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IRS PUBLISHES AVERAGE PURCHASE PRICES FOR NEW AND EXISTING HOMES.

AUG. 16, 1994

Rev. Proc. 94-55; 1994-2 C.B. 716

DATED AUG. 16, 1994
DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Cross-Reference
    Part III

    Administrative, Procedural, and Miscellaneous

    26 CFR 601.201: Rulings and determination letters.

    (Also Part I, Sections 25, 103, 143; 1.25-1T, 1.103-1,

    6a.103A-2.)
  • Code Sections
  • Subject Areas/Tax Topics
  • Index Terms
    exempt bonds
    private activity bonds, mortgage revenue
    mortgage interest, credit
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 94-7665 (38 original pages)
  • Tax Analysts Electronic Citation
    94 TNT 161-17
Citations: Rev. Proc. 94-55; 1994-2 C.B. 716

Obsoleted by Rev. Proc. 2004-18

Rev. Proc. 94-55

SECTION 1. PURPOSE

This revenue procedure provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in section 25(c), with (1) the nationwide average purchase prices for new and existing residences located in the United States, and (2) the average area purchase price safe harbor limitations for new and existing residences located in statistical areas in each state and the District of Columbia.

SECTION 2. CHANGES

.01 Office of Management and Budget Bulletin No. OMB-93-17, dated and effective June 30, 1993, established new definitions for the nation's metropolitan areas. In many cases, these areas are significantly different from the metropolitan statistical areas (MSAs) utilized in Rev. Proc. 92-34, 1992-1 C.B. 782. Some of the present MSAs are enlargements or consolidations of previous MSAs, some are entirely new, and some, called PMSAs (Primary Metropolitan Statistical Areas) are parts of expanded large areas called Consolidated Metropolitan Statistical Areas (CMSAs).

.02 MSAs and PMSAs frequently include portions of more than a single state. In Rev. Proc. 92-34 each statistical area is listed only under the state where its principal city is located. In this revenue procedure, however, where any part of a statistical area is located in a state, it is listed under that state, even though the principal city or cities in the statistical area may be located in and listed under the other state. For example, the Boston PMSA is partially located in New Hampshire. Therefore, it is listed under New Hampshire as well as under Massachusetts.

SECTION 3. BACKGROUND

.01 Section 103(a) provides that, except as provided in section 103(b), gross income does not include interest on any state or local bond. Section 103(b)(1) provides that section 103(a) shall not apply to any private activity bond that is not a "qualified bond" within the meaning of section 141. Section 141(e) provides that the term "qualified bond" means any private activity bond if that bond (1) is a qualified mortgage bond, (2) meets the volume cap requirements under section 146, and (3) meets the applicable requirements under section 147.

.02 Section 143(a)(1)(A) provides that the term "qualified mortgage bond" means a bond that is issued as part of a qualified mortgage issue. Section 143(a)(2)(A) provides that the term "qualified mortgage issue" means an issue of one or more bonds by a state or political subdivision thereof, but only if (i) all proceeds of the issue (exclusive of issuance costs and a reasonably required reserve) are to be used to finance owner-occupied residences; (ii) the issue meets the requirements of subsections (c), (d), (e), (f), (g), (h), (i), and (m)(7) of section 143; (iii) the issue does not meet the private business tests of paragraphs (1) and (2) of section 141(b); and (iv) with respect to amounts received more than 10 years after the date of issuance, repayments of $250,000 or more of principal on financing provided by the issue are used not later than the close of the first semiannual period beginning after the date the prepayment (or complete repayment) is received to redeem bonds that are part of the issue.

.03 An issue of bonds meets the requirements of subsection (e) of section 143 only if the acquisition cost of each residence financed by the issue does not exceed 90 percent of the average area purchase price applicable to such residence. In the case of a targeted area residence, the acquisition cost may exceed 90 percent, but must not exceed 110 percent, of the average area purchase price. The term "average area purchase price" means, with respect to any residence, the average purchase price of single-family residences (in the statistical area in which the residence is located) that were purchased during the most recent 12-month period for which sufficient statistical information is available. Separate determinations are made for new and existing residences, and for two-, three-, and four- family residences.

.04 Section 143(e)(2) provides that the determination of the average area purchase price for a statistical area shall be made as of the date on which the commitment to provide the financing is made or, if earlier, the date of the purchase of the residence.

.05 Section 6a.103A-2(f)(5)(i) of the Temporary Income Tax Regulations under Title II of the Omnibus Reconciliation Act of 1980 (issued under former section 103A(f), the predecessor of section 143(e)) provides that an issuer may rely upon the average area purchase price safe harbor limitations published by the Department of the Treasury for the statistical area in which a residence is located.

.06 Section 143(k)(2)(A) provides that the term "statistical area" means (i) a metropolitan statistical area (MSA), and (ii) any county (or the portion thereof) which is not within an MSA. A city that is not part of a county is treated as a county for purposes of this revenue procedure.

.07 Office of Management and Budget Bulletin No. OMB-93-17, dated and effective June 30, 1993, established new definitions for the nation's metropolitan areas. An MSA is an area that contains at least 100,000 population based upon the 1990 Decennial Census. If an area has more than one million population and meets certain other specified requirements, it is termed a "consolidated metropolitan statistical area" (CMSA). A CMSA consists of two or more major components called "primary metropolitan statistical areas" (PMSAs). For purposes of this revenue procedure, PMSAs (but not CMSAs) are considered statistical areas. MSAs and/or PMSAs may include portions of more than a single state and generally include one or more entire counties. Exceptions include the six New England States, where they are defined in terms of cities and towns, and Alaska and Louisiana, where the terms borough and parish, respectively, are used instead of county.

.08 An issuer may use a limitation different from the published safe harbor limitation if the issuer has more accurate and comprehensive data for the statistical area. See Section 6a.103A- 2(f)(5)(i) of the temporary regulations. In such a case, when computing the average area purchase price for a statistical area that is an MSA or PMSA, as defined in OMB Bulletin 93-17, the issuer must make the computation for the entire applicable MSA or PMSA. When computing the average area purchase price for a statistical area that is not an MSA or PMSA, the issuer must make the computation for the entire statistical area and may not combine statistical areas. Thus, the issuer may not combine two or more counties.

