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CCH (cch.taxgroup.com) reports:

  The IRS has provided guidance with respect to the United States and area median gross income figures that issuers of qualified mortgage revenue bonds and mortgage credit certificates must use to compute housing cost/income ratio. The ratio is used to determine if an area is a high housing cost area that qualifies for an upward adjustment of the income limitations for the bonds and certificates. On March 19, 2009, the Department of Housing and Urban Development (HUD) released the median gross income for the United States, the states, and statistical areas within the states; these figures can be obtained by calling the HUD reference service at 1-800-245-2691, or from HUD's website at http:huduser.org/datasets/il.html. The IRS published the most recent nationwide average purchase prices and average area purchase price safe harbor limitations in Rev. Proc. 2009-18, I.R.B. 2009-11, 686 (TAXDAY 2009/02/25, I.1).

  When computing the housing cost/income ratio, issuers of qualified mortgage bonds and mortgage credit certificates must use $64,000 as the median gross income for the United States and they must use the area median gross income figures released by HUD on March 19, 2009. Issuers generally must use the United States and area median gross income figures for commitments to provide financing that are made, or (if the purchase precedes the financing commitment) for residences that are purchased, in the period that begins on March 19, 2009, and ends on the date when these United States and area median gross income figures are rendered obsolete by a new revenue procedure. However, issuers may continue to rely on the United States and area median gross income figures specified in Rev. Proc. 2009-18 with respect to bonds originally sold and nonissued bond amounts elected not later than May 28, 2009, if the commitments or purchases are made not later than July 27, 2009.

 
Rev. Proc. 2009-18 is otherwise obsoleted. This guidance does not affect the effective date provisions of Rev. Rul. 86-124, 1986-2 C.B. 27.

Rev. Proc. 2009-27, 2009FED ¶46,354

Other References:

 
Code Sec. 25

  CCH Reference - 2009FED ¶3809.20

 
Code Sec. 143

  CCH Reference - 2009FED ¶7786.752

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