,,ii #aah? ,,congress #a/ ,session ,s4 #fhj ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #g1 #bjbc,mr4 ,wyd5 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to provide r5tal v\*]s = ! homeless1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,dec5t1 ,af=dable1 ,safe ,h\s+ = ,all ,act or ! ,,da% ,act4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4,,title ,i--,h\s+ assistance,subtitle ,a--,g5]al h\s+ assistance,sec4 #aaa4 ,r5tal v\*]s = ! homeless4,sec4 #aab4 ,l& acquisition & con/ruction4,sec4 #aac4 ,modul> con/ruction pilot program4,sec4 #aad4 ,support+ pro-h\s+ developm5t4,sec4 #aae4 ,p]man5t au?orization ( appropriations = ,mc,kinney-,v5to ,homeless ,assi/ance ,act grants4,subtitle ,b--,rural h\s+ assistance,sec4 #aba4 ,rural h\s+ re9ve/m5t4,sec4 #abb4 ,p]man5t e/abli%m5t ( h\s+ pres]vation & revitalization program4,sec4 #abc4 ,eligibility = rural h\s+ v\*]s4,sec4 #abd4 ,am\nt ( v\*] assi/ance4,sec4 #abe4 ,use ( available r5tal assi/ance4,sec4 #abf4 ,fund+ = multifamily te*nical improvem5ts4,sec4 #abg4 ,plan = pres]v+ af=dability ( r5tal projects4,,title ,,ii--,rev5ue provisions,sec4 #bja4 ,tax-exempt bond f9anc+ requirem5t4,sec4 #bjb4 ,increases 9 ,/ate allocations4,sec4 #bjc4 ,build+s designat$ to s]ve extremely l[-income h\seholds4,sec4 #bjd4 ,inclusion ( ,indian areas z difficult developm5t areas = purposes ( c]ta9 build+s4,sec4 #bje4 ,inclusion ( rural areas z difficult developm5t areas4,sec4 #bjf4 ,increase 9 cr$it = bond-f9anc$ projects designat$ by h\s+ cr$it ag5cy4,sec4 #bjg4 ,repeal ( qualifi$ contract option4,sec4 #bjh4 ,modification & cl>ification ( rights relat+ to build+ pur*ase4,sec4 #bji4 ,prohibition ( local approval & contribution requirem5ts4,sec4 #baj4 ,increase 9 cr$it = l[-income h\s+ supportive s]vices4,sec4 #baa4 ,/udy ( tax inc5tives = ! conv]sion ( comm]cial prop]ty to af=dable h\s+4,sec4 #bab4 ,r5t]s cr$it4,sec4 #bac4 ,middle-income h\s+ tax cr$it4,sec4 #bad4 ,neighborhood homes cr$it4,sec4 #bae4 ,fir/-"t homebuy] refundable cr$it4 ,i ,h\s+ assi/ance ,a ,g5]al h\s+ assi/ance #aaa4 ,r5tal v\*]s = ! homeless 7a7 ,9 g5]al ,section #h7o7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7o77 is am5d$ by add+ at ! end ! foll[+3 7#bb7 ,r5tal v\*]s = ! homeless 7,a7 ,def9itions ,9 ?is p>agraph3 7i7 ,at risk ( homelessness ,! t]m at risk ( homelessness has ! mean+ giv5 ! t]m 9 section #dja7a7 ( ! ,mc,kinney-,v5to ,homeless ,assi/ance ,act 7#db ,u4,s4,c4 #aacfj71 except t #ej p]c5t %all be sub/itut$ = #cj p]c5t 9 subp>agraph 7,a7 ( t section4 7ii7 ,capacity-build+ p]iod ,! t]m capacity-build+ p]iod means ! #b-ye> p]iod beg9n+ on ! date on :i* ! =mula is e/abli%$ "u subp>agraph 7,e77ii74 7iii7 ,cont9uum ( c>e ,! t]m cont9uum ( c>e has ! mean+ giv5 ! t]m 9 section #egh4c ( title #bd1 ,code ( ,f$]al ,regulations1 or any successor regulation4 7iv7 ,eligible public h\s+ ag5cy ,! t]m eligible public h\s+ ag5cy means a public h\s+ ag5cy t-- 7,i7 adm9i/]s assi/ance "u ?is subsection ?r\gh a contract = annual contributions ent]$ into ) ! ,secret>y2 7,,ii7 has a p>tn]%ip ) a public *ild welf>e ag5cy & a cont9uum ( c>e t-- 7aa7 has a sy/em = id5tify+ & ref]r+ eligible recipi5ts = assi/ance "u ?is p>agraph f ! public h\s+ ag5cy1 includ+ by provid+ a writt5 c]tification t ! eligible recipi5t is eligible to receive ! assi/ance2 & 7bb7 w1 to ! greate/ ext5t practicable1 provide or facilitate ! provision ( supportive s]vices to ^? eligible recipi5ts2 & 7,,iii7 submits to ! ,secret>y a /atem5t describ+-- 7aa7 h[ ! public h\s+ ag5cy w connect eligible recipi5ts ) local community res\rces1 to ! ext5t available2 & 7bb7 ! plan = use ( capacity-build+ fund+ "u subp>agraph 7,e71 includ+-- 7,,aa7 a timel9e = ! use ( t fund+ )9 ! capacity-build+ p]iod2 7,,bb7 hir+ & p]sonnel ne$s2 7,,cc7 physical infra/ructure ne$s2 & 7,,dd7 te*nological infra/ructure ne$s1 includ+ upgrades to ! ,,hmis1 & any o!r capacity-relat$ inve/m5ts t are necess>y to adm9i/] assi/ance "u ?is p>agraph4 7v7 ,eligible recipi5t ,! t]m eligible recipi5t means any individual or family exp]i5c+ homelessness or at risk ( homelessness ) an income t is less ?an #ej p]c5t ( ! area m$ian income4 7vi7 ,exp]i5c+ homelessness2 homeless ,! t]ms exp]i5c+ homelessness & homeless means an individual or family :o is-- 7,i7 liv+ 9 a place n meant = human habitation or 9 an em]g5cy %elt]2 7,,ii7 liv+ 9 transitional h\s+ = homeless p]sons & 0 homeless be=e ent]+ transitional h\s+ or an em]g5cy %elt]2 7,,iii7 flee+ dome/ic viol5ce2 or 7,,iv7 at risk ( homelessness4 7vii7 ,,hmis ,! t]m ,,hmis means ! community-wide homeless managem5t in=mation sy/em describ$ 9 section #djb7;f77#c77;,d7 ( ! ,mc,kinney-,v5to ,homeless ,assi/ance ,act 7#db ,u4,s4,c4 #aacfj;a7f77#c77;,d774 7viii7 ,public h\s+ ag5cy ,! t]m public h\s+ ag5cy includes a tribally designat$ h\s+ entity4 7ix7 ,ref]ral ,! t]m ref]ral means an affirmative connection betwe5 ! v\*] recipi5t & ! organization provid+ s]vices to ! v\*] recipi5t4 7x7 ,s]vice coord9ator ,! t]m s]vice coord9ator means an individual employ$ directly by a public h\s+ ag5cy :o provides g5]al case managem5t & ref]ral s]vices to ea* v\*] recipi5t s]v$ by ! public h\s+ ag5cy1 :i* %all include-- 7,i7 an individual intake scre5+ ( ea* v\*] recipi5t to evaluate ! v\*] recipi5t's ne$ = supportive s]vices2 & 7,,ii7 ref]ral to outside s]vices1 includ+ coop]ation & collaboration ) a cont9uum ( c>e4 7xi7 ,s\rce ( income ,! t]m s\rce ( income means income f any lawful s\rce1 includ+-- 7,i7 income f any legal employm5t2 & 7,,ii7 any assi/ance1 b5efit1 or subsidy ?r\gh any ,f$]al1 ,/ate1 or local program1 :e!r ! program is adm9i/]$ by a gov]nm5tal or nongov]nm5tal entity4 7xii7 ,tribally designat$ h\s+ entity ,! t]m tribally designat$ h\s+ entity has ! mean+ giv5 ! t]m 9 section #d ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self-,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #dajc74 7xiii7 ,v\*] recipi5t ,! t]m v\*] recipi5t means an individual or family receiv+ a v\*] "u ?is p>agraph4 7xiv7 ,y\? ,! t]m y\? means an individual "u ! age ( #be4 7,b7 ,v\*]s 7i7 ,provision ( v\*]s 7,i7 ,9 g5]al ,! ,secret>y %all provide v\*]s = r5tal assi/ance on behalf ( ea* eligible recipi5t 9 accordance ) ?is p>agraph4 7,,ii7 ,direct appropriation ,subject to subclause 7,,iii71 !re is appropriat$1 out ( any money 9 ! ,treasury n o!rwise appropriat$1 = provid+ r5tal v\*] assi/ance "u ?is p>agraph = fiscal ye> #bjbc & ea* fiscal ye> !reaft]-- 7aa7 ! am\nt necess>y to fund ! provision ( a v\*] = r5tal assi/ance "u ?is p>agraph on behalf ( ea* eligible recipi5t2 7bb7 ! am\nt necess>y to provide adm9i/rative fees "u clause 7ii7 9 connection to ea* v\*] = r5tal assi/ance provid$ "u ?is p>agraph2 & 7cc7 ! am\nt necess>y to fund annual r5ewals ( ! v\*]s provid$ "u ?is p>agraph4 7,,iii7 ,numb] ( v\*]s ,! ,secret>y %all provide-- 7aa7 #bej1jjj v\*]s "u ?is p>agraph 9 fiscal ye> #bjbc2 & 7bb7 #djj1jjj v\*]s "u ?is p>agraph 9 ea* fiscal ye> !reaft] until ! ,secret>y det]m9es t a small] numb] ( v\*]s is suffici5t to provide all eligible recipi5ts ) v\*]s4 7ii7 ,adm9i/rative fee = ancill>y co/s ,! ,secret>y %all provide a public h\s+ ag5cy t reque/s a v\*] "u ?is p>agraph an adm9i/rative fee suffici5t to provide assi/ance to ! v\*] recipi5t = security deposits1 mov+ co/s1 fir/ or la/ mon?'s r5t1 or o!r significant b>ri]s to e/abli%+ use ( ! v\*] & a lease1 9 an am\nt t is n m ?an #c mon?s' r5t = ! v\*] recipi5t4 7iii7 ,paym5t /&>d ,! paym5t /&>d = a v\*] provid$ "u ?is p>agraph may n exce$ #abe p]c5t ( ! fair m>ket r5tal 9 ! jurisdiction 9 :i* ! v\*] is adm9i/]$4 7iv7 ,supplem5tal v\*] paym5t 7,i7 ,9 g5]al ,an eligible public h\s+ ag5cy may supplem5t ! am\nt ( a v\*] provid$ "u ?is p>agraph 9 any case 9 :i*-- 7aa7 ! am\nt ( ! v\*] is insuffici5t to cov] ! co/ ( a dwell+ unit )9 ! jurisdiction ( ! eligible public h\s+ ag5cy & t insuffici5cy may result 9 a v\*] recipi5t los+ h\s+ & becom+ homeless or d\bl$ up2 or 7bb7 ! eligible public h\s+ ag5cy submits to ! ,secret>y a waiv] reque/ = recalculation ( ! small area fair m>ket r5t applicable to ! dwell+ unit1 :i* ! ,secret>y %all approve or d5y )9 #de days ( submission ( ! reque/4 7,,ii7 ,paym5t ^u d5ial ,an eligible public h\s+ ag5cy may supplem5t ! am\nt ( a v\*] "u subclause 7,i7 ev5 if ! ,secret>y d5ies ! reque/ submitt$ "u subclause 7,i77aa71 provid$ t ! supplem5tation ( ! v\*] am\nt is necess>y to ma9ta9 h\s+ = ! v\*] recipi5t4 7v7 ,conditions on assi/ance ,not)/&+ any o!r provision ( law1 ! ,secret>y-- 7,i7 may n condition receipt ( a v\*] "u ?is p>agraph on-- 7aa7 p>ticipation 9 any s]vice or program2 or 7bb7 ! sobriety or lack !re( ( an eligible recipi5t2 7,,ii7 except z provid$ 9 subclause 7,,iii71 may n prohibit receipt ( a v\*] "u ?is p>agraph by an o!rwise eligible recipi5t due to any crim9al conviction or hi/ory ( int]action ) ! crim9al ju/ice sy/em2 & 7,,iii7 %all prohibit receipt ( a v\*] "u ?is p>agraph by individuals subject to a lifetime regi/ration requirem5t "u any ,/ate sex (f5d] regi/ration program4 7vi7 ,v]ification ( /atem5t made by eligible public h\s+ ag5cies 7,i7 ,9 g5]al ,n lat] ?an #cj days aft] ! date on :i* an eligible public h\s+ ag5cy submits ! /atem5t requir$ "u subp>agraph 7,a77iv77,,iii71 ! ,secret>y %all v]ify ! /atem5t4 7,,ii7 ,unsatisfactory /atem5t ,if1 ^u v]ification ( a /atem5t "u subclause 7,i71 ! ,secret>y det]m9es t ! /atem5t is unsatisfactory1 ! ,secret>y %all in=m ! eligible public h\s+ ag5cy ( t det]m9ation & ! mann] 9 :i* ! eligible public h\s+ ag5cy may re-submit ! /atem5t4 7vii7 ,id5tification ( eligible recipi5ts ,a public h\s+ ag5cy %all p>tn] ) cont9uums ( c>e1 public *ild welf>e ag5cies1 /reet outrea* provid]s1 heal? c>e provid]s1 & o!r simil> organizations 9 ! ,/ate 9 :i* ! public h\s+ ag5cy op]ates to id5tify eligible recipi5ts4 7viii7 ,requirem5ts = eligible public h\s+ ag5cies 7,i7 ,9 g5]al ,ea* eligible public h\s+ ag5cy provid+ assi/ance "u ?is p>agraph %all-- 7aa7 on an annual basis & 9 conjunction ) income reviews = purposes ( det]m9+ income eligibility = assi/ance "u ?is p>agraph1 v]ify ! compliance ( ! eligible public h\s+ ag5cy ) ! eligibility requirem5ts "u ?is p>agraph2 & 7bb7 to ! greate/ ext5t possible-- 7,,aa7 "w ) cont9uums ( c>e to ensure cont9uity ( data collection "u ?is p>agraph2 & 7,,bb7 utilize ! ,,hmis to collect & ma9 ! in=mation requir$ to be collect$ "u ?is p>agraph4 7,,ii7 ,priority ,9 provid+ v\*]s "u ?is p>agraph1 an eligible public h\s+ ag5cy-- 7aa7 %all prioritize ! fir/ v\*]s made available "u ?is section = eligible recipi5ts :o are-- 7,,aa7 unaccompani$ homeless y\?2 7,,bb7 homeless y\? ) m9or *ildr52 or 7,,cc7 families ) m9or *ildr5 exp]i5c+ homelessness2 7bb7 to ! ext5t possible consid]+ :5 ! ,secret>y disburses funds "u ?is p>agraph1 %all provide v\*]s to ! eligible recipi5ts describ$ 9 item 7aa7 n lat] ?an #a ye> aft] ! end ( ! capacity-build+ p]iod2 & 7cc7 may n issue v\*]s to eligible recipi5ts n describ$ 9 item 7aa7 until ! eligible public h\s+ ag5cy has issu$ v\*]s to all eligible recipi5ts describ$ 9 t item4 7ix7 ,use ( v\*] ^u exit ,an eligible public h\s+ ag5cy t issu$ a v\*] to an eligible recipi5t t is no long] 9 use by ! eligible recipi5t may provide ! v\*] to any o!r t5ant eligible = t5ant-bas$ assi/ance "u ?is subsection4 7,c7 ,data collection 7i7 ,9 g5]al ,! ,secret>y %all submit to ,congress an annual report on assi/ance provid+ "u ?is p>agraph1 :i* %all include-- 7,i7 an assessm5t ( ! progress ( ,/ates t[>d h\s+-- 7aa7 eligible recipi5ts 9 ! ,/ate2 & 7bb7 ! total population ( p exp]i5c+ homelessness 9 ! ,/ate2 & 7,,ii7 ! in=mation provid$ "u clause 7ii74 7ii7 ,in=mation f public h\s+ ag5cies ,ea* eligible public h\s+ ag5cy adm9i/]+ assi/ance "u ?is p>agraph %all submit to ! ,secret>y & to ! ,/ate 9 :i* ! public h\s+ ag5cy is locat$ an annual report = ea* fiscal ye> t includes-- 7,i7 ! numb] ( v\*] recipi5ts1 includ+ aggregat$ demographic in=mation on ! age1 sex1 g5d] id5tity1 sexual ori5tation1 race1 e?nicity1 & disability /atus ( ea* su* recipi5t 9 a mann] t does n reveal ! p]sonally id5tifiable in=mation ( ea* su* recipi5t2 7,,ii7 ! numb] ( eligible recipi5ts :o appli$ dur+ ! fiscal ye> = assi/ance "u ?is p>agraph1 b 7 n provid$ assi/ance2 7,,iii7 a brief id5tification 9 ea* in/ance describ$ 9 subclause 7,,ii7 ( ! reason :y ! eligible public h\s+ ag5cy 0 unable to provide ! assi/ance2 & 7,,iv7 a description ( h[ ! eligible public h\s+ ag5cy communicat$ or collaborat$ ) public *ild welf>e ag5cies & cont9uums ( c>e to collect ! data describ$ 9 subclauses 7,i7 & 7,,ii74 7,d7 ,supportive s]vices 7i7 ,adm9i/rative fee 7,i7 ,9 g5]al ,! ,secret>y %all e/abli% a fee "u subsection 7q7 = ! co/s incurr$ by public h\s+ ag5cies 9 adm9i/]+ v\*]s "u ?is p>agraph4 7,,ii7 ,co/s ,9 e/abli%+ ! fee describ$ 9 subclause 7,i71 ! ,secret>y %all include ! co/s to public h\s+ ag5cies ( employ+ full-"t or full-"t-equival5t s]vice coord9ators4 7,,iii7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ #cjj1jjj1jjj = ea* ( fiscal ye>s #bjbc ?r\gh #bjbh = ! fee describ$ 9 subclause 7,i74 7ii7 ,hir+ ( s]vice coord9ators 7,i7 ,9 g5]al ,an eligible public h\s+ ag5cy %all hire ! appropriate numb] ( s]vice coord9ators to adm9i/] supportive s]vices "u ?is p>agraph 9 p>tn]%ip ) ! public *ild welf>e ag5cy or cont9uum ( c>e 9 a jurisdiction4 7,,ii7 ,insuffici5t funds ,if an eligible public h\s+ ag5cy is unable to hire an appropriate numb] ( s]vice coord9ators "u subclause 7,i7 us+ ! fee describ$ 9 clause 7i77,i7-- 7aa7 ! public h\s+ ag5cy may reque/ an increas$ adm9i/rative fee f ! ,secret>y2 & 7bb7 ! ,secret>y %all approve or d5y a reque/ receiv$ "u item 7aa7 )9 #de days4 7,,iii7 ,report to ,congress ,beg9n+ 9 ! fir/ full fiscal ye> aft] ! date ( enactm5t ( ?is p>agraph1 ! ,secret>y %all submit an annual report to ,congress on reque/s = increas$ adm9i/rative fees receiv$ f public h\s+ ag5cies "u subclause 7,,ii74 7,,iv7 ,appropriate numb] def9$ ,= purposes ( ?is clause1 ! t]m appropriate numb]1 ) respect to s]vice coord9ators1 means en\gh s]vice coord9ators s t ea* h\sehold provid$ a v\*] by a public h\s+ ag5cy "u ?is p>agraph is able to access a s]vice coord9ator = n less ?an #cj m9utes ea* week4 7iii7 ,provision ( s]vices ,^u intake ( an eligible recipi5t1 a public h\s+ ag5cy or a public *ild welf>e ag5cy or cont9uum ( c>e ) :i* ! public h\s+ ag5cy has p>tn]$ %all-- 7,i7 assign ! v\*] recipi5t a case manag] or s]vice coord9ator2 & 7,,ii7 provide or secure ! provision ( supportive s]vices to contribute to ! h\s+ /ability ( ! v\*] recipi5t1 includ+-- 7aa7 any supportive s]vice1 z def9$ 9 section #dja ( ! ,mc,kinney-,v5to ,homeless ,assi/ance ,act 7#db ,u4,s4,c4 #aacfj72 7bb7 ref]rals to heal? c>e provid]s1 includ+ m5tal heal? c>e provid]s1 d5tal heal? c>e provid]s1 & vision heal? c>e provid]s2 7cc7 ref]rals to sub/ance use disord] treatm5t1 includ+ recov]y1 treatm5t1 #ab-/ep programs1 relapse prev5tion1 or m$ication-assi/$ treatm5t2 7dd7 assi/ance relat+ to enrollm5t 9 ! ,m$ic>e or ,m$icaid programs "u titles ,,xviii & ,,xix ( ! ,social ,security ,act 7#db ,u4,s4,c4 #acie et seq41 #acif et seq471 respectively1 & ref]rals to o!r s]vices1 includ+-- 7,,aa7 ! supplem5tal nutrition assi/ance program "u ! ,food & ,nutrition ,act ( #bjjh 7#g ,u4,s4,c4 #bjaa et seq47 7commonly kn[n z ! ,,snap ,program72 & 7,,bb7 ! program ( block grants = ,/ates = tempor>y assi/ance = ne$y families e/abli%$ "u "p ,a ( title ,,iv ( ! ,social ,security ,act 7#db ,u4,s4,c4 #fja et seq47 7commonly kn[n z ! ,,tanf ,program72 7ee7 advis+ on eligibility = ! family self-suffici5cy program e/abli%$1 cr$it c\nsel+1 & h\s+ c\nsel+ programs2 7ff7 ref]rals to education s]vices1 includ+ g5]al educational developm5t 7commonly kn[n z ,,g$7 prep>ation & te/+1 enrollm5t 9 po/second>y education programs1 & cr$it recov]y2 & 7gg7 facilitation ( transportation assi/ance to any ( ! supportive s]vices describ$ 9 ?is subp>agraph4 7iv7 ,eligibility ( private nonpr(it organizations & fai?-bas$ organizations 7,i7 ,def9itions ,9 ?is clause1 ! t]ms eligible entity & private nonpr(it organization h ! mean+s giv5 ^? t]ms 9 section #dja ( ! ,mc,kinney-,v5to ,homeless ,assi/ance ,act 7#db ,u4,s4,c4 #aacfj74 7,,ii7 ,eligibility ,not)/&+ any o!r provision ( law-- 7aa7 ! ,secret>y %all provide t private nonpr(it organizations t are eligible entities1 includ+ fai?-bas$ private nonpr(it organizations t are eligible entities1 %all be eligible to-- 7,,aa7 provide s]vices describ$ 9 clause 7iii72 & 7,,bb7 receive am\nts made available to c>ry out clause 7iii72 & 7bb7 9 det]m9+ eligibility = am\nts made available to c>ry out clause 7iii71 ! /atus ( an entity z fai?-bas$ or ! possibility t an entity may be fai?