.09 A state or local government may elect to exchange all or part of its qualified mortgage bond authority for authority to issue mortgage credit certificates. In general, the recipient of a mortgage credit certificate may claim a federal income tax credit equal to the product of the certificate credit rate and the interest paid or accrued during the tax year on the remaining principal of the certified indebtedness amount. Section 25(c)(2)(A)(iii)(III) provides that the indebtedness certified by mortgage credit certificates must meet the purchase price requirements under section 143(e). Thus, the purchase price of the residence financed may not exceed 90 percent of the average area purchase price (110 percent in a targeted area).

.10 Average area purchase price safe harbor limitations were most recently published in Rev. Proc. 92-34, 1992-1 C.B. 782. Section 6.01 of Rev. Proc. 92-34 provides that issuers may rely on those average area purchase price safe harbor limitations until they are rendered obsolete by a new revenue procedure, such as this one.

.11 Section 143(f) imposes a requirement concerning the income of mortgagors for whom financing is provided under qualified mortgage bonds. Section 25(c)(2)(A)(iii)(IV) provides that the recipients of mortgage credit certificates must meet the income requirements under section 143(f). Under section 143(f)(1), this income requirement is generally met only if owner financing under a qualified mortgage bond and all certified indebtedness amounts under a mortgage credit certificate program are provided to mortgagors whose family income is 115 percent or less of the applicable median family income. However, paragraph (5) of section 143(f) generally provides for an upward adjustment of the income requirement in areas (high housing cost areas) where the ratio of the area's housing costs to the area's median income is more than 20 percent higher than the analogous ratio computed on a nationwide basis.

.12 For purposes of determining whether an area is a high housing cost area under section 143(f)(5), the issuer of qualified mortgage bonds or mortgage credit certificates must compute the housing cost/income ratio under section 143(f)(5)(D). Two of the elements that must be considered in computing the housing cost/income ratio are the average purchase prices for new and existing residences located in the United States. Section 3.06 of Rev. Proc. 92-34, sets forth the most recent nationwide average purchase prices, which are effective until they are rendered obsolete by a new revenue procedure, such as this one. The other elements of the housing cost/income ratio, relating to income, were most recently considered in Rev. Proc. 94-21, 1994-8 I.R.B. 11.

.13 The Department of Housing and Urban Development has provided the Internal Revenue Service with estimates of average area purchase prices. These estimates are based on information from the "Mortgage Interest Rate Survey" prepared by the Federal Housing Finance Board (FHFB). The survey contains sales price estimates for both new and existing one-family nonfarm residences. The estimates are generally based on data for the 12 months ending December 31, 1993. If sufficient sales price estimates were available from the 12-month period for both new and existing residences in an MSA or PMSA, safe harbor limitations for both new and existing residences were computed and are included in this revenue procedure. If sufficient sales price estimates were available for only one category (new or existing) of residence, then a safe harbor limitation for only that category is included in this revenue procedure. If sufficient sales price data were available for neither new nor existing residences in an area, then no separate safe harbor limitation for that area is contained in this revenue procedure. Data for the areas in each state with insufficient sales price data are combined to produce an estimate for "all other areas" in the state. (If the available data for "all other areas" in a state are insufficient, the listing uses a regional estimate as the average purchase price for "all other areas" in that state.) .14 The figures provided in section 5 below incorporate adjustments that compensate for the fact that the underlying data from the FHFB do not include mortgages insured by the Federal Housing Administration or loans guaranteed by the Veterans Administration.

SECTION 4. APPLICATION

.01 Estimates of the average purchase prices for new and existing residences nationwide and for statistical areas in each state and the District of Columbia are set forth in section 5 below. The list of MSAs and PMSAs in section 5.02 is consistent with OMB Bulletin 93-17; however, the areas included in a particular MSA or PMSA may be changed from those areas included in the MSA or PMSA of the same name provided in Rev. Proc. 92-34. Unless otherwise specified, all areas listed in section 5, below, are metropolitan statistical areas (MSAs). In addition, an MSA or PMSA that includes portions of more than one state is listed under each state where part of the MSA or PMSA is located. Issuers of qualified mortgage bonds and issuers of qualified mortgage certificates ("Issuers") may rely on these estimates as safe harbor limitations to satisfy the requirements of section 143(e). If no estimate is available for an area, the safe harbor limitation for "all other areas" of the state may be used as a substitute for the omitted category.

.02 Safe harbor limitations for two- to four-family residences are equal to the appropriate average area purchase price for single- family residences multiplied by the following adjustment factor: 1.126 for two-family residences, 1.363 for three-family residences, and 1.585 for four-family residences. These adjustment factors are similar to those used for the FHA mortgage limitations.

.03 If a residence is in an MSA or PMSA, the safe harbor limitation applicable to it is the limitation of that MSA or PMSA. If a residence is in an MSA or PMSA that falls in more than one state, the MSA or PMSA is listed in section 5 under each state. The safe harbor limitation applicable to that residence is the limitation provided for the MSA or PMSA and not the limitation provided for "all other areas" in the state in which the residence is located. If sufficient data are not available for the applicable category of residence (new or existing) in the MSA or PMSA, however, then the safe harbor limitation for "all other areas" of the state in which the residence is actually located is used for the omitted category. For example, data are unavailable for the Steubenville--Weirton MSA, part of which is in Ohio and part in West Virginia. The safe harbor limitation for Steubenville and other Ohio portions of this MSA is the "all other areas" listing for Ohio, while the safe harbor limitation of Weirton and other portions of West Virginia in this MSA is the "all other areas" listing for West Virginia. If, pursuant to section 6a.103A-2(f)(5)(i) of the temporary regulations (see section 3.08, above), an issuer has accurate and comprehensive data for the Steubenville--Weirton MSA, then the issuer may use such data as its average area purchase price limitation, provided that when computing the average area purchase price, the issuer uses data for the entire Steubenville--Weirton MSA.

.04 An issuer that receives a ruling permitting it to rely on an average area purchase price limitation that is higher than the applicable safe harbor limitation in this revenue procedure (see section 3.08, above) may rely on that higher limitation for the purpose of satisfying the purchase price requirement for bonds sold, and bond authority exchanged for authority to issue mortgage credit certificates, not more than 30 months following the termination date of the 12-month period used by the issuer to compute the limitation.

.05 When computing the housing cost/income ratio under section 143(f)(5), issuers must use as the nationwide average purchase price for residences located in the United States the figures in section 5.01 of $147,693 for new residences and $133,497 for existing residences (based on data from a 12-month period ending December 31, 1993).

