-Unit
Limit
$608,160
$608,160
$608,160

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

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

$366,856
$366,856
$366,856
$366,856
$366,856
$366,856
$366,856
$366,856
$366,856
$366,856
$366,856
$366,856
$366,856
$366,856

$469,608
$469,608
$469,608
$469,608
$469,608
$469,608
$469,608
$469,608
$469,608
$469,608
$469,608
$469,608
$469,608
$469,608

$567,660
$567,660
$567,660
$567,660
$567,660
$567,660
$567,660
$567,660
$567,660
$567,660
$567,660
$567,660
$567,660
$567,660

$705,512
$705,512
$705,512
$705,512
$705,512
$705,512
$705,512
$705,512
$705,512
$705,512
$705,512
$705,512
$705,512
$705,512

BATES
CALDWELL
CASS
CLAY
CLINTON
JACKSON
LAFAYETTE
PLATTE
RAY

MO
MO
MO
MO
MO
MO
MO
MO
MO

$336,956
$336,956
$336,956
$336,956
$336,956
$336,956
$336,956
$336,956
$336,956

$431,357
$431,357
$431,357
$431,357
$431,357
$431,357
$431,357
$431,357
$431,357

$521,409
$521,409
$521,409
$521,409
$521,409
$521,409
$521,409
$521,409
$521,409

$648,011
$648,011
$648,011
$648,011
$648,011
$648,011
$648,011
$648,011
$648,011

FLATHEAD
GALLATIN
JEFFERSON
LEWIS AND CLARK
MADISON
MISSOULA
CABARRUS
CAMDEN
CHATHAM
CURRITUCK
DARE
DURHAM
FRANKLIN
GASTON
GATES
HYDE
IREDELL
JOHNSTON
LINCOLN

MT
MT
MT
MT
MT
MT
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC

$318,555
$412,857
$316,255
$316,255
$325,455
$334,656
$317,405
$726,537
$403,657
$458,858
$391,007
$403,657
$339,256
$317,405
$458,858
$483,008
$317,405
$339,256
$317,405

$407,807
$528,509
$404,857
$404,857
$416,607
$428,407
$406,307
$930,316
$516,759
$587,410
$500,558
$516,759
$434,307
$406,307
$587,410
$618,310
$406,307
$434,307
$406,307

$492,958
$638,861
$489,358
$489,358
$503,608
$517,859
$491,158
$1,124,494
$624,610
$710,062
$605,060
$624,610
$524,959
$491,158
$710,062
$747,413
$491,158
$524,959
$491,158

$612,610
$793,963
$608,160
$608,160
$625,860
$643,561
$610,410
$1,397,423
$776,263
$882,415
$751,913
$776,263
$652,411
$610,410
$882,415
$928,866
$610,410
$652,411
$610,410

April 08, 2019

956

Bulletin No. 2019 –15

County Name
MECKLENBURG
ORANGE
PASQUOTANK
PERQUIMANS
PERSON
ROWAN
TYRRELL
UNION
WAKE

2019 Average Area Purchase Prices for Mortgage Revenue
One-Unit
Two-Unit
State
Limit
Limit
NC
$317,405
$406,307
NC
$403,657
$516,759
NC
$726,537
$930,316
NC
$726,537
$930,316
NC
$403,657
$516,759
NC
$317,405
$406,307
NC
$391,007
$500,558
NC
$317,405
$406,307
NC
$339,256
$434,307

Bonds
Three-Unit
Limit
$491,158
$624,610
$1,124,494
$1,124,494
$624,610
$491,158
$605,060
$491,158
$524,959

Four-Unit
Limit
$610,410
$776,263
$1,397,423
$1,397,423
$776,263
$610,410
$751,913
$610,410
$652,411