-bas$ may n be a basis = any discrim9ation aga9/ su* entity 9 any mann] or = any purpose4 7v7 ,access ,s]vices provid$ "u ?is subp>agraph %all be available to v\*] recipi5ts ) l[-to-no b>ri] access4 7vi7 ,evaluation ,an eligible public h\s+ ag5cy1 public *ild welf>e ag5cy1 or cont9uum ( c>e describ$ 9 clause 7iii7 %all evaluate ea* v\*] recipi5t = individual case managem5t ne$s "u ?is subp>agraph4 7,e7 ,capacity build+ 7i7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to ! ,secret>y #ejj1jjj1jjj = ea* ( fiscal ye>s #bjbc & #bjbd to provide fund+ = capacity build+ to eligible public h\s+ ag5cies4 7ii7 ,fund+ =mula ,n lat] ?an #de days aft] ! date ( enactm5t ( ?is p>agraph1 ! ,secret>y %all e/abli% a =mula = allocat+ ! fund+ au?oriz$ "u clause 7i7 t takes into acc\nt-- 7,i7 ! ratio ( individuals 9 ! ,/ate 9 :i* ! eligible public h\s+ ag5cy op]ates :o are homeless to ! ov]all population ( ! ,/ate2 7,,ii7 ! proportion ( families 9 ea* ,/ate ) *ildr5 exp]i5c+ un%elt]$ homelessness1 z report$ 9 ! ,/ate's mo/ rec5t po9t-9-"t c\nt1 to ! total numb] ( un%elt]$ homeless families 9 ! ,/ate z report$ 9 ! same po9t-9-"t c\nt2 & 7,,iii7 ! rate ( un%elt]$ homelessness 9 ea* ,/ate comp>$ to ea* o!r ,/ate1 z report$ 9 ea* ,/ate's mo/ rec5t po9t-9-"t c\nt4 7iii7 ,disbursem5t ,n lat] ?an #cj days aft] an eligible public h\s+ ag5cy submits an acceptable /atem5t "u subp>agraph 7,a77iv77,,iii71 ! ,secret>y %all disburse am\nts au?oriz$ "u clause 7i7 ( ?is subp>agraph 9 accordance ) ! =mula e/abli%$ "u clause 7ii7 ( ?is subp>agraph4 7iv7 ,m9imum & maximum allocation ,! ,secret>y %all ensure t-- 7,i7 ea* eligible public h\s+ ag5cy does n receive m ?an #aj p]c5t ( ! am\nt au?oriz$ "u clause 7i72 & 7,,ii7 ea* ,/ate 9 :i* an eligible public h\s+ ag5cy receives funds "u clause 7i7 does n receive m ?an #be p]c5t ( ! total am\nt au?oriz$ "u t clause4 7v7 ,eligible activities ,a recipi5t ( funds au?oriz$ "u clause 7i7 may only use ! funds =-- 7,i7 hir+ & p]sonnel ne$s1 su* z case manag]s & h\s+ placem5t advisory2 7,,ii7 physical infra/ructure-- 7aa7 includ+ increas$ (fice space or facilities = ! provision ( supportive s]vices2 & 7bb7 n includ+ resid5tial h\s+2 7,,iii7 te*nological infra/ructure ne$s1 includ+ upgrades to ! ,,hmis2 & 7,,iv7 any o!r capacity-relat$ inve/m5ts t are necess>y = ! public h\s+ ag5cy to-- 7aa7 develop1 acquire1 or rehabilitate h\s+ t is af=dable to extremely l[-income families1 to be made available to p exp]i5c+ homelessness2 or 7bb7 support ! successful adm9i/ration ( ! v\*]s "u ?is p>agraph4 7vi7 ,requirem5t = exp5diture ( funds ,ea* eligible public h\s+ ag5cy t receives funds "u clause 7i7 %all exp5d n less ?an #fj p]c5t ( ! fund+ dur+ ! #b-ye> p]iod foll[+ receipt ( ! fund+4 7,f7 ,/ate acc\ntability 7i7 ,9 g5]al ,ea* eligible public h\s+ ag5cy provid+ assi/ance "u ?is p>agraph %all-- 7,i7 on a mon?ly basis1 report caseload & v\*] adm9i/ration /ati/ics to ! ,/ate 9 :i* ! ag5cy op]ates2 & 7,,ii7 twice annually1 submit to ! ,/ate 9 :i* ! ag5cy op]ates a report on ! progress t[>d issu+ a v\*] "u ?is p>agraph to all eligible recipi5ts1 bas$ on-- 7aa7 ! p]c5tage r$uction 9 ! numb] ( families ) *ildr5 & y\? t are exp]i5c+ homelessness 9 ! area 9 :i* ! ag5cy c>e op]ates1 z det]m9$ by comp>+ ! mo/ rec5t po9t-9-"t c\nt ) ! po9t-9-"t c\nt conduct$ #a ye> prior2 & 7bb7 ! p]c5tage r$uction 9 ! numb] ( *ildr5 exp]i5c+ homelessness 9 ! ,/ate1 z docum5t$ "u ! requirem5ts ( ! program au?oriz$ "u subtitle ,b ( title ,,vii ( ! ,mc,kinney-,v5to ,homeless ,assi/ance ,act 7#db ,u4,s4,c4 #aadca et seq474 7ii7 ,b5*m>ks ,ea* ye>1 ea* ,/ate %all meet ! b5*m>ks describ$ 9 ?is clause1 bas$ equally on ! p]c5tage r$uction 9 report$ population ( *ildr5 & families exp]i5c+ homelessness 9 ! foll[+ ye>'s po9t-9-"t c\nt & ! p]c5tage r$uction 9 population ( /ud5ts exp]i5c+ homelessness3 7,i7 ,annual report ,ea* ,/ate %all submit an annual report to ! ,secret>y t conta9s-- 7aa7 data collect$ f s*ools pursuant to ! program au?oriz$ "u subtitle ,b ( title ,,vii ( ! ,mc,kinney-,v5to ,homeless ,assi/ance ,act 7#db ,u4,s4,c4 #aadca et seq471 includ+ ! numb] ( /ud5ts-- 7,,aa7 exp]i5c+ un%elt]$ homelessness2 7,,bb7 liv+ 9 %elt]s2 7,,cc7 liv+ 9 motels1 hotels1 or campgr\nds2 7,,dd7 liv+ 9 a c> or o!r motor vehicle2 or 7,,ee7 %>+ ! h\s+ ( o!r p]sons due to loss ( h\s+1 economic h>d%ip1 or simil> reason+2 & 7bb7 ! in=mation receiv$ f ea* public h\s+ ag5cy 9 ! ,/ate "u clause 7i77,,ii74 7,,ii7 ,issuance ( v\*]s = small] ,/ates ,ea* ,/ate ) a rate ( homelessness t is n high] ?an #aj p p] #aj1jjj %all-- 7aa7 n lat] ?an #b ye>s aft] ! end ( ! capacity-build+ p]iod-- 7,,aa7 issue v\*]s "u ?is p>agraph to n less ?an #ej p]c5t ( ! population ( p exp]i5c+ homelessness 9 ! ,/ate1 us+ data f ! mo/ rec5t po9t-9-"t c\nt2 & 7,,bb7 to ! greate/ ext5t possible1 prioritize ! issuance ( ^? v\*]s to eligible y\? & families2 7bb7 n lat] ?an #c ye>s aft] ! end ( ! capacity-build+ p]iod-- 7,,aa7 issue v\*]s "u ?is p>agraph to n less ?an #gj p]c5t ( ! population ( p exp]i5c+ homelessness 9 ! ,/ate1 us+ data f ! mo/ rec5t po9t-9-"t c\nt2 & 7,,bb7 to ! greate/ ext5t possible1 prioritize ! issuance ( ^? v\*]s to eligible y\? & families2 & 7cc7 n lat] ?an #d ye>s aft] ! end ( ! capacity-build+ p]iod1 issue v\*]s "u ?is p>agraph to all p exp]i5c+ homelessness 9 ! ,/ate4 7,,iii7 ,issuance ( v\*]s = l>g] ,/ates ,ea* ,/ate ) a rate ( homelessness t is high] ?an #aj p p] #aj1jjj %all-- 7aa7 n lat] ?an #b ye>s aft] ! end ( ! capacity-build+ p]iod-- 7,,aa7 issue v\*]s "u ?is p>agraph to n less ?an #dj p]c5t ( ! population ( p exp]i5c+ homelessness 9 ! ,/ate1 us+ data f ! mo/ rec5t po9t-9-"t c\nt2 & 7,,bb7 to ! greate/ ext5t possible1 prioritize ! issuance ( ^? v\*]s to eligible y\? & families2 7bb7 n lat] ?an #c ye>s aft] ! end ( ! capacity-build+ p]iod-- 7,,aa7 issue v\*]s "u ?is p>agraph to n less ?an #fj p]c5t ( ! population ( p exp]i5c+ homelessness 9 ! ,/ate1 us+ data f ! mo/ rec5t po9t-9-"t c\nt2 & 7,,bb7 to ! greate/ ext5t possible1 prioritize ! issuance ( ^? v\*]s to eligible y\? & families2 & 7cc7 n lat] ?an #d ye>s aft] ! end ( ! capacity-build+ p]iod1 issue v\*]s "u ?is p>agraph to all p exp]i5c+ homelessness 9 ! ,/ate4 7iii7 ,p5alties 7,i7 ,w>n+ ,except z provid$ 9 clause 7v71 if a ,/ate does n meet ! applicable b5*m>ks describ$ 9 clause 7ii71 ! ,secret>y %all publicly w>n ! ,/ate ( ! failure ( ! ,/ate to meet ! b5*m>k & rem9d ! ,/ate ( ! applicable p5alties4 7,,ii7 ,r$uction 9 ,f$]al highway funds ,if a ,/ate does n meet ! applicable b5*m>ks describ$ 9 clause 7ii7-- 7aa7 by ! date t is #ahj days aft] ! w>n+ by ! ,secret>y "u subclause 7,i7 ( ?is clause1 ! ,f$]al %>e payable = ,f$]al-aid highway projects "u section #abj ( title #bc1 ,unit$ ,/ates ,code1 %all be r$uc$ by #e p]c5t2 or 7bb7 by ! date t is #ahj days aft] a r$uction made "u item 7aa7 ( ?is subclause1 ! ,f$]al %>e payable = ,f$]al-aid highway projects "u section #abj ( title #bc1 ,unit$ ,/ates ,code1 %all be fur!r r$uc$ by #e p]c5t4 7iv7 ,condition on compliance ,beg9n+ 9 ! fir/ ,notice ( ,fund+ ,availability cycle beg9n+ aft] ! date ( enactm5t ( ?is p>agraph1 & e ,notice ( ,fund+ ,availability cycle !reaft]1 ! ,secret>y %all condition ! aw>d+ ( all fund+ = v\*]s "u ?is p>agraph by ! ,secret>y to a public h\s+ au?ority 9 a ,/ate on t ,/ate's compliance ) ! b5*m>ks describ$ 9 clause 7ii74 7v7 ,unemploym5t rate ,if ! qu>t]ly unemploym5t rate ( ! population ( a ,/ate is n less ?an #f p]c5t-- 7,i7 ! ,/ate %all n be p5aliz$ "u clause 7iii7 = failure to meet ! b5*m>ks describ$ 9 clause 7ii72 & 7,,ii7 ! ,/ate %all be requir$ to meet ! b5*m>ks describ$ 9 clause 7ii7 n lat] ?an #ahj days aft] ! date on :i* ! qu>t]ly unemploym5t rate desc5ds b5ea? #f p]c5t4 7,g7 ,adm9i/rative ne$s ( ,,hud 7i7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ #ae1jjj1jjj = ea* ( fiscal ye>s #bjbc ?r\gh #bjbg to ! ,secret>y = ! adm9i/rative ne$s ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t & regional (fices ( ! ,dep>tm5t 9 c>ry+ out ! v\*] program "u ?is p>agraph4 7ii7 ,prohibition ,none ( ! funds made available "u ?is subp>agraph may be us$ to provide raises or bonuses to any employee ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t 9 an am\nt t is m ?an #aj p]c5t ( ! annual gross sal>y ( ! employee4 4 7b7 ,te*nical & con=m+ am5dm5t ,effective on ,decemb] #bi1 #bjbd1 p>agraph 7#bb7 ( section #h7o7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7o771 z add$ by subsection 7a71 is r$esignat$ z p>agraph 7#bc7 & %all appe> aft] p>agraph 7#bb71 z add$ by section #fja7;a77#b77;,b7 ( division ,,aa ( ,consolidat$ ,appropriations ,act1 #bjbc 7,public ,law #aag-cbh74 #aab4 ,l& acquisition & con/ruction 7a7 ,def9itions ,9 ?is section-- 7#a7 ! t]m at risk ( homelessness has ! mean+ giv5 ! t]m 9 section #dja7a7 ( ! ,mc,kinney-,v5to ,homeless ,assi/ance ,act 7#db ,u4,s4,c4 #aacfj71 except t #ej p]c5t %all be sub/itut$ = #cj p]c5t 9 subp>agraph 7,a7 ( t section2 7#b7 ! t]ms extremely l[-income & v l[-income h ! mean+s giv5 ^? t]ms 9 section #acjc ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dejb72 7#c7 ! t]m homeless means an individual or family :o is-- 7,a7 liv+ 9 a place n meant = human habitation or 9 an em]g5cy %elt]2 7,b7 liv+ 9 transitional h\s+ = homeless p]sons & 0 homeless be=e ent]+ transitional h\s+ or an em]g5cy %elt]2 7,c7 flee+ dome/ic viol5ce2 or 7,d7 at risk ( homelessness2 & 7#d7 ! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7b7 ,au?orizations ( appropriations 7#a7 ,9 g5]al ,!re is au?oriz$ to be appropriat$ to ! ,h\s+ ,tru/ ,fund e/abli%$ "u section #acch ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #defh7 #aj1jjj1jjj1jjj = ea* ( fiscal ye>s #bjbc ?r\gh #bjcc = allocation to ,/ates 9 accordance ) subsection 7c7 ( su* section #acch1 subject to subsections 7c7 ?r\gh 7f7 ( ?is section4 7#b7 ,adm9i/rative ne$s ( ,/ates 7,a7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to ! ,secret>y #fe1jjj1jjj = ea* ( fiscal ye>s #bjbc ?r\gh #bjbh = ! adm9i/rative ne$s ( ,/ates "u ?is section1 9 accordance ) subp>agraph 7,c74 7,b7 ,allocation ,( am\nts au?oriz$ to be appropriat$ "u subp>agraph 7,a7 = ea* fiscal ye>-- 7i7 #ae1jjj1jjj %all be allocat$ to ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 ,guam1 ,am]ican ,samoa1 & ! ,virg9 ,isl&s2 & 7ii7 ! rema9d] %all be allocat$ to ,/ates pursuant to ! =mula e/abli%$ "u p>agraph 7#bb77;,e77ii7 ( section #h7o7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7o771 z add$ by section #aaa ( ?is ,act4 7,c7 ,eligible activities ,a ,/ate t receives funds au?oriz$ to be appropriat$ "u subp>agraph 7,a7 may only use ! funds = capacity-relat$ inve/m5ts t are necess>y = ! ,/ate to successfully allocate funds made available "u p>agraph 7#a7 ( ?is subsection4 7,d7 ,prohibition ,none ( ! funds made available "u ?is p>agraph may be us$ to provide raises or bonuses to any (ficial ( ! executive bran* ( a ,/ate4 7c7 ,revision ( fund+ =mula 7#a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all report to ,congress propos$ *anges to ! fund+ =mula "u section #acch7;c77#c7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #defh7;c77#c77 9 ord] to ensure t ! fund+ =mula takes into acc\nt ! economic /atus ( ! p ( ! ,unit$ ,/ates1 includ+ ! economic impact ( ! ,,covid-#ai p&emic4 7#b7 ,cont5ts ,! revis$ =mula propos$ "u p>agraph 7#a7 %all address ! foll[+ conc]ns3 7,a7 ,! ,,covid-#ai p&emic & its impacts on ! economic security & h\s+ /ability ( v l[-income & extremely l[-income p ( ! ,unit$ ,/ates4 7,b7 ,! impacts ( diff]+ vacancy rates across v>i\s h\s+ m>kets 9 ! ,unit$ ,/ates4 7,c7 ,! rate ( un%elt]$ homelessness 9 v>i\s h\s+ m>kets across ! ,unit$ ,/ates4 7,d7 ,! impact ( diff]+ rates ( pov]ty & extreme pov]ty across v>i\s ,/ates4 7,e7 ,! gap betwe5 dem& = & supply ( r5tal units t are af=dable & available to v l[-income & extremely l[-income r5t]s 9 a ,/ate4 7d7 ,eligible h\seholds ,h\s+ t is assi/$ us+ am\nts made available "u subsection 7b7 may only be us$ = ! b5efit ( v l[-income or extremely l[-income h\seholds4 7e7 ,eligible activities ,a recipi5t ( funds au?oriz$ "u subsection 7b7-- 7#a7 may only use ! funds = l& acquisition & ! acquisition1 rehabilitation1 or developm5t ( r5tal h\s+ t is af=dable = v l[-income or extremely l[-income h\seholds2 & 7#b7 %all take all possible measures to exp$ite con/ruction ( h\s+ describ$ 9 p>agraph 7#a74 7f7 ,priority = occupancy 9 dwell+ units 7#a7 ,fir/ #b fiscal ye>s ,dur+ ! fir/ #b fiscal ye>s = :i* am\nts are made available to c>ry out ?is section1 ! ,secret>y %all ensure t priority = occupancy 9 a dwell+ unit t receives assi/ance "u ?is section is giv5 to a homeless family or homeless y\?4 7#b7 ,subsequ5t #c fiscal ye>s ,dur+ ! ?ird1 f\r?1 & fif? fiscal ye>s = :i* am\nts are made available to c>ry out ?is section1 ! ,secret>y %all ensure t priority = occupancy 9 a dwell+ unit t receives assi/ance "u ?is section is giv5 to a homeless family or homeless individual4 #aac4 ,modul> con/ruction pilot program 7a7 ,def9itions ,9 ?is section3 7#a7 ,eligible entity ,! t]m eligible entity means a public h\s+ ag5cy1 a tribally designat$ h\s+ entity 7z def9$ 9 section #d ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self ,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #dajc771 a nonpr(it entity1 a company1 a religi\s entity1 or a unit ( local or ,tribal gov]nm5t4 7#b7 ,modul> con/ruction ,! t]m modul> con/ruction means ! me?od ( resid5tial con/ruction by :i* build+ modules are con/ruct$ (f ( ! future site ( a build+1 !n br\ght toge!r on ! build+ site to =m a l>g] resid5tial build+1 9 an ef=t to r$uce con/ruction co/s4 7#c7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7b7 ,e/abli%m5t ( program 7#a7 ,9 g5]al ,! ,secret>y %all e/abli% a pilot program to provide grants to eligible entities to promote ! con/ruction ( af=dable h\s+ us+ modul> con/ruction4 7#b7 ,af=dability requirem5t ,to be eligible to receive a grant "u p>agraph 7#a71 an eligible entity %all be requir$ to gu>antee af=dability = a p]iod ( m ?an #bj ye>s4 7#c7 ,priority ,9 aw>d+ grants "u p>agraph 7#a71 ! ,secret>y %all give priority to an eligible entity t fulfills n few] ?an two ( ! foll[+ requirem5ts3 7,a7 ,! eligible entity-- 7i7 w con/ruct ! h\s+ 9 gr\ps ( m ?an #ej units2 or 7ii7 provides confirmation f ! jurisdiction ) l& use control ov] ! site propos$ by ! eligible entity t-- 7,i7 con/ruction w be complet$ )9 #ah mon?s2 & 7,,ii7 ! h\s+ w be con/ruct$ 9 gr\ps ( m ?an #cj units4 7,b7 ,! eligible entity p>tn]s ) a public h\s+ ag5cy or unit ( local gov]nm5t t w issue r5tal assi/ance to resid5ts ( ! af=dable h\s+ ?r\gh v\*]s or grants4 7,c7 ,! eligible entity w provide supportive s]vices 7z describ$ 9 p>agraph 7#ba77;,d77iii77,,ii7 ( section #h7o7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7o771 z add$ by section #c ( ?is ,act7 to resid5ts at no *>ge1 or has secur$ ! provision ( publicly or privately adm9i/]$ supportive s]vices 7z s def9$7 to resid5ts at no *>ge4 7c7 ,mat*+ requirem5t ,! ,f$]al %>e ( a project fund$ "u ?is section %all be n m ?an #ge p]c5t ( ! co/ ( ! project4 7d7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to ! ,secret>y #b1jjj1jjj = ea* ( fiscal ye>s #bjbc ?r\gh #bjbh to c>ry out ?is section4 #aad4 ,support+ pro-h\s+ developm5t 7a7 ,def9itions ,9 ?is section3 7#a7 ,duplex ,! t]m duplex means a resid5tial build+ divid$ into #b units1 ea* ( :i* has a sep>ate entrance4 7#b7 ,eligible activity ,! t]m eligible activity means an activity au?oriz$ "u section #aje7;a7 ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecje7;a774 7#c7 ,eligible entity ,! t]m eligible entity means a jurisdiction t adopts a zon+ & community plann+ me?od describ$ 9 subsection 7d77#d7 aft] ! date ( enactm5t ( ?is ,act4 7#d7 ,floor area ratio ,! t]m floor area ratio means ! measurem5t ( ! floor area ( a build+ 9 relation to ! size ( ! unit ( l& on :i* ! build+ is locat$4 7#e7 ,jurisdiction ,! t]m jurisdiction has ! mean+ giv5 ! t]m 9 section #ia4e ( title #bd1 ,code ( ,f$]al ,regulations1 or any successor regulation4 7#f7 ,l[-income ,! t]m l[-income has ! mean+ giv5 ! t]m 9 section #acjc ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dejb74 7#g7 ,mix$-use h\s+ ,! t]m mix$ use h\s+ means a build+ )-- 7,a7 retail or o!r bus9ess1 public s]vice1 or nonpr(it e/abli%m5ts at ! gr\nd level or a l[] level2 & 7,b7 n less ?an #a /ory ( resid5tial units above ! e/abli%m5ts describ$ 9 subp>agraph 7,a74 7#h7 ,quadplex ,! t]m quadplex means a resid5tial build+ divid$ into #d units1 ea* ( :i* has a sep>ate entrance4 7#i7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7#aj7 ,triplex ,! t]m triplex means a resid5tial build+ divid$ into #c units1 ea* ( :i* has a sep>ate entrance4 7#aa7 ,multifamily h\s+ ,! t]m multifamily h\s+-- 7,a7 means h\s+ accommodations t-- 7i7 are design$ pr9cipally = resid5tial use2 7ii7 con=m to /&>ds satisfactory to ! ,secret>y2 & 7iii7 consi/ ( n less ?an #e r5tal units on a site2 & 7,b7 includes units t are deta*$1 semideta*$1 r[ h\se1 or multifamily /ructures4 7b7 ,zon+ in=mation report+ requirem5t 7#a7 ,9 g5]al ,! ,secret>y %all require a jurisdiction t receives1 directly or indirectly1 any fund+ f ! ,secret>y to submit to ! ,secret>y a report conta9+ in=mation ab\t ! zon+ & community plann+ me?ods ( ! jurisdiction1 unless ! jurisdiction already reports su* in=mation4 7#b7 ,additional in=mation ,^u receiv+ a report describ$ 9 p>agraph 7#a7 f a jurisdiction1 ! ,secret>y may reque/ additional in=mation1 at ! discretion ( ! ,secret>y4 7c7 ,prohibit$ zon+ me?ods 7#a7 ,9 g5]al ,on & aft] ! date t is #ahj days aft] ! date ( enactm5t ( ?is ,act1 a jurisdiction t uses a zon+ & community plann+ me?od describ$ 9 p>agraph 7#b7 may n receive1 directly or indirectly1 am\nts f a grant aw>d$ "u subsection 7d74 7#b7 ,prohibit$ me?ods ,! me?ods ref]r$ to 9 p>agraph 7#a7 are ! foll[+3 7,a7 ,prohibit+ or disc\rag+ duplexes 9 areas zon$ = s+le-family homes4 7,b7 ,prohibit+ or disc\rag+ s+le-room occupancy developm5t 9 areas zon$ = multifamily homes4 7,c7 ,9 areas )9 "o half-mile ( a multimodal transit /op1 ma9ta9+ requirem5ts ( m ?an #a p>k+ spot = a resid5t's c> p] resid5tial unit4 7,d7 ,prohibit+ or disc\rag+ accessory dwell+ units 7commonly kn[n z an ,,adu or granny flat7 on ! premises ( s+le-family homes4 7,e7 ,prohibit+ or disc\rag+ ! conv]sion ( comm]cial prop]ty into resid5tial prop]ty4 7,f7 ,prohibit+ or disc\rag+ ! developm5t ( multifamily h\s+ or mix$-use h\s+ 9 comm]cial areas4 7#c7 ,exception ,a jurisdiction %all n be p5aliz$ "u p>agraph 7#a7 bas$ on ! use ( a zon+ & community plann+ me?od describ$ 9 p>agraph 7#b7 ov] :i* ! jurisdiction does n h control4 7d7 ,grant program 7#a7 ,e/abli%m5t ,! ,secret>y %all e/abli% a program "u :i* ! ,secret>y aw>ds competitive grants to eligible entities to use = eligible activities4 