.06 If, for purposes of computing the housing cost/income ratio, an issuer computes different average area purchase price limitations based on more accurate and comprehensive data, the issuer must use data from a 12-month period that begins no earlier than July 1, 1992, and ends no later than June 30, 1994.

.07 If, pursuant to section 7.02 of this revenue procedure, an issuer relies on the average area purchase price safe harbor limitations contained in Rev. Proc. 92-34, the issuer must use the nationwide average purchase prices set forth in section 3.06 of Rev. Proc. 92-34 in computing the housing cost/income ratio under section 143(f)(5). Likewise, if, pursuant to section 7.05 of this revenue procedure, an issuer relies on the nationwide average purchase price published in Rev. Proc. 92-34, the issuer may not rely on the average area purchase price safe harbor limitations published in this revenue procedure or on safe harbor limitations based on more accurate and comprehensive data unless that data is from a 12-month period that begins no earlier than March 1, 1990, and ends no later than February 29, 1992.

SECTION 5. AVERAGE PURCHASE PRICES

.01 Average nationwide purchase prices for single-family residences (for use in the housing cost/income ratio).

                                            NEW        EXISTING

 

 

           All Areas:                    $147,693      $133,497

 

 

.02 Average area purchase prices for single-family residences.

 STATE AND AREA DESIGNATION        AVERAGE AREA PURCHASE PRICE

 

 (All areas listed are MSAs        SAFE HARBOR LIMITATIONS FOR

 

 unless specified otherwise)       SINGLE-FAMILY RESIDENCES

 

 

                                           NEW        EXISTING

 

 Alabama

 

   Anniston . . . . . . . . . . . . .     N/A*           N/A*

 

   Birmingham . . . . . . . . . . . .     N/A*        $120,998

 

   Columbus (GA). . . . . . . . . . .     N/A*           N/A*

 

   Decatur  . . . . . . . . . . . . .     N/A*           N/A*

 

   Dothan . . . . . . . . . . . . . .     N/A*           N/A*

 

   Florence . . . . . . . . . . . . .     N/A*           N/A*

 

   Gadsden  . . . . . . . . . . . . .     N/A*           N/A*

 

   Huntsville . . . . . . . . . . . .     N/A*          73,849

 

   Mobile . . . . . . . . . . . . . .     N/A*         105,487

 

   Montgomery . . . . . . . . . . . .     N/A*           N/A*

 

   Tuscaloosa . . . . . . . . . . . .     N/A*           N/A*

 

   All Other Areas. . . . . . . . . .   125,725         70,499

 

  Alaska

 

   Anchorage. . . . . . . . . . . . .     N/A*           N/A*

 

   All Other Areas. . . . . . . . . .   169,546        127,571

 

 Arizona

 

   Las Vegas (NV) . . . . . . . . . .   125,813        138,144

 

   Phoenix--Mesa. . . . . . . . . . .   135,173        120,312

 

   Tucson . . . . . . . . . . . . . .     N/A*         106,717

 

   Yuma . . . . . . . . . . . . . . .     N/A*           N/A*

 

   All Other Areas. . . . . . . . . .   115,215         97,757

 

 Arkansas

 

   Fayetteville--Springdale--Rogers .     N/A*           N/A*

 

   Fort Smith . . . . . . . . . . . .     N/A*          80,672

 

   Little Rock--North Little Rock . .     N/A*         112,605

 

   Memphis (TN) . . . . . . . . . . .   127,279        134,553

 

   Pine Bluff . . . . . . . . . . . .     N/A*           N/A*

 

   Texarkana (TX)--Texarkana (AR) . .     N/A*           N/A*

 

   All Other Areas. . . . . . . . . .   121,977         95,405

 

 California

 

   Bakersfield. . . . . . . . . . . .     N/A*         109,468

 

   Chico--Paradise. . . . . . . . . .     N/A*         107,011

 

   Fresno . . . . . . . . . . . . . .     N/A*         127,903

 

   Los Angeles--Long Beach PMSA . . .   256,182        217,998

 

   Merced . . . . . . . . . . . . . .     N/A*           N/A*

 

   Modesto. . . . . . . . . . . . . .     N/A*         124,902

 

   Oakland PMSA . . . . . . . . . . .   222,144        208,858

 

   Orange County PMSA . . . . . . . .   255,426        227,597

 

   Redding MSA. . . . . . . . . . . .     N/A*         123,459

 

   Riverside--San Bernardino PMSA . .   166,221        178,054

 

   Sacramento PMSA. . . . . . . . . .   170,787        149,174

 

   Salinas. . . . . . . . . . . . . .     N/A*         198,395

 

   San Diego. . . . . . . . . . . . .   166,592        185,813

 

   San Francisco PMSA . . . . . . . .   248,969        285,011

 

   San Jose PMSA. . . . . . . . . . .   264,117        253,790

 

   San Luis Obispo--Atascadero--

 

     Paso Robles. . . . . . . . . . .     N/A*         198,734

 

   Santa Barbara--Santa Maria--

 

     Lompoc . . . . . . . . . . . . .     N/A*         203,826

 

   Santa Cruz--Watsonville PMSA . . .     N/A*         239,198

 

   Santa Rosa PMSA. . . . . . . . . .     N/A*         209,544

 

   Stockton--Lodi . . . . . . . . . .     N/A*         133,902

 

   Vallejo--Fairfield--Napa PMSA. . .   192,559        193,577

 

   Ventura PMSA . . . . . . . . . . .     N/A*         211,499

 

   Visalia--Tulare--Porterville . . .     N/A*          98,074

 

   Yolo PMSA. . . . . . . . . . . . .     N/A*           N/A*

 

   Yuba City. . . . . . . . . . . . .     N/A*           N/A*

 

   All Other Areas. . . . . . . . . .   187,899        159,905

 

 Colorado

 

   Boulder--Longmont PMSA . . . . . .     N/A*         160,891

 

   Colorado Springs . . . . . . . . .     N/A*         111,939

 

   Denver PMSA. . . . . . . . . . . .   144,770        131,083

 

   Fort Collins--Loveland . . . . . .   166,510        122,486

 

   Greeley PMSA . . . . . . . . . . .     N/A*           N/A*

 

   Pueblo . . . . . . . . . . . . . .     N/A*           N/A*

 

   All Other Areas. . . . . . . . . .   174,062        132,830

 

 Connecticut

 

   Bridgeport PMSA. . . . . . . . . .     N/A*         255,075

 

   Danbury PMSA . . . . . . . . . . .     N/A*           N/A*

 

