SECTION 5. 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. 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 (except for Alaska, for which a separate safe harbor is provided for statistical areas not listed).

one State, the MSA is listed in section 5.01 of this revenue procedure under each State.

.03 If the FHA revises the FHA loan limit for any statistical area after December 31, 2003, 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 .76.

.04 If, pursuant to section 6a.103A– 2(f)(5)(i), an issuer uses more accurate and comprehensive data to determine the average area purchase price for a 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 is

suer 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 5.02 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 5.02 of this revenue procedure when computing the housing cost/income ratio under section 143(f)(5) regardless of whether they are relying on the average area purchase price safe harbors contained in this revenue procedure or using more accurate and comprehensive data to determine average area purchase prices for new and existing residences for a statistical area that

Area Name 1 Family 2 Family 3 Family 4 Family

ALASKA ANCHORAGE, AK (MSA) $277,500 $312,553 $379,737 $438,158 All other areas in Alaska $250,000 $281,579 $342,105 $405,253

ARIZONA FLAGSTAFF, AZ (MSA) $228,325 $269,779 $326,084 $405,253 MOHAVE COUNTY, AZ $230,375 $269,779 $326,084 $405,253

CALIFORNIA INYO COUNTY, CA $353,750 $398,434 $484,079 $558,553 CHICO, CA (MSA) $231,875 $269,779 $326,084 $405,253 HUMBOLDT COUNTY, CA $212,500 $269,779 $326,084 $405,253 FRESNO, CA (MSA) $214,521 $269,779 $326,084 $405,253 LOS ANGELES-LONG BEACH-SANTA ANA, CA (MSA) $381,999 $488,975 $591,028 $734,521 MADERA, CA (MSA) $214,521 $269,779 $326,084 $405,253 MERCED, CA (MSA) $231,250 $269,779 $326,084 $405,253 MODESTO, CA (MSA) $290,475 $327,166 $397,492 $458,645 NAPA, CA (MSA) $381,999 $488,975 $591,028 $710,526 OXNARD-THOUSAND OAKS-VENTURA, CA (MSA) $381,999 $488,975 $591,028 $734,521 TUOLUMNE COUNTY, CA $243,750 $274,539 $333,553 $405,253 REDDING, CA (MSA) $228,092 $269,779 $326,084 $405,253

March 1, 2004 532 2004-9 I.R.B.

Area Name 1 Family 2 Family 3 Family 4 Family

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (MSA) $321,250 $361,829 $439,605 $507,237 SACRAMENTO-ARDEN-ARCADEROSEVILLE, CA (MSA) $369,407 $464,605 $564,474 $651,316 SALINAS, CA (MSA) $381,999 $488,975 $591,028 $734,521 SAN DIEGO-CARLSBAD-SAN MARCOS, CA (MSA) $381,999 $488,975 $591,028 $734,521 SAN FRANCISCO-OAKLAND-FREMONT, CA (MSA) $381,999 $488,975 $591,028 $734,521 SAN JOSE-SUNNYDALE-SANTA CLARA, CA (MSA) $381,999 $488,975 $591,028 $734,521 SAN LUIS OBISPO-PASA ROBLES, CA (MSA) $381,999 $488,975 $591,028 $710,329 SANTA BARBARA-SANTA MARIA-GOLETA, CA (MSA) $381,999 $488,975 $591,028 $690,789 SANTA CRUZ-WATSONVILLE, CA (MSA) $381,999 $488,975 $591,028 $734,521 SANTA ROSA-PETALUMA, CA (MSA) $381,999 $488,975 $591,028 $734,521 STOCKTON, CA (MSA) $344,222 $397,730 $483,224 $557,566 NEVADA COUNTY, CA $312,500 $351,974 $427,632 $493,421 MENDOCINO COUNTY, CA $312,500 $351,974 $427,632 $493,421 VALLEJO-FAIRFIELD, CA (MSA) $381,999 $488,975 $591,028 $710,526 YUBA CITY-MARYSVILLE, CA (MSA) $275,000 $309,737 $376,316 $434,211 AMADOR COUNTY, CA $218,750 $269,779 $326,084 $405,253 MONO COUNTY, CA $344,222 $399,079 $484,934 $559,539

