SECTION 4. APPLICATION

.01 Applicable Income Figures . Except as provided in section 4.02 of this revenue procedure, for purposes of computing the income requirements of § 143(f), issuers of qualified mortgage bonds or mortgage credit certificates must use either (1) the income figures HUD released most recent­ ly (Most Recent HUD Figures) or (2) the income figures HUD released immediate­ ly prior to the Most Recent HUD Figures (Immediately Prior HUD Figures), deter­ mined as of the date a mortgage loan or mortgage credit certificate is committed to a mortgagor.

.02 Transition Period . For mortgage loans and mortgage credit certificates committed to mortgagors no later than 90 days after the date on which HUD releas­ es updated income figures for the calendar year, issuers of qualified mortgage bonds or mortgage credit certificates may contin­ ue to use the income figures HUD released during the second preceding calendar year for purposes of computing the income re­ quirements of § 143(f).

.03 Consistency Requirement . If an is­ suer uses the Most Recent HUD Figures to compute the housing cost/income ratio under § 143(f)(5), the issuer must use the Most Recent HUD Figures for all purpos­ es under § 143(f). Likewise, if an issuer uses the Immediately Prior HUD Figures to compute the housing cost/income ratio under § 143(f)(5), the issuer must use the Immediately Prior HUD Figures for all purposes under § 143(f). For example, if an issuer uses the income figures HUD released in 2021 to compute the housing cost/income ratio under § 143(f)(5), the issuer must use the income figures HUD released in 2021 for all purposes under § 143(f). Likewise, if an issuer uses the income figures HUD released in 2020 to compute the housing cost/income ratio

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under § 143(f)(5), the issuer must use the income figures HUD released in 2020 for all purposes under § 143(f).