   Hartford . . . . . . . . . . . . .   177,606        152,821

 

   New Haven--Meriden PMSA. . . . . .   161,752        189,514

 

   New London--Norwich. . . . . . . .     N/A*         142,172

 

   Stamford--Norwalk PMSA . . . . . .     N/A*           N/A*

 

   Waterbury PMSA . . . . . . . . . .     N/A*           N/A*

 

   Worcester (MA) PMSA. . . . . . . .     N/A*         135,494

 

   All Other Areas. . . . . . . . . .   161,822        167,908

 

 Delaware

 

   Dover. . . . . . . . . . . . . . .     N/A*           N/A*

 

   Wilmington--Newark PMSA. . . . . .   162,748        153,243

 

   All Other Areas. . . . . . . . . .   151,819        154,252

 

 District of Columbia

 

   Washington PMSA. . . . . . . . . .   202,561        200,897

 

 

 Florida

 

   Daytona Beach. . . . . . . . . . .     N/A*          79,652

 

   Fort Lauderdale PMSA . . . . . . .   137,986        120,807

 

   Fort Myers--Cape Coral . . . . . .   135,041        113,603

 

   Fort Pierce--Port St. Lucie. . . .   102,938        106,314

 

   Fort Walton Beach. . . . . . . . .     N/A*           N/A*

 

   Gainesville. . . . . . . . . . . .     N/A*           N/A*

 

   Jacksonville . . . . . . . . . . .   117,797        102,767

 

   Lakeland--Winter Haven . . . . . .    96,802         63,928

 

   Melbourne--Titusville--Palm Bay. .   123,055        100,940

 

   Miami PMSA . . . . . . . . . . . .   132,710        126,021

 

   Naples . . . . . . . . . . . . . .     N/A*         131,405

 

   Ocala. . . . . . . . . . . . . . .     N/A*           N/A*

 

   Orlando. . . . . . . . . . . . . .   106,487        113,008

 

   Panama City. . . . . . . . . . . .     N/A*           N/A*

 

   Pensacola. . . . . . . . . . . . .     N/A*           N/A*

 

   Punta Gorda. . . . . . . . . . . .     N/A*          88,293

 

   Sarasota--Bradenton. . . . . . . .   118,568        105,550

 

   Tallahassee. . . . . . . . . . . .     N/A*         100,062

 

   Tampa--St. Petersburg--Clearwater.    98,533         92,768

 

   West Palm Beach--Boca Raton  . . .   148,934        119,944

 

   All Other Areas. . . . . . . . . .   118,184        109,470

 

 Georgia

 

   Albany . . . . . . . . . . . . . .     N/A*           N/A*

 

   Athens . . . . . . . . . . . . . .     N/A*           N/A*

 

   Atlanta. . . . . . . . . . . . . .   130,790        134,383

 

   Augusta--Aiken (SC). . . . . . . .   113,156        111,357

 

   Chattanooga (TN) . . . . . . . . .     N/A*          61,286

 

   Columbus . . . . . . . . . . . . .     N/A*           N/A*

 

   Macon. . . . . . . . . . . . . . .     N/A*           N/A*

 

   Savannah . . . . . . . . . . . . .     N/A*         102,257

 

   All Other Areas. . . . . . . . . .   116,247         82,659

 

 Hawaii

 

   Honolulu . . . . . . . . . . . . .   268,321       293,549

 

   All Other Areas. . . . . . . . . .   266,521       262,282

 

 Idaho

 

   Boise City . . . . . . . . . . . .     N/A*          N/A*

 

   All Other Areas. . . . . . . . . .   166,401        91,631

 

 Illinois

 

   Bloomington--Normal. . . . . . . .     N/A*          N/A*

 

   Champaign--Urbana. . . . . . . . .     N/A*         77,588

 

   Chicago PMSA . . . . . . . . . . .   174,069       157,646

 

   Davenport (IA)--Moline--Rock Island    N/A*         89,741

 

   Decatur. . . . . . . . . . . . . .     N/A*          N/A*

 

   Kankakee PMSA. . . . . . . . . . .     N/A*         72,157

 

   Peoria--Pekin. . . . . . . . . . .     N/A*         66,245

 

   Rockford . . . . . . . . . . . . .     N/A*         85,095

 

   St. Louis (MO) . . . . . . . . . .   135,466       112,014

 

   Springfield. . . . . . . . . . . .     N/A*         73,563

 

   All Other Areas. . . . . . . . . .    93,642        89,579

 

 Indiana

 

   Bloomington  . . . . . . . . . . .     N/A*          N/A*

 

   Cincinnati (OH) PMSA . . . . . . .   159,897       123,129

 

   Elkart--Goshen . . . . . . . . . .     N/A*         86,688

 

   Evansville--Henderson (KY) . . . .     N/A*         74,089

 

   Fort Wayne . . . . . . . . . . . .     N/A*         90,565

 

   Gary PMSA. . . . . . . . . . . . .   160,964       119,656

 

   Indianapolis . . . . . . . . . . .   139,678       118,740

 

   Kokomo . . . . . . . . . . . . . .     N/A*          N/A*

 

   Lafayette. . . . . . . . . . . . .     N/A*         96,110

 

   Louisville (KY). . . . . . . . . .   112,703       104,635

 

   Muncie . . . . . . . . . . . . . .     N/A*          N/A*

 

   South Bend . . . . . . . . . . . .     N/A*        104,353

 

   Terre Haute. . . . . . . . . . . .     N/A*          N/A*

 

   All Other Areas. . . . . . . . . .   132,794        74,524

 

 Iowa

 

   Cedar Rapids . . . . . . . . . . .     N/A*         87,824

 

   Davenport--Moline (IL)--

 

     Rock Island (IL) . . . . . . . .     N/A*         89,741

 

   Des Moines . . . . . . . . . . . .     N/A*          N/A*

 

   Dubuque. . . . . . . . . . . . . .     N/A*          N/A*

 

   Iowa City. . . . . . . . . . . . .     N/A*          N/A*

 

   Omaha (NE) . . . . . . . . . . . .     N/A*         90,498

 

   Sioux City . . . . . . . . . . . .     N/A*         84,297

 

   Waterloo--Cedar Falls. . . . . . .     N/A*          N/A*

 

   All Other Areas. . . . . . . . . .   130,212        71,539

 

 Kansas

 

   Kansas City (MO)--Kansas City (KS)   140,028       102,308

 