BILLINGS
WILLIAMS

ND
ND

$339,256
$330,056

$434,307
$422,507

$524,959
$510,709

$652,411
$634,711

LINCOLN
LOGAN
MCPHERSON

NE
NE
NE

$433,557
$433,557
$433,557

$555,009
$555,009
$555,009

$670,911
$670,911
$670,911

$833,764
$833,764
$833,764

HILLSBOROUGH
ROCKINGHAM
STRAFFORD

NH
NH
NH

$322,005
$688,862
$688,862

$412,207
$881,865
$881,865

$498,258
$1,065,968
$1,065,968

$619,260
$1,324,772
$1,324,772

ATLANTIC
BERGEN
BURLINGTON
CAMDEN
CAPE MAY
ESSEX
GLOUCESTER
HUDSON
HUNTERDON
MERCER
MIDDLESEX
MONMOUTH
MORRIS
OCEAN
PASSAIC
SALEM
SOMERSET
SUSSEX
UNION
WARREN

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

$316,255
$726,537
$402,507
$402,507
$414,007
$726,537
$402,507
$726,537
$726,537
$345,006
$726,537
$726,537
$726,537
$726,537
$726,537
$402,507
$726,537
$726,537
$726,537
$372,606

$404,857
$930,316
$515,259
$515,259
$530,009
$930,316
$515,259
$930,316
$930,316
$441,657
$930,316
$930,316
$930,316
$930,316
$930,316
$515,259
$930,316
$930,316
$930,316
$477,008

$489,358
$1,124,494
$622,860
$622,860
$640,661
$1,124,494
$622,860
$1,124,494
$1,124,494
$533,859
$1,124,494
$1,124,494
$1,124,494
$1,124,494
$1,124,494
$622,860
$1,124,494
$1,124,494
$1,124,494
$576,560

$608,160
$1,397,423
$774,063
$774,063
$796,163
$1,397,423
$774,063
$1,397,423
$1,397,423
$663,461
$1,397,423
$1,397,423
$1,397,423
$1,397,423
$1,397,423
$774,063
$1,397,423
$1,397,423
$1,397,423
$716,562

CATRON
LOS ALAMOS
SANTA FE

NM
NM
NM

$401,357
$410,557
$368,006

$513,809
$525,559
$471,108

$621,060
$635,311
$569,460

$771,863
$789,513
$707,712

CARSON CITY
CLARK
DOUGLAS
STOREY

NV
NV
NV
NV

$318,555
$322,005
$423,207
$412,857

$407,807
$412,207
$541,759
$528,509

$492,958
$498,258
$654,861
$638,861

$612,610
$619,260
$813,864
$793,963

Bulletin No. 2019 –15

957

April 08, 2019

County Name
WASHOE

2019 Average Area Purchase Prices for Mortgage Revenue Bonds
One-Unit
Two-Unit
Three-Unit
State
Limit
Limit
Limit
NV
$412,857
$528,509
$638,861

Four-Unit
Limit
$793,963

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

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

$315,105
$726,537
$726,537
$726,537
$726,537
$726,537
$726,537
$726,537
$726,537
$315,105
$726,537
$726,537
$315,105
$315,105
$315,105
$726,537
$726,537

$403,357
$930,316
$930,316
$930,316
$930,316
$930,316
$930,316
$930,316
$930,316
$403,357
$930,316
$930,316
$403,357
$403,357
$403,357
$930,316
$930,316

$487,608
$1,124,494
$1,124,494
$1,124,494
$1,124,494
$1,124,494
$1,124,494
$1,124,494
$1,124,494
$487,608
$1,124,494
$1,124,494
$487,608
$487,608
$487,608
$1,124,494
$1,124,494

$605,960
$1,397,423
$1,397,423
$1,397,423
$1,397,423
$1,397,423
$1,397,423
$1,397,423
$1,397,423
$605,960
$1,397,423
$1,397,423
$605,960
$605,960
$605,960
$1,397,423
$1,397,423

DELAWARE
FAIRFIELD
FRANKLIN
HOCKING
LICKING
MADISON
MORROW
PERRY
PICKAWAY
UNION
BENTON
CLACKAMAS
CLATSOP
COLUMBIA
CURRY
DESCHUTES
HOOD RIVER
JACKSON
MARION
MULTNOMAH
POLK
WASHINGTON
YAMHILL

