,i  #aaeth ,,congress  #b;d ,session    
,h4 ,r4 #fedb  ,,in ,,the ,,house ,,of  
,,representatives  ,july #bf1 #bjah,mr4 
,clyburn 7for himself and ,ms4          
,del,bene7 introduced the following     
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to provide an increase  
in the low-income housing credit1 and   
for other purposes4  #a4 ,short title   
,this ,act may be cited as the          
,restoring ,tax ,credits for ,affordable
 ,housing ,act4  #b4 ,increase in       
low-income housing credit  7a7 ,increase
 of ,state housing credit ceiling  7#a7 
,in general ,section                    
#db7;h77#c77;,c77ii7 of the ,internal   
,revenue ,code of #aihf is amended--    
7,a7 by striking #a4ge in subclause 7,i7
 and inserting #b4ij1 and  7,b7 by      
striking #b1jjj1jjj in subclause 7,,ii7 
and inserting #c1cfe1jjj4  7#b7         
,inflation adjustment ,section          
#db7;h77#c77;,h7 of such ,code is       

amended-- 7,a7 in clause 7i7--  7i7 by  
striking #bjjb1 the #b1jjj1jjj and #a4ge
 amounts in the matter preceding        
subclause 7,i7 and inserting #bjai1 the 
#c1cfe1jjj and #b4ij amounts1 and  7ii7 
by striking #bjja in subclause 7,,ii7   
and inserting #bjah1 and  7,b7 in clause
 7ii7-- 7i7 by striking #b1jjj1jjj in   
subclause 7,i7 and inserting #c1cfe1jjj1
 and  7ii7 by striking #a4ge in         
subclause 7,,ii7 and inserting #b4ij4   
7#c7 ,conforming amendment ,section     
#db7;h77#c7 of such ,code is amended by 
striking subparagraph 7,i74  7b7        
,increase in credit percentage  7#a7    
,modification of discount rate ,section 
#db7;b77#a77;,c77ii7 of such ,code is   
amended by striking #gb percent of and  
inserting the sum of #a4e percentage    
points plus4  7#b7 ,modification of     
method of discounting ,section          
#db7;b77#a77;,c77i7 of such ,code is    
amended to read as follows3  7i7        
assuming the #aj-year period referred to
 in subparagraph 7,b7 commences no less 

than #b years after a housing credit    
allocation is made under subsection 7h71
  4  7#c7 ,one-time adjustment ,section 
#db7;b77#a7 of such ,code is amended by 
adding at the end the following new     
subparagraph3  7,d7 ,one-time adjustment
 ,after applying subparagraphs 7,a71    
7,b71 and 7,c71 the applicable          
percentage shall be increased by #af    
percent4  4  7c7 ,effective dates  7#a7 
,increase of ,state housing credit      
ceiling ,the amendments made by         
subsection 7a7 shall apply to calendar  
years after #bjah4  7#b7 ,increase in   
credit percentage ,the amendments made  
by subsection 7b7 shall apply to        
buildings with respect to which housing 
credit dollar amounts are allocated     
after ,december #ca1 #bjah4