   Lawrence . . . . . . . . . . . . .     N/A*         87,309

 

   Topeka . . . . . . . . . . . . . .     N/A*         94,119

 

   Wichita. . . . . . . . . . . . . .   112,920        95,230

 

   All Other Areas. . . . . . . . . .   131,130        69,908

 

 Kentucky

 

   Cincinnati (OH) PMSA . . . . . . .   159,897       123,129

 

   Clarksville (TN)--Hopkinsville . .     N/A*          N/A*

 

   Evansville (IN)--Henderson . . . .     N/A*         74,089

 

   Huntington (WV)--Ashland . . . . .     N/A*         45,275

 

   Lexington. . . . . . . . . . . . .     N/A*        101,813

 

   Louisville . . . . . . . . . . . .   112,703       104,635

 

   Owensboro. . . . . . . . . . . . .     N/A*          N/A*

 

   All Other Areas. . . . . . . . . .   112,278        78,193

 

 

 Louisiana

 

   Alexandria . . . . . . . . . . . .     N/A*          N/A*

 

   Baton Rouge. . . . . . . . . . . .     N/A*        104,777

 

   Houma. . . . . . . . . . . . . . .     N/A*          N/A*

 

   Lafayette. . . . . . . . . . . . .     N/A*        105,245

 

   Lake Charles . . . . . . . . . . .     N/A*          N/A*

 

   Monroe . . . . . . . . . . . . . .     N/A*          N/A*

 

   New Orleans. . . . . . . . . . . .     N/A*        131,164

 

   Shreveport--Bossier City . . . . .     N/A*          N/A*

 

   All Other Areas. . . . . . . . . .   121,977       110,301

 

 Maine

 

   Bangor . . . . . . . . . . . . . .     N/A*          N/A*

 

   Lewiston--Auburn . . . . . . . . .     N/A*          N/A*

 

   Portland . . . . . . . . . . . . .     N/A*        152,204

 

   Portsmouth (NH)--Rochester (NH) PMSA   N/A*        138,091

 

   All Other Areas  . . . . . . . . .   143,484       105,001

 

 Maryland

 

   Baltimore PMSA . . . . . . . . . .   175,362       156,260

 

   Cumberland . . . . . . . . . . . .     N/A*         84,330

 

   Hagerstown PMSA. . . . . . . . . .     N/A*          N/A*

 

   Washington (DC) PMSA . . . . . . .   202,561       200,897

 

   Wilmington (DE)--Newark (DE) PMSA.   162,748       153,243

 

   All Other Areas. . . . . . . . . .   174,510       148,798

 

 Massachusetts

 

   Barnstable--Yarmouth . . . . . . .     N/A*          N/A*

 

   Boston PMSA. . . . . . . . . . . .   164,603       168,148

 

   Brockton PMSA. . . . . . . . . . .     N/A*          N/A*

 

   Fitchburg--Leominster PMSA . . . .     N/A*          N/A*

 

   Lawrence PMSA. . . . . . . . . . .     N/A*          N/A*

 

   Lowell PMSA. . . . . . . . . . . .     N/A*          N/A*

 

   New Bedford PMSA . . . . . . . . .     N/A*        130,323

 

   Pittsfield . . . . . . . . . . . .     N/A*          N/A*

 

   Providence (RI)--Fall River--

 

     Warwick (RI) . . . . . . . . . .     N/A*        133,371

 

   Springfield. . . . . . . . . . . .     N/A*        123,402

 

   Worcester PMSA . . . . . . . . . .     N/A*        135,494

 

   All Other Areas. . . . . . . . . .   159,999       135,484

 

 Michigan

 

   Ann Arbor PMSA . . . . . . . . . .     N/A*        130,327

 

   Benton Harbor. . . . . . . . . . .     N/A*        128,386

 

   Detroit PMSA . . . . . . . . . . .   139,599       130,169

 

   Flint PMSA . . . . . . . . . . . .     N/A*         76,827

 

   Grand Rapids--Muskegon--Holland. .     N/A*        110,546

 

   Jackson. . . . . . . . . . . . . .     N/A*         89,453

 

   Kalamazoo--Battle Creek. . . . . .     N/A*         70,137

 

   Lansing--East Lansing. . . . . . .     N/A*        104,283

 

   Saginaw--Bay City--Midland . . . .     N/A*        119,641

 

   All Other Areas. . . . . . . . . .   160,593        67,723

 

 Minnesota

 

   Duluth--Superior (WI). . . . . . .     N/A*        113,124

 

   Fargo (ND)--Moorhead . . . . . . .     N/A*        101,298

 

   Grand Forks (ND) . . . . . . . . .     N/A*          N/A*

 

   La Crosse (WI) . . . . . . . . . .     N/A*         81,223

 

   Minneapolis--St. Paul. . . . . . .   149,175       125,070

 

   Rochester. . . . . . . . . . . . .     N/A*          N/A*

 

   St. Cloud. . . . . . . . . . . . .     N/A*         87,273

 

   All Other Areas. . . . . . . . . .   145,634        86,156

 

 Mississippi

 

   Biloxi--Gulfport--Pascagoula . . .     N/A*         86,577

 

   Jackson  . . . . . . . . . . . . .     N/A*        123,637

 

   Memphis (TN) . . . . . . . . . . .   127,279       134,553

 

   All Other Areas  . . . . . . . . .   120,303        68,622

 

 Missouri

 

   Columbia . . . . . . . . . . . . .     N/A*          N/A*

 

   Joplin . . . . . . . . . . . . . .     N/A*          N/A*

 

   Kansas City (MO)--Kansas City (KS)   140,028       102,308

 

   St. Joseph . . . . . . . . . . . .     N/A*          N/A*

 

   St. Louis. . . . . . . . . . . . .   135,466       112,014

 

   Springfield . . . . . . . . . . . .    N/A*         79,338

 

   All Other Areas. . . . . . . . . .   110,310        73,391

 

 Montana

 

   Billings . . . . . . . . . . . . .     N/A*         N/A*

 

   Great Falls. . . . . . . . . . . .     N/A*          N/A*

 

   All Other Areas  . . . . . . . . .   174,062       117,170

 

 Nebraska

 

   Lincoln. . . . . . . . . . . . . .     N/A*         84,068

 

   Omaha. . . . . . . . . . . . . . .     N/A*         90,498

 

   Sioux City (IA). . . . . . . . . .     N/A*         84,297

 

