,,ii  #aag? ,,congress  #b;d ,session   
,s4 #daha  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #aa 7legislative  
day1 ,may #aj71 #bjbb,mr4 ,leahy 7=     
himself1 ,ms4 ,coll9s1 ,mr4 ,wyd51 ,mr4 
,b5net1 ,ms4 ,cortez ,ma/o1 ,mr4 ,k+1   
,ms4 ,hassan1 ,mr4 ,padilla1 ,mr4 ,re$1 
,mr4 ,s&]s1 & ,mr4 ,:iteh\se7 introduc$ 
! foll[+ bill2 :i* 0 read twice & ref]r$
 to ! ,committee on ,f9ance  ,a ,,bill  
,to am5d title ,,vi ( ! ,social         
,security ,act to all[ coronavirus ,/ate
 & local fiscal recov]y funds to be us$ 
= l[-income h\s+ cr$it projects4  #a4   
,%ort title ,?is ,act may be cit$ z !   
,,lihtc ,f9anc+ ,enabl+ ,long-t]m       
,inve/m5t 9 ,neighborhood ,excell5ce    
,act or ! ,,lifel9e ,act4  #b4 ,au?ority
 to use coronavirus ,/ate & local fiscal
 recov]y funds = l[-income h\s+ cr$it   
projects  7a7 ,9 g5]al ,title ,,vi ( !  
,social ,security ,act 7#db ,u4,s4,c4   
#hja et seq47 is am5d$-- 7#a7 9 section 
#fjb-- 7,a7 9 subsection 7a77#a71 by    
ins]t+ 7except z provid$ 9 subsection   

7c77#e77 aft] ,decemb] #ca1 #bjbd2 &    
7,b7 9 subsection 7c7-- 7i7 9 p>agraph  
7#a71 9 ! matt] prec$+ subp>agraph 7,a71
 by /rik+ p>agraph 7#c7 & ins]t+        
p>agraphs 7#c71 7#d71 & 7#e72 &  7ii7 by
 add+ at ! end ! foll[+ new p>agraph3   
7#e7 ,use ( funds = l[-income h\s+ cr$it
 projects  7,a7 ,9 g5]al ,a ,/ate1      
t]ritory1 or ,tribal gov]nm5t1 9        
consultation ) a h\s+ f9ance ag5cy1 may 
use funds provid$ "u ?is section to     
f9ance ! co/ ( con/ruction ( #a or m new
 qualifi$ l[-income build+s 7z def9$ 9  
section #db7;c77#b7 ( ! ,int]nal ,rev5ue
 ,code ( #aihf71 or ! co/ (             
rehabilitation exp5ditures 7z def9$ 9   
section #db7;e77#b7 ( su* ,code71 :i*   
are expect$ to be eligible = ! l[-income
 h\s+ cr$it "u section #db ( su* ,code 9
 an am\nt great] ?an #j1 includ+ cr$its 
describ$ 9 subsection 7h77#d7 !re(4 ,!  
f9anc+ p]mitt$ by ! prec$+ s5t5ce mu/ be
 provid$ by loans hav+ maturities ( #cj 
or m ye>s1 ) su* build+s hav+ a plac$ 9 
s]vice date t is no e>li] ?an ! date (  

enactm5t ( ?is p>agraph4 ,funds provid$ 
"u ?is section to f9ance su* build+s mu/
 be obligat$ by ,decemb] #ca1 #bjbd1 &  
exp5d$ by ,decemb] #ca1 #bjbf4 ,any     
am\nt loan$ 9 accordance ) ?is          
subp>agraph %all be consid]$ exp5d$ 9   
accordance ) ! requirem5ts ( ?is        
subsection4  7,b7 ,requirem5ts ,!       
project sponsor ( a build+ f9anc$ 9 :ole
 or 9 "p by loans = :i* f9anc+ is       
p]mitt$ "u ?is p>agraph %all agree1 z a 
condition = accept+ su* a loan-- 7i7 to 
waive any "r to reque/ a qualifi$       
contract 7z def9$ 9 section             
#db7;h77#f77;,f7 ( ! ,int]nal ,rev5ue   
,code ( #aihf72 &  7ii7 to repay any    
loan$ funds to ! entity t orig9at$ !    
loan at ! "t ! project ( :i* ! build+ is
 a "p becomes non-compliant1 includ+ if 
su* project ceases to satisfy !         
requirem5ts to be consid]$ a qualifi$   
l[-income h\s+ project 7z def9$ 9       
section #db7;g7 ( ! ,int]nal ,rev5ue    
,code7 or a qualifi$ resid5tial r5tal   
project 7z def9$ 9 section #adb7;d7 (   

