,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #dbci  ,,in ,,the ,,house ,,of  
,,representatives  ,september #f1       
#bjai,mr4 ,schiff 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 allow for            
nonrecognition of gain on real property 
sold for use as affordable housing4  #a4
 ,short title ,this ,act may be cited as
 the ,affordable ,housing ,incentives   
,act of #bjai4  #b4 ,nonrecognition of  
gain on property sold to public housing 
agencies for use as affordable housing  
7a7 ,in general ,section #ajcc of the   
,internal ,revenue ,code of #aihf is    
amended by redesignating subsection 7k7 
as subsection 7l7 and by inserting after
 subsection 7j7 the following new       
subsection3  7k7 ,sales to public       
housing agencies for use as affordable  
housing  7#a7 ,in general ,for purposes 
of this subtitle1 if real property is   
sold or otherwise transferred to a      

public housing agency 7as such term is  
defined in section #c7;b77#f7 of the    
,united ,states ,housing ,act of #aicg7 
for use or development by such agency as
 affordable housing to carry out the    
mandate 7relating to affordable housing7
 of such agency1 such sale or transfer  
shall be treated as an involuntary      
conversion to which this section        
applies4  7#b7 ,special rule with       
respect to period within which property 
must be replaced ,in the case of a sale 
or transfer described in paragraph 7#a71
 subsection 7a77#b77;,b77i7 shall be    
applied by substituting #c years for #b 
years4  7#c7 ,special rule for real     
property held for productive use in     
trade or business ,for purposes of      
subsection 7a71 if the real property    
described in paragraph 7#a7 is held for 
productive use in a trade or business or
 for investment1 property of a like kind
 to be held either for productive use in
 a trade or business or for investment  
shall be treated as property similar or 

related in service or use to the        
property so described4  4  7b7          
,effective date ,the amendment made by  
this section shall apply to sales and   
transfers made after the date of the    
enactment of this ,act4