,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #fjaa  ,,in ,,the ,,house ,,of  
,,representatives  ,february #bg1       
#bjbj,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 and ,homeless ,housing 
,incentives ,act of #bjbj4  #b4         
,nonrecognition of gain on property sold
 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 for use as      
affordable housing  7#a7 ,in general    
,for purposes of this subtitle1 if real 
property is sold or otherwise           
transferred to a qualified housing      

operator for use or development by such 
operator as affordable housing and such 
property meets the requirements of      
paragraph 7#c71 such sale or transfer   
shall be treated as an involuntary      
conversion to which this section        
applies4  7#b7 ,qualified housing       
operator ,for purposes of this section1 
the term qualified housing operator     
means any of the following3 7,a7 ,a     
,state or local government1 or any      
political subdivision or instrumentality
 thereof4  7,b7 ,a tribally designated  
housing entity 7as such term is defined 
in section #d of the ,native ,american  
,housing ,assistance and                
,self-,determination ,act of #aiif74    
7,c7 ,a community housing development   
organization 7as such term is defined in
 section #ajd of the ,cranston-,gonzalez
 ,national ,affordable ,housing ,act74  
7,d7 ,an organization-- 7i7 described in
 section #eja7;c7 and exempt from       
taxation under section #eja7;a71  7ii7  
the purpose of which includes providing 

affordable housing1 and  7iii7 which--  
7,i7 has received ,federal1 ,state1 or  
local grant funds to develop or operate 
affordable housing1 or  7,,ii7 is       
described in section #db7;h77#e77;,b7   
with respect to a qualified low-income  
housing project that is allocated       
housing credit dollar amounts under     
section #db4  7#c7 ,affordable housing  
requirement ,the requirements of this   
paragraph are met with respect to       
property if such property has1 as of the
 date of the sale or transfer referred  
to in paragraph 7#a71 a legal           
restriction or agreement sufficient to  
obligate any owner to make 7at all times
 during the #cj-year period beginning on
 such date7 such property either-- 7,a7 
residential rental property 7within the 
meaning of section #afh7 not less than  
#ge percent of the units of which are   
affordable to low-income families and   
either occupied by or available for use 
by low-income residents1 or  7,b7 a     
shelter eligible for assistance under   

title ,,iv of the ,mc,kinney-,vento     
,homeless ,assistance ,act4  7#d7       
,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#e7 ,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 after the date of the         
enactment of this ,act4