7#b7 ,priority ,9 aw>d+ grants "u p>agraph 7#a71 ! ,secret>y-- 7,a7 %all give priority to an eligible entity t adopt m ?an "o ( ! zon+ & community plann+ me?ods describ$ 9 p>agraph 7#d72 & 7,b7 9 giv+ priority to an eligible entity "u subp>agraph 7,a7 ( ?is p>agraph1 %all base ! degree ( priority giv5 on ! numb] ( su* me?ods t ! eligible entity has adopt$1 relative to ! numb] ( su* me?ods t ea* o!r eligible entity has adopt$4 7#c7 ,am\nt ( grant 7,a7 ,9 g5]al ,! am\nt ( a grant aw>d$ to an eligible entity "u p>agraph 7#a7 %all be n less ?an-- 7i7 #e1jjj1jjj = an eligible entity ) a population ( less ?an #hj1jjj2 7ii7 #bj1jjj1jjj = an eligible entity ) a population ( less ?an #ajj1jjj2 7iii7 #dj1jjj1jjj = an eligible entity ) a population ( less ?an #ejj1jjj2 7iv7 #ajj1jjj1jjj = an eligible entity ) a population ( less ?an #a1jjj1jjj2 & 7v7 #abe1jjj1jjj = an eligible entity ) a population ( n less ?an #a1jjj1jjj4 7,b7 ,population calculation ,! ,secret>y %all calculate ! population ( an eligible entity = purposes ( subp>agraph 7,a7 us+ ! mo/ rec5tly available data f ! ,bureau ( ! ,c5sus4 7#d7 ,enc\rag$ zon+ & community plann+ me?ods ,! zon+ & community plann+ me?ods describ$ 9 ?is p>agraph are ! foll[+3 7,a7 ,all[+-- 7i7 duplexes1 triplexes1 & quadplexes1 or o!r multifamily h\s+1 9 areas zon$ = s+le-family homes2 7ii7 ! subdivision ( exi/+ s+le-family homes into multiple units2 & 7iii7 waiv]s to p]mitt+ or zon+ requirem5ts to inc5tivize ! con/ruction (-- 7,i7 accessory dwell+ units2 7,,ii7 additions to exi/+ s+le-family homes to create duplexes1 triplexes1 or quadplexes2 or 7,,iii7 o!r additions t d n require demolition ( an exi/+ home on a giv5 unit ( l&4 7,b7 ,inc5tiviz+ ! developm5t ( s+le-room occupancy multifamily h\s+ & accessory dwell+ units ?r\gh exp$it$ p]mitt+1 r$uc$ fees1 or o!r inc5tives4 7,c7 ,n impos+ a m9imum lot size or m9imum unit squ>e-foot requirem5ts4 7,d7 ,inc5tiviz+ ! developm5t ( comm]cial prop]ty into resid5tial h\s+4 7,e7 ,elim9at+ or l[]+ requirem5ts = p]-unit p>k+ spots4 7,f7 ,all[+ increas$ floor area ratios4 7,g7 ,elim9at+ or rais+ height limits on developm5t to enc\rage build+ v]tically r ?an horizontally4 7,h7 ,waiv+ or elim9at+ fees or p]mits = developm5t 9 ex*ange = ! developm5t ( a l>g] numb] ( units t are af=dable to l[-income p4 7#e7 ,regulations ,! ,secret>y may promulgate any regulations necess>y to c>ry out ?is subsection4 7#f7 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$ to c>ry out ?is subsection #d1jjj1jjj1jjj = ea* ( fiscal ye>s #bjbc ?r\gh #bjbh4 #aae4 ,p]man5t au?orization ( appropriations = ,mc,kinney-,v5to ,homeless ,assi/ance ,act grants ,section #djh ( ! ,mc,kinney-,v5to ,homeless ,assi/ance ,act 7#db ,u4,s4,c4 #aacfd7 is am5d$ to read z foll[s3 #djh4 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$ to c>ry out ?is title su* sums z may be necess>y = ea* fiscal ye>4 4 ,b ,rural h\s+ assi/ance #aba4 ,rural h\s+ re9ve/m5t 7a7 ,def9itions ,9 ?is section3 7#a7 ,broad-bas$ nonpr(it organization ,! t]m broad-bas$ nonpr(it organization means a nonpr(it organization t has a memb]%ip t reflects a v>iety ( int]e/s 9 ! area 9 :i* h\s+ assi/$ "u ?is section w be locat$4 7#b7 ,cov]$ program ,! t]m cov]$ program means-- 7,a7 ! ,v ,l[-,income ,h\s+ ,repair ,loans & ,grants ,program "u section #ejd ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adgd72 7,b7 ! ,f>m ,labor ,h\s+ loan program "u section #ead ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adhd72 7,c7 ! ,rural ,r5tal ,h\s+ ,loan program "u section #eae ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adhe72 7,d7 ! ,f>m ,labor ,h\s+ grant program "u section #eaf ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adhf72 & 7,e7 ! ,rural ,r5tal ,assi/ance program "u section #eba ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adij;a74 7#c7 ,dome/ic f>m labor] ,! t]m dome/ic f>m labor] means an individual :o receives a sub/antial portion ( ! individual's income f ! prim>y production ( process$ or unprocess$ agricultural or aquacultural commodities or o!r f>m labor employm5t4 7#d7 ,eligible entity ,! t]m eligible entity means-- 7,a7 a broad-bas$ nonpr(it organization2 7,b7 a nonpr(it organization ) exp]i5ce 9 develop+ af=dable h\s+1 rural h\s+1 or h\s+ = dome/ic f>m labor]s2 7,c7 a nonpr(it organization ( dome/ic f>m labor]s2 7,d7 a f$]ally recogniz$ ,indian ,tribe2 7,e7 a community organization2 7,f7 an ag5cy ( a ,/ate or ( a political subdivision ( a ,/ate2 or 7,g7 a limit$ p>tn]%ip ) a nonpr(it g5]al p>tn]4 7#e7 ,gre5 build+ c]tification ,! t]m gre5 build+ c]tification means-- 7,a7 a c]tification f ! ,resid5tial ,new ,con/ruction ,program ( ! ,en]gy ,/> program e/abli%$ by section #cbd;,a ( ! ,en]gy ,policy & ,cons]vation ,act 7#db ,u4,s4,c4 #fbid;a72 7,b7 a c]tification f ! ,z]o ,en]gy ,ready ,home program ( ! ,dep>tm5t ( ,en]gy2 & 7,c7 a c]tification or accr$itation t is sub/antially simil> to a c]tification describ$ 9 subp>agraph 7,a7 or 7,b7 t requires ! h\s+ project to be at lea/ #aj p]c5t m effici5t ?an homes built to ! build+ code /&>ds ( ! applicable ,/ate4 7#f7 ,l[-income ,! t]m l[-income has ! mean+ giv5 ! t]m 9 section #acjc ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dejb74 7#g7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,agriculture4 7b7 ,assi/ance 7#a7 ,loans & grants 7,a7 ,9 g5]al ,! ,secret>y %all aw>d additional loans & grants1 includ+ z]o-p]c5t int]e/ loans1 "u ! cov]$ programs to eligible entities t con/ruct or pres]ve (f-f>m af=dable h\s+1 includ+ multifamily h\s+1 = dome/ic f>m labor]s or multifamily h\s+ = l[-income individuals liv+ 9 rural areas to increase & pres]ve ! supply ( available & af=dable r5tal h\s+ =-- 7i7 l[-income individuals liv+ 9 rural areas2 & 7ii7 dome/ic f>m labor]s4 7,b7 ,timel9e 7i7 ,notice ( fund+ availability ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all publi% a notice ( fund+ availability to solicit applications = loans & grants to be aw>d$ "u subp>agraph 7,a74 7ii7 ,aw>ds ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all aw>d loans & grants1 includ+ z]o-p]c5t int]e/ loans1 to eligible entities "u subp>agraph 7,a74 7,c7 ,local contribution = grants 7i7 ,9 g5]al ,an eligible entity t receives a grant "u ?is section %all contribute n less ?an #aj p]c5t ( ! total project co/ f s\rces o!r ?an ! grant4 7ii7 ,tim+ ( availability ,an eligible entity may n receive a grant "u ?is section unless ! funds requir$ "u clause 7i7 are available to ! eligible entity z ( ! date on :i* ! grant is aw>d$4 7iii7 ,s\rces ,an eligible entity may use am\nts f a loan f9anc$ by ! ,rural ,h\s+ ,s]vice or ! ,f$]al ,h\s+ ,adm9i/ration to satisfy ! requirem5t "u clause 7i74 7#b7 ,r5tal assi/ance = (f-f>m af=dable h\s+ & multifamily h\s+ 7,a7 ,9 g5]al ,9 addition to loans & grants "u p>agraph 7#a71 ! ,secret>y1 act+ ?r\gh ! ,"u ,secret>y = ,rural ,developm5t1 %all provide r5tal assi/ance to-- 7i7 own]s ( (f-f>m af=dable h\s+ = dome/ic f>m labor]s t is assi/$ by a loan or grant "u p>agraph 7#a72 & 7ii7 own]s ( af=dable multifamily h\s+ = l[-income individuals liv+ 9 rural areas t is assi/$ by a loan or grant "u p>agraph 7#a74 7,b7 ,am\nt ( r5t ,9 provid+ r5tal assi/ance "u subp>agraph 7,a71 ! ,secret>y %all make assi/ance paym5ts to ! own]s ( h\s+ describ$ 9 t subp>agraph 9 ord] to make available to l[-income occupants ( su* h\s+ r5tals at rates comm5surate to income & n exce$+ ! highe/ (-- 7i7 #cj p]c5t ( adju/$ income 7z def9$ 9 section #c7;b77#e7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;a7b77#e771 except t ! am\nt %all be calculat$ on a mon?ly basis72 7ii7 #aj p]c5t ( mon?ly income2 or 7iii7 if ! p]son or family is receiv+ paym5ts = welf>e assi/ance f a public ag5cy1 ! portion 7if any7 ( ! paym5ts t is specifically designat$ by ! ag5cy to meet ! h\s+ co/s ( ! p]son or family4 7,c7 ,cap on r5t increases ,! r5t or contribution to r5t paid by any recipi5t ( assi/ance "u ?is p>agraph %all n increase z a result ( ?is section or any o!r provision ( ,f$]al law or regulation by m ?an #aj p]c5t dur+ any #ab-mon? p]iod1 unless ! increase above #aj p]c5t is attributable to increases 9 income t are unrelat$ to ?is subsection or ! o!r provision ( ,f$]al law or regulation4 7,d7 ,am\nt ( assi/ance ,! am\nt ( an assi/ance paym5t made on behalf ( a t5ant "u ?is p>agraph %all be equal to ! diff]5ce betwe5-- 7i7 ! mon?ly contribution ( ! t5ant1 :i* %all be ! applicable am\nt "u subp>agraph 7,b72 & 7ii7 ! fair m>ket r5tal = ! jurisdiction 9 :i* ! prop]ty is locat$1 z e/abli%$ by ! ,secret>y "u section #h7;c7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;a7c774 7,e7 ,regulations ,! ,secret>y may promulgate any regulation t is necess>y & prop] to c>ry out ?is p>agraph4 7#c7 ,priority ,9 aw>d+ assi/ance = f>m labor h\s+ & multi-family h\s+ "u p>agraphs 7#a7 & 7#b71 ! ,secret>y %all give priority to an applicant seek+ assi/ance = a h\s+ project t-- 7,a7 z det]m9$ by ! ,secret>y1 is en]gy effici5t & g5]ates en]gy1 su* z ?r\gh geo-ex*ange sy/ems1 gr\nd-s\rce heat pumps1 w9d turb9es1 & sol> en]gy sy/ems2 or 7,b7 has a gre5 build+ c]tification4 7c7 ,fund+ 7#a7 ,f>m ,labor ,h\s+ loans & grants programs ,!re is au?oriz$ to be appropriat$ to ! ,secret>y #gh1jjj1jjj = ea* ( fiscal ye>s #bjbc ?r\gh #bjcc to aw>d loans & grants "u subsection 7b77#a77;,a7 ?r\gh ! ,f>m ,labor ,h\s+ loan program & ,f>m ,labor ,h\s+ grant program "u sections #ead & #eaf1 respectively1 ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adhd1 #adhf74 7#b7 ,rural ,r5tal ,h\s+ ,loan program ,!re is au?oriz$ to be appropriat$ to ! ,secret>y #ajj1jjj1jjj = ea* ( fiscal ye>s #bjbc ?r\gh #bjcc to aw>d loans "u subsection 7b77#a77;,a7 ?r\gh ! ,rural ,r5tal ,h\s+ ,loan program "u section #eae ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adhe74 7#c7 ,rural ,r5tal ,assi/ance program ,!re is au?oriz$ to be appropriat$ to ! ,secret>y #b1ejj1jjj1jjj = ea* ( fiscal ye>s #bjbc ?r\gh #bjcc to aw>d loans "u subsection 7b77#a77;,a7 ?r\gh ! ,rural ,r5tal ,assi/ance program "u section #eba ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adij;a74 7#d7 ,r5tal assi/ance "u 7b77#b7 ( ?is section ,!re is au?oriz$ to be appropriat$ to ! ,secret>y #bej1jjj1jjj = ea* ( fiscal ye>s #bjbc ?r\gh #bjcc = r5tal assi/ance paym5ts "u subsection 7b77#b74 #abb4 ,p]man5t e/abli%m5t ( h\s+ pres]vation & revitalization program ,title ,v ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adga et seq47 is am5d$ by add+ at ! end ! foll[+3 #ede4 ,h\s+ pres]vation & revitalization program 7a7 ,e/abli%m5t ,! ,secret>y %all c>ry out a program "u ?is section = ! pres]vation & revitalization ( multifamily r5tal h\s+ projects f9anc$ "u section #eae or bo? sections #ead & #eaf4 7b7 ,notice ( matur+ loans 7#a7 ,to own]s ,on an annual basis1 ! ,secret>y %all provide writt5 notice to ea* own] ( a prop]ty f9anc$ "u section #eae or bo? sections #ead & #eaf t w mature )9 ! #d-ye> p]iod beg9n+ ^u ! provision ( su* notice1 sett+ =? ! options & f9ancial inc5tives t are available to facilitate ! ext5sion ( ! loan t]m or ! option to dec\ple a r5tal assi/ance contract pursuant to subsection 7f74 7#b7 ,to t5ants 7,a7 ,9 g5]al ,= ea* prop]ty f9anc$ "u section #eae or bo? sections #ead & #eaf1 n lat] ?an ! date t is #b ye>s be=e ! date t su* loan w mature1 ! ,secret>y %all provide writt5 notice to ea* h\sehold resid+ 9 su* prop]ty t in=ms !m ( ! date ( ! loan maturity1 ! possible actions t may happ5 ) respect to ! prop]ty ^u su* maturity1 & h[ to protect _! "r to reside 9 f$]ally assi/$ h\s+ aft] su* maturity4 7,b7 ,language ,notice "u ?is p>agraph %all be provid$ 9 pla9 ,engli% & %all be translat$ into o!r languages 9 ! case ( any prop]ty locat$ 9 an area 9 :i* a significant numb] ( resid5ts speak su* o!r languages4 7c7 ,loan re/ructur+ ,"u ! program "u ?is section1 ! ,secret>y may re/ructure su* exi/+ h\s+ loans1 z ! ,secret>y consid]s appropriate1 = ! purpose ( ensur+ t su* projects h suffici5t res\rces to pres]ve ! projects to provide safe & af=dable h\s+ = l[-income resid5ts & f>m labor]s1 by-- 7#a7 r$uc+ or elim9at+ int]e/2 7#b7 def]r+ loan paym5ts2 7#c7 subord9at+1 r$uc+1 or reamortiz+ loan debt2 & 7#d7 provid+ o!r f9ancial assi/ance1 includ+ advances1 paym5ts1 & inc5tives 7includ+ ! ability ( own]s to obta9 reasonable returns on inve/m5t7 requir$ by ! ,secret>y4 7d7 ,r5ewal ( r5tal assi/ance ,:5 ! ,secret>y (f]s to re/ructure a loan pursuant to subsection 7c71 ! ,secret>y %all (f] to r5ew ! r5tal assi/ance contract "u section #eba7;a77#b7 = a #bj-ye> t]m t is subject to annual appropriations1 provid$ t ! own] agrees to br+ ! prop]ty up to su* /&>ds t w ensure its ma9t5ance z dec5t1 safe1 & sanit>y h\s+ = ! full t]m ( ! r5tal assi/ance contract4 7e7 ,re/rictive use agreem5ts 7#a7 ,requirem5t ,z "p ( ! pres]vation & revitalization agreem5t = a project1 ! ,secret>y %all obta9 a re/rictive use agreem5t t obligates ! own] to op]ate ! project 9 accordance ) ?is title4 7#b7 ,t]m 7,a7 ,no ext5sion ( r5tal assi/ance contract ,except :5 ! ,secret>y ent]s into a #bj-ye> ext5sion ( ! r5tal assi/ance contract = ! project1 ! t]m ( ! re/rictive use agreem5t = ! project %all be consi/5t ) ! t]m ( ! re/ructur$ loan = ! project4 7,b7 ,ext5sion ( r5tal assi/ance contract ,if ! ,secret>y ent]s into a #bj-ye> ext5sion ( ! r5tal assi/ance contract = a project1 ! t]m ( ! re/rictive use agreem5t = ! project %all be = #bj ye>s4 7,c7 ,t]m9ation ,! ,secret>y may t]m9ate ! #bj-ye> use re/rictive use agreem5t = a project prior to ! end ( its t]m if ! #bj-ye> r5tal assi/ance contract = ! project ) ! own] is t]m9at$ at any "t = reasons outside ! own]'s control4 7f7 ,dec\pl+ ( r5tal assi/ance 7#a7 ,r5ewal ( r5tal assi/ance contract ,if ! ,secret>y det]m9es t a matur+ loan = a project _c reasonably be re/ructur$ 9 accordance ) subsection 7c7 & ! project 0 op]at+ ) r5tal assi/ance "u section #eba1 ! ,secret>y may r5ew ! r5tal assi/ance contract1 not)/&+ any provision ( section #eba1 = a t]m1 subject to annual appropriations1 ( at lea/ #aj ye>s b n m ?an #bj ye>s4 7#b7 ,r5ts ,any agreem5t to ext5d ! t]m ( ! r5tal assi/ance contract "u section #eba = a project %all obligate ! own] to cont9ue to ma9ta9 ! project z dec5t1 safe1 & sanit>y h\s+ & to op]ate ! developm5t 9 accordance ) ?is title1 except t r5ts %all be bas$ on ! less] (-- 7,a7 ! budget-bas$ ne$s ( ! project2 or 7,b7 ! op]at+ co/ adju/m5t factor z a paym5t /&>d z provid$ "u section #ebd ( ! ,multifamily ,assi/$ ,h\s+ ,re=m & ,af=dability ,act ( #aiig 7#db ,u4,s4,c4 #adcg note74 7g7 ,multifamily h\s+ transf] te*nical assi/ance ,"u ! program "u ?is section1 ! ,secret>y may provide grants to qualifi$ nonpr(it organizations & public h\s+ ag5cies to provide te*nical assi/ance1 includ+ f9ancial & legal s]vices1 to borr[]s "u loans "u ?is title = multifamily h\s+ to facilitate ! acquisition ( su* multifamily h\s+ prop]ties 9 areas :]e ! ,secret>y det]m9es !re is a risk ( loss ( af=dable h\s+4 7h7 ,transf] ( r5tal assi/ance ,aft] ! loan or loans = a r5tal project orig9ally f9anc$ "u section #eae or bo? sections #ead & #eaf h matur$ or h be5 prepaid & ! own] has *os5 n to re/ructure ! loan pursuant to subsection 7c71 a t5ant resid+ 9 su* project %all h #ah mon?s prior to loan maturation or prepaym5t to transf] ! r5tal assi/ance assign$ to ! t5ant's unit to ano!r r5tal project orig9ally f9anc$ "u section #eae or bo? sections #ead & #eaf1 & ! own] ( ! initial project may r5t ! t5ant's previ\s unit to a new t5ant )\t income re/rictions4 7i7 ,adm9i/rative exp5ses ,( any am\nts made available = ! program "u ?is section = any fiscal ye>1 ! ,secret>y may use n m ?an #a1jjj1jjj = adm9i/rative exp5ses = c>ry+ out su* program4 7j7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ = ! program "u ?is section #bjj1jjj1jjj = ea* ( fiscal ye>s #bjbc ?r\gh #bjbh4 4 #abc4 ,eligibility = rural h\s+ v\*]s ,section #edb ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adijr7 is am5d$ by add+ at ! end ! foll[+3 7c7 ,eligibility ( h\seholds 9 section #ead1 #eae1 & #eaf projects ,! ,secret>y may provide rural h\s+ v\*]s "u ?is section = any l[-income h\sehold 7includ+ ^? n receiv+ r5tal assi/ance7 resid+ 9 a prop]ty f9anc$ ) a loan made or insur$ "u section #ead or #eae 7#db ,u4,s4,c4 #adhd1 #adhe7 :i* has be5 prepaid1 has be5 =eclos$1 or has matur$ aft] ,septemb] #cj1 #bjje1 or resid+ 9 a prop]ty assi/$ "u section #ead or #eaf t is own$ by a nonpr(it organization or public ag5cy4 4 #abd4 ,am\nt ( v\*] assi/ance ,not)/&+ any o!r provision ( law1 9 ! case ( any rural h\s+ v\*] provid$ pursuant to section #edb ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adijr71 ! am\nt ( ! mon?ly assi/ance paym5t = ! h\sehold on ^: behalf su* assi/ance is provid$ %all be det]m9$ z provid$ 9 subsection 7a7 ( su* section #edb4 #abe4 ,use ( available r5tal assi/ance ,section #eba7;d7 ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adij;a7d77 is am5d$ by add+ at ! end ! foll[+3 7#c7 ,9 ! case ( any r5tal assi/ance contract au?ority t becomes available because ( ! t]m9ation ( assi/ance on behalf ( an assi/$ family-- 7,a7 at ! option ( ! own] ( ! r5tal project1 ! ,secret>y %all provide ! own] a p]iod ( #f mon?s be=e su* assi/ance is made available pursuant to subp>agraph 7,b7 dur+ :i* ! own] may use su* assi/ance au?ority to provide assi/ance on behalf ( an eligible unassi/$ family t-- 7i7 is resid+ 9 ! same r5tal project t ! assi/$ family resid$ 9 prior to su* t]m9ation2 or 7ii7 newly occupies a dwell+ unit 9 su* r5tal project dur+ su* p]iod2 & 7,b7 except = assi/ance us$ z provid$ 9 subp>agraph 7,a71 ! ,secret>y %all use su* rema9+ au?ority to provide su* assi/ance on behalf ( eligible families resid+ 9 o!r r5tal projects orig9ally f9anc$ "u section #eae or bo? sections #ead & #eaf4 4 #abf4 ,fund+ = multifamily te*nical improvem5ts ,!re is au?oriz$ to be appropriat$ to ! ,secret>y ( ,agriculture #ej1jjj1jjj = fiscal ye> #bjbc = improv+ ! te*nology ( ! ,dep>tm5t ( ,agriculture us$ to process loans = multifamily h\s+ & o!rwise manag+ su* h\s+4 ,su* improvem5ts %all be made )9 ! #e-ye> p]iod beg9n+ ^u ! appropriation ( su* am\nts & su* am\nt %all rema9 available until ! expiration ( su* #e-ye> p]iod4 #abg4 ,plan = pres]v+ af=dability ( r5tal projects 7a7 ,plan ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,agriculture 79 ?is section ref]r$ to z ! ,secret>y7 %all submit a writt5 plan to ,congress = pres]v+ ! af=dability = l[-income families ( r5tal projects = :i* loans 7 made "u section #eae ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adhe7 or made to nonpr(it or public ag5cies "u section #ead ( t ,act 7#db ,u4,s4,c4 #adhd7 & avoid+ ! displacem5t ( t5ant h\seholds1 :i* %all-- 7#a7 set =? specific p]=mance goals & measures2 7#b7 set =? ! specific actions & me*anisms by :i* su* goals w be a*iev$2 7#c7 set =? specific measurem5ts by :i* progress t[>ds a*ievem5t ( ea* goal c be measur$2 7#d7 provide = detail$ report+ on outcomes2 & 7#e7 include any legislative recomm5dations to assi/ 9 a*ievem5t ( ! goals "u ! plan4 7b7 ,advisory committee 7#a7 ,e/abli%m5t2 purpose ,! ,secret>y %all e/abli% an advisory committee ^: purpose %all be to assi/ ! ,secret>y-- 7,a7 9 pres]v+ prop]ties assi/$ "u section #ead or #eae ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adhd1 #adhe7 t are own$ by nonpr(it or public ag5cies ?r\gh ! multifamily h\s+ pres]vation & revitalization program "u section #ede ( t ,act 7z add$ by ?is subtitle72 & 7,b7 implem5t+ ! plan requir$ "u subsection 7a7 ( ?is section4 7#b7 ,memb] ,! advisory committee %all consi/ ( #ad memb]s1 appo9t$ by ! ,secret>y1 z foll[s3 7,a7 ,a ,/ate ,director ( ,rural ,developm5t = ! ,dep>tm5t ( ,agriculture4 7,b7 ,! ,adm9i/rator = ,rural ,h\s+ ,s]vice ( ! ,dep>tm5t ( ,agriculture4 7,c7 ,two repres5tatives ( =-pr(it develop]s or own]s ( multifamily rural r5tal h\s+4 7,d7 ,two repres5tatives ( nonpr(it develop]s or own]s ( multifamily rural r5tal h\s+4 7,e7 ,two repres5tatives ( ,/ate h\s+ f9ance ag5cies4 7,f7 ,two repres5tatives ( t5ants ( multifamily rural r5tal h\s+4 7,g7 ,"o repres5tative ( a community developm5t f9ancial in/itution t is involv$ 9 pres]v+ ! af=dability ( h\s+ assi/$ "u sections #ead1 #eae1 & #eaf ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adhd1 #adhe1 #adhf74 7,h7 ,"o repres5tative ( a nonpr(it organization t op]ates nationally & has actively p>ticipat$ 9 ! pres]vation ( h\s+ assi/$ by ! ,rural ,h\s+ ,s]vice by conduct+ rese>* reg>d+1 & provid+ f9anc+ & te*nical assi/ance =1 pres]v+ ! af=dability ( su* h\s+4 7,i7 ,"o repres5tative ( l[-income h\s+ tax cr$it inve/ors4 7,j7 ,"o repres5tative ( regulat$ f9ancial in/itutions t f9ance af=dable multifamily rural r5tal h\s+ developm5ts4 7#c7 ,meet+s ,! advisory committee %all meet n less (t5 ?an once ea* cal5d> qu>t]4 7#d7 ,functions ,9 provid+ assi/ance to ! ,secret>y to c>ry out its purpose1 ! advisory committee %all c>ry out ! foll[+ functions3 7,a7 ,assi/+ ! ,rural ,h\s+ ,s]vice ( ! ,dep>tm5t ( ,agriculture to improve e/imates ( ! size1 scope1 & condition ( r5tal h\s+ portfolio ( ! ,s]vice1 includ+ ! "t frames = maturity ( mortgages & co/s = pres]v+ ! portfolio z af=dable h\s+4 7,b7 ,review+ curr5t policies & proc$ures ( ! ,rural ,h\s+ ,s]vice reg>d+ pres]vation ( af=dable r5tal h\s+ f9anc$ "u sections #ead1 #eae1 #eaf1 & #ech ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adhd1 #adhe1 #adhf1 #adijp-#b71 ! ,multifamily ,pres]vation & ,revitalization ,demon/ration program 7commonly kn[n z ! ,,mpr71 & ! ,rural ,r5tal ,assi/ance program "u section #eba ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adij;a7 & mak+ recomm5dations reg>d+ improvem5ts & modifications to su* policies & proc$ures4 7,c7 ,provid+ ongo+ review ( ,rural ,h\s+ ,s]vice program results4 7,d7 ,provid+ reports to ,congress & ! public on meet+s1 recomm5dations1 & o!r f9d+s ( ! advisory committee4 ,,ii ,rev5ue provisions #bja4 ,tax-exempt bond f9anc+ requirem5t 7a7 ,9 g5]al ,section #db7;h77#d77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7,b7 ,special rule :]e a requir$ p]c5t ( build+s is f9anc$ ) tax-exempt bonds subject to volume cap ,= purposes ( subp>agraph 7,a71 p>agraph 7#a7 %all n apply to any portion ( ! cr$it all[able "u subsection 7a7 ) respect to a build+ if-- 7i7 #ej p]c5t or m ( ! aggregate basis ( any su* build+ & ! l& on :i* ! build+ is locat$ is f9anc$ by any obligation describ$ 9 subp>agraph 7,a71 or 7ii7 #be p]c5t or m ( ! aggregate basis ( su* build+ & ! l& on :i* ! build+ is locat$ is f9anc$ by any obligation :i* is describ$ 9 subp>agraph 7,a7 & issu$ 9 cal5d> ye> #bjbd1 #bjbe1 #bjbf1 #bjbg1 or #bjbh4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to any build+ "s portion ( :i*1 or ( ! l& on :i* ! build+ is locat$1 is f9anc$ by an obligation :i* is describ$ 9 section #db7;h77#d77;,a7 & :i* is "p ( an issue ! issue date ( :i* is aft] ,decemb] #ca1 #bjbc4 #bjb4 ,increases 9 ,/ate allocations 7a7 ,9 g5]al ,clause 7ii7 ( section #db7;h77#c77;,c7 ( ! ,int]nal ,rev5ue ,code is am5d$-- 7#a7 by /rik+ #a4ge 9 subclause 7,i7 & ins]t+ ! p] capita am\nt1 & 7#b7 by /rik+ #b1jjj1jjj 9 subclause 7,,ii7 & ins]t+ ! m9imum am\nt4 7b7 ,p] capita am\nt2 m9imum am\nt ,section #db7;h77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ subp>agraphs 7,h7 & 7,i7 & ins]t+ ! foll[+3 7,h7 ,p] capita am\nt ,= purposes ( subp>agraph 7,c77ii77,i71 ! p] capita am\nt %all be det]m9$ z foll[s3 7i7 ,cal5d> ye> #bjbc ,= cal5d> ye>1 #bjbc1 ! p] capita am\nt is #c4ij4 7ii7 ,cal5d> ye> #bjbd ,= cal5d> ye> #bjbd1 ! p] capita am\nt is ! product (-- 7,i7 #a4be1 & 7,,ii7 ! doll> am\nt "u clause 7i7 increas$ by an am\nt equal to-- 7aa7 su* doll> am\nt1 multipli$ by 7bb7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = su* cal5d> ye>1 det]m9$ by sub/itut+ cal5d> ye> #bjbb = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 ,if ! am\nt det]m9$ aft] application ( ! prec$+ s5t5ce is n a multiple ( #e1jjj1 su* am\nt %all be r\nd$ to ! next l[e/ multiple ( #e1jjj4 7iii7 ,cal5d> ye>s aft] #bjbd ,9 ! case ( any cal5d> ye> aft] #bjbd1 ! p] capita am\nt is ! doll> am\nt det]m9$ "u clause 7ii7 increas$ by an am\nt equal to-- 7,i7 su* doll> am\nt1 multipli$ by 7,,ii7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = su* cal5d> ye>1 det]m9$ by sub/itut+ cal5d> ye> #bjbc = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 ,any am\nt increas$ "u ! prec$+ s5t5ce :i* is n a multiple ( #e c5ts %all be r\nd$ to ! next l[e/ multiple ( #e c5ts4 7,i7 ,m9imum am\nt ,= purposes ( subp>agraph 7,c77ii77,,ii71 ! m9imum am\nt %all be det]m9$ z foll[s3 7i7 ,cal5d> ye> #bjbc ,= cal5d> ye>1 #bjbc1 ! m9imum am\nt is #d1die1jjj4 7ii7 ,cal5d> ye> #bjbd ,= cal5d> ye> #bjbd1 ! m9imum am\nt is ! product (-- 7,i7 #a4be1 & 7,,ii7 ! doll> am\nt "u clause 7i7 increas$ by an am\nt equal to-- 7aa7 su* doll> am\nt1 multipli$ by 7bb7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = su* cal5d> ye>1 det]m9$ by sub/itut+ cal5d> ye> #bjbb = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 ,if ! am\nt det]m9$ aft] application ( ! prec$+ s5t5ce is n a multiple ( #e c5ts1 su* am\nt %all be r\nd$ to ! next l[e/ multiple ( #e c5ts4 7iii7 ,cal5d> ye>s aft] #bjbd ,9 ! case ( any cal5d> ye> aft] #bjbd1 ! m9imum am\nt is ! doll> am\nt det]m9$ "u clause 7ii7 increas$ by an am\nt equal to-- 7,i7 su* doll> am\nt1 multipli$ by 7,,ii7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = su* cal5d> ye>1 det]m9$ by sub/itut+ cal5d> ye> #bjbc = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 ,any am\nt increas$ "u ! prec$+ s5t5ce :i* is n a multiple ( #e1jjj %all be r\nd$ to ! next l[e/ multiple ( #e1jjj4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to cal5d> ye>s beg9n+ aft] ,decemb] #ca1 #bjbb4 #bjc4 ,build+s designat$ to s]ve extremely l[-income h\seholds 7a7 ,res]v$ ,/ate allocation 7#a7 ,9 g5]al ,section #db7;h7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7,a7 by r$esignat+ p>agraphs 7#f71 7#g71 & 7#h7 z p>agraphs 7#g71 7#h71 & 7#i71 respectively1 & 7,b7 by ins]t+ aft] p>agraph 7#e7 ! foll[+ new p>agraph3 7#f7 ,portion ( ,/ate ceil+ set-aside = projects designat$ to s]ve extremely l[-income h\seholds 7,a7 ,9 g5]al ,n m ?an #ib p]c5t ( ! portion ( ! ,/ate h\s+ cr$it ceil+ am\nt describ$ 9 p>agraph 7#c77;,c77ii7 = any ,/ate = any cal5d> ye> %all be allocat$ to build+s o!r ?an build+s describ$ 9 subp>agraph 7,b74 7,b7 ,build+s describ$ ,a build+ is describ$ 9 ?is subp>agraph if #bj p]c5t or m ( ! resid5tial units 9 su* build+ are r5t-re/rict$ 7det]m9$ z if ! imput$ income limitation applicable to su* units 7 #cj p]c5t ( area m$ian gross income7 & are designat$ by ! taxpay] = occupancy by h\seholds ! aggregate h\sehold income ( :i* does n exce$ ! great] (-- 7i7 #cj p]c5t ( area m$ian gross income1 or 7ii7 #ajj p]c5t ( an am\nt equal to ! ,f$]al pov]ty l9e 7)9 ! mean+ ( section #cf;,b7d77#c774 7,c7 ,exception ,a build+ %all n be treat$ z describ$ 9 subp>agraph 7,b7 if su* build+ is a "p ( a qualifi$ l[-income h\s+ project ) respect to :i* ! taxpay] elects ! requirem5ts ( subsection 7g77#a77;,c74 4 7#b7 ,con=m+ am5dm5t ,section #db7;b77#d77;,c7 ( su* ,code is am5d$ by /rik+ 7h77#g7 & ins]t+ 7h77#h74 7b7 ,increase 9 cr$it ,p>agraph 7#e7 ( section #db7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,c7 ,increase 9 cr$it = build+s designat$ to s]ve extremely l[-income h\seholds 7i7 ,9 g5]al ,9 ! case ( any build+-- 7,i7 :i* is describ$ 9 subsection 7h77#f77;,b71 & 7,,ii7 :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$ ( resid5tial units describ$ 9 subsection 7h77#f77;,b7 7det]m9$ 9 a mann] simil> to ! unit fraction "u subsection 7c77#a77;,c771 & ! eligible basis ( su* portion ( ! build+ %all be #aej p]c5t ( su* basis det]m9$ )\t reg>d to ?is subp>agraph4 7ii7 ,allocation rules applicable to projects to :i* clause 7i7 applies 7,i7 ,/ate h\s+ cr$it ceil+ ,= any cal5d> ye>1 no m ?an #ac p]c5t ( ! portion ( ! ,/ate h\s+ cr$it ceil+ describ$ 9 subsection 7h77#c77;,c77ii7 %all be allocat$ to build+s to :i* clause 7i7 applies4 7,,ii7 ,application to projects f9anc$ ) tax-exempt bonds ,9 ! case ( any build+ :i* is f9anc$ by an obligation describ$ 9 subsection 7h77#d71 clause 7i7 %all n apply unless-- 7aa7 ! ,/ate 9 :i* ! issu+ au?ority issu+ su* obligation is locat$ designates su* obligation z an obligation to :i* ?is subp>agraph applies1 & 7bb7 ! aggregate face am\nt ( obligations designat$ "u item 7aa7 by su* ,/ate 9 ! cal5d> ye> dur+ :i* su* obligation is issu$ does n exce$ #h p]c5t ( ! ,/ate ceil+ ( su* ,/ate "u section #adf7;d77#a7 = su* ye>4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to allocations ( h\s+ cr$it doll> am\nt aft] ,decemb] #ca1 #bjbc1 & to build+s t are describ$ 9 section #db7;h77#d77;,b7 tak+ into acc\nt only obligations t are "p ( an issue ! issue date ( :i* is aft] ,decemb] #ca1 #bjbc4 #bjd4 ,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$esignat+ subclause 7,,ii7 z subclause 7,,iv7 & by ins]t+ aft] subclause 7,i7 ! foll[+ new subclauses3 7,,ii7 ,indian area ,= purposes ( subclause 7,i71 ! t]m ,indian area means any ,indian area 7z def9$ 9 section #d7aa7 ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self ,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #dajc7aa7774 7,,iii7 ,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 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to build+s plac$ 9 s]vice aft] ,decemb] #ca1 #bjbc4 #bje4 ,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 #bjd1 is fur!r 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 #bjd1 is fur!r am5d$ by r$esignat+ subclause 7,,iv7 z subclause 7,v7 & by ins]t+ aft] subclause 7,,iii7 ! foll[+ new subclause3 7,,iv7 ,rural area ,= purposes ( subclause 7,i71 ! t]m rural area means any non-metropolitan area1 or any rural area z def9$ 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 #bjbc4 #bjf4 ,increase 9 cr$it = bond-f9anc$ projects designat$ by h\s+ cr$it ag5cy 7a7 ,9 g5]al ,clause 7v7 ( section #db7;d77#e77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ! second s5t5ce4 7b7 ,te*nical am5dm5ts ,clause 7v7 ( section #db7;d77#e77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by subsection 7a71 is fur!r am5d$-- 7#a7 by /rik+ ,/ate 9 ! head+2 & 7#b7 by /rik+ ,/ate h\s+ cr$it ag5cy & ins]t+ h\s+ cr$it ag5cy4 7c7 ,effective date 7#a7 ,9 g5]al ,! am5dm5t made by subsection 7a7 %all apply to a build+ if-- 7,a7 any portion ( su* build+ is f9anc$ by an obligation describ$ 9 p>agraph 7#b71 or 7,b7 ! l& on :i* ! build+ is locat$ is f9anc$ by an obligation describ$ 9 p>agraph 7#b74 7#b7 ,obligation describ$ ,an obligation is describ$ 9 ?is p>agraph if su* obligation-- 7,a7 is describ$ 9 section #db7;h77#d77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 & 7,b7 is issu$ aft] ,decemb] #ca1 #bjbc4 #bjg4 ,repeal ( qualifi$ contract option 7a7 ,t]m9ation ( option = c]ta9 build+s 7#a7 ,9 g5]al ,subclause 7,,ii7 ( section #db7;h77#g77;,e77i7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z r$esignat$ by section #bjc1 is am5d$ by ins]t+ 9 ! case ( a build+ describ$ 9 clause 7iii71 be=e on ! la/ day4 7#b7 ,build+s describ$ ,subp>agraph 7,e7 ( section #db7;h77#g7 ( su* ,code1 z s r$esignat$1 is am5d$ by add+ at ! end ! foll[+ new clause3 7iii7 ,build+s describ$ ,a build+ describ$ 9 ?is clause is a build+-- 7,i7 :i* receiv$ its allocation ( h\s+ cr$it doll> am\nt be=e ,janu>y #a1 #bjbd1 or 7,,ii7 9 ! case ( a build+ any portion ( :i* is f9anc$ z describ$ 9 p>agraph 7#d71 & :i* receiv$ be=e ,janu>y #a1 #bjbd1 "u ! rules ( p>agraphs 7#a7 & 7#b7 ( subsection 7m71 a det]m9ation f ! issu] ( ! tax-exempt bonds or ! h\s+ cr$it ag5cy t ! build+ w\ld be eligible "u ! qualifi$ allocation plan to receive an allocation ( h\s+ cr$it doll> am\nt or t ! cr$its to be e>n$ are necess>y = f9ancial feasibility ( ! project & its viability z a qualifi$ l[-income h\s+ project ?r\gh\t ! cr$it p]iod4 4 7b7 ,rules relat+ to exi/+ projects ,subp>agraph 7,f7 ( section #db7;h77#g7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z r$esignat$ by section #bjc1 is am5d$ by /rik+ ! nonl[-income portion & all t foll[s & ins]t+ ! nonl[-income portion & ! l[-income portion ( ! build+ = fair m>ket value 7det]m9$ by ! h\s+ cr$it ag5cy by tak+ into acc\nt ! r5t re/rictions requir$ = ! l[-income portion ( ! build+ to cont9ue to meet ! /&>ds ( p>agraphs 7#a7 & 7#b7 ( subsection 7g774 ,! ,secret>y %all prescribe su* regulations z may be necess>y or appropriate to c>ry out ?is p>agraph44 7c7 ,con=m+ am5dm5ts 7#a7 ,p>agraph 7#g7 ( section #db7;h7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z r$esignat$ by section #bjc1 is am5d$ by /rik+ subp>agraph 7,g7 & by r$esignat+ subp>agraphs 7,h71 7,i71 7,j71 & 7,k7 z subp>agraphs 7,g71 7,h71 7,i71 & 7,j71 respectively4 7#b7 ,subclause 7,,ii7 ( section #db7;h77#g77;,e77i7 ( su* ,code1 z s r$esignat$ & z am5d$ by subsection 7a71 is fur!r am5d$ by /rik+ subp>agraph 7,i7 & ins]t+ subp>agraph 7,h74 7d7 ,te*nical am5dm5t ,subp>agraph 7,i7 ( section #db7;h77#g7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z r$esignat$ by section #bjc & subsection 7c71 is am5d$ by /rik+ agreem5t & ins]t+ commitm5t4 7e7 ,effective dates 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 ! am5dm5ts made by ?is section %all take effect on ! date ( ! enactm5t ( ?is ,act4 7#b7 ,subsection 7b7 ,! am5dm5ts made by subsection 7b7 %all apply to build+s ) respect to :i* a writt5 reque/ describ$ 9 section #db7;h77#g77;,h7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z r$esignat$ by section #bjc & subsection 7c71 is submitt$ aft] ! date ( ! enactm5t ( ?is ,act4 #bjh4 ,modification & cl>ification ( rights relat+ to build+ pur*ase 7a7 ,modification ( "r ( fir/ refusal 7#a7 ,9 g5]al ,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 7#b7 ,con=m+ am5dm5t ,! head+ ( p>agraph 7#g7 ( section #db7;i7 ( su* ,code is am5d$ by /rik+ "r ( #a/ refusal & ins]t+ 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#a777 relat+ to ! prop]ty4 7,b7 ,application to ,s corporations & o!r pass-?r\gh entities ,subp>agraph 7,a7 ( section #db7;i77#g7 ( su* ,code is am5d$ by add+ at ! end ! foll[+3 ,except z provid$ by ! ,secret>y1 ! rules ( ?is p>agraph %all apply to ,s corporations & o!r pass-?r\gh entities 9 ! same mann] z su* rules apply to p>tn]%ips44 7,c7 ,con=m+ am5dm5t ,subp>agraph 7,b7 ( section #db7;i77#g7 ( su* ,code is am5d$ by add+ at ! end ! foll[+3 ,9 ! case ( a pur*ase ( all ( ! p>tn]%ip int]e/s1 ! m9imum pur*ase price "u ?is subp>agraph %all be an am\nt n less ?an ! sum ( ! int]e/s' %>es ( ! am\nt :i* w\ld be det]m9$ ) respect to ! prop]ty "u ?is subp>agraph )\t reg>d to ?is s5t5ce44 7#b7 ,prop]ty includes assets relat+ to ! build+ ,p>agraph 7#g7 ( section #db7;i7 ( su* ,code 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 ( su* ,code1 z am5d$ by subsection 7a7 & p>agraph 7#a77;,a71 is am5d$ by add+ at ! end ! foll[+3 ,= purposes ( det]m9+ :e!r an option1 includ+ a "r ( fir/ refusal1 to pur*ase prop]ty or all ( ! p>tn]%ip int]e/s hold+ 7directly or indirectly7 su* prop]ty is describ$ 9 ! prec$+ s5t5ce-- 7i7 su* option or "r ( fir/ refusal %all be ex]cisable ) or )\t ! approval ( any own] ( ! project 7includ+ any p>tn]1 memb]1 or affiliat$ organization ( su* an own]71 & 7ii7 a "r ( fir/ refusal %all be ex]cisable 9 response to any (f] to pur*ase ! prop]ty or all ( ! p>tn]%ip int]e/s1 includ+ an (f] by a relat$ p>ty4 4 7c7 ,o!r con=m+ am5dm5t ,subp>agraph 7,b7 ( section #db7;i77#g7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by subsection 