SECTION 5. EFFECTIVE DATES

.01 Issuers must use the United States and area median gross income figures specified in section 3 of this revenue procedure for commitments to provide financing that are made, or (if the purchase precedes the financing commitment) for residences that are purchased, in the period that begins on February 11, 2005, and ends on the date when these United States and area median gross income figures are

rendered obsolete by a new revenue procedure.

.02 Notwithstanding section 5.01 of this revenue procedure, issuers may continue to rely on the United States and area median gross income figures specified in Rev. Proc. 2004–24 with respect to bonds originally sold and nonissued bond amounts elected not later than May 11, 2005, if the commitments or purchases described in § 5.01 are made not later than July 10, 2005.

April 11, 2005 887 2005–15 I.R.B.