OH
OH
OH
OH
OH
OH
OH
OH
OH
OH
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR
OR

$356,506
$356,506
$356,506
$356,506
$356,506
$356,506
$356,506
$356,506
$356,506
$356,506
$385,256
$474,958
$316,255
$474,958
$327,755
$409,407
$477,258
$320,855
$322,005
$474,958
$322,005
$474,958
$474,958

$456,358
$456,358
$456,358
$456,358
$456,358
$456,358
$456,358
$456,358
$456,358
$456,358
$493,208
$608,010
$404,857
$608,010
$419,557
$524,109
$610,960
$410,757
$412,207
$608,010
$412,207
$608,010
$608,010

$551,659
$551,659
$551,659
$551,659
$551,659
$551,659
$551,659
$551,659
$551,659
$551,659
$596,160
$734,962
$489,358
$734,962
$507,159
$633,511
$738,512
$496,508
$498,258
$734,962
$498,258
$734,962
$734,962

$685,561
$685,561
$685,561
$685,561
$685,561
$685,561
$685,561
$685,561
$685,561
$685,561
$740,862
$913,365
$608,160
$913,365
$630,311
$787,313
$917,815
$617,010
$619,260
$913,365
$619,260
$913,365
$913,365

BUCKS
CARBON
CHESTER
DELAWARE

PA
PA
PA
PA

$402,507
$372,606
$402,507
$402,507

$515,259
$477,008
$515,259
$515,259

$622,860
$576,560
$622,860
$622,860

$774,063
$716,562
$774,063
$774,063

April 08, 2019

958

Bulletin No. 2019 –15

County Name
LEHIGH
MONTGOMERY
NORTHAMPTON
PHILADELPHIA

2019 Average Area Purchase Prices for Mortgage Revenue Bonds
One-Unit
Two-Unit
Three-Unit
State
Limit
Limit
Limit
PA
$372,606
$477,008
$576,560
PA
$402,507
$515,259
$622,860
PA
$372,606
$477,008
$576,560
PA
$402,507
$515,259
$622,860

Four-Unit
Limit
$716,562
$774,063
$716,562
$774,063

PIKE
BRISTOL
KENT
NEWPORT
PROVIDENCE
WASHINGTON

PA
RI
RI
RI
RI
RI

$726,537
$454,258
$454,258
$454,258
$454,258
$454,258

$930,316
$581,510
$581,510
$581,510
$581,510
$581,510

$1,124,494
$702,912
$702,912
$702,912
$702,912
$702,912

$1,397,423
$873,565
$873,565
$873,565
$873,565
$873,565

BEAUFORT
BERKELEY
CHARLESTON
CHESTER
DORCHESTER
GEORGETOWN
JASPER
LANCASTER
YORK

SC
SC
SC
SC
SC
SC
SC
SC
SC

$350,756
$388,707
$388,707
$317,405
$388,707
$327,755
$350,756
$317,405
$317,405

$449,008
$497,608
$497,608
$406,307
$497,608
$419,557
$449,008
$406,307
$406,307

$542,759
$601,510
$601,510
$491,158
$601,510
$507,159
$542,759
$491,158
$491,158

$674,511
$747,513
$747,513
$610,410
$747,513
$630,311
$674,511
$610,410
$610,410

CANNON
CHEATHAM
DAVIDSON
DICKSON
HICKMAN
MACON
MAURY
ROBERTSON
RUTHERFORD
SMITH
SUMNER
TROUSDALE
WILLIAMSON
WILSON

TN
TN
TN
TN
TN
TN
TN
TN
TN
TN
TN
TN
TN
TN

$534,759
$534,759
$534,759
$534,759
$534,759
$534,759
$534,759
$534,759
$534,759
$534,759
$534,759
$534,759
$534,759
$534,759

$684,561
$684,561
$684,561
$684,561
$684,561
$684,561
$684,561
$684,561
$684,561
$684,561
$684,561
$684,561
$684,561
$684,561