COLORADO BOULDER, CO (MSA) $369,407 $438,453 $532,699 $614,653 COLORADO SPRINGS, CO (MSA) $260,500 $293,405 $356,474 $411,316 DENVER-AURORA, CO (MSA) $344,222 $440,609 $532,532 $631,579 LA PLATA COUNTY, CO $211,250 $269,779 $326,084 $405,253 EAGLE COUNTY, CO $344,222 $440,609 $532,532 $661,829 LAKE COUNTY, CO $344,222 $440,609 $532,532 $661,829 FORT COLLINS-LOVELAND, CO (MSA) $280,000 $315,368 $383,158 $442,105 GREELEY, CO, (MSA) $286,875 $323,112 $392,566 $452,961 SILVERTHRONE, CO (MSA) $344,222 $401,250 $487,500 $562,500 GARFIELD COUNTY, CO $250,000 $286,825 $346,678 $430,855 GRAND COUNTY, CO $242,500 $273,132 $331,842 $405,253 GUNNISON COUNTY, CO $259,938 $292,772 $355,704 $410,428 OURAY COUNTY, CO $262,500 $295,658 $359,211 $414,474 PITKIN COUNTY, CO $224,161 $286,825 $346,678 $430,855 ROUTT COUNTY, CO $270,000 $304,105 $369,474 $426,316 SAN MIGUEL COUNTY, CO $344,222 $401,250 $487,500 $562,500

CONNECTICUT BRIDGEPORT-STAMFORD-NORWALK, CT (MSA) $381,999 $434,964 $528,462 $609,764 HARTFORD-EAST HARTFORD-WEST HARTFORD, CT (MSA) $309,375 $348,454 $423,355 $488,487 NEW HAVEN-MILFORD, CT (MSA) $381,999 $435,039 $528,553 $609,868 NEW LONDON-NORWICH, CT (MSA) $268,750 $302,697 $367,763 $430,855 LITCHFIELD COUNTY, CT $255,000 $287,211 $348,947 $405,253 WINDHAM COUNTY, CT $224,161 $269,779 $326,084 $405,253

DELAWARE DOVER, DE (MSA) $224,375 $269,779 $326,084 $405,253 PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD (MSA) $300,459 $338,412 $411,154 $474,409

DISTRICT OF COLUMBIA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV (MSA) $381,999 $448,442 $544,837 $628,658

2004-9 I.R.B. 533 March 1, 2004

Area Name 1 Family 2 Family 3 Family 4 Family

FLORIDA JACKSONVILLE, FL (MSA) $275,000 $309,737 $376,316 $434,211 MONROE COUNTY, FL $369,407 $449,822 $546,513 $630,592

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL (MSA) $311,625 $350,988 $426,434 $492,039 NAPLES-MARCO ISLAND, FL (MSA) $282,500 $318,184 $386,579 $446,053 SARASOTA-BRADENTON-VENICE, FL (MSA) $251,500 $283,268 $344,158 $405,253

GEORGIA ALBANY, GA (MSA) $213,125 $269,779 $326,084 $405,253 ATHENS-CLARKE COUNTY, GA (MSA) $232,375 $269,779 $326,084 $405,253 ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $232,375 $269,779 $326,084 $405,253

HAWAII HONOLULU, HI (MSA) $490,625 $552,599 $671,382 $774,671 HAWAII COUNTY, HI $278,750 $313,961 $381,447 $440,132 MAUI COUNTY, HI $381,250 $429,408 $521,711 $601,974 KAUAI COUNTY, HI $368,750 $415,329 $504,605 $582,237 KALAWAO COUNTY, HI $239,400 $306,379 $370,326 $460,232

IDAHO BLAINE COUNTY, ID $336,250 $378,724 $460,132 $530,921

ILLINOIS CHICAGO-NAPERVILLE-JOILET, IL-IN-WI (MSA) $312,500 $351,974 $427,632 $493,421 ST. LOUIS, MO-IL (MSA) $243,974 $274,792 $333,859 $405,253

INDIANA ANDERSON, IN (MSA) $217,500 $269,779 $326,084 $405,253 CHICAGO-NAPERVILLE-JOILETTE, IL-IN-WI (MSA) $312,500 $351,974 $427,632 $493,421 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) $235,646 $269,779 $326,084 $405,253 INDIANAPOLIS, IN (MSA) $217,500 $269,779 $326,084 $405,253 LOUISVILLE, KY-IN (MSA) $237,375 $269,779 $326,084 $405,253 SCOTT COUNTY, IN $237,375 $269,779 $326,084 $405,253

