,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #cdgi  ,,in ,,the ,,house ,,of  
,,representatives  ,june #be1 #bjai ,mr4
 ,neguse 7for himself1 ,mr4 ,beyer1 and 
,mrs4 ,walorski7 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 repeal the qualified 
contract exception to the extended      
low-income housing commitment rules for 
purposes of the low-income housing      
credit1 and for other purposes4  #a4    
,short title ,this ,act may be cited as 
the ,save ,affordable ,housing ,act of  
#bjai4  #b4 ,repeal of qualified        
contract option  7a7 ,termination of    
option for certain buildings  7#a7 ,in  
general ,subclause 7,,ii7 of section    
#db7;h77#f77;,e77i7 of the ,internal    
,revenue ,code of #aihf is amended by   
inserting in the case of a building     
described in clause 7iii71 before on the
 last day4  7#b7 ,buildings described   
,subparagraph 7,e7 of section           

#db7;h77#f7 of such ,code is amended by 
adding at the end the following new     
clause3  7iii7 ,buildings described ,a  
building described in this clause is a  
building-- 7,i7 which received its      
allocation of housing credit dollar     
amount before ,january #a1 #bjai1 or    
7,,ii7 in the case of a building any    
portion of which is financed as         
described in paragraph 7#d71 which      
received before ,january #a1 #bjai1 a   
determination from the issuer of the    
tax-exempt bonds or the housing credit  
agency that the building is eligible to 
receive an allocation of housing credit 
dollar amount under the rules of        
paragraphs 7#a7 and 7#b7 of subsection  
7m74  4  7b7 ,rules relating to existing
 projects ,subparagraph 7,f7 of section 
#db7;h77#f7 of the ,internal ,revenue   
,code of #aihf is amended by striking   
the nonlow-income portion and all that  
follows and inserting the nonlow-income 
portion and the low-income portion of   
the building for fair market value      

7determined by the housing credit agency
 by taking into account the rent        
restrictions required for the low-income
 portion of the building to continue to 
meet the standards of paragraphs 7#a7   
and 7#b7 of subsection 7g774 ,the       
,secretary shall prescribe such         
regulations as may be necessary or      
appropriate to carry out this           
paragraph44  7c7 ,conforming amendments 
7#a7 ,paragraph 7#f7 of section #db7;h7 
of the ,internal ,revenue ,code of #aihf
 is amended by striking subparagraph    
7,g7 and by redesignating subparagraphs 
7,h71 7,i71 7,j71 and 7,k7 as           
subparagraphs 7,g71 7,h71 7,i71 and     
7,j71 respectively4  7#b7 ,subclause    
7,,ii7 of section #db7;h77#f77;,e77i7 of
 such ,code1 as amended by subsection   
7a71 is further amended by striking     
subparagraph 7,i7 and inserting         
subparagraph 7,h74  7d7 ,technical      
amendment ,subparagraph 7,i7 of section 
#db7;h77#f7 of the ,internal ,revenue   
,code of #aihf1 as redesignated by      

subsection 7c71 is amended by striking  
agreement and inserting commitment4  7e7
 ,effective date ,the amendments made by
 this section shall apply to buildings  
with respect to which a written request 
described in section #db7;h77#f77;,h7 of
 the ,internal ,revenue ,code of #aihf  
is submitted after the date of the      
enactment of this ,act4