$827,514
$827,514
$827,514
$827,514
$827,514
$827,514
$827,514
$827,514
$827,514
$827,514
$827,514
$827,514
$827,514
$827,514

$1,028,367
$1,028,367
$1,028,367
$1,028,367
$1,028,367
$1,028,367
$1,028,367
$1,028,367
$1,028,367
$1,028,367
$1,028,367
$1,028,367
$1,028,367
$1,028,367

ATASCOSA
AUSTIN
BANDERA
BASTROP
BEXAR
BRAZORIA
CALDWELL
CHAMBERS
COLLIN
COMAL
DALLAS

TX
TX
TX
TX
TX
TX
TX
TX
TX
TX
TX

$359,956
$331,206
$359,956
$389,857
$359,956
$331,206
$389,857
$331,206
$395,607
$359,956
$395,607

$460,808
$424,007
$460,808
$499,058
$460,808
$424,007
$499,058
$424,007
$506,458
$460,808
$506,458

$557,009
$512,509
$557,009
$603,260
$557,009
$512,509
$603,260
$512,509
$612,160
$557,009
$612,160

$692,212
$636,911
$692,212
$749,713
$692,212
$636,911
$749,713
$636,911
$760,763
$692,212
$760,763

Bulletin No. 2019 –15

959

April 08, 2019

County Name
DENTON
ELLIS
FORT BEND
GALVESTON
GILLESPIE
GUADALUPE
HARRIS
HAYS
HOOD
HUNT
JOHNSON
KAUFMAN
KENDALL
LIBERTY
MARTIN
MEDINA
MIDLAND
MONTGOMERY
PARKER
ROCKWALL
SOMERVELL
TARRANT
TRAVIS
WALLER
WILLIAMSON
WILSON
WISE
BOX ELDER
DAVIS
JUAB
MORGAN
SALT LAKE
SUMMIT
TOOELE
UTAH
WASATCH
WASHINGTON
WEBER
ALBEMARLE
ALEXANDRIA CITY
AMELIA
ARLINGTON
BUCKINGHAM
CAROLINE
CHARLES CITY

April 08, 2019

2019 Average Area Purchase Prices for Mortgage Revenue Bonds
One-Unit
Two-Unit
Three-Unit
State
Limit
Limit
Limit
TX
$395,607
$506,458
$612,160
TX
$395,607
$506,458
$612,160
TX
$331,206
$424,007
$512,509
TX
$331,206
$424,007
$512,509
TX
$324,305
$415,157
$501,808
TX
$359,956
$460,808
$557,009
TX
$331,206
$424,007
$512,509
TX
$389,857
$499,058
$603,260
TX
$395,607
$506,458
$612,160
TX
$395,607
$506,458
$612,160
TX
$395,607
$506,458
$612,160
TX
$395,607
$506,458
$612,160
TX
$359,956
$460,808
$557,009
TX
$331,206
$424,007
$512,509
TX
$318,555
$407,807
$492,958
TX
$359,956
$460,808
$557,009
TX
$318,555
$407,807
$492,958
TX
$331,206
$424,007
$512,509
TX
$395,607
$506,458
$612,160
TX
$395,607
$506,458
$612,160
TX
$395,607
$506,458
$612,160
TX
$395,607
$506,458
$612,160
TX
$389,857
$499,058
$603,260
TX
$331,206
$424,007
$512,509
TX
$389,857
$499,058
$603,260
TX
$359,956
$460,808
$557,009
TX
$395,607
$506,458
$612,160
UT
$401,357
$513,809
$621,060
UT
$401,357
$513,809
$621,060
UT
$377,206
$482,858
$583,710
UT
$401,357
$513,809
$621,060
UT
$388,707
$497,608
$601,510
UT
$726,537
$930,316
$1,124,494
UT
$388,707
$497,608
$601,510
UT
$377,206
$482,858
$583,710
UT
$462,308
$591,810
$715,412
UT
$349,606
$447,558
$540,959
UT
$401,357
$513,809
$621,060
VA
VA
VA
VA
VA
VA
VA