   All Other Areas. . . . . . . . . .   130,212        64,086

 

 Nevada

 

   Las Vegas  . . . . . . . . . . . .   125,813       138,184

 

   Reno . . . . . . . . . . . . . . .     N/A*        126,551

 

   All Other Areas. . . . . . . . . .   127,302       138,113

 

 New Hampshire

 

   Boston (MA) PMSA. . .  . . . . . .   164,603       168,148

 

   Lawrence (MA) PMSA . . . . . . . .     N/A*          N/A*

 

   Lowell (MA) PMSA . . . . . . . . .     N/A*          N/A*

 

   Manchester PMSA. . . . . . . . . .     N/A*        127,509

 

   Nashua PMSA. . . . . . . . . . . .     N/A*          N/A*

 

   Portsmouth--Rochester PMSA . . . .     N/A*        138,091

 

   All Other Areas. . . . . . . . . .   143,484       126,646

 

 

 New Jersey

 

   Atlantic--Cape May PMSA. . . . . .     N/A*        144,053

 

   Bergen--Passaic PMSA . . . . . . .   230,703       203,519

 

   Jersey City PMSA . . . . . . . . .     N/A*        142,338

 

   Middlesex--Somerset--Hunterdon PMSA  198,237       183,913

 

   Monmouth--Ocean PMSA . . . . . . .   143,390       161,928

 

   Newark PMSA. . . . . . . . . . . .   192,532       200,266

 

   Philadelphia (PA) PMSA.  . . . . .   155,010       157,395

 

   Trenton PMSA . . . . . . . . . . .     N/A*        177,414

 

   Vineland--Millville--Bridgeton PMSA    N/A*          N/A*

 

   All Other Areas. . . . . . . . . .   185,579       177,245

 

 New Mexico

 

   Albuquerque. . . . . . . . . . . .   141,071       125,355

 

   Las Cruces . . . . . . . . . . . .     N/A*          N/A*

 

   Santa Fe . . . . . . . . . . . . .     N/A*          N/A*

 

   All Other Areas. . . . . . . . . .   134,064        94,060

 

 New York

 

   Albany--Schenectady--Troy. . . . .     N/A*        132,319

 

   Binghamton . . . . . . . . . . . .     N/A*          N/A*

 

   Buffalo--Niagara Falls . . . . . .   127,110       110,261

 

   Dutchess County PMSA . . . . . . .     N/A*        143,275

 

   Elmira . . . . . . . . . . . . . .     N/A*          N/A*

 

   Glens Falls. . . . . . . . . . . .     N/A*          N/A*

 

   Jamestown. . . . . . . . . . . . .     N/A*          N/A*

 

   Nassau--Suffolk PMSA . . . . . . .   174,085       184,024

 

   New York City PMSA . . . . . . . .   185,312       200,279

 

   Newburgh PMSA. . . . . . . . . . .     N/A*        150,261

 

   Rochester. . . . . . . . . . . . .   140,394       121,261

 

   Syracuse . . . . . . . . . . . . .   136,444        95,855

 

   Utica--Rome. . . . . . . . . . . .     N/A*          N/A*

 

   All Other Areas. . . . . . . . . .   154,439       123,906

 

 North Carolina

 

   Asheville. . . . . . . . . . . . .     N/A*          N/A*

 

   Charlotte--Gastonia--Rock Hill (SC)  121,574       123,338

 

   Fayetteville . . . . . . . . . . .     N/A*          N/A*

 

   Goldsboro. . . . . . . . . . . . .     N/A*          N/A*

 

   Greensboro--Winston-Salem--

 

      High Point  . . . . . . . . . .   134,967       106,918

 

   Greenville . . . . . . . . . . . .     N/A*          N/A*

 

   Hickory--Morganton . . . . . . . .     N/A*         99,654

 

   Jacksonville . . . . . . . . . . .     N/A*          N/A*

 

   Norfolk (VA)--Virginia Beach (VA)--

 

     Newport News (VA). . . . . . . .   155,855       130,664

 

   Raleigh--Durham--Chapel Hill . . .   143,425       126,657

 

   Rocky Mount. . . . . . . . . . . .     N/A*          N/A*

 

   Wilmington . . . . . . . . . . . .     N/A*        117,011

 

   All Other Areas. . . . . . . . . .   114,873       100,180

 

 North Dakota

 

   Bismarck . . . . . . . . . . . . .     N/A*          N/A*

 

   Fargo--Moorhead (MN) . . . . . . .     N/A*        101,198

 

   Grand Forks. . . . . . . . . . . .     N/A*          N/A*

 

   All Other Areas. . . . . . . . . .   174,062        65,607

 

 Ohio

 

   Akron PMSA . . . . . . . . . . . .   119,915       112,105

 

   Canton--Massillon. . . . . . . . .     N/A*         87,121

 

   Cincinnati PMSA. . . . . . . . . .   159,897       123,129

 

   Cleveland--Lorain--Elyria PMSA . .   166,048       117,248

 

   Columbus . . . . . . . . . . . . .   124,865       120,499

 

   Dayton--Springfield. . . . . . . .     N/A*        113,816

 

   Hamilton--Middletown PMSA. . . . .     N/A*        112,252

 

   Huntington (WV)--Ashland (KY). . .     N/A*         45,275

 

   Lima . . . . . . . . . . . . . . .     N/A*          N/A*

 

   Mansfield. . . . . . . . . . . . .     N/A*          N/A*

 

   Parkersburg (WV)--Marietta . . . .     N/A*          N/A*

 

   Steubenville--Weirton (WV) . . . .     N/A*          N/A*

 

   Toledo . . . . . . . . . . . . . .     N/A*        104,674

 

   Wheeling (WV). . . . . . . . . . .     N/A*          N/A*

 

   Youngstown--Warren . . . . . . . .    92,320        82,278

 

   All Other Areas. . . . . . . . . .   139,540        62,346

 

 Oklahoma

 

   Enid . . . . . . . . . . . . . . .     N/A*          N/A*

 

   Fort Smith (AR). . . . . . . . . .     N/A*         80,672

 

   Lawton . . . . . . . . . . . . . .     N/A*          N/A*

 

   Oklahoma City. . . . . . . . . . .   116,657        99,359

 

   Tulsa. . . . . . . . . . . . . . .     N/A*        122,890

 

   All Other Areas. . . . . . . . . .   100,674        54,056

 

 Oregon

 

   Eugene--Springfield. . . . . . . .     N/A*          N/A*

 