7b71 is am5d$ by /rik+ ! sum ( & all t foll[s ?r\gh application ( clause 7ii74 & ins]t+ ! foll[+3 ! pr9cipal am\nt ( out/&+ indebt$ness secur$ by ! build+ 7o!r ?an indebt$ness incurr$ )9 ! #e-ye> p]iod end+ on ! date ( ! sale to ! t5ants744 7d7 ,effective dates 7#a7 ,modification ( "r ( fir/ refusal ,! am5dm5ts made by subsections 7a7 & 7c7 %all apply to agreem5ts ent]$ into or am5d$ 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$ organizations7 & p]sons describ$ 9 section #db7;i77#g77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf ent]$ into be=e1 on1 or aft] ! date ( ! enactm5t ( ?is ,act4 7#c7 ,no effect on agreem5ts ,none ( ! am5dm5ts made by ?is section is int5d$ to sup]s$e express language 9 any agreem5t ) respect to ! t]ms ( a "r ( fir/ refusal or option p]mitt$ by section #db7;i77#g7 ( ! ,int]nal ,rev5ue ,code ( #aihf 9 effect on ! date ( ! enactm5t ( ?is ,act4 #bji4 ,prohibition ( local approval & contribution requirem5ts 7a7 ,9 g5]al ,p>agraph 7#a7 ( section #db7m7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ clause 7ii7 ( subp>agraph 7,a7 & by r$esignat+ clauses 7iii7 & 7iv7 !re( z clauses 7ii7 & 7iii71 respectively2 & 7#b7 by add+ at ! end ! foll[+ new subp>agraph3 7,e7 ,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$it doll> am\nts made aft] ,decemb] #ca1 #bjbc4 #baj4 ,increase 9 cr$it = l[-income h\s+ supportive s]vices 7a7 ,9 g5]al ,p>agraph 7#e7 ( section #db7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #bjc1 is fur!r am5d$ by add+ at ! end ! foll[+ new subp>agraphs3 7,d7 ,increase 9 cr$it = provid+ supportive s]vices 7i7 ,9 g5]al ,9 ! case ( any build+ :i* includes common areas1 or prop]ty us$ !re91 d$icat$ to ! provision ( on-site qualifi$ supportive s]vices1 except z provid$ 9 subp>agraphs 7,e7 & 7,f71 ! eligible basis ( ! portion ( ! build+ :i* is compris$ ( su* areas or prop]ty 7aft] ! application ( subp>agraphs 7,a7 & 7,b77 %all be increas$ by an am\nt equal to #ej p]c5t ( su* basis det]m9$ )\t reg>d to ?is subp>agraph & subp>agraphs 7,b7 & 7,c74 7ii7 ,qualifi$ supportive s]vices ,= purposes ( clause 7i71 ! t]m qualifi$ supportive s]vices means s]vices-- 7,i7 provid$ by ! own] ( a build+ 7directly or ?r\gh contracts ) ?ird-p>ty s]vice provid]s7 prim>ily to t5ants ( ! build+1 7,,ii7 :i* are int5d$ to promote economic self-suffici5cy & physical & m5tal heal? & well-be+ 9 pursuit ( reta9+ p]man5t h\s+1 includ+ *ildc>e or eld]c>e s]vices1 heal? s]vices1 coord9ation ( t5ant b5efits1 job tra9+1 f9ancial c\nsel+1 resid5t engagem5t s]vices1 or su* o!r simil> s]vices z may be def9$ by ! allocat+ ag5cy 9 ! qualifi$ allocation plan1 7,,iii7 :i* are provid$ to t5ants & o!r b5efici>ies z may be specifi$ by ! h\s+ cr$it ag5cy1 includ+ specifications z to :i* s]vices may be provid$ to non-t5ants1 7,,iv7 :i* are provid$ at no co/ to b5efici>ies o!r ?an any fee1 copay1 or co9surance cu/om>ily *>g$ by s]vice provid]s = simil> s]vices1 & 7,v7 usage ( or p>ticipation 9 :i* is n a condition ( t5ancy 9 ! build+4 ,su* t]m includes reasonable & necess>y measures = ! provision ( su* s]vices1 includ+ measures to engage t5ants & o!r b5efici>ies 9 & coord9ate su* s]vices1 & measures requir$ to obta9 ! c]tification describ$ 9 subp>agraph 7,e77ii77,,iii74 7,e7 ,ext5d$ supportive s]vices commitm5t 7i7 ,9 g5]al ,subp>agraph 7,d77i7 %all n apply to a build+ = any taxable ye> unless an ext5d$ supportive s]vices commitm5t is 9 effect = su* taxable ye>4 7ii7 ,ext5d$ supportive s]vices commitm5t ,! t]m ext5d$ supportive s]vices commitm5t means any agreem5t betwe5 ! own] ( a build+ & ! h\s+ cr$it ag5cy :i*-- 7,i7 provides e/imates ( ! am\nts to be sp5t1 updat$ at lea/ once e #e ye>s1 on ! provision ( qualifi$ supportive s]vices to t5ants ( su* build+ & o!r b5efici>ies = ea* taxable ye> rema9+ 9 ! cr$it p]iod1 7,,ii7 requires ! designation ( "o or m individuals to engage t5ants reg>d+1 & coord9ate deliv]y (1 qualifi$ supportive s]vices1 7,,iii7 requires ! ma9t5ance ( an appropriate c]tification1 z det]m9$ by ! ,secret>y 9 consultation ) ! h\s+ cr$it ag5cies1 = qualifi$ supportive s]vices1 subject to rec]tification at lea/ once e #e ye>s1 7,,iv7 requires appropriate annual report+ to ! h\s+ cr$it ag5cy on exp5ditures & outcomes1 z det]m9$ by su* ag5cy1 & 7,v7 is b9d+ on all successors 9 own]%ip ( su* build+4 7iii7 ,exceptions if =eclosure or if no buy] will+ to ma9ta9 s]vices ,! requirem5t ( clause 7ii77,v7 = any build+ %all t]m9ate on ! date ! build+ is acquir$ by =eclosure 7or in/rum5t 9 lieu ( =eclosure7 unless ! h\s+ cr$it ag5cy det]m9es t su* acquisition is "p ( an arrangem5t ) ! taxpay] a purpose ( :i* is to t]m9ate su* requirem5t4 7iv7 ,effect ( noncompliance ,if1 dur+ a taxable ye>1 !re is a det]m9ation by ! h\s+ cr$it ag5cy t an ext5d$ supportive s]vices commitm5t 0 n 9 effect z ( ! beg9n+ ( su* ye> or t !re is evid5ce ( o!r noncompliance z det]m9$ by ! h\s+ cr$it ag5cy 7includ+ failure to provide qualifi$ supportive s]vices7-- 7,i7 su* det]m9ation %all n apply to any p]iod be=e su* ye> & subp>agraph 7,d77i7 %all apply to su* taxable ye> )\t reg>d to su* det]m9ation if ! failure is correct$ )9 #a ye> f ! date ( ! det]m9ation1 & 7,,ii7 9 ! case ( any ye> to :i* su* det]m9ation does apply1 if ! failure is n correct$ )9 #a ye> f ! date ( ! det]m9ation1 ! cr$it recapture am\nt "u subsection 7j77#a7 = ! ye> 9 :i* su* #a ye> p]iod expires %all be increas$ by ! am\nt ( any increase 9 ! cr$it "u ?is section by reason ( subp>agraph 7,d77i7 = ! ye> to :i* ! det]m9ation applies4 7v7 ,projects :i* consi/ ( m ?an #a build+ ,rules simil> to ! rules ( subsection 7h77#g77;,j7 %all apply4 7,f7 ,responsibilities ( h\s+ cr$it ag5cy ,subp>agraph 7,d77i7 %all n apply to a build+ = any taxable ye> unless-- 7i7 ! h\s+ cr$it ag5cy sets =? crit]ia-- 7,i7 to det]m9e appropriate1 evid5ce-bas$ supportive s]vices1 7,,ii7 = ! selection ( appropriate & compet5t s]vice provid]s1 & 7,,iii7 :i* common areas or prop]ty describ$ 9 subp>agraph 7,d77i7 %all meet 9 ord] to qualify = ! increase 9 cr$it "u subp>agraph 7,d71 7ii7 ! h\s+ cr$it ag5cy provides a proc$ure t ! ag5cy 7or an ag5t or o!r private contractor ( su* ag5cy7 %all foll[ 9 monitor+ = noncompliance ) ! provisions ( ?is subp>agraph & subp>agraphs 7,d7 & 7,e7 & 9 report+ su* noncompliance to ! ,secret>y1 & 7iii7 appropriate books & records = exp5ditures ) respect to ! qualifi$ supportive s]vices are ma9ta9$ on an annual basis1 & are available = inspection ^u reque/ by ! h\s+ cr$it ag5cy4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to build+s :i* receive allocations ( h\s+ cr$it doll> am\nt or1 9 ! case ( projects f9anc$ by tax-exempt obligations z describ$ 9 section #db7;h77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 :i* are fir/ tak5 into acc\nt "u section #adf ( su* ,code1 aft] ! date ( ! enactm5t ( ?is ,act4 #baa4 ,/udy ( tax inc5tives = ! conv]sion ( comm]cial prop]ty to af=dable h\s+ ,)9 #f mon?s ( ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t1 ! ,deputy ,"u ,secret>y = ,rural ,developm5t ( ! ,dep>tm5t ( ,agriculture1 & ! ,director ( ! ,(fice ( ,managem5t & ,budget %all collaborate to produce a co/-b5efit analysis ( provid+ tax inc5tives1 includ+ ! non-recognition ( capital ga9s1 to ! own]s ( vacant or "u-utiliz$ comm]cial real e/ate 9 ex*ange = sell+ ^! prop]ties to ,/ate1 local1 or tribal h\s+ f9ance ag5cies = conv]sion to af=dable r5tal h\s+ = l[-income resid5ts1 includ+ %elt]s = ! homeless4 #bab4 ,r5t]s cr$it 7a7 ,9 g5]al ,subp>t ,c ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #cf;,b ! foll[+ new section3 #cf;,c4 ,r5t]s cr$it 7a7 ,all[ance ( cr$it 7#a7 ,9 g5]al ,!re %all be all[$ z a cr$it aga9/ ! tax impos$ by ?is subtitle = any taxable ye> an am\nt equal to ! sum ( ! am\nts det]m9$ "u p>agraph 7#b7 = all qualifi$ build+s ) a cr$it p]iod :i* includes mon?s occurr+ dur+ ! taxable ye>4 7#b7 ,qualifi$ build+ am\nt ,! am\nt det]m9$ "u ?is p>agraph ) respect to any qualifi$ build+ = any taxable ye> %all be an am\nt equal to ! less] (-- 7,a7 ! aggregate qualifi$ r5tal r$uction am\nts = all eligible units )9 su* build+ = mon?s occurr+ dur+ ! taxable ye> :i* are )9 ! cr$it p]iod = su* build+1 or 7,b7 ! r5tal r$uction cr$it am\nt allocat$ to su* build+ = su* mon?s4 7#c7 ,qualifi$ build+ ,= purposes ( ?is section-- 7,a7 ,9 g5]al ,! t]m qualifi$ build+ means any build+ :i* is resid5tial r5tal prop]ty 7z def9$ 9 section #afh7;e77#b77;,a77 ( ! taxpay] ) respect to :i*-- 7i7 a r5tal r$uction cr$it am\nt has be5 allocat$ by a r5tal r$uction cr$it ag5cy ( a ,/ate1 & 7ii7 a qualifi$ r5tal r$uction agreem5t is 9 effect4 7,b7 ,build+ n disqualifi$ by o!r assi/ance ,a build+ %all n fail to be treat$ z a qualifi$ build+ m]ely because-- 7i7 a cr$it 0 all[$ "u section #db ) respect to su* build+ or !re 0 any o!r ,f$]al assi/ance 9 ! con/ruction or rehabilitation ( su* build+1 7ii7 ! rehabilitation cr$it det]m9$ "u section #dg 0 all[$ "u section #ch ) respect to su* build+1 or 7iii7 ,f$]al r5tal assi/ance 0 provid$ = su* build+ dur+ any p]iod prec$+ ! cr$it p]iod4 7b7 ,qualifi$ r5tal r$uction am\nt ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m qualifi$ r5tal r$uction am\nt means1 ) respect to any eligible unit = any mon?1 an am\nt equal to ! applicable p]c5tage 7z det]m9$ "u subsection 7e77#a77 ( ! excess (-- 7,a7 ! applicable r5t = su* unit1 ov] 7,b7 ! family r5tal paym5t requir$ = su* unit4 7#b7 ,applicable r5t 7,a7 ,9 g5]al ,! t]m applicable r5t means1 ) respect to any eligible unit = any mon?1 ! less] (-- 7i7 ! am\nt ( r5t :i* w\ld be *>g$ = a sub/antially simil> unit ) ! same numb] ( b$rooms 9 ! same build+ :i* is n an eligible unit1 or 7ii7 an am\nt equal to ! m>ket r5t /&>d = su* unit4 7,b7 ,m>ket r5t /&>d 7i7 ,9 g5]al ,! m>ket r5t /&>d ) respect to any eligible unit is-- 7,i7 ! small area fair m>ket r5t det]m9$ by ! ,secret>y ( ,h\s+ & ,urban ,developm5t = units ) ! same numb] ( b$rooms 9 ! same zip code tabulation area1 or 7,,ii7 if !re is no r5t describ$ 9 subclause 7,i7 = su* area1 ! fair m>ket r5t det]m9$ by su* ,secret>y = units ) ! same numb] ( b$rooms 9 ! same c\nty4 7ii7 ,/ate option ,a ,/ate may 9 its r5tal r$uction allocation plan provide t ! m>ket r5t /&>d = all 7or any "p7 ( a zip code tabulation area or c\nty )9 ! ,/ate %all be equal to a p]c5tage 7n less ?an #ge nor m ?an #abe7 ( ! am\nt det]m9$ "u clause 7i7 7aft] application ( clause 7iii77 = su* area or c\nty4 7iii7 ,m9imum am\nt ,not)/&+ clause 7i71 ! m>ket r5t /&>d ) respect to any eligible unit = any ye> 9 ! cr$it p]iod aft] ! fir/ ye> 9 ! cr$it p]iod = su* unit %all n be less ?an ! m>ket r5t /&>d det]m9$ = su* fir/ ye>4 7#c7 ,family r5tal paym5t requirem5ts 7,a7 ,9 g5]al ,ea* qualifi$ r5tal r$uction agreem5t ) respect to any qualifi$ build+ %all require t ! family r5tal paym5t = an eligible unit )9 su* build+ = any mon? %all be equal to ! less] (-- 7i7 #cj p]c5t ( ! mon?ly family income ( ! resid5ts ( ! unit 7z det]m9$ "u subsection 7e77#e771 or 7ii7 ! applicable r5t = su* unit4 7,b7 ,utility co/s ,any utility all[ance 7det]m9$ by ! ,secret>y 9 ! same mann] z "u section #db7;g77#b77;,b77ii77 paid by resid5ts ( an eligible unit %all be tak5 into acc\nt z r5t 9 det]m9+ ! family r5tal paym5t = su* unit = purposes ( ?is p>agraph4 7c7 ,r5tal r$uction cr$it am\nt ,= purposes ( ?is section-- 7#a7 ,det]m9ation ( am\nt 7,a7 ,9 g5]al ,! t]m r5tal r$uction cr$it am\nt means1 ) respect to any qualifi$ build+1 ! doll> am\nt :i* is allocat$ to su* build+ 7& to eligible units )9 su* build+7 "u ?is subsection4 ,su* doll> am\nt %all be allocat$ to mon?s 9 ! cr$it p]iod ) respect to su* build+ 7& su* units7 on ! basis ( ! e/imates describ$ 9 p>agraph 7#b77;,b74 7,b7 ,allocation on project basis ,9 ! case ( a project :i* includes 7or w include7 m ?an #a build+1 ! r5tal r$uction cr$it am\nt %all be ! doll> am\nt :i* is allocat$ to su* project = all build+s includ$ 9 su* project4 ,subject to ! limitation "u subsection 7e77#c77;,b71 su* am\nt %all be allocat$ among su* build+s 9 ! mann] specifi$ by ! taxpay] unless ! qualifi$ r5tal r$uction agreem5t ) respect to su* project provides = su* allocation4 7#b7 ,/ate allocation 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,c71 ea* r5tal r$uction cr$it ag5cy ( a ,/ate %all ea* cal5d> ye> allocate its portion ( ! ,/ate r5tal r$uction cr$it ceil+ to qualifi$ build+s 7& to eligible units )9 ea* su* build+7 9 accordance ) ! ,/ate r5tal r$uction allocation plan4 7,b7 ,allocations to ea* build+ ,! r5tal r$uction cr$it am\nt allocat$ to any qualifi$ build+ %all n exce$ ! aggregate qualifi$ r5tal r$uction am\nts :i* su* ag5cy e/imates w occur ov] ! cr$it p]iod = eligible units )9 su* build+1 bas$ on reasonable e/imates ( r5ts1 family incomes1 & vacancies 9 accordance ) proc$ures e/abli%$ by ! ,/ate z "p ( its ,/ate r5tal r$uction allocation plan4 7,c7 ,specific allocations 7i7 ,nonpr(it organizations ,at lea/ #be p]c5t ( ! ,/ate r5tal r$uction cr$it ceil+ = any ,/ate = any cal5d> ye> %all be allocat$ to qualifi$ build+s 9 :i* a qualifi$ nonpr(it organization 7z def9$ 9 section #db7;h77#e77;,c77 owns 7directly or ?r\gh #a or m p>tn]%ips7 an int]e/ & mat]ially p>ticipates 7)9 ! mean+ ( section #dfi7;h77 9 ! op]ation ( ! build+ ?r\gh\t ! cr$it p]iod4 ,a ,/ate may waive or l[] ! requirem5t "u ?is clause = any cal5d> ye> if x det]m9es t meet+ su* requirem5t is n feasible4 7ii7 ,rural areas 7,i7 ,9 g5]al ,! ,/ate r5tal r$uction cr$it ceil+ = any ,/ate = any cal5d> ye> %all be allocat$ to build+s 9 rural areas 7z def9$ 9 section #ebj ( ! ,h\s+ ,act ( #aidi7 9 an am\nt :i*1 z det]m9$ by ! ,secret>y ( ,h\s+ & ,urban ,developm5t1 be>s ! same ratio to su* ceil+ z ! numb] ( extremely l[-income h\seholds ) sev]e r5t burd5s 9 su* rural areas be>s to ! total numb] ( su* h\seholds 9 ! ,/ate4 7,,ii7 ,alt]native #e-ye> te/+ p]iod ,9 ! case ( ! #e-;cal5d> ye> p]iod beg9n+ 9 #bjbc1 a ,/ate %all n be treat$ z fail+ to meet ! requirem5ts ( subclause 7,i7 = any cal5d> ye> 9 su* p]iod if1 z det]m9$ by ! ,secret>y1 ! av]age annual am\nt allocat$ to su* rural areas dur+ su* p]iod meets su* requirem5ts4 7#c7 ,application ( allocat$ cr$it am\nt 7,a7 ,am\nt available to taxpay] = all mon?s 9 cr$it p]iod ,any r5tal r$uction cr$it am\nt allocat$ to any qualifi$ build+ out ( ! ,/ate r5tal r$uction cr$it ceil+ = any cal5d> ye> %all apply to su* build+ = all mon?s 9 ! cr$it p]iod end+ dur+ or aft] su* cal5d> ye>4 7,b7 ,ceil+ = allocation ye> r$uc$ by entire cr$it am\nt ,any r5tal r$uction cr$it am\nt allocat$ to any qualifi$ build+ out ( an allocat+ ag5cy's ,/ate r5tal r$uction cr$it ceil+ = any cal5d> ye> %all r$uce su* ceil+ = su* cal5d> ye> by ! entire am\nt s allocat$ = all mon?s 9 ! cr$it p]iod 7z det]m9$ on ! basis ( ! e/imates "u p>agraph 7#b77;,b77 & no r$uction %all be made 9 su* ag5cy's ,/ate r5tal r$uction cr$it ceil+ = any subsequ5t cal5d> ye> by reason ( su* allocation4 7#d7 ,/ate r5tal r$uction cr$it ceil+ 7,a7 ,9 g5]al ,! ,/ate r5tal r$uction cr$it ceil+ applicable to any ,/ate = any cal5d> ye> %all be an am\nt equal to ! sum (-- 7i7 ! great] (-- 7,i7 ! p] capita doll> am\nt multipli$ by ! ,/ate population1 or 7,,ii7 ! m9imum ceil+ am\nt1 plus 7ii7 ! am\nt ( ! ,/ate r5tal r$uction cr$it ceil+ return$ 9 ! cal5d> ye>4 7,b7 ,return ( ,/ate ceil+ am\nts ,= purposes ( subp>agraph 7,a77ii71 except z provid$ 9 subsection 7d77#b71 ! am\nt ( ! ,/ate r5tal r$uction cr$it ceil+ return$ 9 a cal5d> ye> equals ! am\nt ( ! r5tal r$uction cr$it am\nt allocat$ to any build+ :i*1 aft] ! close ( ! cal5d> ye> = :i* ! allocation is made-- 7i7 is cancel$ by mutual cons5t ( ! r5tal r$uction cr$it ag5cy & ! taxpay] because ! e/imates made "u p>agraph 7#b77;,b7 7 sub/antially incorrect1 or 7ii7 is cancel$ by ! r5tal r$uction cr$it ag5cy because ! taxpay] violates ! qualifi$ r5tal r$uction agreem5t &1 "u ! t]ms ( ! agreem5t1 ! r5tal r$uction cr$it ag5cy is au?oriz$ to cancel all 7or any portion7 ( ! allocation by reason ( ! violation4 7,c7 ,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> #bjbc1 #ab4cj1 7,,ii7 = cal5d> ye> #bjbd1 #bd4ej1 & 7,,iii7 = cal5d> ye>s #bjbe & !reaft]1 #cf4ge4 7ii7 ,m9imum ceil+ am\nt ,! m9imum ceil+ am\nt is-- 7,i7 = cal5d> ye> #bjbc1 #ad1jjj1jjj1 7,,ii7 = cal5d> ye> #bjbd1 #bh1jjj1jjj1 & 7,,iii7 = cal5d> ye>s #bjbe & !reaft]1 #db1jjj1jjj4 7iii7 ,co/-(-liv+ adju/m5t ,9 ! case ( a cal5d> ye> beg9n+ aft] #bjbe1 ! #cf4ge & #db1jjj1jjj am\nts 9 clauses 7i77,,iii7 & 7ii77,,iii7 %all ea* be increas$ by an am\nt equal to-- 7,i7 su* doll> am\nt1 multipli$ by 7,,ii7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = su* cal5d> ye> by sub/itut+ cal5d> ye> #bjbd = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 ,9 ! case ( ! #db1jjj1jjj am\nt1 any increase "u ?is clause :i* is n a multiple ( #e1jjj %all be r\nd$ to ! next l[e/ multiple ( #e1jjj & 9 ! case ( ! #cf4ge am\nt1 any increase "u ?is clause :i* is n a multiple ( #e c5ts %all be r\nd$ to ! next l[e/ multiple ( #e c5ts4 7,d7 ,population ,= purposes ( ?is p>agraph1 population %all be det]m9$ 9 accordance ) section #adf7;j74 7,e7 ,unus$ r5tal r$uction cr$it allocat$ among c]ta9 ,/ates 7i7 ,9 g5]al ,! unus$ r5tal r$uction cr$it ( a ,/ate = any cal5d> ye> %all be assign$ to ! ,secret>y = allocation among qualifi$ ,/ates = ! succe$+ cal5d> ye>4 7ii7 ,unus$ r5tal r$uction cr$it ,= purposes ( ?is subp>agraph1 ! unus$ r5tal r$uction cr$it ( a ,/ate = any cal5d> ye> is ! excess 7if any7 (-- 7,i7 ! ,/ate r5tal r$uction cr$it ceil+ = ! ye> prec$+ su* ye>1 ov] 7,,ii7 ! aggregate r5tal r$uction cr$it am\nts allocat$ = su* ye>4 7iii7 ,=mula = allocation ( unus$ cr$it among qualifi$ ,/ates ,! am\nt allocat$ "u ?is subp>agraph to a qualifi$ ,/ate = any cal5d> ye> %all be ! am\nt det]m9$ by ! ,secret>y to be> ! same ratio to ! aggregate unus$ r5tal r$uction