$437,007
$726,537
$535,909
$726,537
$437,007
$535,909
$535,909

960

$559,459
$930,316
$686,062
$930,316
$559,459
$686,062
$686,062

$676,211
$1,124,494
$829,264
$1,124,494
$676,211
$829,264
$829,264

Four-Unit
Limit
$760,763
$760,763
$636,911
$636,911
$623,660
$692,212
$636,911
$749,713
$760,763
$760,763
$760,763
$760,763
$692,212
$636,911
$612,610
$692,212
$612,610
$636,911
$760,763
$760,763
$760,763
$760,763
$749,713
$636,911
$749,713
$692,212
$760,763
$771,863
$771,863
$725,412
$771,863
$747,513
$1,397,423
$747,513
$725,412
$889,065
$672,311
$771,863
$840,414
$1,397,423
$1,030,617
$1,397,423
$840,414
$1,030,617
$1,030,617

Bulletin No. 2019 –15

County Name
CHARLOTTESVILLE
CHESAPEAKE CITY
CHESTERFIELD
CLARKE
COLONIAL HEIGHT
CULPEPER
DINWIDDIE
FAIRFAX
FAIRFAX CITY
FALLS CHURCH CI
FAUQUIER
FLUVANNA
FREDERICKSBURG
GLOUCESTER
GOOCHLAND
GREENE
HAMPTON CITY
HANOVER
HENRICO
HOPEWELL CITY
ISLE OF WIGHT
JAMES CITY
KING GEORGE
KING WILLIAM
LANCASTER
LEXINGTON CITY
LOUDOUN
MANASSAS CITY
MANASSAS PARK C
MATHEWS
NELSON
NEW KENT
NEWPORT NEWS CI
NORFOLK CITY
NORTHUMBERLAND
PETERSBURG CITY
POQUOSON CITY
PORTSMOUTH CITY
POWHATAN
PRINCE GEORGE
PRINCE WILLIAM
RAPPAHANNOCK
RICHMOND CITY
SPOTSYLVANIA
STAFFORD

Bulletin No. 2019 –15

2019 Average Area Purchase Prices for Mortgage Revenue
One-Unit
Two-Unit
State
Limit
Limit
VA
$437,007
$559,459
VA
$458,858
$587,410
VA
$535,909
$686,062
VA
$726,537
$930,316
VA
$535,909
$686,062
VA
$726,537
$930,316
VA
$535,909
$686,062
VA
$726,537
$930,316
VA
$726,537
$930,316
VA
$726,537
$930,316
VA
$726,537
$930,316
VA
$437,007
$559,459
VA
$726,537
$930,316
VA
$458,858
$587,410
VA
$535,909
$686,062
VA
$437,007
$559,459
VA
$458,858
$587,410
VA
$535,909
$686,062
VA
$535,909
$686,062
VA
$535,909
$686,062
VA
$458,858
$587,410
VA
$458,858
$587,410
VA
$350,756
$449,008
VA
$535,909
$686,062
VA
$442,757
$566,810
VA
$354,206
$453,458
VA
$726,537
$930,316
VA
$726,537
$930,316
VA
$726,537
$930,316
VA
$458,858
$587,410
VA
$437,007
$559,459
VA
$535,909
$686,062
VA
$458,858
$587,410
VA
$458,858
$587,410
VA
$318,555
$407,807
VA
$535,909
$686,062
VA
$458,858
$587,410
VA
$458,858
$587,410
VA
$535,909
$686,062
VA
$535,909
$686,062
VA
$726,537
$930,316
VA
$726,537
$930,316
VA
$535,909
$686,062
VA
$726,537
$930,316
VA
$726,537
$930,316

