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Introduction

SECTION 3. APPLICATION

Internal Revenue Bulletin 2010-24 · 2026-10-03 edition · updated 2026-10-04 · United States

.01 When computing the income requirements of § 143(f), issuers of qualified mortgage bonds and mortgage credit certificates must use either (1) the median gross income for the United States,

the states, and statistical areas within the states, as released to the HUD regional offices on March 19, 2009, or (2) the median gross income for the United States, the states, and statistical areas within the states, as released to the HUD regional offices on May 14, 2010.

.02 If an issuer uses the median gross income for the United States, the states, and statistical areas within the states, as released to the HUD regional offices on March 19, 2009, to compute the housing cost/income ratio under § 143(f)(5), the issuer must use the median gross income for the United States, the states, and statistical areas within the states, as released to the HUD regional offices on March 19, 2009, for all purposes under § 143(f). Likewise, if an issuer uses the median gross income for the United States, the states, and statistical areas within the states, as released to the HUD regional offices on May 14, 2010, to compute the housing cost/income ratio under § 143(f)(5), the issuer must use the median gross income for the United States, the states, and statistical areas within the states, as released to the HUD regional offices on May 14, 2010, for all purposes under § 143(f).

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▸Contents — Internal Revenue Bulletin 2010-24
Internal Revenue Bulletin 2010-24

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