cr$its ( all ,/ates = ! prec$+ cal5d> ye> z su* ,/ate's population = ! cal5d> ye> be>s to ! population ( all qualifi$ ,/ates = ! cal5d> ye>4 ,= purposes ( ! prec$+ s5t5ce1 population %all be det]m9$ 9 accordance ) section #adf7;j74 7iv7 ,qualifi$ ,/ate ,= purposes ( ?is subp>agraph1 ! t]m qualifi$ ,/ate means1 ) respect to a cal5d> ye>1 any ,/ate-- 7,i7 :i* allocat$ its entire ,/ate r5tal r$uction cr$it ceil+ = ! prec$+ cal5d> ye>1 & 7,,ii7 = :i* a reque/ is made 7at su* "t & 9 su* mann] z ! ,secret>y may prescribe7 to receive an allocation "u clause 7iii74 7#e7 ,o!r def9itions ,= purposes ( ?is section-- 7,a7 ,r5tal r$uction cr$it ag5cy ,! t]m r5tal r$uction cr$it ag5cy means any ag5cy au?oriz$ by a ,/ate to c>ry out ?is section4 ,su* au?orization %all include ! jurisdictions )9 ! ,/ate :]e ! ag5cy may allocate r5tal r$uction cr$it am\nts4 7,b7 ,possessions treat$ z ,/ates ,! t]m ,/ate includes a possession ( ! ,unit$ ,/ates4 7,c7 ,family ,! t]m family has ! same mean+ z :5 us$ 9 ! ,unit$ ,/ates ,h\s+ ,act ( #aicg4 7d7 ,modifications ,to correct inaccurate am\nts due to incorrect e/imates 7#a7 ,e/abli%m5t ( res]ves 7,a7 ,9 g5]al ,ea* r5tal r$uction cr$it ag5cy ( a ,/ate %all e/abli% a res]ve = ! transf] & reallocation ( am\nts pursuant to ?is p>agraph1 & not)/&+ any o!r provision ( ?is section1 ! r5tal r$uction cr$it am\nt allocat$ to any build+ by su* ag5cy %all be z]o unless su* ag5cy has 9 effect su* a res]ve at ! "t ( ! allocation ( su* cr$it am\nt4 7,b7 ,transf]s to res]ve 7i7 ,9 g5]al ,if1 = any taxable ye>1 a taxpay] w\ld 7b = ?is subp>agraph7 n be able to use ! entire r5tal r$uction cr$it am\nt allocat$ to a qualifi$ build+ by a r5tal r$uction cr$it ag5cy ( a ,/ate = ! taxable ye> because ( a r5tal r$uction %ortfall1 !n ! taxpay] %all = ! taxable ye> transf] to ! res]ve e/abli%$ by su* ag5cy "u subp>agraph 7,a7 an am\nt equal to su* r5tal r$uction %ortfall4 7ii7 ,r5tal r$uction %ortfall ,= purposes ( ?is subp>agraph1 ! r5tal r$uction %ortfall = any qualifi$ build+ = any taxable ye> is ! am\nt by :i* ! aggregate am\nt ( ! excesses det]m9$ "u subsection 7b77#a7 = all eligible units )9 su* build+ are less ?an su* aggregate am\nt e/imat$ "u subsection 7c77#b77;,b7 = ! taxable ye>4 7iii7 ,treatm5t ( transf]r$ am\nt ,= purposes ( subsection 7a77#b77;,a71 ! aggregate qualifi$ r5tal r$uction am\nts = all eligible units )9 a qualifi$ build+ ) respect to :i* clause 7i7 applies = any taxable ye> %all be increas$ by an am\nt equal to ! applicable p]c5tage 7det]m9$ "u subsection 7e77#a7 = ! build+7 ( ! am\nt ( ! transf] to ! res]ve "u clause 7i7 ) respect to su* build+ = su* taxable ye>4 7,c7 ,reallocation ( am\nts transf]r$ 7i7 ,9 g5]al ,if1 = any taxable ye>-- 7,i7 ! aggregate qualifi$ r5tal r$uction am\nts = all eligible units )9 a qualifi$ build+ = ! taxable ye>1 exce$ 7,,ii7 ! r5tal r$uction cr$it am\nt allocat$ to su* build+ by a r5tal r$uction cr$it ag5cy ( a ,/ate = ! taxable ye> 7det]m9$ aft] any increase "u p>agraph 7#b771 ! r5tal r$uction cr$it ag5cy %all1 ^u application ( ! taxpay]1 pay to ! taxpay] f ! res]ve e/abli%$ by su* ag5cy "u subp>agraph 7,a7 ! am\nt :i*1 :5 multipli$ by ! applicable p]c5tage 7det]m9$ "u subsection 7e77#a7 = ! build+71 equals su* excess4 ,if ! am\nt 9 ! res]ve is less ?an ! am\nts reque/$ by all taxpay]s = taxable ye>s end+ )9 ! same cal5d> ye>1 ! ag5cy %all ratably r$uce ! am\nt ( ea* paym5t o!rwise requir$ to be made4 7ii7 ,excess res]ve am\nts ,if a r5tal r$uction cr$it ag5cy ( a ,/ate det]m9es t ! balance 9 its res]ve is 9 excess ( ! am\nts reasonably ne$$ ov] ! foll[+ #e cal5d> ye>s to make paym5ts "u clause 7i71 ! ag5cy may )draw su* excess b only to-- 7,i7 r$uce ! r5tal paym5ts ( eligible t5ants 9 a qualifi$ build+ 9 units o!r ?an eligible units1 or ( eligible t5ants 9 units 9 a build+ o!r ?an a qualifi$ build+1 to am\nts no high] ?an ! sum ( r5tal paym5ts requir$ = eligible t5ants 9 qualifi$ build+s "u subsection 7b77#c7 & any r5tal *>ges to su* t5ants 9 excess ( ! m>ket r5t /&>d2 or 7,,ii7 address ma9t5ance & repair ne$s 9 qualifi$ build+s t _c reasonably be met us+ o!r res\rces available to ! own]s ( su* build+s4 7,d7 ,adm9i/ration ,ea* r5tal r$uction cr$it ag5cy ( a ,/ate %all e/abli% proc$ures = ! tim+ & mann] ( transf]s & paym5ts made "u ?is p>agraph4 7,e7 ,special rule = projects ,9 ! case ( a r5tal r$uction cr$it allocat$ to a project consi/+ ( m ?an #a qualifi$ build+1 a taxpay] may elect to h ?is p>agraph apply z if all su* build+s 7 #a qualifi$ build+ if ! applicable p]c5tage = ea* su* build+ is ! same4 7,f7 ,alt]native me?ods ( transf] & reallocation ,^u reque/ to1 & approval by1 ! ,secret>y1 a ,/ate may e/abli% an alt]native me?od = ! transf] & reallocation ( am\nts o!rwise requir$ to be transf]r$ to1 & allocat$ f1 a res]ve "u ?is p>agraph4 ,any ,/ate adopt+ an alt]native me?od "u ?is subp>agraph %all1 at su* "t & 9 su* mann] z ! ,secret>y prescribes1 provide to ! ,secret>y & ! ,secret>y ( ,h\s+ & ,urban ,developm5t detail$ reports on ! op]ation ( su* me?od1 includ+ provid+ su* in=mation z su* ,secret>ies may require4 7#b7 ,allocation ( return$ ,/ate ceil+ am\nts ,9 ! case ( any r5tal r$uction cr$it am\nt allocat$ to a qualifi$ build+ :i* is cancel$ z provid$ 9 subsection 7c77#d77;,b77i71 ! r5tal r$uction cr$it ag5cy may1 9 lieu ( treat+ su* allocation z a return$ cr$it am\nt "u subsection 7c77#d77;,a77ii71 elect to allocate1 ^u ! reque/ ( ! taxpay]1 su* am\nt to any o!r qualifi$ build+ = :i* ! cr$it am\nt allocat$ 9 any prec$+ cal5d> ye> 0 too small because ! e/imates made "u subsection 7c77#b77;,b7 7 sub/antially incorrect4 7#c7 ,r5t+ to noneligible t5ants ,if1 aft] ! application ( p>agraphs 7#a77;,c7 7or any simil> reallocation "u p>agraph 7#a77;,f77 & 7#b71 a r5tal r$uction cr$it ag5cy ( a ,/ate det]m9es t1 because ( ! incorrect e/imates "u subsection 7c77#b77;,b71 ! aggregate qualifi$ r5tal r$uction am\nts = all eligible units )9 a qualifi$ build+ w 7on an ongo+ basis7 exce$ ! r5tal r$uction cr$it am\nt allocat$ to su* build+1 a taxpay] may elect1 subject to subsection 7g77#b7 & only to ! ext5t necess>y to elim9ate su* excess1 r5t vacant eligible units )\t reg>d to ! requirem5ts t su* units be r5t$ only to eligible t5ants & at ! r5tal rate det]m9$ "u subsection 7b77#c74 7e7 ,t]ms relat+ to r5tal r$uction cr$it & requirem5ts ,= purposes ( ?is section-- 7#a7 ,applicable p]c5tage 7,a7 ,9 g5]al ,! t]m applicable p]c5tage means1 ) respect to any qualifi$ build+1 ! p]c5tage 7n great] ?an #aaj p]c5t7 set by ! r5tal r$uction cr$it ag5cy at ! "t x allocates ! r5tal r$uction doll> am\nt to su* build+4 7,b7 ,high] p]c5tage = high-opportunity areas ,! r5tal r$uction cr$it ag5cy may set a p]c5tage "u subp>agraph 7,a7 up to #abj p]c5t = any qualifi$ build+ :i*-- 7i7 t>gets its eligible units = r5tal to families ) *ildr51 & 7ii7 is locat$ 9 a neighborhood :i* has a pov]ty rate ( no m ?an #aj p]c5t4 7#b7 ,cr$it p]iod 7,a7 ,9 g5]al ,! t]m cr$it p]iod means1 ) respect to any qualifi$ build+1 ! #ae-ye> p]iod beg9n+ ) ! fir/ mon? = :i* ! qualifi$ r5tal r$uction agreem5t is 9 effect ) respect to su* build+4 7,b7 ,/ate option to r$uce p]iod ,a r5tal r$uction cr$it ag5cy may provide a cr$it p]iod = any qualifi$ build+ :i* is less ?an #ae ye>s4 7#c7 ,eligible unit 7,a7 ,9 g5]al ,! t]m eligible unit means1 ) respect to any qualifi$ build+1 a unit-- 7i7 :i* is occupi$ by an eligible t5ant1 7ii7 ! r5t ( :i* = any mon? equals #cj p]c5t ( ! mon?ly family income ( ! resid5ts ( su* unit 7z det]m9$ "u p>agraph 7#e771 7iii7 ) respect to :i* ! t5ant is n concurr5tly receiv+ r5tal assi/ance "u any o!r ,f$]al program1 & 7iv7 :i* is c]tifi$ to ! r5tal r$uction cr$it ag5cy z an eligible unit = purposes ( ?is section & ! qualifi$ r5tal r$uction agreem5t4 ,not)/&+ clause 7iii71 a ,/ate may provide 9 its ,/ate r5tal r$uction allocation plan t an eligible unit %all also n include a unit ) respect to :i* any resid5t is receiv+ r5tal assi/ance "u a ,/ate or local program4 7,b7 ,limitation on numb] ( units 7i7 ,9 g5]al ,! numb] ( units :i* may be c]tifi$ z eligible units ) respect to any qualifi$ build+ "u subp>agraph 7,a77iv7 at any "t %all n exce$ ! great] (-- 7,i7 #dj p]c5t ( ! total units 9 su* build+1 or 7,,ii7 #be units4 ,9 ! case ( an allocation to a project "u subsection 7c77#a77;,b71 ! limitation "u ! prec$+ s5t5ce %all be appli$ on a project basis & ! c]tification ( su* eligible units %all be allocat$ to ea* build+ 9 ! project1 except t if build+s 9 su* project are on non-contigu\s tracts ( l&1 build+s on ea* su* tract %all be treat$ z a sep>ate project = purposes ( apply+ ?is s5t5ce4 7ii7 ,build+s receiv+ previ\s ,f$]al r5tal assi/ance ,if1 at any "t prior to ! ent]+ into ( a qualifi$ r5tal r$uction agreem5t ) respect to a qualifi$ build+1 t5ants 9 units )9 su* build+ _h be5 receiv+ project-bas$ r5tal assi/ance "u any o!r ,f$]al program1 !n1 not)/&+ clause 7i71 ! maximum numb] ( units :i* may be c]tifi$ z eligible units ) respect to ! build+ "u subp>agraph 7,a77iv7 %all n be less ?an ! sum (-- 7,i7 ! maximum numb] ( units 9 ! build+ previ\sly receiv+ su* assi/ance at any "t be=e ! agreem5t takes effect1 plus 7,,ii7 ! am\nt det]m9$ "u clause 7i7 )\t tak+ into acc\nt ! units describ$ 9 subclause 7,i74 7#d7 ,eligible t5ant 7,a7 ,9 g5]al ,! t]m eligible t5ant means any individual if ! individual's family income does n exce$ ! great] (-- 7i7 #cj p]c5t ( ! area m$ian gross income 7z det]m9$ "u section #db7;g77#a771 or 7ii7 ! applicable pov]ty l9e = a family ( ! size involv$4 7,b7 ,treatm5t ( individuals ^: incomes rise above limit 7i7 ,9 g5]al ,not)/&+ an increase 9 ! family income ( resid5ts ( a unit above ! income limitation applicable "u subp>agraph 7,a71 su* resid5ts %all cont9ue to be treat$ z eligible t5ants if ! family income ( su* resid5ts initially met su* income limitation & su* unit cont9ues to be c]tifi$ z an eligible unit "u ?is section4 7ii7 ,no r5tal r$uction = at lea/ #b ye>s ,a qualifi$ r5tal r$uction agreem5t ) respect to a qualifi$ build+ %all provide t if1 by reason ( an increase 9 family income describ$ 9 clause 7i71 !re is no qualifi$ r5tal r$uction am\nt ) respect to ! dwell+ unit = #b consecutive ye>s1 ! taxpay] %all r5t ! next available unit to an eligible t5ant 7)\t reg>d to :e!r su* unit is an eligible unit "u ?is section74 7,c7 ,applicable pov]ty l9e ,! t]m applicable pov]ty l9e means ! mo/ rec5tly publi%$ pov]ty l9e 7)9 ! mean+ ( section #baaj7;c77#e7 ( ! ,social ,security ,act 7#db ,u4,s4,c4 #acig;jj7c77#e777 z ( ! "t ( ! det]m9ation z to :e!r an individual is an eligible t5ant4 7#e7 ,family income 7,a7 ,9 g5]al ,family income %all be det]m9$ 9 ! same mann] z "u section #h ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg4 7,b7 ,"t = det]m9+ income 7i7 ,9 g5]al ,except z provid$ 9 ?is subp>agraph1 family income %all be det]m9$ at lea/ annually on ! basis ( income = ! prec$+ cal5d> ye>4 7ii7 ,families on fix$ income ,if at lea/ #ij p]c5t ( ! family income ( ! resid5ts ( a unit at ! "t ( any det]m9ation "u clause 7i7 is d]iv$ f paym5ts "u title ,,ii or ,,xvi ( ! ,social ,security ,act 7or any simil> fix$ income am\nts specifi$ by ! ,secret>y71 ! taxpay] may elect to treat su* paym5ts 7or am\nts7 z ! family income ( su* resid5ts = ! ye> ( ! det]m9ation & ! #b succe$+ ye>s1 except t ! taxpay] %all1 9 su* mann] z ! ,secret>y may prescribe1 adju/ su* am\nt = increases 9 ! co/ ( liv+4 7iii7 ,initial income ,! ,secret>y may all[ a ,/ate to provide t ! family income ( resid5ts at ! "t su* resid5ts fir/ r5t a unit 9 a qualifi$ build+ may be det]m9$ on ! basis ( curr5t or anticipat$ income4 7iv7 ,special rules :]e family income is r$uc$ ,if resid5ts ( a unit e/abli% 79 su* mann] z ! r5tal r$uction cr$it ag5cy provides7 t _! family income has be5 r$uc$ by at lea/ #aj p]c5t bel[ su* income = ! det]m9ation ye>-- 7,i7 su* resid5ts may elect1 at su* "t & 9 su* mann] z su* ag5cy may prescribe1 to h _! family income r$et]m9$1 & 7,,ii7 clause 7ii7 %all n apply to any ( ! #b succe$+ ye>s describ$ 9 su* clause :i* are specifi$ 9 ! election4 7f7 ,/ate r5tal r$uction allocation plan 7#a7 ,adoption ( plan requir$ 7,a7 ,9 g5]al ,= purposes ( ?is section-- 7i7 ea* ,/ate %all1 be=e ! allocation ( its ,/ate r5tal r$uction cr$it ceil+1 e/abli% & h 9 effect a ,/ate r5tal r$uction allocation plan1 & 7ii7 not)/&+ any o!r provision ( ?is section1 ! r5tal r$uction cr$it am\nt allocat$ to any build+ %all be z]o unless su* am\nt 0 allocat$ pursuant to a ,/ate r5tal r$uction allocation plan4 ,su* plan %all only be adopt$ aft] su* plan is made public & at lea/ #fj days has be5 all[$ = public comm5t4 7,b7 ,/ate r5tal r$uction allocation plan ,= purposes ( ?is section1 ! t]m ,/ate r5tal r$uction allocation plan means1 ) respect to any ,/ate1 any plan ( ! ,/ate meet+ ! requirem5ts ( p>agraphs 7#b7 & 7#c74 7#b7 ,g5]al plan requirem5ts ,a plan %all meet ! requirem5ts ( ?is p>agraph only if-- 7,a7 ! plan sets =? ! crit]ia & priorities :i* a r5tal r$uction cr$it ag5cy ( ! ,/ate %all use 9 allocat+ ! ,/ate r5tal r$uction cr$it ceil+ to eligible units )9 a build+1 7,b7 ! plan provides t no cr$it allocation %all be made :i* is n 9 accordance ) ! crit]ia & priorities set =? "u subp>agraph 7,a7 unless su* ag5cy provides a writt5 explanation to ! g5]al public = any cr$it allocation :i* is n s made & ! reasons :y su* allocation is necess>y1 & 7,c7 ! plan provides t su* ag5cy is requir$ to prioritize ! r5ewal ( exi/+ cr$it allocations at ! "t ( ! expiration ( ! qualifi$ r5tal r$uction agreem5t ) respect to ! allocation1 includ+1 :]e appropriate1 a commitm5t )9 a qualifi$ r5tal r$uction agreem5t t ! cr$it allocation w be r5ew$ if ! t]ms ( ! agreem5t h be5 met & suffici5t new cr$it au?ority is available4 7#c7 ,specific requirem5ts ,a plan %all meet ! requirem5ts ( ?is p>agraph only if-- 7,a7 ! plan provides me?ods = det]m9+-- 7i7 ! am\nt ( r5t :i* w\ld be *>g$ = a sub/antially simil> unit 9 ! same build+ :i* is n an eligible unit = purposes ( subsection 7b77#b77;,a77i71 includ+ :e!r su* det]m9ation may be made by self-c]tification or by und]tak+ r5t reasonabl5ess assessm5ts simil> to assessm5ts requir$ "u section #h7o77#aj7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7o77#aj771 7ii7 ! qualifi$ r5tal r$uction am\nts "u subsection 7c77#b77;,b71 & 7iii7 ! applicable p]c5tage "u subsection 7e77#a71 7,b7 ! plan provides a proc$ure t ! r5tal r$uction cr$it ag5cy 7or an ag5t or o!r private contractor ( su* ag5cy7 w foll[ 9 monitor+ =-- 7i7 noncompliance ) ! provisions ( ?is section & ! qualifi$ r5tal r$uction agreem5t & 9 notify+ ! ,int]nal ,rev5ue ,s]vice ( any su* noncompliance ( :i* su* ag5cy becomes aw>e1 & 7ii7 noncompliance ) habitability /&>ds ?r\gh regul> site visits1 7,c7 ! plan requires a p]son receiv+ a cr$it allocation to report to ! r5tal r$uction cr$it ag5cy su* in=mation z is necess>y to ensure compliance ) ! provisions ( ?is section & ! qualifi$ r5tal r$uction agreem5t1 & 7,d7 ! plan provides me?ods by :i* any excess res]ve am\nts :i* become available "u subsection 7d77#a77;,c77ii7 w be us$ to r$uce r5tal paym5ts ( eligible t5ants or to address ma9t5ance & repair ne$s 9 qualifi$ build+s1 includ+ h[ su* assi/ance w be allocat$ among eligible t5ants & qualifi$ build+s4 7g7 ,qualifi$ r5tal r$uction agreem5t ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m qualifi$ r5tal r$uction agreem5t means1 ) respect to any build+ :i* is resid5tial r5tal prop]ty 7z def9$ 9 section #afh7;e77#b77;,a771 a writt51 b9d+ agreem5t betwe5 a r5tal r$uction cr$it ag5cy & ! taxpay] :i* specifies-- 7,a7 ! numb] ( eligible units )9 su* build+ = :i* a r5tal r$uction cr$it am\nt is be+ allocat$1 7,b7 ! cr$it p]iod = su* build+1 7,c7 ! r5tal r$uction cr$it am\nt allocat$ to su* build+ 7& dwell+ units )9 su* build+7 & ! portion ( su* am\nt allocat$ to ea* mon? )9 ! cr$it p]iod "u subsection 7c77#b77;,b71 7,d7 ! applicable p]c5tage to be us$ 9 comput+ ! qualifi$ r5tal r$uction am\nts ) respect to ! build+1 7,e7 ! me?od = det]m9+ ! am\nt ( r5t :i* may be *>g$ = eligible units )9 ! build+1 & 7,f7 :e!r-- 7i7 ! ag5cy commits to ent]+ into a new agreem5t ) ! taxpay] if ! t]ms ( ! agreem5t h be5 met & suffici5t new cr$it au?ority is available = su* new agreem5t1 & 7ii7 ! taxpay] is requir$ to accept su* new agreem5t4 7#b7 ,t5ant protections ,a qualifi$ r5tal r$uction agreem5t %all provide ! foll[+3 7,a7 ,non-displacem5t ( non-eligible t5ants ,a taxpay] receiv+ a r5tal r$uction cr$it am\nt may n refuse to r5ew ! lease ( or evict 7o!r ?an = good cause7 a t5ant ( a unit :o is n an eligible t5ant at any "t dur+ ! cr$it p]iod & su* unit %all n be treat$ z an eligible unit :ile su* t5ant resides !re4 7,b7 ,only good cause evictions ( eligible t5ants ,a taxpay] receiv+ a r5tal r$uction cr$it am\nt may n refuse to r5ew ! lease ( or evict 7o!r ?an = good cause7 an eligible t5ant ( an eligible unit4 7,c7 ,mobility ,a taxpay] receiv+ a r5tal r$uction cr$it am\nt %all-- 7i7 give priority to r5t any available unit ( suitable size to t5ants :o are eligible t5ants :o are mov+ f ano!r qualifi$ build+ :]e su* t5ants _h liv$ at lea/ #a ye> & 7 9 good /&+1 & 7ii7 in=m eligible t5ants )9 ! build+ ( _! "r to move aft] #a ye> & provide a li/ ma9ta9$ by ! ,/ate ( qualifi$ build+s :]e su* t5ants might move4 7iii7 ,fair h\s+ & civil rights ,if a taxpay] receives a r5tal r$uction cr$it am\nt-- 7,i7 su* taxpay] %all comply ) ! ,fair ,h\s+ ,act ) respect to ! build+1 & 7,,ii7 ! receipt ( su* am\nt %all be treat$ z ! receipt ( ,f$]al f9ancial assi/ance = purposes ( apply+ any ,f$]al civil rights laws4 7iv7 ,admissions pref]5ces ,a taxpay] receiv+ a r5tal r$uction cr$it am\nt %all comply ) any admissions pref]5ces e/abli%$ by ! ,/ate = t5ants )9 p>ticul> demographic gr\ps eligible = heal? or social s]vices4 7#c7 ,compliance requirem5ts ,a qualifi$ r5tal r$uction agreem5t %all provide t a taxpay] receiv+ a r5tal r$uction cr$it am\nt %all comply ) all report+ & o!r proc$ures e/abli%$ by ! ,/ate to ensure compliance ) ?is section & su* agreem5t4 7#d7 ,projects ,9 ! case ( a r5tal r$uction cr$it allocat$ to a project consi/+ ( m ?an #a build+1 ! r5tal r$uction cr$it ag5cy may provide = a s+le qualifi$ r5tal r$uction agreem5t :i* applies to all build+s :i* are "p ( su* project4 7h7 ,c]tifications & o!r reports to ,secret>y 7#a7 ,c]tification ) respect to #a/ ye> ( cr$it p]iod ,foll[+ ! close ( ! #a/ taxable ye> 9 ! cr$it p]iod ) respect to any qualifi$ build+1 ! taxpay] %all c]tify to ! ,secret>y 7at su* "t & 9 su* =m & 9 su* mann] z ! ,secret>y prescribes7-- 7,a7 ! in=mation describ$ 9 subsection 7g77#a7 requir$ to be conta9$ 9 ! qualifi$ r5tal r$uction agreem5t ) respect to ! build+1 & 7,b7 su* o!r in=mation z ! ,secret>y may require4 ,9 ! case ( a failure to make ! c]tification requir$ by ! prec$+ s5t5ce on ! date prescrib$ !re=1 unless x is %[n t su* failure is due to reasonable cause & n to willful neglect1 no cr$it %all be all[able by reason ( subsection 7a7 ) respect to su* build+ = any taxable ye> end+ be=e su* c]tification is made4 7#b7 ,annual reports to ! ,secret>y ,! ,secret>y may require taxpay]s to submit an in=mation return 7at su* "t & 9 su* =m & mann] z ! ,secret>y prescribes7 = ea* taxable ye> sett+ =?