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Introduction

SECTION 3. APPLICATION

Internal Revenue Bulletin 2014-12 · 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 December 11, 2012, 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 December 18, 2013.

.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 December 11, 2012, 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 December 11, 2012, 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 December 18, 2013, 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 December 18, 2013, for all purposes under § 143(f).

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▸Contents — Internal Revenue Bulletin 2014-12
Internal Revenue Bulletin 2014-12

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