Dec 8, 2022 2022-26
Retraction of Targeted Area Census Tracts Announced in Lender Memo 2022-22
Lender Memo 2022-22 announced an updated list of targeted census tracts effective October 17, 2022. It has come to MFA’s attention that the targeted area census tracts identified in the memo were derived from the 2020 Census, which have not yet been adopted and published by the IRS for use in bond programs such as MFA’s FirstHome program.
At this time, MFA’s Bond Council has advised us to follow the census tracts identified in the 2013 IRS Revenue Procedure, until the IRS publishes an updated Revenue Procedure with the new census tracts that utilize data from the 2020 Census. The reversion will apply to all Reservations on Monday December 12, 2022, going forward until the new IRS Revenue Procedure is published. The list of targeted area census tracts on MFA’s website will also revert to the tracts identified in 2013 from the 2010 Census on Monday December 12, 2022.
Those utilizing government websites such as the FFIEC’s Geocoding Mapping System to look up census tract information, must select the data for the 2020 calendar year before inputting the address. Note: The 2020 calendar year should reflect the census tracts identified in the 2013 IRS Revenue Procedure.
MFA will honor interest rates currently locked under the census tracts outlined in MFA’s Lender Memo 2022-22.
We appreciate your understanding and continued support.
Should you have questions please contact a member of the Homeownership Department at 505.843.6880.
Thank you for participating in MFA programs.