,,ii #aaf? ,,congress #a/ ,session ,s4 #agjc ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,june #d1 #bjai,ms4 ,cantwell 7= h]self1 ,mr4 ,"y1 ,mr4 ,wyd51 & ,mr4 ,isakson7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to re=m ! l[-income h\s+ cr$it1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,af=dable ,h\s+ ,cr$it ,improvem5t ,act ( #bjai4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,,title ,i--,re=m ( ,/ate allocation =mulas ,sec4 #aja4 ,increases 9 ,/ate allocations4 ,,title ,,ii--,re=ms relat+ to t5ant eligibility ,sec4 #bja4 ,av]age income te/ applicability to exempt facility bonds4 ,sec4 #bjb4 ,codification ( rules relat+ to increas$ t5ant income4 ,sec4 #bjc4 ,modification ( /ud5t occupancy rules4 ,sec4 #bjd4 ,t5ant v\*] paym5ts tak5 into acc\nt z r5t = c]ta9 purposes4 ,sec4 #bje4 ,requirem5t t l[-income h\s+ cr$it-support$ h\s+ protect victims ( dome/ic abuse4 ,sec4 #bjf4 ,cl>ification ( g5]al public use requirem5t relat+ to vet]ans1 etc4 ,,title ,,iii--,cr$it rate & o!r rules relat+ to cr$it eligibility & det]m9ation ,sec4 #cja4 ,m9imum cr$it rate4 ,sec4 #cjb4 ,recon/ruction or replacem5t p]iod aft] casualty loss4 ,sec4 #cjc4 ,modification & cl>ification ( rights relat+ to build+ pur*ase4 ,sec4 #cjd4 ,modification ( previ\s own]%ip rules2 limitation on acquisition basis4 ,sec4 #cje4 ,c]ta9 relocation co/s tak5 into acc\nt z rehabilitation exp5ditures4 ,sec4 #cjf4 ,repeal ( qualifi$ c5sus tract population cap4 ,sec4 #cjg4 ,det]m9ation ( community revitalization plan to be made by h\s+ cr$it ag5cy4 ,sec4 #cjh4 ,prohibition ( local approval & contribution requirem5ts4 ,sec4 #cji4 ,increase 9 cr$it = c]ta9 projects designat$ to s]ve extremely l[-income h\seholds4 ,sec4 #caj4 ,increase 9 cr$it = bond-f9anc$ projects designat$ by ,/ate ag5cy4 ,sec4 #caa4 ,elim9ation ( basis r$uction = l[-income h\s+ prop]ties receiv+ c]ta9 en]gy b5efits4 ,sec4 #cab4 ,re/riction ( plann$ =eclosures4 ,sec4 #cac4 ,increase ( population cap = difficult developm5t areas4 ,sec4 #cad4 ,increas$ co/ ov]sight & acc\ntability4 ,,title ,,iv--,re=ms relat+ to ,native ,am]ican assi/ance ,sec4 #dja4 ,selection crit]ia "u qualifi$ allocation plans4 ,sec4 #djb4 ,inclusion ( ,indian areas z difficult developm5t areas = purposes ( c]ta9 build+s4 ,,title ,v--,re=ms relat+ to rural assi/ance ,sec4 #eja4 ,inclusion ( rural areas z difficult developm5t areas4 ,sec4 #ejb4 ,uni=m income eligibility = rural projects4 ,,title ,,vi--,exempt facility bonds ,sec4 #fja4 ,revision & cl>ification ( ! treatm5t ( refund+ issues4 ,,title ,,vii--,af=dable h\s+ tax cr$it ,sec4 #gja4 ,af=dable h\s+ tax cr$it4 ,i ,re=m ( ,/ate allocation =mulas #aja4 ,increases 9 ,/ate allocations 7a7 ,phase-,9 ( increases 7#a7 ,9 g5]al ,clause 7ii7 ( section #db7;h77#c77;,c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7,a7 by /rik+ #a4ge 9 subclause 7,i7 & ins]t+ ! p] capita doll> am\nt1 & 7,b7 by /rik+ #b1jjj1jjj 9 subclause 7,,ii7 & ins]t+ ! m9imum ceil+ am\nt4 7#b7 ,p] capita doll> am\nt2 m9imum ceil+ am\nt ,subp>agraph 7,i7 ( section #db7;h77#c7 ( su* ,code is am5d$ to read z foll[s3 7,i7 ,p] capita doll> am\nt2 m9imum ceil+ am\nt ,= purposes ( ?is p>agraph-- 7i7 ,p] capita doll> am\nt ,! p] capita doll> am\nt is-- 7,i7 = cal5d> ye> #bjai1 #b4gf1 7,,ii7 = cal5d> ye> #bjbj1 #c4aj1 7,,iii7 = cal5d> ye> #bjba1 #c4di1 7,,iv7 = cal5d> ye> #bjbb1 #c4ic1 7,v7 = cal5d> ye> #bjbc1 #d4db1 & 7,,vi7 #d4if !reaft]4 7ii7 ,m9imum ceil+ am\nt ,! m9imum ceil+ am\nt is-- 7,i7 = cal5d> ye> #bjai1 #c1aff1hge1 7,,ii7 = cal5d> ye> #bjbj1 #c1efe1dif1 7,,iii7 = cal5d> ye> #bjba1 #d1jaj1bac1 7,,iv7 = cal5d> ye> #bjbb1 #d1eaj1dhg1 7,v7 = cal5d> ye> #bjbc1 #e1jgc1aga1 & 7,,vi7 #e1gjj1dfh !reaft]4 4 7#c7 ,modification ( co/-(-liv+ adju/m5t ,subp>agraph 7,h7 ( section #db7;h77#c7 ( su* ,code is am5d$-- 7,a7 by /rik+ #bjjb 9 clause 7i7 & ins]t+ #bjai1 7,b7 by /rik+ ! #b1jjj1jjj & #a4ge am\nts 9 subp>agraph 7,c7 9 clause 7i7 & ins]t+ ! doll> am\nts applicable to su* cal5d> ye> "u clauses 7i7 & 7ii7 ( subp>agraph 7,i71 7,c7 by /rik+ #bjja 9 clause 7i77,,ii7 & ins]t+ #bjah1 7,d7 by /rik+ #b1jjj1jjj 9 clause 7ii77,i7 & ins]t+ m9imum ceil+1 & 7,e7 by /rik+ #a4ge 9 clause 7ii77,,ii7 & ins]t+ p] capita doll>4 7#d7 ,effective date ,! am5dm5ts made by ?is subsection %all apply to cal5d> ye>s beg9n+ aft] ,decemb] #ca1 #bjai4 7b7 ,p]man5t increases 7#a7 ,9 g5]al ,clause 7ii7 ( section #db7;h77#c77;,c7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by