KANSAS KANSAS CITY, MO-KS (MSA) $256,250 $288,618 $350,658 $405,253 LAWRENCE, KS (MSA) $221,813 $269,779 $326,084 $405,253

KENTUCKY CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) $235,646 $269,779 $326,084 $405,253 LOUISVILLE, KY-IN (MSA) $237,375 $269,779 $326,084 $405,253

MAINE PORTLAND-SOUTH PORTLAND, ME (MSA) $296,250 $333,671 $405,395 $467,763

MARYLAND BALTIMORE-TOWSON, MD (MSA) $344,222 $389,557 $473,292 $546,107 HAGERSTOWN-MARTINSBURG, MD (MSA) $355,000 $399,842 $485,789 $560,526 ST. MARY’S COUNTY, MD $241,250 $271,724 $330,132 $405,253 PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD, (MSA) $300,459 $338,412 $411,154 $474,409

March 1, 2004 534 2004-9 I.R.B.

Area Name 1 Family 2 Family 3 Family 4 Family

WASHINGTON-ARLINGTON-ALEXANDRIA, DC-MD-VA-WV (MSA) $381,999 $448,442 $544,837 $628,658

MASSACHUSETTS BARNSTABLE TOWN, MA (MSA) $374,875 $422,228 $512,987 $591,908 BOSTON-CAMBRIDGE-QUINCY, MA-NH (MSA) $381,999 $488,975 $591,028 $734,521 PITTSFIELD, MA (MSA) $237,500 $269,779 $326,084 $405,253 PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA (MSA) $369,407 $472,891 $571,567 $710,309 SPRINGFIELD, MA (MSA) $237,500 $269,779 $326,084 $405,253 WORCESTER, MA (MSA) $381,999 $488,975 $591,028 $734,521 DUKES COUNTY, MA $344,222 $440,609 $532,532 $661,829 NANTUCKET COUNTY, MA $344,222 $440,609 $532,532 $661,829

MICHIGAN LENAWEE COUNTY $297,500 $335,079 $407,105 $469,737 ANN ARBOR, MI (MSA) $297,500 $335,079 $407,105 $469,737 DETROIT-WARREN-LIVONIA, MI (MSA) $297,500 $335,079 $407,105 $469,737 LANSING-EAST LANSING, MI (MSA) $250,000 $281,579 $342,105 $405,253 MONROE, MI (MSA) $231,250 $269,779 $326,084 $405,253 BENZIE COUNTY, MI $224,161 $270,937 $327,483 $407,022 GRAND TRAVERSE COUNTY, MI $224,161 $270,937 $327,483 $407,022 KALKASKA COUNTY, MI $224,161 $270,937 $327,483 $407,022 LEELANAU COUNTY, MI $224,161 $270,937 $327,483 $407,022

MINNESOTA MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (MSA) $291,000 $327,758 $398,211 $459,474 GOODHUE COUNTY, MN $224,875 $269,779 $326,084 $405,253 ROCHESTER, MN (MSA) $230,962 $269,779 $326,084 $405,253

MISSISSIPPI JACKSON, MS (MSA) $220,000 $269,779 $326,084 $405,253

MISSOURI KANSAS CITY, MO-KS (MSA) $256,250 $288,618 $350,658 $405,253 ST. LOUIS, MO-IL (MSA) $243,974 $274,791 $333,858 $405,253

MONTANA MISSOULA, MT (MSA) $241,250 $271,724 $330,132 $405,253

NEVADA CARSON CITY, NV (MSA) $256,250 $288,618 $350,658 $405,253 DOUGLAS COUNTY, NV $350,000 $394,211 $478,947 $552,632 LAS VEGAS-PARADISE, NV (MSA) $230,375 $269,779 $326,084 $405,253 NYE COUNTY, NV $230,375 $269,779 $326,084 $405,253 RENO-SPARKS, NV (MSA) $255,625 $287,914 $349,803 $405,253

NEW HAMPSHIRE BOSTON-CAMBRIDGE-QUINCY, MA-NH (MSA) $381,999 $488,975 $591,028 $734,521 MERRIMACK COUNTY, NH $218,166 $269,779 $326,084 $405,253 MANCHESTER-NASHUA, NH (MSA) $369,407 $472,891 $571,567 $710,309

NEW JERSEY ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (MSA) $369,407 $459,255 $557,974 $643,816 ATLANTIC CITY, NJ (MSA) $293,750 $330,855 $401,974 $463,816

