Applicable Federal Rate (AFR)

Annual

Semi-annual

Quarterly

Monthly

Period for Compounding

Short-Term

AFR

 .28%

 .28%

 .28%

 .28%

110% AFR

 .31%

 .31%

 .31%

 .31%

120% AFR

 .34%

 .34%

 .34%

 .34%

130% AFR

 .36%

 .36%

 .36%

 .36%

AFR

1.30%

1.30%

1.30%

1.30%

110% AFR

1.44%

1.43%

1.43%

1.43%

120% AFR

1.57%

1.56%

1.56%

1.55%

130% AFR

1.70%

1.69%

1.69%

1.68%

150% AFR

1.96%

1.95%

1.95%

1.94%

175% AFR

2.29%

2.28%

2.27%

2.27%

AFR

2.89%

2.87%

2.86%

2.85%

110% AFR

3.18%

3.16%

3.15%

3.14%

120% AFR

3.47%

3.44%

3.43%

3.42%

130% AFR

3.76%

3.73%

3.71%

3.70%

Adjusted AFR for May 2012

Period for Compounding

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

 .27%

 .27%

 .27%

 .27%

Mid-term adjusted AFR

1.30%

1.30%

1.30%

1.30%

Long-term adjusted AFR

3.26%

3.23%

3.22%

3.21%

Rates Under Section 382 for May 2012

Adjusted federal long-term rate for the current month

3.26%

Long-term tax-exempt rate for ownership changes during the current month (the highest of the adjusted federal long-term rates for the current month and the prior two months).

3.26%

Appropriate Percentages Under Section 42(b)(1)* for May 2012

Appropriate Percentage for the 70% present value low-income housing credit

7.48%

Appropriate Percentage for the 30% present value low-income housing credit

3.21%

Rate Under Section 7520 for May 2012

Applicable federal rate for determining the present value of an annuity, an interest for life or a term of years, or a remainder or reversionary interest

1.6%

* Note: Under Code Sec. 42(b)(2), the applicable percentage for non-federally subsidized new buildings place in service after July 30, 2008, and before Dec. 31, 2013, is not to be less than 9%.