su* ,code71 or if su* project fails to  
comply ) an ext5d$ l[-income h\s+       
commitm5t 7z def9$ 9 section #db7;h77#f7
 ( su* ,code74  7,c7 ,return$ or repaid 
funds ,any funds us$ by a ,/ate1        
t]ritory1 or ,tribal gov]nm5t 9         
accordance ) subp>agraph 7,a7 t are     
return$ to ! ,/ate1 t]ritory1 or ,tribal
 gov]nm5t1 includ+ f loan repaym5t1 %all
 be us$ to f9ance af=dable h\s+1 includ+
 build+s t are eligible = l[-income h\s+
 cr$its "u section #db7;a7 ( ! ,int]nal 
,rev5ue ,code ( #aihf by virtue ( be+ "p
 ( #a or m qualifi$ l[-income h\s+      
projects 7z def9$ 9 section #db7;g7 (   
su* ,code71 or be+ "p ( #a or m qualifi$
 resid5tial r5tal projects 7z def9$ 9   
section #adb7;d7 ( su* ,code74  7,d7    
,reports  7i7 ,annual reports on ,,lihtc
 project obligations ,dur+ ! p]iod      
beg9n+ on ! date ( enactm5t ( ?is       
p>agraph & end+ on ,decemb] #ca1 #bjbf1 
! ,secret>y %all provide annual reports 
to ! ,committee on ,ways & ,means ( !   
,h\se ( ,repres5tatives1 ! ,committee on

 ,ov]sight & ,re=m ( ! ,h\se (          
,repres5tatives1 ! ,committee on        
,appropriations ( ! ,h\se (             
,repres5tatives1 ! ,committee on ,f9ance
 ( ! ,s5ate1 & ! ,committee on          
,appropriations ( ! ,s5ate on !         
obligation & exp5diture ( funds =       
projects "u ?is p>agraph4  7ii7 ,annual 
reports on ,,lihtc project loans ,= ea* 
ye> dur+ ! t]m ( an initial loan f9anc$ 
by funds made available "u ?is p>agraph 
is out/&+1 ! ,secret>y %all provide an  
annual report to ea* ( ! committees     
id5tifi$ 9 clause 7i7 on any repaym5t ( 
su* funds4  2 &  7#b7 9 section #fjc--  
7,a7 9 subsection 7a71 by ins]t+ 7except
 z provid$ 9 subsection 7c77#f77 aft]   
,decemb] #ca1 #bjbd2 &  7,b7 9          
subsection 7c7-- 7i7 9 p>agraph 7#a71 9 
! matt] prec$+ subp>agraph 7,a71 by     
/rik+ p>agraphs 7#c7 & 7#d7 & ins]t+    
p>agraphs 7#c71 7#d71 7#e71 & 7#f72 &   
7ii7 by add+ at ! end ! foll[+ new      
p>agraph3  7#f7 ,use ( funds = l[-income
 h\s+ cr$it projects  7,a7 ,9 g5]al ,a  

metropolitan city1 non5titlem5t unit (  
local gov]nm5t1 or c\nty1 9 consultation
 ) a h\s+ f9ance ag5cy1 may use funds   
provid$ "u ?is section to f9ance ! co/ (
 con/ruction ( #a or m new qualifi$     
l[-income build+s 7z def9$ 9 section    
#db7;c77#b7 ( ! ,int]nal ,rev5ue ,code (
 #aihf71 or ! co/ ( rehabilitation      
exp5ditures 7z def9$ 9 section          
#db7;e77#b7 ( su* ,code71 :i* are       
expect$ to be eligible = ! l[-income    
h\s+ cr$it "u section #db ( su* ,code 9 
an am\nt great] ?an #j1 includ+ cr$its  
describ$ 9 subsection 7h77#d7 !re(4 ,!  
f9anc+ p]mitt$ by ! prec$+ s5t5ce mu/ be
 provid$ by loans hav+ maturities ( #cj 
or m ye>s1 ) su* build+s hav+ a plac$ 9 
s]vice date t is no e>li] ?an ! date (  
enactm5t ( ?is p>agraph4 ,funds provid$ 
"u ?is section to f9ance su* build+s mu/
 be obligat$ by ,decemb] #ca1 #bjbd1 &  
exp5d$ by ,decemb] #ca1 #bjbf4 ,any     
am\nt loan$ 9 accordance ) ?is          
subp>agraph %all be consid]$ exp5d$ 9   
accordance ) ! requirem5ts ( ?is        