subsection 7a77#a71 is am5d$-- 7,a7 by /rik+ ! p] capita doll> am\nt 9 subclause 7,i7 & ins]t+ #d4if1 & 7,b7 by /rik+ ! m9imum ceil+ am\nt 9 subclause 7,,ii7 & ins]t+ #e1gjj1dfh4 7#b7 ,con=m+ am5dm5t ,p>agraph 7#c7 ( section #db7;h7 ( su* ,code is am5d$ by /rik+ subp>agraph 7,i71 z am5d$ by subsection 7a77#b74 7#c7 ,co/-(-liv+ adju/m5t ,subp>agraph 7,h7 ( section #db7;h77#c7 ( su* ,code1 z am5d$ by subsection 7a77#c71 is am5d$-- 7,a7 by /rik+ ! doll> am\nts applicable to su* cal5d> ye> "u clauses 7i7 & 7ii7 ( subp>agraph 7,i7 9 clause 7i7 & ins]t+ ! #e1gjj1dfh & #d4if am\nts 9 subp>agraph 7,c71 7,b7 by /rik+ m9imum ceil+ 9 clause 7ii77,i7 & ins]t+ #e1gjj1dfh1 & 7,c7 by /rik+ p] capita doll> 9 clause 7ii77,,ii7 & ins]t+ #d4if4 7#d7 ,effective date ,! am5dm5ts made by ?is subsection %all apply to cal5d> ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 ,,ii ,re=ms relat+ to t5ant eligibility #bja4 ,av]age income te/ applicability to exempt facility bonds 7a7 ,9 g5]al ,p>agraph 7#a7 ( section #adb7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ 7,a7 or 7,b7 & ins]t+ 7,a71 7,b71 or 7,c71 & 7#b7 by ins]t+ aft] subp>agraph 7,b7 ! foll[+ new subp>agraph3 7,c7 ,av]age income te/ ,a project meets ! requirem5ts ( ?is subp>agraph if x meets ! m9imum requirem5ts ( section #db7;g77#a77;,c74 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to elections made "u section #adb7;d77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf aft] ,m>* #bc1 #bjah4 #bjb4 ,codification ( rules relat+ to increas$ t5ant income 7a7 ,9 g5]al ,clause 7i7 ( section #db7;g77#b77;,d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ clauses 7ii71 7iii71 & 7iv7 & all t foll[s & ins]t+ 8clauses 7ii71 7iii71 7iv71 & 7vi71 not)/&+ an increase 9 ! income ( ! occupants above ! income limitation applicable "u p>agraph 7#a7-- 7,i7 a l[-income unit %all cont9ue to be treat$ z a l[-income unit if ! income ( su* occupants initially 0 #fj p]c5t or less ( area m$ian gross income & su* unit cont9ues to be r5t-re/rict$1 & 7,,ii7 a unit to :i*1 at ! "t ( initial occupancy by su* occupants1 any ,f$]al1 ,/ate1 or local gov]nm5t income re/riction appli$1 & :i* subsequ5tly becomes "p ( a build+ ) respect to :i* rehabilitation exp5ditures are tak5 into acc\nt "u subsection 7e71 %all be treat$ z a l[-income unit if ! income ( su* occupants initially 0 #fj p]c5t or less ( area m$ian gross income & does n exce$ #abj p]c5t ( area m$ian gross income z ( ! date ( acquisition ( ! prop]ty by ! taxpay]4 4 7b7 ,exception ,subp>agraph 7,d7 ( section #db7;g77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by ?is ,act1 is am5d$ by add+ at ! end ! foll[+ new clause3 7vi7 ,exception to rule relat+ to increas$ t5ant income ,9 ! case ( an occupant ( a l[-income unit :o initially qualifi$ to occupy su* unit by reason ( p>agraph 7#a77;,c7 ) an income 9 excess ( #fj p]c5t ( area m$ian gross income b n 9 excess ( #hj p]c5t ( area m$ian gross income1 clause 7i7 %all be appli$ = sub/itut+ #hj p]c5t = #fj p]c5t ea* place x appe>s4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjah4 #bjc4 ,modification ( /ud5t occupancy rules 7a7 ,9 ,g5]al ,subp>agraph 7,d7 ( section #db7;i77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7,d7 ,rules relat+ to /ud5ts 7i7 ,9 g5]al ,a unit occupi$ solely by individuals :o-- 7,i7 h n atta9$ age #bd1 & 7,,ii7 are enroll$ 9 a full-"t c\rse ( /udy at an in/itution ( high] education 7z def9$ 9 section #ccjd7;f771 %all n be treat$ z a l[-income unit4 7ii7 ,exception = c]ta9 ,f$]al programs ,9 ! case ( a f$]ally-assi/$ build+ 7z def9$ 9 subsection 7d77#f77;,c77i771 clause 7i7 %all n apply to a unit all ( ! occupants ( :i* meet all applicable requirem5ts "u ! h\s+ program describ$ 9 su* subsection ?r\gh :i* ! build+ is assi/$1 f9anc$1 or op]at$4 7iii7 ,o!r exceptions ,an individual %all n be treat$ z describ$ 9 clause 7i7 if ! individual-- 7,i7 is m>ri$1 7,,ii7 is a p]son ) disabilities 7z def9$ 9 section #c7;b77#c77;,e7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg71 7,,iii7 is a vet]an 7z def9$ 9 section #aja7b7 ( title #ch1 ,unit$ ,/ates ,code71 7,,iv7 has #a or m qualify+ *ildr5 7z def9$ 9 section #aeb7;c771 7,v7 is or has be5 a victim or ?reat5$ victim ( dome/ic viol5ce1 dat+ viol5ce1 sexual assault1 or /alk+ 7z def9$ 9 section #djjjb ( ! ,viol5ce ,aga9/ ,wom5 ,act ( #aiid71 or 7,,vi7 meets ! income limitation applicable "u subsection 7g77#a7 to ! project ( :i* ! build+ is a "p & is1 or 0 imm$iately prior to atta9+ ! age ( majority-- 7aa7 an emancipat$ m9or or 9 legal gu>dian%ip z det]m9$ by a c\rt ( compet5t jurisdiction 9 ! individual's ,/ate ( legal resid5ce1 7bb7 "u ! c>e & placem5t responsibility ( ! ,/ate ag5cy responsible = adm9i/]+ a plan "u "p ,b or "p ,e ( title ,,iv ( ! ,social ,security ,act1 or 7cc7 an unaccompani$ y\? 