,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #fjaa  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,febru>y #bg1         
#bjbj,mr4 ,s*iff introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to all[ =
 nonrecognition ( ga9 on real prop]ty   
sold = use z af=dable h\s+4  #a4 ,%ort  
title ,?is ,act may be cit$ z !         
,af=dable & ,homeless ,h\s+ ,inc5tives  
,act ( #bjbj4  #b4 ,nonrecognition ( ga9
 on prop]ty sold = use z af=dable h\s+  
7a7 ,9 g5]al ,section #ajcc ( ! ,int]nal
 ,rev5ue ,code ( #aihf is am5d$ by      
r$esignat+ subsection 7k7 z subsection  
7l7 & by ins]t+ aft] subsection 7j7 !   
foll[+ new subsection3  7k7 ,sales = use
 z af=dable h\s+  7#a7 ,9 g5]al ,=      
purposes ( ?is subtitle1 if real prop]ty
 is sold or o!rwise transf]r$ to a      
qualifi$ h\s+ op]ator = use or          
developm5t by su* op]ator z af=dable    
h\s+ & su* prop]ty meets ! requirem5ts (
 p>agraph 7#c71 su* sale or transf] %all

 be treat$ z an involunt>y conv]sion to 
:i* ?is section applies4  7#b7 ,qualifi$
 h\s+ op]ator ,= purposes ( ?is section1
 ! t]m qualifi$ h\s+ op]ator means any (
 ! foll[+3 7,a7 ,a ,/ate or local       
gov]nm5t1 or any political subdivision  
or in/rum5tality !re(4  7,b7 ,a tribally
 designat$ h\s+ entity 7z su* t]m is    
def9$ 9 section #d ( ! ,native ,am]ican 
,h\s+ ,assi/ance & ,self-,det]m9ation   
,act ( #aiif74  7,c7 ,a community h\s+  
developm5t organization 7z su* t]m is   
def9$ 9 section #ajd ( !                
,cran/on-,gonzalez ,national ,af=dable  
,h\s+ ,act74  7,d7 ,an organization--   
7i7 describ$ 9 section #eja7;c7 & exempt
 f taxation "u section #eja7;a71  7ii7 !
 purpose ( :i* includes provid+ af=dable
 h\s+1 &  7iii7 :i*-- 7,i7 has receiv$  
,f$]al1 ,/ate1 or local grant funds to  
develop or op]ate af=dable h\s+1 or     
7,,ii7 is describ$ 9 section            
#db7;h77#e77;,b7 ) respect to a qualifi$
 l[-income h\s+ project t is allocat$   
h\s+ cr$it doll> am\nts "u section #db4 

7#c7 ,af=dable h\s+ requirem5t ,!       
requirem5ts ( ?is p>agraph are met )    
respect to prop]ty if su* prop]ty has1 z
 ( ! date ( ! sale or transf] ref]r$ to 
9 p>agraph 7#a71 a legal re/riction or  
agreem5t suffici5t to obligate any own] 
to make 7at all times dur+ ! #cj-ye>    
p]iod beg9n+ on su* date7 su* prop]ty   
ei!r-- 7,a7 resid5tial r5tal prop]ty 7)9
 ! mean+ ( section #afh7 n less ?an #ge 
p]c5t ( ! units ( :i* are af=dable to   
l[-income families & ei!r occupi$ by or 
available = use by l[-income resid5ts1  
or  7,b7 a %elt] eligible = assi/ance "u
 title ,,iv ( ! ,mc,kinney-,v5to        
,homeless ,assi/ance ,act4  7#d7        
,special rule ) respect to p]iod )9 :i* 
prop]ty mu/ be replac$ ,9 ! case ( a    
sale or transf] describ$ 9 p>agraph     
7#a71 subsection 7a77#b77;,b77i7 %all be
 appli$ by sub/itut+ #c ye>s = #b ye>s4 
7#e7 ,special rule = real prop]ty held =
 productive use 9 trade or bus9ess ,=   
purposes ( subsection 7a71 if ! real    
prop]ty describ$ 9 p>agraph 7#a7 is held

 = productive use 9 a trade or bus9ess  
or = inve/m5t1 prop]ty ( a l k9d to be  
held ei!r = productive use 9 a trade or 
bus9ess or = inve/m5t %all be treat$ z  
prop]ty simil> or relat$ 9 s]vice or use
 to ! prop]ty s describ$4  4  7b7       
,effective date ,! am5dm5t made by ?is  
section %all apply to sales & transf]s  
aft] ! date ( ! enactm5t ( ?is ,act4