2004-9 I.R.B. 535 March 1, 2004

Area Name 1 Family 2 Family 3 Family 4 Family

NEW YORK-NEWARK-EDISON, NY-NJ-PA (MSA) $381,999 $488,975 $591,028 $734,521 OCEAN CITY, NJ (MSA) $293,750 $330,855 $401,974 $463,816 PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD (MSA) $300,459 $338,412 $411,154 $474,409 TRENTON-EWING, NJ (MSA) $381,250 $429,408 $521,711 $601,974

NEW MEXICO LOS ALAMOS COUNTY, NM $318,750 $359,013 $436,184 $503,289 SANTA FE, NM (MSA) $343,125 $386,467 $469,539 $541,776

NEW YORK CAYUGA COUNTY, NY $211,250 $269,779 $326,084 $405,253 BUFFALO-CHEEKTOWAGA-TONAWANDA, NY (MSA) $228,750 $269,779 $326,084 $405,253 NEW YORK-NEWARK-EDISON, NY-NJ-PA (MSA) $381,999 $488,975 $591,028 $734,521 POUGHKEEPSIE-NEWBURGHMIDDLETOWN, NY (MSA) $337,500 $380,132 $461,842 $532,895 ROCHESTER, NY (MSA) $218,750 $269,779 $326,084 $405,253 SYRACUSE, NY (MSA) $211,250 $269,779 $326,084 $405,253

NORTH CAROLINA CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA) $221,582 $269,779 $326,084 $405,253 DURHAM, NC (MSA) $230,000 $269,779 $326,084 $405,253 JACKSONVILLE, NC (MSA) $306,250 $344,934 $419,079 $483,553 LINCOLN COUNTY, NC $221,582 $269,779 $326,084 $405,253 RALEIGH-CARY, NC (MSA) $230,000 $269,779 $326,084 $405,253 ROWAN COUNTY, NC $221,582 $269,779 $326,084 $405,253 VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $286,250 $322,408 $391,711 $451,974

OHIO AKRON, OH (MSA) $223,625 $269,779 $326,084 $405,253 ASHTABULA COUNTY, OH $290,797 $327,530 $397,933 $459,154 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) $235,646 $269,779 $326,084 $405,253 CLEVELAND-ELYRIA-MENTOR, OH (MSA) $290,797 $327,530 $397,933 $459,154 COLUMBUS, OH (MSA) $274,738 $309,441 $375,957 $433,796 DAYTON, OH (MSA) $225,000 $269,779 $326,084 $405,253 SPRINGFIELD, OH (MSA) $225,000 $269,779 $326,084 $405,253

OREGON CORVALIS, OREGON (MSA) $217,375 $269,779 $326,084 $405,253 MEDFORD, OR (MSA) $241,875 $272,428 $330,987 $405,253 PORTLAND-VANCOUVER-BEAVERTON, OR-WA (MSA) $249,875 $286,825 $346,678 $430,855

PENNSYLVANIA ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (MSA) $369,407 $459,255 $557,974 $643,816 NEW YORK-NEWARK-EDISON, NY-NJ-PA (MSA) $381,999 $488,975 $591,028 $734,521 PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE (MSA) $300,459 $338,412 $411,154 $474,409 PITTSBURGH, PA (MSA) $228,188 $269,779 $326,084 $405,253 READING, PA (MSA) $217,382 $269,779 $326,084 $405,253 YORK - HANOVER, PA (MSA) $224,875 $269,779 $326,084 $405,253

March 1, 2004 536 2004-9 I.R.B.

Area Name 1 Family 2 Family 3 Family 4 Family

RHODE ISLAND PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA (MSA) $369,407 $472,891 $571,567 $710,309

SOUTH CAROLINA CHARLESTON-NORTH CHARLESTON, SC (MSA) $261,250 $294,250 $357,500 $412,500 CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA) $221,582 $269,779 $326,084 $405,253 GEORGETOWN COUNTY, SC $228,750 $269,779 $326,084 $405,253 BEAUFORT COUNTY, SC $262,500 $295,658 $359,211 $414,474 JASPER COUNTY, SC $262,500 $295,658 $359,211 $414,474