7)9 ! mean+ ( section #gbe7f7 ( ! ,mc,kinney-,v5to ,homeless ,assi/ance ,act 7#db ,u4,s4,c4 #aadcd;a7#f777 or a homeless *ild or y\? 7)9 ! mean+ ( section #gbe7b7 ( su* ,act 7#db ,u4,s4,c4 #aadcd;a7#b7774 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjai4 #bjd4 ,t5ant v\*] paym5ts tak5 into acc\nt z r5t = c]ta9 purposes 7a7 ,9 g5]al ,subp>agraph 7,b7 ( section #db7;g77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new s5t5ce3 ,9 ! case ( a project ) respect to :i* ! taxpay] elects ! requirem5ts ( subp>agraph 7,c7 ( p>agraph 7#a71 or ! portion ( a project to :i* subsection 7d77#e77;,c7 applies1 clause 7i7 %all n apply ) respect to any t5ant-bas$ assi/ance 7z def9$ 9 section #h7;f77#g7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7f77#g77744 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to r5t paid 9 taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjai4 #bje4 ,requirem5t t l[-income h\s+ cr$it-support$ h\s+ protect victims ( dome/ic abuse 7a7 ,9 g5]al ,subp>agraph 7,b7 ( section #db7;h77#f7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ & at ! end ( clause 7v71 by /rik+ ! p]iod at ! end ( clause 7vi7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new clause3 7vii7 :i*-- 7,i7 prohibits ! refusal to lease to1 or t]m9ation ( a lease by1 a p]son solely on ! basis ( crim9al activity directly relat+ to dome/ic viol5ce1 dat+ viol5ce1 sexual assault1 or /alk+ t is engag$ 9 by a memb] ( ! h\sehold ( ! t5ant or any gue/ or o!r p]son "u ! control ( ! t5ant1 if ! t5ant or an affiliat$ individual ( ! t5ant is ! victim or ?reat5$ victim ( su* dome/ic viol5ce1 dat+ viol5ce1 sexual assault1 or /alk+1 & 7,,ii7 all[s prospective1 pres5t1 or =m] occupants ( ! build+ ! "r to en=ce 9 any ,/ate c\rt ! prohibition ( subclause 7,i74 4 7b7 ,bifurcation 7#a7 ,9 g5]al ,subp>agraph 7,b7 ( section #db7;h77#f7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by subsection 7a71 is am5d$ by add+ at ! end ! foll[+ new flu% s5t5ce3 ,= purposes ( clause 7vii77,i71 rules simil> to ! rules ( section #dadaa7;b77#c77;,b7 ( ! ,viol5ce ,aga9/ ,wom5 ,act ( #aiid %all apply ) respect to ! own] or manag] ( a build+4 4 7#b7 ,effect ( bifurcation ,p>agraph 7#b7 ( section #db7;g7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,f7 ,treatm5t ( bifurcation 9 cases ( dome/ic viol5ce ,9 any case 9 :i*-- 7i7 an occupant is evict$ or remov$ f a l[-income unit because su* occupant has engag$ 9 crim9al activity directly relat+ to dome/ic viol5ce1 dat+ viol5ce1 sexual assault1 or /alk+ aga9/ an affiliat$ individual or o!r individual on ! basis ( crim9al activity directly relat+ to dome/ic viol5ce1 dat+ viol5ce1 sexual assault1 or /alk+1 & 7ii7 ! lease on su* unit is bifurcat$ z provid$ 9 ! la/ s5t5ce ( subsection 7h77#f77;,b71 !n ! rema9+ occupants ( su* l[-income unit %all n be treat$ z a new t5ant = purposes ( ?is section4 4 7c7 ,cl>ification ( g5]al public use requirem5t ,p>agraph 7#i7 ( section #db7;g7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ or at ! end ( subp>agraph 7,b71 by /rik+ ! p]iod at ! end ( subp>agraph 7,c7 & ins]t+ 1 or1 & by add+ at ! end ! foll[+ new subp>agraph3 7,d7 :o are victims or ?reat5$ victims ( crim9al activity directly relat+ to dome/ic viol5ce1 dat+ viol5ce1 sexual assault1 or /alk+4 4 7d7 ,effective dates 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 ! am5dm5ts made by ?is section %all apply to agreem5ts execut$ or modifi$ on or aft] ! date t is #cj days aft] ! date ( ! enactm5t ( ?is ,act4 7#b7 ,public use requirem5t ,! am5dm5ts made by subsection 7c7 %all apply to build+s plac$ 9 s]vice be=e1 on1 or aft] ! date ( ! enactm5t ( ?is ,act4 #bjf4 ,cl>ification ( g5]al public use requirem5t relat+ to vet]ans1 etc 7a7 ,9 g5]al ,p>agraph 7#i7 ( section #db7;g7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #bje1 is fur!r am5d$ by add+ at ! end ! foll[+ flu% language3 ,any vet]an ( ! ,arm$ ,=ces %all be treat$ z a memb] ( a specifi$ gr\p "u a ,f$]al program = purposes ( subp>agraph 7,b74 4 7b7 ,qualifi$ resid5tial r5tal projects ,p>agraph 7#b7 ( section #adb7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,f7 ,cl>ification ( g5]al public use requirem5t ,a unit %all n fail to meet ! g5]al public use requirem5t solely because ( occupancy re/rictions or pref]5ces1 if su* re/rictions or pref]5ces meet ! g5]al public use requirem5t ( section #db4 4 7c7 ,effective dates 7#a7 ,9 g5]al ,! am5dm5t made by subsection 7a7 %all apply to build+s plac$ 9 s]vice be=e1 on1 or aft] ! date ( ! enactm5t ( ?is ,act4 7#b7 ,qualifi$ resid5tial r5tal projects ,! am5dm5t made by subsection 7b7 %all apply to bonds issu$ be=e1 on1 or aft] ! date ( ! enactm5t ( ?is ,act4 ,,iii ,cr$it rate & o!r rules relat+ to cr$it eligibility & det]m9ation #cja4 ,m9imum cr$it rate 7a7 ,9 g5]al ,subsection 7b7 ( section #db ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by r$esignat+ p>agraph 7#c7 z p>agraph 7#d71 & 7#b7 by ins]t+ aft] p>agraph 7#b7 ! foll[+ new p>agraph3 7#c7 ,m9imum cr$it rate ,9 ! case ( any new or exi/+ build+ to :i* p>agraph 7#b7 does n apply & :i* is plac$ 9 s]vice by ! taxpay] aft] ,decemb] #ca1 #bjah1 ! applicable p]c5tage %all n be less ?an #d p]c5t4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to build+s :i* receive allocations ( h\s+ cr$it doll> am\nt or1 9 ! case ( projects f9anc$ by tax-exempt bonds z describ$ 9 section #db7;h77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 :i* receive a det]m9ation ( h\s+ cr$it doll> am\nt1 aft] ! date ( ! enactm5t ( ?is ,act4 #cjb4 ,recon/ruction or replacem5t p]iod aft] casualty loss 7a7 ,9 g5]al ,subp>agraph 7,e7 ( section #db7;j77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ a reasonable p]iod e/abli%$ by ! ,secret>y & ins]t+ a reasonable p]iod e/abli%$ by ! applicable h\s+ cr$it ag5cy 7n to exce$ #be mon?s f ! date on :i* ! casualty loss arises74 ,! det]m9ation "u p>agraph 7#a7 %all n be made ) respect to a prop]ty ! basis ( :i* is affect$ by a casualty loss until ! p]iod describ$ 9 ! prec$+ s5t5ce ) respect to su* prop]ty has expir$44 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to casualty losses aris+ aft] ! date ( ! enactm5t ( ?is ,act4 #cjc4 ,modification & cl>ification ( rights relat+ to build+ pur*ase 7a7 ,modification ( "r ( fir/ refusal ,subp>agraph 7,a7 ( section #db7;i77#g7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ a "r ( #a/ refusal & ins]t+ an option4 7b7 ,cl>ification ) respect to "r ( fir/ refusal & pur*ase options 7#a7 ,pur*ase ( p>tn]%ip int]e/ 7,a7 ,9 g5]al ,subp>agraph 7,a7 ( section #db7;i77#g7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by subsection 7a71 is am5d$ by /rik+ ! prop]ty & ins]t+ ! prop]ty or all ( ! p>tn]%ip int]e/s 7o!r ?an int]e/s ( ! p]son ex]cis+ su* option or a relat$ p>ty !reto 7)9 ! mean+ ( section #bfg7;b7 or #gjg7;b77#a77 relat+ to ! prop]ty4 7,b7 ,con=m+ am5dm5t ,subp>agraph 7,b7 ( section #db7;i77#g7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+3 ,9 ! case ( a pur*ase ( a p>tn]%ip int]e/1 ! m9imum pur*ase price is an am\nt n less ?an su* int]e/'s ratable %>e ( ! am\nt det]m9$ "u ! fir/ s5t5ce ( ?is subp>agraph44 7#b7 ,prop]ty includes assets relat+ to ! build+ ,p>agraph 7#g7 ( section #db7;i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,c7 ,prop]ty ,= purposes ( subp>agraph 7,a71 ! t]m prop]ty may include all or any ( ! assets held = ! developm5t1 op]ation1 or ma9t5ance ( a build+4 4 7#c7 ,ex]cise ( "r ( fir/ refusal & pur*ase options ,subp>agraph 7,a7 ( section #db7;i77#g7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by subsection 7a7 & p>agraph 7#a77;,a71 is am5d$ by add+ at ! end ! foll[+3 8,= purposes ( det]m9+ :e!r an option1 includ+ a "r ( fir/ refusal1 to pur*ase prop]ty is describ$ 9 ! prec$+ s5t5ce-- 7i7 su* option or "r ( fir/ refusal may be ex]cis$ ) or )\t ! approval ( ! taxpay]1 & 7ii7 a "r ( fir/ refusal may be ex]cis$ 9 response to any (f] to pur*ase ! prop]ty1 includ+ an (f] by a relat$ p>ty4 4 7c7 ,effective dates 7#a7 ,modification ( "r ( fir/ refusal ,! am5dm5t made by subsection 7a7 %all apply to agreem5ts ent]$ into aft] ! date ( ! enactm5t ( ?is ,act4 7#b7 ,cl>ification ,! am5dm5ts made by subsection 7b7 %all apply to agreem5ts among ! own]s ( ! project 7includ+ p>tn]s1 memb]s1 _! affiliat$ organizations1 & designat$ entities describ$ 9 subp>agraph 7,a77 ent]$ into be=e1 on1 or aft] ! date ( ! enactm5t ( ?is ,act4 7#c7 ,no effect on agreem5ts ,no provision ( ?is am5dm5t %all sup]c$e ! agreem5t among ! p>ties z to ! mann] ( execution or t]ms ( a "r ( fir/ refusal