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Rev. Proc. 2020-33

SECTION 3. APPLICATION

Internal Revenue Bulletin 2020-25 · 2026-10-03 edition · updated 2026-10-04 · United States

.01 When computing the income requirements of § 143(f), issuers of quali

fied 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 April 24, 2019, 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 April 01, 2020.

.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 April 24, 2019, 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 April 24, 2019, 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 April 01, 2020, 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 April 01, 2020, for all purposes under § 143(f).

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▸Contents — Internal Revenue Bulletin 2020-25
Internal Revenue Bulletin 2020-25

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