IRS Revenue Procedure 2023-22: Average Area Purchase PricesPublications - Client Alert | April 21, 2023
On April 21, 2023, the IRS published Rev. Proc. 2023-22, which sets out the new (2023) average area purchase prices for mortgage revenue bonds and mortgage credit certificates (from those purchase prices an issuer then calculates the average area or targeted area purchase price limits, using the 90% or 110% factors). Kutak Rock's Housing Finance Agency Practice Group, listed below, has developed a short summary of the Rev. Proc. available here. The Rev. Proc. is the same basic Rev. Proc. used by the IRS in previous years, although obviously with up-to-date numbers and different effective and transition dates.