or option p]mitt$ by section #db7;i77#g74 #cjd4 ,modification ( previ\s own]%ip rules2 limitation on acquisition basis 7a7 ,9 g5]al ,clause 7ii7 ( section #db7;d77#b77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 1 or ! taxpay] elects ! application ( subp>agraph 7,c77ii7 aft] s]vice4 7b7 ,limitation on acquisition basis ,subp>agraph 7,c7 ( section #db7;d77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ ,= purposes ( subp>agraph 7,a71 ! adju/$ basis & ins]t+ 8,= purposes ( subp>agraph 7,a7-- 7i7 ,9 g5]al ,! adju/$ basis 1 & 7#b7 by add+ at ! end ! foll[+ new clauses3 7ii7 ,build+s 9 s]vice )9 previ\s #aj ye>s ,if ! p]iod betwe5 ! date ( acquisition ( ! build+ by ! taxpay] & ! date ! build+ 0 la/ plac$ 9 s]vice is less ?an #aj ye>s1 ! taxpay]'s basis attributable to ! acquisition ( ! build+ :i* is tak5 into acc\nt 9 det]m9+ ! adju/$ basis %all n exce$ ! sum (-- 7,i7 ! l[e/ am\nt paid = acquisition ( ! build+ by any p]son dur+ ! #aj ye>s prec$+ ! date ( ! acquisition ( ! build+ by ! taxpay]1 adju/$ z provid$ 9 clause 7iii71 & 7,,ii7 ! value ( any capital improvem5ts made by ! p]son :o sells ! build+ to ! taxpay] :i* are reflect$ 9 su* sell]'s basis4 7iii7 ,adju/m5t ,) respect to a basis det]m9ation made 9 any taxable ye>1 ! am\nt describ$ 9 clause 7ii77,i7 %all be increas$ by an am\nt equal to-- 7,i7 su* am\nt1 multipli$ by 7,,ii7 a co/-(-liv+ adju/m5t1 det]m9$ 9 ! same mann] z "u section #a7;f77#c7 = ! cal5d> ye> 9 :i* ! taxable ye> beg9s by tak+ into acc\nt ! acquisition ye> 9 lieu ( cal5d> ye> #aiib4 ,= purposes ( ! prec$+ s5t5ce1 ! acquisition ye> is ! cal5d> ye> 9 :i* ! l[e/ am\nt ref]5c$ 9 clause 7ii77,i7 0 paid = ! acquisition ( ! build+4 4 7c7 ,con=m+ am5dm5ts ,clause 7i7 ( section #db7;d77#b77;,d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ = subp>agraph 7,b7 9 ! head+1 & 7#b7 by /rik+ subp>agraph 7,b77ii7 9 ! matt] prec$+ subclause 7,i7 & ins]t+ subp>agraph 7,b77ii7 or 7,c77ii74 7d7 ,modification ( plac$ 9 s]vice rule ,clause 7iii7 ( section #db7;d77#b77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7iii7 ! build+ 0 n own$ by ! taxpay] or by any p]son relat$ 7z ( ! date ( acquisition by ! taxpay]7 to ! taxpay] at any "t dur+ ! #e-ye> p]iod end+ on ! date ( acquisition by ! taxpay]1 & 4 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to build+s plac$ 9 s]vice aft] ,decemb] #ca1 #bjah4 #cje4 ,c]ta9 relocation co/s tak5 into acc\nt z rehabilitation exp5ditures 7a7 ,9 g5]al ,p>agraph 7#b7 ( section #db7;e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,c7 ,c]ta9 relocation co/s ,9 ! case ( a rehabilitation ( a build+ to :i* section #bhj;,b does n apply1 co/s relat+ to ! relocation ( occupants1 includ+-- 7i7 am\nts paid to occupants1 7ii7 am\nts paid to ?ird p>ties = s]vices relat+ to su* relocation1 & 7iii7 am\nts paid = tempor>y h\s+ = occupants1 %all be treat$ z *>geable to capital acc\nt & tak5 into acc\nt z rehabilitation exp5ditures4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to exp5ditures paid or incurr$ aft] ,decemb] #ca1 #bjah4 7c7 ,no inf]5ce ,no?+ 9 ! am5dm5t made by ?is section %all be con/ru$ to create any inf]5ce ) respect to ! treatm5t ( relocation co/s paid or incurr$ be=e ,decemb] #ca1 #bjah4 #cjf4 ,repeal ( qualifi$ c5sus tract population cap 7a7 ,9 g5]al ,clause 7ii7 ( section #db7;d77#e77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ subclauses 7,,ii7 & 7,,iii71 & 7#b7 by /rik+ 8,qualifi$ c5sus tract4-- 7,i7 ,9 g5]al ,! t]m 1 & ins]t+ ,qualifi$ c5sus tract4--,! t]m4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to designations ( qualifi$ c5sus tracts "u section #db7;d77#e77;,b77ii7 ( ! ,int]nal ,rev5ue ,code ( #aihf aft] ,decemb] #ca1 #bjai4 #cjg4 ,det]m9ation ( community revitalization plan to be made by h\s+ cr$it ag5cy 7a7 ,9 g5]al ,subclause 7,,iii7 ( section #db7m77#a77;,b77ii7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 1 z det]m9$ by ! h\s+ cr$it ag5cy accord+ to crit]ia e/abli%$ by su* ag5cy1 aft] 7d77#e77;,b77ii77 &4 7b7 ,crit]ia ,p>agraph 7#a7 ( section #db7m7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,e7 ,crit]ia = det]m9ation relat+ to conc]t$ community revitalization plan ,= purposes ( subp>agraph 7,b77ii77,,iii71 ! crit]ia :i* %all be e/abli%$ by a h\s+ cr$it ag5cy = det]m9+ :e!r ! developm5t ( a project contributes to a conc]t$ community developm5t plan %all take into acc\nt any factors ! ag5cy deems appropriate1 includ+ ! ext5t to :i* ! propos$ plan-- 7i7 