-- 7,a7 ! in=mation describ$ 9 p>agraph 7#a77;,a7 = ! taxable ye>1 & 7,b7 su* o!r in=mation z ! ,secret>y may require4 ,! p5alty "u section #ffeb7;j7 %all apply to any failure to submit ! return requir$ by ! ,secret>y "u ! prec$+ s5t5ce on ! date prescrib$ !re=4 7#c7 ,annual reports f r5tal r$uction cr$it ag5cy 7,a7 ,reports ,ea* r5tal r$uction cr$it ag5cy :i* allocates any r5tal r$uction cr$it am\nt to #a or m build+s = any cal5d> ye> %all submit to ! ,secret>y 7at su* "t & 9 su* mann] z ! ,secret>y %all prescribe7 an annual report specify+-- 7i7 ! am\nt ( r5tal r$uction cr$it am\nts allocat$ to ea* su* build+ = su* ye>1 7ii7 suffici5t in=mation to id5tify ea* su* build+ & ! taxpay] ) respect !reto1 7iii7 in=mation z to ! demographic & income *>act]i/ics ( eligible t5ants ( all su* build+s to :i* su* am\nts 7 allocat$1 & 7iv7 su* o!r in=mation z ! ,secret>y may require4 7,b7 ,p5alty ,! p5alty "u section #ffeb7;j7 %all apply to any failure to submit ! report requir$ by subp>agraph 7,a7 on ! date prescrib$ !re=4 7,c7 ,in=mation made public ,! ,secret>y %all1 9 consultation ) ,secret>y ( ,h\s+ & ,urban ,developm5t1 make in=mation report$ "u ?is p>agraph = ea* qualifi$ build+ available to ! public annually to ! greate/ degree possible )\t disclos+ p]sonal in=mation ab\t individual t5ants4 7i7 ,special rule = paym5ts to p>tn]%ips & ,s corporations ,= purposes ( ?is subtitle1 9 ! case ( any qualifi$ build+ directly held by any p>tn]%ip or ,s corporation1 ! paym5t "u section #fdcd %all be made 9 lieu ( ! cr$it det]m9$ "u ?is section ) respect to su* build+4 7j7 ,regulations & guidance ,! ,secret>y %all prescribe su* regulations or guidance z may be necess>y to c>ry out ! purposes ( ?is section1 includ+-- 7#a7 provid+ necess>y =ms & in/ructions1 & 7#b7 provid+ = prop] treatm5t ( projects = :i* a cr$it is all[$ bo? "u ?is section & section #db4 4 7b7 ,paym5t to p>tn]%ips & ,s corporations 9 lieu ( cr$it 7#a7 ,9 g5]al ,sub*apt] ,b ( *apt] #fe ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #fdcd4 ,paym5ts 9 lieu ( r5t]s cr$it = p>tn]%ips & ,s corporations 7a7 ,9 g5]al ,9 ! case ( any qualifi$ build+ 7z def9$ 9 section #cf;,c7a77#c77 directly held by any p>tn]%ip or ,s corporation1 ! ,secret>y %all pay to su* p>tn]%ip or ,s corporation = any taxable ye> an am\nt equal to ! am\nt ( ! cr$it :i*1 b = section #cf;,c7i71 w\ld be all[$ "u section #cf;,c ) respect to su* build+4 7b7 ,regulatory au?ority ,! ,secret>y %all prescribe su* regulations1 rules1 & guidance z may be necess>y to c>ry out section #cf;,c7i71 section #ib1 & ?is section1 includ+ regulations1 rules1 & guidance provid+ =-- 7#a7 ! application ( ! rules "u section #cf;,c ) respect to paym5ts "u ?is section 9 ! same mann] z su* rules apply = purposes ( ! cr$it "u section #cf;,c1 7#b7 ! "t & mann] ( paym5ts "u subsection 7a71 & 7#c7 ! det]m9ation ( a p>tn]'s di/ributive %>e1 or an ,s corporation %>ehold]'s pro rata %>e1 ( any paym5t "u subsection 7a74 4 7#b7 ,con=m+ am5dm5t ,! table ( sections = sub*apt] ,b ( *apt] #fe ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #fdcd4 ,paym5ts 9 lieu ( r5t]s cr$it = p>tn]%ips & ,s corporations4 4 7c7 ,cr$it includible 9 gross income 7#a7 ,9 g5]al ,"p ,,ii ( sub*apt] ,b ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #ib4 ,inclusion 9 income ( r5t]s cr$it & paym5ts ,gross income includes ! am\nt ( ! cr$it all[$ to ! taxpay] "u section #cf;,c = ! taxable ye> & ! am\nt ( any paym5t 9 lieu ( su* cr$it "u section #fdcd4 4 7#b7 ,income disreg>d$ = alt]native m9imum taxable income ,section #ef7;a7 ( su* ,code is am5d$ by add+ at ! end ! foll[+3 7#h7 ,section #ib n applicable ,section #ib 7relat+ to inclusion 9 income ( r5t]s cr$it7 %all n apply4 4 7#c7 ,con=m+ am5dm5t ,! table ( sections = "p ,,ii ( sub*apt] ,b ( *apt] #a ( su* ,code is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #ib4 ,inclusion 9 income ( r5t]s cr$it & paym5ts4 4 7d7 ,adm9i/rative fees ,no provision (1 or am5dm5t made by1 ?is ,act %all be con/ru$ to prev5t a r5tal r$uction cr$it ag5cy ( a ,/ate f impos+ fees to cov] its co/s or f levy+ any su* fee on a taxpay] apply+ = or receiv+ a r5tal r$uction cr$it am\nt4 7e7 ,o!r con=m+ am5dm5ts 7#a7 ,section #fbaa7;b77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ #cf;,c 7includ+ any relat$ paym5t "u section #fdcd71 aft] #cf;,b14 7#b7 ,p>agraph 7#b7 ( section #acbd7;b7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ #cf;,c 7includ+ any relat$ paym5t "u section #fdcd71 aft] #cf;,b14 7#c7 ,! table ( sections = subp>t ,c ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] ! item relat+ to section #cf;,b ! foll[+ new item3 ,sec4 #cf;,c4 ,r5t]s cr$it4 4 7f7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbb4 #bac4 ,middle-income h\s+ tax cr$it 7a7 ,9 g5]al ,subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #db ! foll[+ new section3 #db;,a4 ,middle-income h\s+ cr$it 7a7 ,9 g5]al ,= purposes ( section #ch1 ! am\nt ( ! middle-income h\s+ cr$it det]m9$ "u ?is section = any taxable ye> 9 ! cr$it p]iod %all be an am\nt equal to-- 7#a7 ! applicable p]c5tage1 ( 7#b7 ! qualifi$ basis ( ea* qualifi$ middle-income build+4 7b7 ,applicable p]c5tage 7#a7 ,det]m9ation ( applicable p]c5tage ,= purposes ( ?is section-- 7,a7 ,9 g5]al ,! t]m applicable p]c5tage means1 ) respect to any build+1 ! appropriate p]c5tage prescrib$ by ! ,secret>y = ! e>li] (-- 7i7 ! mon? 9 :i* su* build+ is plac$ 9 s]vice1 or 7ii7 at ! election ( ! taxpay]1 ! mon? 9 :i* ! taxpay] & ! h\s+ cr$it ag5cy ent] into an agreem5t ) respect to su* build+ 7:i* is b9d+ on su* ag5cy1 ! taxpay]1 & all successors 9 int]e/7 z to ! h\s+ cr$it doll> am\nt to be allocat$ to su* build+4 ,a mon? may be elect$ "u clause 7ii7 only if ! election is made n lat] ?an ! #e? day aft] ! close ( su* mon?4 ,su* an election1 once made1 %all be irrevocable4 7,b7 ,me?od ( prescrib+ p]c5tages ,! p]c5tages prescrib$ by ! ,secret>y = any mon? %all be p]c5tages :i* w yield ov] a #ae-ye> p]iod am\nts ( cr$it "u subsection 7a7 :i* h a pres5t value equal to-- 7i7 #ej p]c5t ( ! qualifi$ basis ( a new build+ :i* is n ,f$]ally subsidiz$ = ! taxable ye>1 & 7ii7 #bj p]c5t ( ! qualifi$ basis ( a build+ n describ$ 9 clause 7i74 7,c7 ,me?od ( disc\nt+ ,! pres5t value "u subp>agraph 7,b7 %all be det]m9$-- 7i7 z ( ! la/ day ( ! #a/ ye> ( ! #ae-ye> p]iod ref]r$ to 9 subp>agraph 7,b71 7ii7 by us+ a disc\nt rate equal to #gb p]c5t ( ! av]age ( ! annual ,f$]al mid-t]m rate & ! annual ,f$]al long-t]m rate applicable "u section #abgd7;d77#a7 to ! mon? applicable "u clause 7i7 or 7ii7 ( subp>agraph 7,a7 & comp\nd$ annually1 & 7iii7 by assum+ t ! cr$it all[able "u ?is section = any ye> is receiv$ on ! la/ day ( su* ye>4 7#b7 ,m9imum cr$it rate 7,a7 ,9 g5]al ,! applicable p]c5tage = any build+ :i* is n ,f$]ally subsidiz$ = ! taxable ye> %all n be less ?an #e p]c5t4 7,b7 ,m9imum cr$it rate = ,f$]ally subsidiz$ build+s ,9 ! case ( any build+ to :i* subp>agraph 7,a7 does n apply1 except z provid$ 9 p>agraph 7#c71 ! applicable p]c5tage %all n be less ?an #b p]c5t4 7#c7 ,exception = c]ta9 ,f$]ally subsidiz$ build+s ,9 ! case ( any build+ to :i* p>agraph 7#b77;,a7 does n apply1 ! applicable p]c5tage is z]o unless-- 7,a7 a cr$it is all[$ "u section #db ) respect to su* build+ = ! taxable ye>1 & 7,b7 su* build+ is f9anc$ by tax-exempt bonds z describ$ 9 section #db7;h77#d74 7#d7 ,cross ref]5ces 7,a7 ,= treatm5t ( c]ta9 rehabilitation exp5ditures z sep>ate new build+s1 see subsection 7e74 7,b7 ,= det]m9ation ( applicable p]c5tage = increases 9 qualifi$ basis aft] ! #a/ ye> ( ! cr$it p]iod1 see subsection 7f77#c74 7,c7 ,= au?ority ( h\s+ cr$it ag5cy to limit applicable p]c5tage & qualifi$ basis :i* may be tak5 into acc\nt "u ?is section ) respect to any build+1 see subsection 7h77#f74 7c7 ,qualifi$ basis2 qualifi$ middle-,income build+ ,= purposes ( ?is section-- 7#a7 ,qualifi$ basis 7,a7 ,det]m9ation ,! qualifi$ basis ( any qualifi$ middle-income build+ = any taxable ye> is an am\nt equal to-- 7i7 ! applicable fraction 7det]m9$ z ( ! close ( su* taxable ye>7 ( 7ii7 ! eligible basis ( su* build+ 7det]m9$ "u subsection 7d774 7,b7 ,applicable fraction ,= purposes ( subp>agraph 7,a71 ! t]m applicable fraction means ! small] ( ! unit fraction or ! floor space fraction4 7,c7 ,unit fraction ,= purposes ( subp>agraph 7,b71 ! t]m unit fraction means ! fraction-- 7i7 ! num]ator ( :i* is ! numb] ( middle-income units 9 ! build+1 & 7ii7 ! d5om9ator ( :i* is ! numb] ( resid5tial r5tal units 7:e!r or n occupi$7 9 su* build+4 7,d7 ,floor space fraction ,= purposes ( subp>agraph 7,b71 ! t]m floor space fraction means ! fraction-- 7i7 ! num]ator ( :i* is ! total floor space ( ! middle-income units 9 su* build+1 & 7ii7 ! d5om9ator ( :i* is ! total floor space ( ! resid5tial r5tal units 7:e!r or n occupi$7 9 su* build+4 7#b7 ,qualifi$ middle-income build+ ,! t]m qualifi$ middle-income build+ means any build+ :i* is "p ( a qualifi$ middle-income h\s+ project at all times dur+ ! p]iod-- 7,a7 beg9n+ on ! #a/ day 9 ! cr$it p]iod on :i* su* build+ is "p ( su* a project1 & 7,b7 end+ on ! la/ day ( ! cr$it p]iod ) respect to su* build+4 7d7 ,eligible basis ,= purposes ( ?is section-- 7#a7 ,new build+s ,! eligible basis ( a new build+ is its adju/$ basis z ( ! close ( ! #a/ taxable ye> ( ! cr$it p]iod4 7#b7 ,exi/+ build+s 7,a7 ,9 g5]al ,! eligible basis ( an exi/+ build+ is-- 7i7 9 ! case ( a build+ :i* meets ! requirem5ts ( subp>agraph 7,b71 its adju/$ basis z ( ! close ( ! #a/ taxable ye> ( ! cr$it p]iod1 & 7ii7 z]o 9 any o!r case4 7,b7 ,requirem5ts ,a build+ meets ! requirem5ts ( ?is subp>agraph if-- 7i7 ! build+ is acquir$ by pur*ase 7z def9$ 9 section #agi7;d77#b771 7ii7 !re is a p]iod ( at lea/ #aj ye>s betwe5 ! date ( its acquisition by ! taxpay] & ! date ! build+ 0 la/ plac$ 9 s]vice1 7iii7 ! build+ 0 n previ\sly plac$ 9 s]vice by ! taxpay] or by any p]son :o 0 a relat$ p]son ) respect to ! taxpay] z ( ! "t previ\sly plac$ 9 s]vice1 & 7iv7 except z provid$ 9 subsection 7f77#e71 a cr$it is all[able "u subsection 7a7 by reason ( subsection 7e7 ) respect to ! build+4 7,c7 ,adju/$ basis ,= purposes ( subp>agraph 7,a71 ! adju/$ basis ( any build+ %all n include s mu* ( ! basis ( su* build+ z is det]m9$ by ref]5ce to ! basis ( o!r prop]ty held at any "t by ! p]son acquir+ ! build+4 7,d7 ,special rules 7i7 ,special rules = c]ta9 transf]s ,= purposes ( det]m9+ "u subp>agraph 7,b77ii7 :5 a build+ 0 la/ plac$ 9 s]vice1 !re %all n be tak5 into acc\nt any placem5t 9 s]vice-- 7,i7 9 connection ) ! acquisition ( ! build+ 9 a transaction 9 :i* ! basis ( ! build+ 9 ! h&s ( ! p]son acquir+ x is det]m9$ 9 :ole or 9 "p by ref]5ce to ! adju/$ basis ( su* build+ 9 ! h&s ( ! p]son f :om acquir$1 7,,ii7 by a p]son ^: basis 9 su* build+ is det]m9$ "u section #ajad7;a7 7relat+ to prop]ty acquir$ f a dec$5t71 7,,iii7 by any gov]nm5tal unit or qualifi$ nonpr(it organization if ! requirem5ts ( subp>agraph 7,b77ii7 are met ) respect to ! placem5t 9 s]vice by su* unit or organization & all ! income f su* prop]ty is exempt f ,f$]al income taxation1 7,,iv7 by any p]son :o acquir$ su* build+ by =eclosure 7or by in/rum5t 9 lieu ( =eclosure7 ( any pur*ase-money security int]e/ held by su* p]son if ! requirem5ts ( subp>agraph 7,b77ii7 are met ) respect to ! placem5t 9 s]vice by su* p]son & su* build+ is resold )9 #ab mon?s aft] ! date su* build+ is plac$ 9 s]vice by su* p]son aft] su* =eclosure1 or 7,v7 ( a s+le-family resid5ce by any individual :o own$ & us$ su* resid5ce = no o!r purpose ?an z 8 pr9cipal resid5ce4 7ii7 ,relat$ p]son ,= purposes ( subp>agraph 7,b77iii71 a p]son 7h]e9aft] 9 ?is subclause ref]r$ to z ! relat$ p]son7 is relat$ to any p]son if ! relat$ p]son be>s a relation%ip to su* p]son specifi$ 9 section #bfg7;b7 or #gjg7;b77#a71 or ! relat$ p]son & su* p]son are engag$ 9 trades or bus9esses "u common control 7)9 ! mean+ ( subsections 7a7 & 7b7 ( section #eb74 7#c7 ,special rules relat+ to det]m9ation ( adju/$ basis ,= purposes ( ?is subsection-- 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ! adju/$ basis ( any build+ %all be det]m9$ )\t reg>d to ! adju/$ basis ( any prop]ty :i* is n resid5tial r5tal prop]ty4 7,b7 ,basis ( prop]ty 9 common areas1 etc41 includ$ 7i7 ,9 g5]al ,except z provid$ 9 clause 7ii71 ! adju/$ basis ( any build+ %all be det]m9$ by tak+ into acc\nt ! adju/$ basis ( prop]ty 7( a "* subject to ! all[ance = depreciation7 us$ 9 common areas or provid$ z comp>able am5ities to all resid5tial r5tal units 9 su* build+4 7ii7 ,special rule ,9 ! case ( any build+ = :i* ! l[-income h\s+ tax cr$it is all[able "u section #db1 ! adju/$ basis ( ! build+ "u ?is section %all be det]m9$ )\t reg>d to prop]ty us$ 9 common areas or provid$ z comp>able am5ities to all resid5tial r5tal units 9 su* build+4 7,c7 ,no r$uction = depreciation ,! adju/$ basis ( any build+ %all be det]m9$ )\t reg>d to p>agraphs 7#b7 & 7#c7 ( section #ajaf7;a74 7#d7 ,f$]al grants n tak5 into acc\nt 9 det]m9+ eligible basis ,! eligible basis ( a build+ %all n include any co/s f9anc$ ) ! proce$s ( a ,f$]ally fund$ grant4 7#e7 ,cr$it all[able = c]ta9 build+s acquir$ dur+ #aj-ye> p]iod ,on application by ! taxpay]1 ! ,secret>y may waive p>agraph 7#b77;,b77ii7 ) respect to any build+ acquir$ f an insur$ depository in/itution 9 default 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act7 or f a receiv] or cons]vator ( su* an in/itution4 7#f7 ,acquisition ( build+ be=e end ( prior cr$it p]iod 7,a7 ,9 g5]al ,"u regulations prescrib$ by ! ,secret>y1 9 ! case ( a build+ describ$ 9 subp>agraph 7,b7 7or int]e/ !re97 :i* is acquir$ by ! taxpay]-- 7i7 p>agraph 7#b77;,b7 %all n apply1 b 7ii7 ! cr$it all[able by reason ( subsection 7a7 to ! taxpay] = any p]iod aft] su* acquisition %all be equal to ! am\nt ( cr$it :i* w\ld h be5 all[able "u subsection 7a7 = su* p]iod to ! prior own] ref]r$ to 9 subp>agraph 7,b7 _h su* own] n dispos$ ( ! build+4 7,b7 ,description ( build+ ,a build+ is describ$ 9 ?is subp>agraph if-- 7i7 a cr$it 0 all[$ by reason ( subsection 7a7 to any prior own] ( su* build+1 & 7ii7 ! taxpay] acquir$ su* build+ be=e ! end ( ! cr$it p]iod = su* build+ ) respect to su* prior own] 7det]m9$ )\t reg>d to any disposition by su* prior own]74 7e7 ,rehabilitation exp5ditures treat$ z sep>ate new build+ 7#a7 ,9 g5]al ,rehabilitation exp5ditures paid or incurr$ by ! taxpay] ) respect to any build+ %all be treat$ = purposes ( ?is section z a sep>ate new build+4 7#b7 ,rehabilitation exp5ditures ,= purposes ( p>agraph 7#a7-- 7,a7 ,9 g5]al ,! t]m rehabilitation exp5ditures means am\nts *>geable to capital acc\nt & incurr$ = prop]ty 7or additions or improvem5ts to prop]ty7 ( a "* subject to ! all[ance = depreciation 9 connection ) ! rehabilitation ( a build+4 7,b7 ,co/ ( acquisition1 etc41 n includ$ ,su* t]m does n include ! co/ ( acquir+ any build+ 7or int]e/ !re97 or any am\nt n p]mitt$ to be tak5 into acc\nt "u p>agraph 7#c7 ( subsection 7d74 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 7#c7 ,m9imum exp5ditures to qualify 7,a7 ,9 g5]al ,p>agraph 7#a7 %all apply to rehabilitation exp5ditures ) respect to any build+ only if-- 7i7 ! exp5ditures are allocable to #a or m middle-income units or sub/antially b5efit su* units1 & 7ii7 ! am\nt ( su* exp5ditures dur+ any #bd-mon? p]iod meets ! requirem5ts ( :i*ev] ( ! foll[+ subclauses requires ! great] am\nt ( su* exp5ditures3 7,i7 ,! requirem5t ( ?is subclause is met if su* am\nt is n less ?an #bj p]c5t ( ! adju/$ basis ( ! build+ 7det]m9$ z ( ! #a/ day ( su* p]iod & )\t reg>d to p>agraphs 7#b7 & 7#c7 ( section #ajaf7;a774 7,,ii7 ,! requirem5t ( ?is subclause is met if ! qualifi$ basis attributable to su* am\nt1 :5 divid$ by ! numb] ( middle-income units 9 ! build+1 is equal to or great] ?an ! doll> am\nt 9 effect "u section #db7;e77#c77;,a77ii77,,ii7 = ! cal5d> ye> 9 :i* su* exp5ditures are treat$ z plac$ 9 s]vice "u p>agraph 7#d74 7,b7 ,date ( det]m9ation ,! det]m9ation "u subp>agraph 7,a7 %all be made z ( ! close ( ! #a/ taxable ye> 9 ! cr$it p]iod ) respect to su* exp5ditures4 7#d7 ,special rules ,= purposes ( apply+ ?is section ) respect to exp5ditures :i* are treat$ z a sep>ate build+ by reason ( ?is subsection-- 7,a7 su* exp5ditures %all be treat$ z plac$ 9 s]vice at ! close ( ! #bd-mon? p]iod ref]r$ to 9 p>agraph 7#c77;,a71 & 7,b7 ! applicable fraction "u subsection 7c77#a7 %all be ! applicable fraction = ! build+ 7)\t reg>d to p>agraph 7#a77 ) respect to :i* ! exp5ditures 7 incurr$4 ,no?