SECTION 6. EFFECTIVE — Internal Revenue Bulletin 2018-20

.01 Issuers may rely on this revenue procedure to determine average area purchase price safe harbors for commitments to provide financing or issue mortgage credit certificates that are made, or (if the purchase precedes the commitment) for residences that are purchased, in the pe

$301,294 $385,754 $466,292 $579,463

riod that begins on April 24, 2018, and ends on the date as of which the safe harbors contained in section 4.01 of this revenue procedure are rendered obsolete by a new revenue procedure.

.02 Notwithstanding section 5 of this revenue procedure, issuers may continue to rely on the average area purchase price safe harbors contained in Rev. Proc. 2017–27, with respect to bonds sold, or for mortgage credit certificates issued with respect to bond authority exchanged, before May 24, 2018, if the commitments to provide financing or issue mortgage credit certificates are made on or before June 23, 2018.

.03 Except as provided in section 6.04, issuers must use the nationwide average purchase price limitation contained in this revenue procedure for commitments to

provide financing or issue mortgage credit certificates that are made, or (if the purchase precedes the commitment) for residences that are purchased, in the period that begins on April 24, 2018, and ends on the date when the nationwide average purchase price limitation is rendered obsolete by a new revenue procedure.

.04 Notwithstanding sections 5 and 6.03 of this revenue procedure, issuers may continue to rely on the nationwide average purchase price set forth in Rev. Proc. 2017–27 with respect to bonds sold, or for mortgage credit certificates issued with respect to bond authority exchanged, before May 24, 2018, if the commitments to provide financing or issue mortgage credit certificates are made on or before June 23, 2018.

May 14, 2018 608 Bulletin No. 2018–20

Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.