TENNESSEE NASHVILLE-DAVIDSON-MURFREESBORO, TN (MSA) $297,500 $335,079 $407,105 $469,737

TEXAS HENDERSON COUNTY, TX $224,875 $269,779 $326,084 $405,253 AUSTIN - ROUND ROCK, TX (MSA) $233,750 $269,779 $326,084 $405,253 HUTCHINSON COUNTY, TX $224,875 $269,779 $326,084 $405,253 DALLAS-FORT WORTH-ARLINGTON, TX (MSA) $224,875 $269,779 $326,084 $405,253 SAN ANGELO, TX (MSA) $224,875 $269,779 $326,084 $405,253

UTAH OGDEN-CLEARFIELD, UT (MSA) $225,000 $269,779 $326,084 $405,253 PROVO-OREM, UT (MSA) $231,250 $269,779 $326,084 $405,253 SALT LAKE CITY, UT (MSA) $306,250 $344,934 $419,079 $483,553 KANE COUNTY, UT $228,325 $269,779 $326,084 $405,253 WASATCH COUNTY, UT $231,250 $269,779 $326,084 $405,253

VERMONT BURLINGTON-SOUTH BURLINGTON, VT (MSA) $281,125 $316,636 $384,697 $443,882

VIRGINIA CHARLOTTESVILLE, VA (MSA) $255,416 $287,678 $349,516 $405,253 RICHMOND, VA (MSA) $249,938 $281,509 $342,020 $405,253 VIRGINIA BEACH-NORFOLK-NEWPORT, NEWS, VA-NC (MSA) $286,250 $322,408 $391,711 $451,974 WASHINGTON-ARLINGTON-ALEXANDRIA, DC-MD-VA-WV, (MSA) $381,999 $448,442 $544,837 $628,658

WASHINGTON BELLINGHAM, WA (MSA) $236,250 $269,779 $326,084 $405,253 BREMERTON-SILVERDALE, WA (MSA) $262,500 $295,658 $359,211 $414,474 MOUNT VERNON-ANACORLES, WA (MSA) $214,934 $269,779 $326,084 $405,253 ISLAND COUNTY, WA $326,868 $368,157 $447,293 $516,108 OLYMPIA, WA (MSA) $225,000 $269,779 $326,084 $405,253 PORTLAND-VANCOUVER-BEAVERTON, OR-WA (MSA) $249,875 $286,825 $346,678 $430,855 SEATTLE-TACOMA-BELLVUE, WA (MSA) $345,125 $388,720 $472,276 $544,934 JEFFERSON COUNTY, WA $212,500 $269,779 $326,084 $405,253 SAN JUAN COUNTY, WA $260,028 $292,874 $355,828 $430,855

WEST VIRGINIA HAGERSTOWN-MARTINSBURG, MD-WV (MSA) $355,000 $399,842 $485,789 $560,526

2004-9 I.R.B. 537 March 1, 2004

Area Name 1 Family 2 Family 3 Family 4 Family

WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV (MSA) $381,999 $448,442 $544,837 $628,658

WISCONSIN CHICAGO-NAPERVILLE-JOILETT, IL-IN-WI (MSA) $312,500 $351,974 $427,632 $493,421 MADISON, WI (MSA) $242,625 $273,272 $332,013 $405,253 MILWAUKEE-WAUKESHA-WEST ALLIS, WI (MSA) $233,125 $269,779 $326,084 $405,253 MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (MSA) $291,000 $327,758 $398,211 $459,474 RACINE, WI (MSA) $233,125 $269,779 $326,084 $405,253

WYOMING TETON COUNTY, WY $369,407 $438,453 $532,699 $614,653 SUBLETTE COUNTY, WY $224,375 $269,779 $326,084 $405,253

GUAM $237,500 $269,779 $326,084 $405,253

PUERTO RICO FAJARDO, PR (MSA) $325,000 $366,053 $444,737 $513,158 SAN JUAN-CAGUAS-GUAYNABO, PR (MSA) $325,000 $366,053 $444,737 $513,158

VIRGIN ISLANDS ST. CROIX $287,500 $323,816 $393,421 $453,947 ST. JOHN $246,447 $277,578 $337,243 $405,253 ST. THOMAS $318,750 $359,013 $436,184 $503,289

ALL OTHER AREAS $210,758 $269,779 $326,084 $405,253

for mortgage credit certificates issued with respect to bond authority exchanged, before March 11, 2004, if the commitments to provide financing or issue mortgage credit certificates are made on or before April 10, 2004.