is geographically specific1 7ii7 outl9es a cle> plan = implem5tation & goals = outcomes1 7iii7 includes a /rategy = apply+ = or obta9+ commitm5ts ( public or private inve/m5t 7or bo?7 9 nonh\s+ infra/ructure1 am5ities1 or s]vices1 & 7iv7 demon/rates ! ne$ = community revitalization4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to allocations ( h\s+ cr$it doll> am\nts made "u qualifi$ allocation plans 7z def9$ 9 section #db7m77#a77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 adopt$ aft] ,decemb] #ca1 #bjai4 #cjh4 ,prohibition ( local approval & contribution requirem5ts 7a7 ,9 g5]al ,p>agraph 7#a7 ( section #db7m7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #cjg1 is fur!r am5d$-- 7#a7 by /rik+ clause 7ii7 ( subp>agraph 7,a7 & by r$esignat+ clauses 7iii7 & 7iv7 !re( z clauses 7ii7 & 7iii71 & 7#b7 by add+ at ! end ! foll[+ new subp>agraph3 7,f7 ,local approval or contribution n tak5 into acc\nt ,! selection crit]ia "u a qualifi$ allocation plan %all n include consid]ation (-- 7i7 any support or opposition ) respect to ! project f local or elect$ (ficials1 or 7ii7 any local gov]nm5t contribution to ! project1 except to ! ext5t su* contribution is tak5 into acc\nt z "p ( a broad] consid]ation ( ! project's ability to lev]age outside fund+ s\rces1 & is n prioritiz$ ov] any o!r s\rce ( outside fund+4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to allocations ( h\s+ cr$it doll> am\nts made aft] ,decemb] #ca1 #bjai4 #cji4 ,increase 9 cr$it = c]ta9 projects designat$ to s]ve extremely l[-income h\seholds 7a7 ,9 g5]al ,p>agraph 7#e7 ( section #db7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,c7 ,increase 9 cr$it = projects designat$ to s]ve extremely l[-income h\seholds ,9 ! case ( any build+-- 7i7 #bj p]c5t or m ( ! resid5tial units 9 :i* are designat$ by ! taxpay] = occupancy by h\seholds ! aggregate h\sehold income ( :i* does n exce$ ! great] (-- 7,i7 #cj p]c5t ( area m$ian gross income1 or 7,,ii7 #ajj p]c5t ( an am\nt equal to ! ,f$]al pov]ty l9e 7)9 ! mean+ ( section #cf;,b7d77#c771 & 7ii7 :i* is designat$ by ! h\s+ cr$it ag5cy z requir+ ! increase 9 cr$it "u ?is subp>agraph 9 ord] = su* build+ to be f9ancially feasible z "p ( a qualifi$ l[-income h\s+ project1 subp>agraph 7,b7 %all n apply to ! portion ( su* build+ :i* is compris$ ( su* units1 & ! eligible basis ( su* portion ( ! build+ %all be #aej p]c5t ( su* basis det]m9$ )\t reg>d to ?is subp>agraph4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to build+s :i* receive allocations ( h\s+ cr$it doll> am\nt or1 9 ! case ( projects f9anc$ by tax-exempt bonds z describ$ 9 section #db7;h77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 :i* receive a det]m9ation ( h\s+ cr$it doll> am\nt1 aft] ! date ( ! enactm5t ( ?is ,act4 #caj4 ,increase 9 cr$it = bond-f9anc$ projects designat$ by ,/ate ag5cy 7a7 ,9 g5]al ,clause 7v7 ( section #db7;d77#e77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ! second s5t5ce4 7b7 ,te*nical am5dm5t ,clause 7v7 ( section #db7;d77#e77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by subsection 7a71 is fur!r am5d$-- 7#a7 by /rik+ ,/ate 9 ! head+1 & 7#b7 by /rik+ ,/ate h\s+ cr$it ag5cy & ins]t+ h\s+ cr$it ag5cy4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to build+s :i* receive a det]m9ation ( h\s+ cr$it doll> am\nt aft] ! date ( ! enactm5t ( ?is ,act4 #caa4 ,elim9ation ( basis r$uction = l[-income h\s+ prop]ties receiv+ c]ta9 en]gy b5efits 7a7 ,new en]gy effici5t home cr$it ,subsection 7e7 ( section #de,l ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ adju/m5t4--,= purposes & ins]t+ 8adju/m5t4-- 7#a7 ,9 g5]al ,= purposes 1 & 7#b7 by add+ at ! end ! foll[+ new p>agraph3 7#b7 ,exception = af=dable h\s+ prop]ties ,p>agraph 7#a7 %all n apply = purposes ( det]m9+ eligible basis "u section #db4 4 7b7 ,en]gy effici5t comm]cial build+s d$uction ,subsection 7e7 ( section #agi;,d ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ r$uction4--,= purposes & ins]t+ 8r$uction4-- 7#a7 ,9 g5]al ,= purposes 1 & 7#b7 by add+ at ! end ! foll[+ new p>agraph3 7#b7 ,exception = af=dable h\s+ prop]ties ,p>agraph 7#a7 %all n apply = purposes ( det]m9+ eligible basis "u section #db4 4 7c7 ,en]gy cr$it ,p>agraph 7#c7 ( section #ej7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ & at ! end ( subp>agraph 7,a71 7#b7 by /rik+ ! p]iod at ! end ( subp>agraph 7,b7 & ins]t+ 1 &1 & 7#c7 by add+ at ! end ! foll[+ new subp>agraph3 7,c7 p>agraph 7#a7 %all n