961

Bonds
Three-Unit
Limit
$676,211
$710,062
$829,264
$1,124,494
$829,264
$1,124,494
$829,264
$1,124,494
$1,124,494
$1,124,494
$1,124,494
$676,211
$1,124,494
$710,062
$829,264
$676,211
$710,062
$829,264
$829,264
$829,264
$710,062
$710,062
$542,759
$829,264
$685,111
$548,109
$1,124,494
$1,124,494
$1,124,494
$710,062
$676,211
$829,264
$710,062
$710,062
$492,958
$829,264
$710,062
$710,062
$829,264
$829,264
$1,124,494
$1,124,494
$829,264
$1,124,494
$1,124,494

Four-Unit
Limit
$840,414
$882,415
$1,030,617
$1,397,423
$1,030,617
$1,397,423
$1,030,617
$1,397,423
$1,397,423
$1,397,423
$1,397,423
$840,414
$1,397,423
$882,415
$1,030,617
$840,414
$882,415
$1,030,617
$1,030,617
$1,030,617
$882,415
$882,415
$674,511
$1,030,617
$851,464
$681,161
$1,397,423
$1,397,423
$1,397,423
$882,415
$840,414
$1,030,617
$882,415
$882,415
$612,610
$1,030,617
$882,415
$882,415
$1,030,617
$1,030,617
$1,397,423
$1,397,423
$1,030,617
$1,397,423
$1,397,423

April 08, 2019

County Name
SUFFOLK CITY
SUSSEX
VIRGINIA BEACH
WARREN
WILLIAMSBURG CI
YORK
CHITTENDEN
FRANKLIN
GRAND ISLE
CHELAN
CLALLAM
CLARK
DOUGLAS
ISLAND
JEFFERSON
KING
KITSAP
PIERCE
SAN JUAN
SKAGIT
SKAMANIA
SNOHOMISH
THURSTON
WHATCOM

2019 Average Area Purchase Prices for Mortgage Revenue
One-Unit
Two-Unit
State
Limit
Limit
VA
$458,858
$587,410
VA
$535,909
$686,062
VA
$458,858
$587,410
VA
$726,537
$930,316
VA
$458,858
$587,410
VA
$458,858
$587,410
VT
$351,906
$450,508
VT
$351,906
$450,508
VT
$351,906
$450,508
WA
$342,706
$438,707
WA
$384,106
$491,708
WA
$474,958
$608,010
WA
$342,706
$438,707
WA
$379,506
$485,808
WA
$322,005
$412,207
WA
$726,537
$930,316
WA
$363,406
$465,208
WA
$726,537
$930,316
WA
$483,008
$618,310
WA
$339,256
$434,307
WA
$474,958
$608,010
WA
$726,537
$930,316
WA
$336,956
$431,357
WA
$381,806
$488,758

Bonds
Three-Unit
Limit
$710,062
$829,264
$710,062
$1,124,494
$710,062
$710,062
$544,559
$544,559
$544,559
$530,309
$594,360
$734,962
$530,309
$587,260
$498,258
$1,124,494
$562,359
$1,124,494
$747,413
$524,959
$734,962
$1,124,494
$521,409
$590,810

Four-Unit
Limit
$882,415
$1,030,617
$882,415
$1,397,423
$882,415
$882,415
$676,761
$676,761
$676,761
$659,061
$738,662
$913,365
$659,061
$729,812
$619,260
$1,397,423
$698,862
$1,397,423
$928,866
$652,411
$913,365
$1,397,423
$648,011
$734,262

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

WV
WI
WI
WI
WI
WI
WI
WI
WI
WI
WI
WI

$726,537
$316,255
$316,255
$316,255
$316,255
$368,006
$327,755
$327,755
$366,856
$366,856
$327,755
$327,755

$930,316
$404,857
$404,857
$404,857
$404,857
$471,108
$419,557
$419,557
$469,608
$469,608
$419,557
$419,557

$1,124,494
$489,358
$489,358
$489,358
$489,358
$569,460
$507,159
$507,159
$567,660
$567,660
$507,159
$507,159

$1,397,423
$608,160
$608,160
$608,160
$608,160
$707,712
$630,311
$630,311
$705,512
$705,512
$630,311
$630,311

