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SECTION 3. APPLICATION

Internal Revenue Bulletin 2007-19 · 2026-10-03 edition · updated 2026-10-04 · United States

.01 When computing the housing cost/income ratio under § 143(f)(5), issuers of qualified mortgage bonds and mortgage credit certificates must use as the median gross income for the United States either (1) the $59,600 median gross income figure released to the HUD regional offices on March 8, 2006, or (2) the $59,000 median gross income figure released to the HUD regional offices on March 20, 2007. See § 2.06 of this revenue procedure.

.02 When computing the housing cost/income ratio under § 143(f)(5), issuers of qualified mortgage bonds and mortgage credit certificates generally must use the area median gross income figures released by HUD on March 20, 2007. See § 2.06 of this revenue procedure. However, for any area for which the March 20, 2007 income figure is lower than the income figure released by HUD on March 8, 2006 for the same area, issuers may use the higher figure released on March 8, 2006, when computing the housing cost/income ratio under § 143(f)(5).

26 CFR 601.601: Rules and regulations. (Also Part I, §§ 25, 103, 143; 1.25–4T, 1.103–1, 6a.103A–2.)

Rev. Proc. 2007–31

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▸Contents — Internal Revenue Bulletin 2007-19
Internal Revenue Bulletin 2007-19

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