apply = purposes ( det]m9+ eligible basis "u section #db4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to build+s :i* receive allocations ( h\s+ cr$it doll> am\nt or1 9 ! case ( projects f9anc$ by tax-exempt bonds z describ$ 9 section #db7;h77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 :i* receive a det]m9ation ( h\s+ cr$it doll> am\nt1 aft] ! date ( ! enactm5t ( ?is ,act4 #cab4 ,re/riction ( plann$ =eclosures 7a7 ,9 g5]al ,subclause 7,i7 ( section #db7;h77#f77;,e77i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7,i7 on ! #fa/ day aft] ! taxpay] 7or a successor 9 int]e/7 provides notice to ! ,secret>y & ! h\s+ cr$it ag5cy t ! build+ has be5 acquir$ by =eclosure 7or in/rum5t 9 lieu ( =eclosure7 & t ! taxpay] int5ds ! t]m9ation ( su* p]iod1 unless1 be=e su* date1 ! ,secret>y or ! h\s+ cr$it ag5cy det]m9es t su* acquisition is "p ( an arrangem5t ) ! taxpay] a purpose ( :i* is to t]m9ate su* p]iod1 or 4 7b7 ,con=m+ am5dm5t ,! second s5t5ce ( clause 7i7 ( section #db7;h77#f77;,e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ,subclause 7,,ii7 & ins]t+ ,subclauses 7,i7 & 7,,ii74 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to acquisitions by =eclosure 7or in/rum5t 9 lieu ( =eclosure7 aft] ,decemb] #ca1 #bjah4 #cac4 ,increase ( population cap = difficult developm5t areas 7a7 ,9 g5]al ,subclause 7,,ii7 ( section #db7;d77#e77;,b77iii7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ #bj p]c5t & ins]t+ #cj p]c5t4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to designations made "u section #db7;d77#e77;,b77iii7 ( ! ,int]nal ,rev5ue ,code ( #aihf aft] ,decemb] #ca1 #bjai4 #cad4 ,increas$ co/ ov]sight & acc\ntability 7a7 ,9 g5]al ,subp>agraph 7,c7 ( section #db7m77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ & at ! end ( clause 7ix71 by /rik+ ! p]iod at ! end ( clause 7x7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new clause3 7xi7 ! reasonabl5ess ( ! developm5t co/s ( ! project4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to allocations ( cr$its "u section #db ( ! ,int]nal ,rev5ue ,code ( #aihf made aft] ,decemb] #ca1 #bjai4 ,,iv ,re=ms relat+ to ,native ,am]ican assi/ance #dja4 ,selection crit]ia "u qualifi$ allocation plans 7a7 ,9 g5]al ,subp>agraph 7,c7 ( section #db7m77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #cad1 is am5d$-- 7#a7 by /rik+ & at ! end ( clause 7x71 by /rik+ ! p]iod at ! end ( clause 7xi7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new clause3 7xii7 ! af=dable h\s+ ne$s ( individuals 9 ! ,/ate :o are enroll$ memb]s ( a tribe ) respect to an ,indian tribal gov]nm5t4 1 & 7#b7 by add+ at ! end ! foll[+ flu% s5t5ce3 ,= purposes ( clause 7xii71 ! t]m ,indian tribal gov]nm5t includes any ag5cies or in/rum5talities ( an ,indian tribal gov]nm5t & any ,alaska ,native regional or village corporation1 z def9$ 91 or e/abli%$ pursuant to1 ! ,alaska ,native ,claims ,settlem5t ,act 7#dc ,u4,s4,c4 #afja et seq474 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to allocations ( cr$its "u section #db ( ! ,int]nal ,rev5ue ,code ( #aihf made aft] ,decemb] #ca1 #bjai4 #djb4 ,inclusion ( ,indian areas z difficult developm5t areas = purposes ( c]ta9 build+s 7a7 ,9 g5]al ,subclause 7,i7 ( section #db7;d77#e77;,b77iii7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ be=e ! p]iod ! foll[+3 1 & any ,indian area4 7b7 ,indian area ,clause 7iii7 ( section #db7;d77#e77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by r$esignat+ subclause 7,,ii7 z subclause 7,,iii7 & by ins]t+ aft] subclause 7,i7 ! foll[+ new subclause3 7,,ii7 ,indian area ,= purposes ( subclause 7,i71 ! t]m ,indian area means any ,indian area 7z def9$ 9 section #d7aa7 ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self ,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #dajc7aa7774 4 7c7 ,eligible build+s ,clause 7iii7 ( section #db7;d77#e77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by subsection 7b71 is am5d$ by add+ at ! end ! foll[+ new subclause3 7,,iv7 ,special rule = build+s 9 ,indian areas ,9 ! case ( an area :i* is a difficult developm5t area solely because x is an ,indian area1 a build+ %all n be treat$ z locat$ 9 su* area unless su* build+ is assi/$ or f9anc$ "u ! ,native ,am]ican ,h\s+ ,assi/ance & ,self ,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #daja et seq47 or ! project sponsor is an ,indian tribe 7z def9$ 9 section #de;,a7c77#f771 a tribally designat$ h\s+ entity 7z def9$ 9 section #d7bb7 ( su* ,act 7#be ,u4,s4,c4 #dajc7bb7771 or :olly own$ or controll$ by su* an ,indian tribe or tribally designat$ h\s+ entity4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to build+s plac$ 9 s]vice aft] ,decemb] #ca1 #bjai4 ,v ,re=ms relat+ to rural assi/ance #eja4 ,inclusion ( rural areas z difficult developm5t areas 7a7 ,9 g5]al ,subclause 7,i7 ( section #db7;d77#e77;,b77iii7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #djb1 is am5d$ by ins]t+ 1 any rural area aft] m$ian gross income4 7b7 ,rural area ,clause 7iii7 ( section #db7;d77#e77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #djb1 is fur!r am5d$ by r$esignat+ subclause 7,,iii7 z subclause 7,,iv7 & by ins]t+ aft] subclause 7,,ii7 ! foll[+ new subclause3 7,,iii7 ,rural area ,= purposes ( subclause 7,i71 ! t]m rural area means any non-metropolitan area1 or any rural area z def9$ by section #ebj ( ! ,h\s+ ,act ( #aidi1 :i* is id5tifi$ by ! qualifi$ allocation plan "u subsection 7m77#a77;,b74 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to build+s plac$ 9 s]vice aft] ,decemb] #ca1 #bjai4 #ejb4 ,uni=m income eligibility = rural projects 7a7 ,9 g5]al ,p>agraph 7#h7 ( section #db7;i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ! second s5t5ce4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjah4 ,,vi ,exempt facility bonds #fja4 ,revision & cl>ification ( ! treatm5t ( refund+ issues 7a7 ,9 g5]al ,subp>agraph 7,a7 ( section #adf7;i77#f7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7,a7 ,9 g5]al ,dur+ ! #ab-mon? p]iod beg9n+ on ! date ( a repaym5t ( a loan f9anc$ by an issue #ie p]c5t or m ( ! net proce$s ( :i* are us$ to provide projects describ$ 9 section #adb7;d71 if su* repaym5t is us$ to provide a new loan = any project describ$ 9 section #adb7;a77#g7 or = any purpose describ$ 9 subsection 7a77#b77;,a7 or 7b7 ( section #adc1 any bond :i* is issu$ to ref9ance su* issue %all be treat$ z a refund+ issue4 ,any issue treat$ z a refund+ issue by reason ( ! prec$+ s5t5ce %all be s treat$ only to ! ext5t ! pr9cipal am\nt ( su* refund+ issue does n exce$ ! pr9cipal am\nt ( ! bonds refund$4 4 7b7 ,removal ( "o-,refund+ limit ,subp>agraph 7,b7 ( section #adf7;i77#f7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ #d ye>s 9 clause 7i7 & ins]t+ #aj ye>s1 7#b7 by /rik+ 0 issu$ 9 clause 7ii7 & ins]t+ is issu$1 7#c7 by r$esignat+ clauses 7i7 7z s am5d$71 7ii7 7z s am5d$71 & 7iii7 z subclauses 7,i71 7,,ii71 & 7,,iii71 respectively1 & by mov+ su* subclauses #b ems to ! "r1 7#d7 by /rik+ ,limitations4--,subp>agraph 7,a7 %all apply to only "o refund+ ( ! orig9al issue & & ins]t+ 8,limitations4-- 7i7 ,9 g5]al ,subp>agraph 7,a7 %all apply to a bond 1 & 7#e7 by add+ at ! end ! foll[+ new clause3 7ii7 ,s\rce ( loan repaym5t ,subp>agraph 7,a7 %all n apply to any repaym5t ( a loan :i* is-- 7,i7 made by a repaym5t ( ano!r loan1 or 7,,ii7 f9anc$ by an issue treat$ z a refund+ issue "u subp>agraph 7,a74 4 7c7 ,con=m+ am5dm5t ,! head+ ( p>agraph 7#f7 ( section #adf7;i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ resid5tial r5tal project bonds z refund+ bonds irrespective ( obligor & ins]t+ bonds z refund+ bonds4 7d7 ,effective dates 7#a7 ,9 g5]al ,! am5dm5ts made by subsections 7a7 & 7c7 %all apply to obligations issu$ on or aft] ! date ( ! enactm5t ( ?is ,act4 7#b7 ,removal ( "o-refund+ limit ,! am5dm5ts made by subsection 7b7 %all apply to repaym5ts ( loans receiv$ aft] ,july #cj1 #bjjh4 ,,vii ,af=dable h\s+ tax cr$it #gja4 ,af=dable h\s+ tax cr$it 7a7 ,9 g5]al ,! head+ ( section #db ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ,l[-income & ins]t+ ,af=dable4 7b7 ,con=m+ am5dm5ts 7#a7 ,subsection 7a7 ( section #db ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ l[-income & ins]t+ af=dable4 7#b7 ,p>agraph 7#e7 ( section #ch7;b7 ( su* ,code is am5d$ by /rik+ l[-income & ins]t+ af=dable4 7#c7 ,! head+ ( subp>agraph 7,d7 ( section #dfi7;i77#c7 ( su* ,code is am5d$ by /rik+ l[-income & ins]t+ af=dable4 7#d7 ,! head+ ( subp>agraph 7,b7 ( section #dfi7;i77#f7 ( su* ,code is am5d$ by /rik+ l[-income & ins]t+ af=dable4 7#e7 ,p>agraph 7#g7 ( section #ggb7;a7 ( su* ,code is am5d$ by /rik+ l[-income & ins]t+ af=dable4 7#f7 ,p>agraph 7#e7 ( section #ggb7;d7 ( su* ,code is am5d$ by /rik+ l[-income & ins]t+ af=dable4 7c7 ,cl]ical am5dm5t ,! item relat+ to section #db 9 ! table ( sections = subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 ,sec4 #db4 ,af=dable h\s+ cr$it4 4