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12 <br /> the U.S. median purchase price for new construction for nonmetropolitan areas. HUD will provide limits <br /> for affordable existing housing based on 95 percent of the median purchase price for the area using <br /> Federal FHA single family mortgage program data for existing housing data and other appropriate data <br /> that are available nation-wide for sales of existing housing, with a minimum limit based on 95 percent of <br /> the state-wide nonmetropolitan area median purchase price using this data. In lieu of the limits <br /> provided by HUD, the participating jurisdiction may determine 95 percent of the median area purchase <br /> price for single family housing in the jurisdiction annually, as follows.The participating jurisdiction must <br /> set forth the price for different types of single family housing for the jurisdiction.The participating <br /> jurisdiction may determine separate limits for existing housing and newly constructed housing. For <br /> housing located outside of metropolitan areas, a State may aggregate sales data from more than one <br /> county, if the counties are contiguous and similarly situated.The following information must be included <br /> in the annual action plan of the Consolidated Plan submitted to HUD for review and updated in each <br /> action plan. <br /> (A)The 95 percent of median area purchase price must be established in accordance with a market <br /> analysis that ensured that a sufficient number of recent housing sales are included in the survey. <br /> (B) Sales must cover the requisite number of months based on volume: For 500 or more sales per <br /> month, a one- month reporting period; for 250 through 499 sales per month, a 2-month reporting <br /> period; for less than 250 sales per month, at least a 3-month reporting period.The data must be listed in <br /> ascending order of sales price. <br /> (C) The address of the listed properties must include the location within the participating jurisdiction. <br /> Lot, square, and subdivision data may be substituted for the street address. <br /> (D)The housing sales data must reflect all, or nearly all, of the one-family house sales in the entire <br /> participating jurisdiction. <br /> (E)To determine the median, take the middle sale on the list if an odd number of sales, and if an even <br /> number,take the higher of the middle numbers and consider it the median.After identifying the median <br /> sales price,the amount should be multiplied by 0.95 to determine the 95 percent of the median area <br /> purchase price. <br /> (3)The housing must be acquired by a homebuyer whose family qualifies as a low-income family, and <br /> the housing must be the principal residence of the family throughout the period described in paragraph <br /> (a)(4) of this section. If there is no ratified sales contract with an eligible homebuyer for the housing <br /> within 9 months of the date of completion of construction or rehabilitation,the housing must be rented <br /> to an eligible tenant in accordance with § 92.252. In determining the income eligibility of the family,the <br /> participating jurisdiction must include the income of all persons living in the housing.The homebuyer <br /> must receive housing counseling. <br /> (4)Periods of affordability.The HOME-assisted housing must meet the affordability requirements for not <br /> less than the applicable period specified in the following table, beginning after project completion.The <br /> per unit amount of HOME funds and the affordability period that they trigger are described more fully in <br /> paragraphs (a)(5)(i) (resale) and (ii) (recapture) of this section. <br />