   Medford--Ashland . . . . . . . . .     N/A*        123,735

 

   Portland--Vancouver (WA) PMSA. . .   233,967       128,750

 

   Salem PMSA . . . . . . . . . . . .     N/A*        107,738

 

   All Other Areas. . . . . . . . . .   206,558        97,551

 

 Pennsylvania

 

   Allentown--Bethlehem--Easton . . .   165,882       125,041

 

   Altoona. . . . . . . . . . . . . .     N/A*         82,544

 

   Erie . . . . . . . . . . . . . . .     N/A*         82,219

 

   Harrisburg--Lebanon--Carlisle. . .   126,322       116,504

 

   Johnstown. . . . . . . . . . . . .     N/A*          N/A*

 

   Lancaster. . . . . . . . . . . . .     N/A*        117,887

 

   Newburgh (NY) PMSA . . . . . . . .     N/A*        150,261

 

   Philadelphia PMSA. . . . . . . . .   155,010       157,395

 

   Pittsburgh . . . . . . . . . . . .   127,406       109,079

 

   Reading. . . . . . . . . . . . . .   120,271       111,751

 

   Scranton--Wilkes-Barre--Hazleton .     N/A*         81,664

 

   Sharon.  . . . . . . . . . . . . .     N/A*          N/A*

 

   State College. . . . . . . . . . .     N/A*        119,581

 

   Williamsport . . . . . . . . . . .     N/A*          N/A*

 

   York . . . . . . . . . . . . . . .   129,775       102,714

 

   All Other Areas. . . . . . . . . .    96,134        75,113

 

 

 Rhode Island

 

   New London (CN)--Norwich (CN). . .     N/A*        142,172

 

   Providence--Fall River (MA)--Warwick   N/A*        133,371

 

   All Other Areas. . . . . . . . . .   161,822       133,478

 

 South Carolina

 

   Augusta (GA)--Aiken. . . . . . . .   113,156       111,357

 

   Charleston--North Charleston . . .   174,771       123,066

 

   Charlotte (NC)--Gastonia (NC)--

 

     Rock Hill. . . . . . . . . . . .   121,574       123,338

 

   Columbia . . . . . . . . . . . . .    92,409        99,401

 

   Florence . . . . . . . . . . . . .     N/A*          N/A*

 

   Greenville--Spartanburg--Anderson.    98,728        96,649

 

   Myrtle Beach . . . . . . . . . . .     N/A*         91,898

 

   Sumter . . . . . . . . . . . . . .     N/A*          N/A*

 

   All Other Areas. . . . . . . . . .   115,147       111,873

 

 South Dakota

 

   Rapid City . . . . . . . . . . . .     N/A*          N/A*

 

   Sioux Falls. . . . . . . . . . . .     N/A*        105,427

 

   All Other Areas. . . . . . . . . .   174,062        67,764

 

 Tennessee

 

   Chattanooga .. . . . . . . . . . .     N/A*         61,286

 

   Clarksville--Hopkinsville (KY) . .     N/A*          N/A*

 

   Jackson. . . . . . . . . . . . . .     N/A*          N/A*

 

   Johnson City--Kingsport--

 

     Bristol (TN-VA). . . . . . . . .     N/A*         87,390

 

   Knoxville. . . . . . . . . . . . .   133,887       102,627

 

   Memphis. . . . . . . . . . . . . .   127,279       134,553

 

   Nashville. . . . . . . . . . . . .   152,735       142,289

 

   All Other Areas. . . . . . . . . .   100,248        63,594

 

 Texas

 

   Abilene. . . . . . . . . . . . . .     N/A*          N/A*

 

   Amarillo . . . . . . . . . . . . .     N/A*          N/A*

 

   Austin--San Marcos . . . . . . . .   139,603       119,183

 

   Beaumont--Port Arthur. . . . . . .     N/A*         69,838

 

   Brazoria PMSA. . . . . . . . . . .     N/A*         72,919

 

   Brownsville--Harlingen--San Benito     N/A*          N/A*

 

   Bryan--College Station . . . . . .     N/A*          N/A*

 

   Corpus Christi . . . . . . . . . .     N/A*         96,910

 

   Dallas PMSA. . . . . . . . . . . .   136,316       127,129

 

   El Paso. . . . . . . . . . . . . .     N/A*         95,700

 

   Fort Worth--Arlington PMSA . . . .   156,152       105,816

 

   Galveston--Texas City PMSA . . . .     N/A*         75,755

 

   Houston PMSA . . . . . . . . . . .   114,776       104,488

 

   Killeen--Temple. . . . . . . . . .     N/A*        107.793

 

   Laredo . . . . . . . . . . . . . .     N/A*          N/A*

 

   Longview--Marshall . . . . . . . .     N/A*          N/A*

 

   Lubbock. . . . . . . . . . . . . .     N/A*          N/A*

 

   McAllen--Edinburg--Mission . . . .     N/A*          N/A*

 

   Odessa--Midland. . . . . . . . . .     N/A*          N/A*

 

   San Angelo . . . . . . . . . . . .     N/A*          N/A*

 

   San Antonio  . . . . . . . . . . .   118,519        98,589

 

   Sherman--Denison . . . . . . . . .     N/A*          N/A*

 

   Texarkana (TX)--Texarkana (AR) . .     N/A*          N/A*

 

   Tyler. . . . . . . . . . . . . . .     N/A*         71,666

 

   Victoria . . . . . . . . . . . . .     N/A*          N/A*

 

   Waco . . . . . . . . . . . . . . .     N/A*          N/A*

 

   Wichita Falls. . . . . . . . . . .     N/A*          N/A*

 

   All Other Areas. . . . . . . . . .   105,241        66,531

 

 Utah

 

 

   Provo--Orem. . . . . . . . . . . .     N/A*          N/A*

 

   Salt Lake City--Ogden. . . . . . .     N/A*        135,339

 

   All Other Areas  . . . . . . . . .   174,062       124,172

 

 Vermont

 

   Burlington . . . . . . . . . . . .     N/A*        128,047

 

   All Other Areas .. . . . . . . . .   143,484       102,654

 

 Virginia

 

   Charlottesville. . . . . . . . . .     N/A*        134,825

 

   Danville . . . . . . . . . . . . .     N/A*          N/A*

 

   Johnson City (TN)--Kingsport (TN)--

 

     Bristol (TN-VA). . . . . . . . .     N/A*         87,390

 