SWEETWATER
TETON

WY
WY

$316,255
$726,537

$404,857
$930,316

$489,358
$1,124,494

$608,160
$1,397,423

GUAM

GU

$563,509

$721,412

$872,015

$1,083,668

NORTHERN ISLAND
ROTA
SAIPAN
TINIAN

MP
MP
MP
MP

$524,409
$410,557
$529,009
$532,459

$671,311
$525,559
$677,211
$681,661

$811,464
$635,311
$818,614
$823,964

$1,008,467
$789,513
$1,017,317
$1,023,967

AGUAS BUENAS

PR

$385,256

$493,208

$596,160

$740,862

April 08, 2019

962

Bulletin No. 2019 –15

County Name
AIBONITO
BARCELONETA
BARRANQUITAS
BAYAMON
CAGUAS
CANOVANAS
CAROLINA
CATANO
CAYEY
CEIBA
CIALES
CIDRA
COMERIO
COROZAL
DORADO
FAJARDO
FLORIDA
GUAYNABO
GURABO
HUMACAO
JUNCOS
LAS PIEDRAS
LOIZA
LUQUILLO
MANATI
MAUNABO
MOROVIS
NAGUABO
NARANJITO
OROCOVIS
RIO GRANDE
SAN JUAN
SAN LORENZO
TOA ALTA
TOA BAJA
TRUJILLO ALTO
VEGA ALTA
VEGA BAJA
YABUCOA
ST. CROIX ISLAN
ST. JOHN ISLAND
ST. THOMAS ISLA
All other areas - 2647
counties (floor):

Bulletin No. 2019 –15

2019 Average Area Purchase Prices for Mortgage Revenue Bonds
One-Unit
Two-Unit
Three-Unit
State
Limit
Limit
Limit
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
PR
$385,256
$493,208
$596,160
VI
$327,755
$419,557
$507,159
VI
$623,310
$797,963
$964,516
VI
$446,207
$571,210
$690,462
$314,832
$403,132
$487,258

963

Four-Unit
Limit
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$740,862
$630,311
$1,198,670
$858,114
$605,535

April 08, 2019

.02 The nationwide average purchase
price (for use in the housing cost/income
ratio for new and existing residences) is
$298,000.
SECTION 5. EFFECT ON OTHER
DOCUMENTS
Rev. Proc. 2018 –28 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 20, 2019, 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.
2018 –28, with respect to bonds sold, or
for mortgage credit certificates issued
with respect to bond authority exchanged,
before April 19, 2019, if the commitments
to provide financing or issue mortgage
credit certificates are made on or before
May 19, 2019.
.03 Except as provided in section 6.04,
issuers must use the nationwide average

April 08, 2019

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 20, 2019, 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. 2018 –28 with respect to bonds sold,
or for mortgage credit certificates issued
with respect to bond authority exchanged,
before April 19, 2019, if the commitments
to provide financing or issue mortgage
credit certificates are made on or before
May 19, 2019.
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 sec-

964

tion 3.03. The purpose of the collection of
information is to verify the applicable
FHA loan limit that issuers of qualified
mortgage bonds and qualified mortgage
certificates have used to calculate the average area purchase price for a given metropolitan statistical area for purposes of
sections 143(e) and 25(c). The collection
of information is required to obtain the
benefit of using revisions to FHA loan
limits to determine average area purchase
prices. The likely respondents are state
and local governments.
The estimated total annual reporting
and/or recordkeeping burden is: 15 hours.
The estimated annual burden per respondent and/or recordkeeper: 15 minutes.
The estimated number of respondents
and/or recordkeepers: 60.
Books or records relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally tax returns and tax
return information are confidential, as required by 26 U.S.C. 6103.
SECTION 8. DRAFTING
INFORMATION
The principal authors of this revenue
procedure are David White and Timothy
Jones of the Office of Associate Chief
Counsel (Financial Institutions & Products). For further information regarding
this revenue procedure contact David
White on (202) 317-4562 (not a toll free
number).

Bulletin No. 2019 –15