subsection4  7,b7 ,requirem5ts ,!       
project sponsor ( a build+ f9anc$ 9 :ole
 or 9 "p by loans = :i* f9anc+ is       
p]mitt$ "u ?is p>agraph %all agree1 z a 
condition = accept+ su* a loan-- 7i7 to 
waive any "r to reque/ a qualifi$       
contract 7z def9$ 9 section             
#db7;h77#f77;,f7 ( ! ,int]nal ,rev5ue   
,code ( #aihf72 &  7ii7 to repay any    
loan$ funds to ! entity t orig9at$ !    
loan at ! "t ! project ( :i* ! build+ is
 a "p becomes non-compliant1 includ+ if 
su* project ceases to satisfy !         
requirem5ts to be consid]$ a qualifi$   
l[-income h\s+ project 7z def9$ 9       
section #db7;g7 ( ! ,int]nal ,rev5ue    
,code7 or a qualifi$ resid5tial r5tal   
project 7z def9$ 9 section #adb7;d7 (   
su* ,code71 or if su* project fails to  
comply ) an ext5d$ l[-income h\s+       
commitm5t 7z def9$ 9 section #db7;h77#f7
 ( su* ,code74  7,c7 ,return$ or repaid 
funds ,any funds us$ by a metropolitan  
city1 non5titlem5t unit ( local         
gov]nm5t1 or c\nty 9 accordance )       

subp>agraph 7,a7 t are return$ to !     
metropolitan city1 non5titlem5t unit (  
local gov]nm5t1 or c\nty1 includ+ f loan
 repaym5t1 %all be us$ to f9ance        
af=dable h\s+1 includ+ build+s t are    
eligible = l[-income h\s+ cr$its "u     
section #db7;a7 ( ! ,int]nal ,rev5ue    
,code ( #aihf by virtue ( be+ "p ( #a or
 m qualifi$ l[-income h\s+ projects 7z  
def9$ 9 section #db7;g7 ( su* ,code71 or
 be+ "p ( #a or m qualifi$ resid5tial   
r5tal projects 7z def9$ 9 section       
#adb7;d7 ( su* ,code74  7,d7 ,reports   
7i7 ,annual reports on ,,lihtc project  
obligations ,dur+ ! p]iod beg9n+ on !   
date ( enactm5t ( ?is p>agraph & end+ on
 ,decemb] #ca1 #bjbf1 ! ,secret>y %all  
provide annual reports to ! ,committee  
on ,ways & ,means ( ! ,h\se (           
,repres5tatives1 ! ,committee on        
,ov]sight & ,re=m ( ! ,h\se (           
,repres5tatives1 ! ,committee on        
,appropriations ( ! ,h\se (             
,repres5tatives1 ! ,committee on ,f9ance
 ( ! ,s5ate1 & ! ,committee on          

,appropriations ( ! ,s5ate on !         
obligation & exp5diture ( funds =       
projects "u ?is p>agraph4  7ii7 ,annual 
reports on ,,lihtc project loans ,= ea* 
ye> dur+ ! t]m ( an initial loan f9anc$ 
by funds made available "u ?is p>agraph 
is out/&+1 ! ,secret>y %all provide an  
annual report to ea* ( ! committees     
id5tifi$ 9 clause 7i7 on any repaym5t ( 
su* funds4  4  7b7 ,te*nical am5dm5ts   
,sections #fjb7;c77#c7 & #fjc7;c77#c7 ( 
title ,,vi ( ! ,social ,security ,act   
7#db ,u4,s4,c4 #hjb7;c77#c71            
#hjc7;c77#c77 are ea* am5d$ by /rik+    
p>agraph 7#ag7 (4