SEC. 5. EFFECTIVE DATES

.01 Issuers must use the United States and area median gross income figures specified in section 3 of this revenue procedure for commitments to

380 1995–2 C.B.

provide financing that are made, or (if the purchase precedes the financing commitment) for residences that are purchased, in the period that begins on January 18, 1995, the date HUD released the income figures, and ends on the date when these United States and area median gross income figures are rendered obsolete by a new revenue procedure.

.02 Notwithstanding section 5.01 of this revenue procedure, issuers may continue to rely on the United States and area median gross income figures specified in Rev. Proc. 94–66 with respect to bonds originally sold and nonissued bond amounts elected not later than August 9, 1995, if the commitments or purchases described in section 5.01 are made not later than October 9, 1995.

26 CFR 601.204: Changes in accounting periods and in methods of accounting. (Also Part I, §§ 263A, 446, 481; 1.263A–1, 1.446–1, 1.481–1.)

Rev. Proc. 95–33

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