   Lynchburg  . . . . . . . . . . . .     N/A*        102,967

 

   Norfolk--Virginia Beach--

 

     Newport News . . . . . . . . . .   155,855       130,664

 

   Richmond--Petersburg . . . . . . .   166,239       133,939

 

   Roanoke  . . . . . . . . . . . . .     N/A*        106,762

 

   Washington (DC) PMSA . . . . . . .   202,561       200,897

 

   All Other Areas. . . . . . . . . .   132,387       111,595

 

 Washington

 

   Bellingham . . . . . . . . . . . .     N/A*          N/A*

 

   Bremerton PMSA . . . . . . . . . .     N/A*          N/A*

 

   Olympia PMSA . . . . . . . . . . .     N/A*        151,105

 

   Portland (OR)--Vancouver PMSA. . .   233,967       128,750

 

   Richland--Kennewick--Pasco . . . .     N/A*        133,347

 

   Seattle--Bellevue--Everett PMSA. .   165,802       165,386

 

   Spokane. . . . . . . . . . . . . .     N/A*        118,096

 

   Tacoma PMSA. . . . . . . . . . . .     N/A*        137,058

 

   Yakima. . .  . . . . . . . . . . .     N/A*         99,114

 

   All Other Areas. . . . . . . . . .   149,215       114,409

 

 West Virginia

 

   Charleston . . . . . . . . . . . .     N/A*          N/A*

 

   Cumberland (MD). . . . . . . . . .     N/A*         84,330

 

   Huntington--Ashland (KY) . . . . .     N/A*         45,275

 

   Parkersburg--Marietta (OH) . . . .     N/A*          N/A*

 

   Steubenville (OH)--Weirton . . . .     N/A*          N/A*

 

   Washington (DC) PMSA . . . . . . .   202,561       200,897

 

   Wheeling . . . . . . . . . . . . .     N/A*          N/A*

 

   All Other Areas. . . . . . . . . .   166,659        95,677

 

 Wisconsin

 

   Appleton--Oshkosh--Neenah. . . . .    86,685        77,833

 

   Duluth (MN)--Superior. . . . . . .     N/A*        113,124

 

   Eau Claire . . . . . . . . . . . .     N/A*         70,848

 

   Green Bay  . . . . . . . . . . . .     N/A*         90,274

 

   Janesville--Beloit . . . . . . . .    75,405        62,927

 

   Kenosha PMSA . . . . . . . . . . .     N/A*         92,614

 

   La Crosse  . . . . . . . . . . . .     N/A*         81,223

 

   Madison  . . . . . . . . . . . . .   107,006       108,985

 

   Milwaukee--Waukesha PMSA . . . . .   165,247       112,684

 

   Minneapolis (MN)--St. Paul (MN). .   149,175       125,070

 

   Racine PMSA. . . . . . . . . . . .     N/A*         96,195

 

   Sheboygan  . . . . . . . . . . . .     N/A*         81,032

 

   Wausau . . . . . . . . . . . . . .     N/A*         87,209

 

   All Other Areas. . . . . . . . . .    80,863        67,500

 

 Wyoming

 

   Casper . . . . . . . . . . . . . .     N/A*          N/A*

 

   Cheyenne . . . . . . . . . . . . .     N/A*          N/A*

 

   All Other Areas. . . . . . . . . .  174,062         99,870

 

 _____________________________________________________________________

 

 

SECTION 6. EFFECT ON OTHER REVENUE PROCEDURE

Rev. Proc. 92-34 is obsolete except as provided in sections 7.02, 7.03, and 7.05 of this revenue procedure.

SECTION 7. EFFECTIVE DATES

.01 Issuers may rely on the average area purchase price safe harbor limitations contained in this revenue procedure for commitments to provide financing that are made, or (if the purchase precedes the financing commitment) for residences that are purchased, in the period specified in the following sentence. The period begins on September 6, 1994, the date of publication of this revenue procedure in the Internal Revenue Bulletin, and ends on the date as of which these safe harbor limitations are rendered obsolete by a new revenue procedure.

.02 Notwithstanding section 6 of this revenue procedure, issuers may continue to rely on the average area purchase price safe harbor limitations contained in Rev. Proc. 92-34 for mortgages financed with proceeds of bonds sold, or for certificates issued with respect to bond authority exchanged, before October 6, 1994, the date 30 days after publication of this revenue procedure in the Internal Revenue Bulletin, if the commitments to provide financing for the mortgages are made on or before December 5, 1994, the date 90 days after publication of this revenue procedure in the Internal Revenue Bulletin.

.03 Issuers may continue to rely on the average area purchase price safe harbor limitations for the Commonwealth of the Northern Mariana Islands as published in Rev. Proc. 87-19, 1987-1 C.B. 712, and for Guam, Puerto Rico, and the Virgin Islands as published in Rev. Proc. 93-15, 1993-1 C.B. 485, until those safe harbor limitations are rendered obsolete by a new revenue procedure.

.04 Issuers must use the nationwide average purchase price limitations contained in this revenue procedure for commitments to provide financing that are made, or (if the purchase precedes the financing commitment) for residences that are purchased, in the period beginning on September 5, 1994, and ending on the date as of which these nationwide and average area purchase prices are rendered obsolete by a new revenue procedure.

.05 Notwithstanding section 7.04 of this revenue procedure, issuers may continue to rely on the nationwide average purchase prices as set forth in section 3.06 of Rev. Proc. 92-34 with respect to bonds sold, and bond authority exchanged for authority to issue mortgage credit certificates, before October 6, 1994, if the commitments to provide financing for the mortgages and the commitments to issue the certificates are made on or before December 5, 1994.

DRAFTING INFORMATION

The principal author of this revenue procedure is Harold N. Diamond of the Office of Assistant Chief Counsel (Financial Institutions and Products). For further information regarding this revenue procedure contact Mr. Diamond on (202) 622-3980 (not a toll- free call).

DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Cross-Reference
    Part III

    Administrative, Procedural, and Miscellaneous

    26 CFR 601.201: Rulings and determination letters.

    (Also Part I, Sections 25, 103, 143; 1.25-1T, 1.103-1,

    6a.103A-2.)
  • Code Sections
  • Subject Areas/Tax Topics
  • Index Terms
    exempt bonds
    private activity bonds, mortgage revenue
    mortgage interest, credit
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 94-7665 (38 original pages)
  • Tax Analysts Electronic Citation
    94 TNT 161-17
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