+ 9 subsection 7d77#b7 %all prev5t a cr$it f be+ all[$ by reason ( ?is subsection4 7#e7 ,no d\ble c\nt+ ,rehabilitation exp5ditures may1 at ! election ( ! taxpay]1 be tak5 into acc\nt "u ?is subsection or subsection 7d77#b77;,a77i7 b n "u bo? su* subsections4 7#f7 ,regulations to apply subsection ) respect to gr\p ( units 9 build+ ,! ,secret>y may prescribe regulations1 consi/5t ) ! purposes ( ?is subsection1 treat+ a gr\p ( units ) respect to :i* rehabilitation exp5ditures are incurr$ z a sep>ate new build+4 7f7 ,def9ition & special rules relat+ to cr$it p]iod 7#a7 ,cr$it p]iod def9$ ,= purposes ( ?is section1 ! t]m cr$it p]iod means1 ) respect to any build+1 ! p]iod ( #ae taxable ye>s beg9n+ )-- 7,a7 ! taxable ye> 9 :i* ! build+ is plac$ 9 s]vice1 or 7,b7 at ! election ( ! taxpay]1 ! succe$+ taxable ye>1 b only if ! build+ is a qualifi$ middle-income build+ z ( ! close ( ! #a/ ye> ( su* p]iod4 ,! election "u subp>agraph 7,b71 once made1 %all be irrevocable4 7#b7 ,special rule = #a/ ye> ( cr$it p]iod 7,a7 ,9 g5]al ,! cr$it all[able "u subsection 7a7 ) respect to any build+ = ! #a/ taxable ye> ( ! cr$it p]iod %all be det]m9$ by sub/itut+ = ! applicable fraction "u subsection 7c77#a7 ! fraction-- 7i7 ! num]ator ( :i* is ! sum ( ! applicable fractions det]m9$ "u subsection 7c77#a7 z ( ! close ( ea* full mon? ( su* ye> dur+ :i* su* build+ 0 9 s]vice1 & 7ii7 ! d5om9ator ( :i* is #ab4 7,b7 ,disall[$ #a/-ye> cr$it all[$ 9 #af? ye> ,any r$uction by reason ( subp>agraph 7,a7 9 ! cr$it all[able 7)\t reg>d to subp>agraph 7,a77 = ! #a/ taxable ye> ( ! cr$it p]iod %all be all[able "u subsection 7a7 = ! #a/ taxable ye> foll[+ ! cr$it p]iod4 7#c7 ,det]m9ation ( applicable p]c5tage ) respect to increases 9 qualifi$ basis aft] #a/ ye> ( cr$it p]iod 7,a7 ,9 g5]al ,9 ! case ( any build+ :i* 0 a qualifi$ middle-income build+ z ( ! close ( ! #a/ ye> ( ! cr$it p]iod1 if-- 7i7 z ( ! close ( any taxable ye> 9 ! cr$it p]iod 7aft] ! #a/ ye> ( su* p]iod7 ! qualifi$ basis ( su* build+1 exce$s 7ii7 ! qualifi$ basis ( su* build+ z ( ! close ( ! #a/ ye> ( ! cr$it p]iod1 ! applicable p]c5tage :i* %all apply "u subsection 7a7 = ! taxable ye> to su* excess %all be ! p]c5tage equal to #b_/c ( ! applicable p]c5tage :i* 7aft] ! application ( subsection 7h77 w\ld b = ?is p>agraph apply to su* basis4 7,b7 #a/ ye> computation applies ,a rule simil> to ! rule ( p>agraph 7#b77;,a7 %all apply to any increase 9 qualifi$ basis to :i* subp>agraph 7,a7 applies = ! #a/ ye> ( su* increase4 7#d7 ,dispositions ( prop]ty ,if a build+ 7or an int]e/ !re97 is dispos$ ( dur+ any ye> = :i* cr$it is all[able "u subsection 7a71 su* cr$it %all be allocat$ betwe5 ! p>ties on ! basis ( ! numb] ( days dur+ su* ye> ! build+ 7or int]e/7 0 held by ea*4 7#e7 ,cr$it p]iod = exi/+ build+s n to beg9 be=e rehabilitation cr$it all[$ 7,a7 ,9 g5]al ,! cr$it p]iod = an exi/+ build+ %all n beg9 be=e ! #a/ taxable ye> ( ! cr$it p]iod = rehabilitation exp5ditures ) respect to ! build+4 7,b7 ,acquisition cr$it all[$ = c]ta9 build+s n all[$ a rehabilitation cr$it 7i7 ,9 g5]al ,9 ! case ( a build+ describ$ 9 clause 7ii7-- 7,i7 subsection 7d77#b77;,b77iv7 %all n apply1 & 7,,ii7 ! cr$it p]iod = su* build+ %all n beg9 be=e ! taxable ye> :i* w\ld be ! #a/ taxable ye> ( ! cr$it p]iod = rehabilitation exp5ditures ) respect to ! build+ "u ! modifications describ$ 9 clause 7ii77,,ii74 7ii7 ,build+ describ$ ,a build+ is describ$ 9 ?is clause if-- 7,i7 a waiv] is grant$ "u subsection 7d77#d7 ) respect to ! acquisition ( ! build+1 & 7,,ii7 a cr$it w\ld be all[$ = rehabilitation exp5ditures ) respect to su* build+ if subsection 7e77#c77;,a77ii77,i7 did n apply & if ! doll> am\nt 9 effect "u subsection 7e77#c77;,a77ii77,,ii7 7 two-?irds ( su* am\nt4 7g7 ,qualifi$ middle-,income h\s+ project ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m qualifi$ middle-income h\s+ project means any project = resid5tial r5tal prop]ty if #fj p]c5t or m ( ! resid5tial units 9 su* project are bo? r5t-re/rict$ & occupi$ by individuals ^: income is #ajj p]c5t or less ( area m$ian gross income4 ,= purposes ( ! prec$+ s5t5ce1 resid5tial units 9 a build+ :i* is n a qualifi$ middle-income build+ by reason ( subsection 7c77#b77;,b7 %all n be tak5 into acc\nt4 7#b7 ,r5t-re/rict$ units 7,a7 ,9 g5]al ,= purposes ( p>agraph 7#a71 a resid5tial unit is r5t-re/rict$ if ! gross r5t ) respect to su* unit does n exce$ #cj p]c5t ( ! imput$ income limitation applicable to su* unit4 ,= purposes ( ! prec$+ s5t5ce1 ! am\nt ( ! income limitation "u p>agraph 7#a7 applicable = any p]iod %all n be less ?an su* limitation applicable = ! e>lie/ p]iod ! build+ 7:i* conta9s ! unit7 0 includ$ 9 ! det]m9ation ( :e!r ! project is a qualifi$ middle-income h\s+ project4 7,b7 ,gross r5t ,= purposes ( subp>agraph 7,a71 gross r5t-- 7i7 includes any utility all[ance det]m9$ by ! ,secret>y aft] tak+ into acc\nt su* det]m9ations "u section #h ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg1 7ii7 does n include any fee = a supportive s]vice :i* is paid to ! own] ( ! unit 7on ! basis ( ! middle-income /atus ( ! t5ant ( ! unit7 by any gov]nm5tal program ( assi/ance 7or by an organization describ$ 9 section #eja7;c77#c7 & exempt f tax "u section #eja7;a77 if su* program 7or organization7 provides assi/ance = r5t & ! am\nt ( assi/ance provid$ = r5t is n sep>able f ! am\nt ( assi/ance provid$ = supportive s]vices1 & 7iii7 does n include any r5tal paym5t to ! own] ( ! unit to ! ext5t su* own] pays an equival5t am\nt to ! ,f>m]s' ,home ,adm9i/ration "u section #eae ( ! ,h\s+ ,act ( #aidi4 ,= purposes ( clause 7ii71 ! t]m supportive s]vice means any s]vice provid$ "u a plann$ program ( s]vices design$ to enable resid5ts ( a resid5tial r5tal prop]ty to rema9 indep5d5t & avoid placem5t 9 a hospital1 nurs+ home1 or int]m$iate c>e facility = ! m5tally or physically h&icapp$4 7,c7 ,imput$ income limitation applicable to unit ,= purposes ( ?is p>agraph1 ! imput$ income limitation applicable to a unit is ! income limitation :i* w\ld apply "u p>agraph 7#a7 to individuals occupy+ ! unit if ! numb] ( individuals occupy+ ! unit 7 z foll[s3 7i7 ,9 ! case ( a unit :i* does n h a sep>ate b$room1 #a individual4 7ii7 ,9 ! case ( a unit :i* has #a or m sep>ate b$rooms1 #a4e individuals = ea* sep>ate b$room4 ,9 ! case ( a project ) respect to :i* a cr$it is all[able by reason ( ?is section & = :i* f9anc+ is provid$ by a bond describ$ 9 section #adb7;a77#g71 ! imput$ income limitation %all apply 9 lieu ( ! o!rwise applicable income limitation = purposes ( apply+ section #adb7;d77#d77;,b77ii74 7,d7 ,treatm5t ( units occupi$ by individuals ^: incomes rise above limit 7i7 ,9 g5]al ,except z provid$ 9 clause 7ii71 not)/&+ an increase 9 ! income ( ! occupants ( a middle-income unit above ! income limitation applicable "u p>agraph 7#a71 su* unit %all cont9ue to be treat$ z a middle-income unit if ! income ( su* occupants initially met su* income limitation & su* unit cont9ues to be r5t-re/rict$4 7ii7 ,next available unit mu/ be r5t$ to middle-income t5ant if income rises above #adj p]c5t ( income limit ,if ! income ( ! occupants ( ! unit increases above #adj p]c5t ( ! income limitation applicable "u p>agraph 7#a71 clause 7i7 %all cease to apply to su* unit if any resid5tial r5tal unit 9 ! build+ 7( a size comp>able to1 or small] ?an1 su* unit7 is occupi$ by a new resid5t ^: income exce$s su* income limitation4 7#c7 ,date = meet+ requirem5ts 7,a7 ,9 g5]al ,except z o!rwise provid$ 9 ?is p>agraph1 a build+ %all be treat$ z a qualifi$ middle-income build+ only if ! project 7( :i* su* build+ is a "p7 meets ! requirem5ts ( p>agraph 7#a7 n lat] ?an ! close ( ! #a/ ye> ( ! cr$it p]iod = su* build+4 7,b7 ,build+s :i* rely on lat] build+s = qualification 7i7 ,9 g5]al ,9 det]m9+ :e!r a build+ 7h]e9aft] 9 ?is subp>agraph ref]r$ to z ! prior build+7 is a qualifi$ middle-income build+1 ! taxpay] may take into acc\nt #a or m additional build+s plac$ 9 s]vice dur+ ! #ab-mon? p]iod describ$ 9 subp>agraph 7,a7 ) respect to ! prior build+ only if ! taxpay] elects to apply clause 7ii7 ) respect to ea* additional build+ tak5 into acc\nt4 7ii7 ,treatm5t ( elect$ build+s ,9 ! case ( a build+ :i* ! taxpay] elects to take into acc\nt "u clause 7i71 ! p]iod "u subp>agraph 7,a7 = su* build+ %all end at ! close ( ! #ab-mon? p]iod applicable to ! prior build+4 7iii7 ,date prior build+ is treat$ z plac$ 9 s]vice ,= purposes ( det]m9+ ! cr$it p]iod = ! prior build+1 ! prior build+ %all be treat$ = purposes ( ?is section z plac$ 9 s]vice on ! mo/ rec5t date any additional build+ elect$ by ! taxpay] 7) respect to su* prior build+7 0 plac$ 9 s]vice4 7,c7 ,special rule ,a build+-- 7i7 o!r ?an ! #a/ build+ plac$ 9 s]vice z "p ( a project1 & 7ii7 o!r ?an a build+ :i* is plac$ 9 s]vice dur+ ! #ab-mon? p]iod describ$ 9 subp>agraph 7,a7 ) respect to a prior build+ :i* becomes a qualifi$ middle-income build+1 %all 9 no ev5t be treat$ z a qualifi$ middle-income build+ unless ! project is a qualifi$ middle-income h\s+ project 7)\t reg>d to su* build+7 on ! date su* build+ is plac$ 9 s]vice4 7,d7 ,projects ) m ?an #a build+ mu/ be id5tifi$ ,= purposes ( ?is section1 a project %all be treat$ z consi/+ ( only #a build+ unless1 be=e ! close ( ! #a/ cal5d> ye> 9 ! project p]iod 7z def9$ 9 subsection 7h77#a77;,f77ii771 ea* build+ :i* is 7or w be7 "p ( su* project is id5tifi$ 9 su* =m & mann] z ! ,secret>y may provide4 7#d7 ,c]ta9 rules made applicable ,p>agraphs 7#b7 7o!r ?an subp>agraph 7,a7 !re(71 7#c71 & 7#g7 ( section #adb7;d71 & section #ffeb7;j71 %all apply = purposes ( det]m9+ :e!r any project is a qualifi$ middle-income h\s+ project & :e!r any unit is a middle-income unit2 except t1 9 apply+ su* provisions = su* purposes-- 7,a7 ! t]m gross r5t %all h ! mean+ giv5 su* t]m by p>agraph 7#b77;,b7 ( ?is subsection1 & 7,b7 ! t]m applicable income limit means ! limitation "u p>agraph 7#a7 ( ?is subsection4 7#e7 ,election to treat build+ aft] cr$it p]iod z n "p ( a project ,= purposes ( ?is section1 ! taxpay] may elect to treat any build+ z n "p ( a qualifi$ middle-income h\s+ project = any p]iod beg9n+ aft] ! cr$it p]iod = su* build+4 7#f7 ,special rule :]e de m9imis equity contribution ,prop]ty %all n be treat$ z fail+ to be resid5tial r5tal prop]ty = purposes ( ?is section m]ely because ! occupant ( a resid5tial unit 9 ! project pays 7on a volunt>y basis7 to ! lessor a de m9imis am\nt to be held t[>d ! pur*ase by su* occupant ( a resid5tial unit 9 su* project if-- 7,a7 all am\nts s paid are refund$ to ! occupant on ! cessation ( 8 occupancy ( a unit 9 ! project1 & 7,b7 ! pur*ase ( ! unit is n p]mitt$ until aft] ! close ( ! cr$it p]iod ) respect to ! build+ 9 :i* ! unit is locat$4 ,any am\nt paid to ! lessor z describ$ 9 ! prec$+ s5t5ce %all be includ$ 9 gross r5t "u p>agraph 7#b7 = purposes ( det]m9+ :e!r ! unit is r5t-re/rict$4 7#g7 ,scatt]$ site projects ,build+s :i* w\ld 7b = _! lack ( proximity7 be treat$ z a project = purposes ( ?is section %all be s treat$ if all ( ! dwell+ units 9 ea* ( ! build+s are r5t-re/rict$ 7)9 ! mean+ ( p>agraph 7#b77 resid5tial r5tal units4 7#h7 ,waiv] ( c]ta9 rec]tifications ,on application by ! taxpay]1 ! ,secret>y may waive any annual rec]tification ( t5ant income = purposes ( ?is subsection1 if ! entire build+ is occupi$ by middle-income t5ants4 7#i7 ,cl>ification ( g5]al public use requirem5t ,a project does n fail to meet ! g5]al public use requirem5t solely because ( occupancy re/rictions or pref]5ces t favor t5ants-- 7,a7 ) special ne$s1 or 7,b7 :o are memb]s ( a specifi$ gr\p "u a ,f$]al program or ,/ate program or policy t supports h\s+ = su* a specifi$ gr\p4 7h7 ,limitation on aggregate cr$it all[able ) respect to projects locat$ 9 a ,/ate 7#a7 ,cr$it may n exce$ cr$it am\nt allocat$ to build+ 7,a7 ,9 g5]al ,! am\nt ( ! cr$it det]m9$ "u ?is section = any taxable ye> ) respect to any build+ %all n exce$ ! h\s+ cr$it doll> am\nt allocat$ to su* build+ "u ?is subsection4 7,b7 ,"t = mak+ allocation ,except 9 ! case ( an allocation :i* meets ! requirem5ts ( subp>agraph 7,c71 7,d71 7,e71 or 7,f71 an allocation %all be tak5 into acc\nt "u subp>agraph 7,a7 only if x is made n lat] ?an ! close ( ! cal5d> ye> 9 :i* ! build+ is plac$ 9 s]vice4 7,c7 ,exception :]e b9d+ commitm5t ,an allocation meets ! requirem5ts ( ?is subp>agraph if !re is a b9d+ commitm5t 7n lat] ?an ! close ( ! cal5d> ye> 9 :i* ! build+ is plac$ 9 s]vice7 by ! h\s+ cr$it ag5cy to allocate a specifi$ h\s+ cr$it doll> am\nt to su* build+ beg9n+ 9 a specifi$ lat] taxable ye>4 7,d7 ,exception :]e increase 9 qualifi$ basis 7i7 ,9 g5]al ,an allocation meets ! requirem5ts ( ?is subp>agraph if su* allocation is made n lat] ?an ! close ( ! cal5d> ye> 9 :i* ends ! taxable ye> to :i* x w #a/ apply b only to ! ext5t ! am\nt ( su* allocation does n exce$ ! limitation "u clause 7ii74 7ii7 ,limitation ,! limitation "u ?is clause is ! am\nt ( cr$it all[able "u ?is section 7)\t reg>d to ?is subsection7 = a taxable ye> ) respect to an increase 9 ! qualifi$ basis ( ! build+ equal to ! excess (-- 7,i7 ! qualifi$ basis ( su* build+ z ( ! close ( ! #a/ taxable ye> to :i* su* allocation w apply1 ov] 7,,ii7 ! qualifi$ basis ( su* build+ z ( ! close ( ! #a/ taxable ye> to :i* ! mo/ rec5t prior h\s+ cr$it allocation ) respect to su* build+ appli$4 7iii7 ,h\s+ cr$it doll> am\nt r$uc$ by full allocation ,not)/&+ clause 7i71 ! full am\nt ( ! allocation %all be tak5 into acc\nt "u p>agraph 7#b74 7,e7 ,exception :]e #aj p]c5t ( co/ incurr$ 7i7 ,9 g5]al ,an allocation meets ! requirem5ts ( ?is subp>agraph if su* allocation is made ) respect to a qualifi$ build+ :i* is plac$ 9 s]vice n lat] ?an ! close ( ! second cal5d> ye> foll[+ ! cal5d> ye> 9 :i* ! allocation is made4 7ii7 ,qualifi$ build+ ,= purposes ( clause 7i71 ! t]m qualifi$ build+ means any build+ :i* is "p ( a project if ! taxpay]'s basis 9 su* project 7z ( ! date :i* is #a ye> aft] ! date t ! allocation 0 made7 is m ?an #aj p]c5t ( ! taxpay]'s reasonably expect$ basis 9 su* project 7z ( ! close ( ! second cal5d> ye> ref]r$ to 9 clause 7i774 ,su* t]m does n include any exi/+ build+ unless a cr$it is all[able "u subsection 7e7 = rehabilitation exp5ditures paid or incurr$ by ! taxpay] ) respect to su* build+ = a taxable ye> end+ dur+ ! second cal5d> ye> ref]r$ to 9 clause 7i7 or ! prior taxable ye>4 7,f7 ,allocation ( cr$it on a project basis 7i7 ,9 g5]al ,9 ! case ( a project :i* includes 7or w include7 m ?an #a build+1 an allocation meets ! requirem5ts ( ?is subp>agraph if-- 7,i7 ! allocation is made to ! project = a cal5d> ye> dur+ ! project p]iod1 7,,ii7 ! allocation only applies to build+s plac$ 9 s]vice dur+ or aft] ! cal5d> ye> = :i* ! allocation is made1 & 7,,iii7 ! portion ( su* allocation :i* is allocat$ to any build+ 9 su* project is specifi$ n lat] ?an ! close ( ! cal5d> ye> 9 :i* ! build+ is plac$ 9 s]vice4 7ii7 ,project p]iod ,= purposes ( clause 7i71 ! t]m project p]iod means ! p]iod-- 7,i7 beg9n+ ) ! #a/ cal5d> ye> = :i* an allocation may be made = ! #a/ build+ plac$ 9 s]vice z "p ( su* project1 & 7,,ii7 end+ ) ! cal5d> ye> ! la/ build+ is plac$ 9 s]vice z "p ( su* project4 7#b7 ,allocat$ cr$it am\nt to apply to all taxable ye>s end+ dur+ or aft] cr$it allocation ye> ,any h\s+ cr$it doll> am\nt allocat$ to any build+ = any cal5d> ye>-- 7,a7 %all apply to su* build+ = all taxable ye>s 9 ! cr$it p]iod end+ dur+ or aft] su* cal5d> ye>1 & 7,b7 %all r$uce ! aggregate h\s+ cr$it doll> am\nt ( ! allocat+ ag5cy only = su* cal5d> ye>4 7#c7 ,h\s+ cr$it doll> am\nt = ag5cies 7,a7 ,9 g5]al ,! aggregate h\s+ cr$it doll> am\nt :i* a h\s+ cr$it ag5cy may allocate = any cal5d> ye> is ! portion ( ! ,/ate h\s+ cr$it ceil+ allocat$ "u ?is p>agraph = su* cal5d> ye> to su* ag5cy4 7,b7 ,/ate ceil+ initially allocat$ to ,/ate h\s+ cr$it ag5cies ,except z provid$ 9 subp>agraph 7,d71 ! ,/ate h\s+ cr$it ceil+ = ea* cal5d> ye> %all be allocat$ to ! h\s+ cr$it ag5cy ( su* ,/ate4 ,if !re is m ?an #a h\s+ cr$it ag5cy ( a ,/ate1 all su* ag5cies %all be treat$ z a s+le ag5cy4 7,c7 ,/ate h\s+ cr$it ceil+ ,! ,/ate h\s+ cr$it ceil+ applicable to any ,/ate = any cal5d> ye> %all be an am\nt equal to ! sum (-- 7i7 ! great] (-- 7,i7 #a4jj multipli$ by ! ,/ate population1 or 7,,ii7 #a1adj1jjj1 plus 7ii7 ! am\nt ( ,/ate h\s+ cr$it ceil+ return$ 9 ! cal5d> ye>4 ,= purposes ( clause 7ii71 ! am\nt ( ,/ate h\s+ cr$it ceil+ return$ 9 ! cal5d> ye> equals ! h\s+ cr$it doll> am\nt previ\sly allocat$ )9 ! ,/ate to any project :i* fails to meet ! #aj p]c5t te/ "u p>agraph 7#a77;,e77ii7 on a date aft] ! close ( ! cal5d> ye> 9 :i* ! allocation 0 made or :i* does n become a qualifi$ middle-income h\s+ project )9 ! p]iod requir$ by ?is section or ! t]ms ( ! allocation or to any project ) respect to :i* an allocation is cancell$ by mutual cons5t ( ! h\s+ cr$it ag5cy & ! allocation recipi5t4 7,d7 ,/ate may provide = diff]5t allocation ,rules simil> to ! rules ( section #adf7;e7 7o!r ?an p>agraph 7#b77;,b7 !re(7 %all apply = purposes ( ?is p>agraph4 7,e7 ,population ,= purposes ( ?is p>agraph1 population %all be det]m9$ 9 accordance ) section #adf7;j74 7,f7 ,co/-(-liv+ adju/m5t 7i7 ,9 g5]al ,9 ! case ( a cal5d> ye> aft] #bjbd1 ! #a1adj1jjj & #a4jj am\nts 9 subp>agraph 7,c7 %all ea* be increas$ by an am\nt equal to-- 7,i7 su* doll> am\nt1 multipli$ by 7,,ii7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = su* cal5d> ye> by sub/itut+ cal5d> ye> #bjbc = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 7ii7 ,r\nd+ 7,i7 ,9 ! case ( ! #a1adj1jjj am\nt1 any increase "u clause 7i7 :i* is n a multiple ( #e1jjj %all be r\nd$ to ! next l[e/ multiple ( #e1jjj4 7,,ii7 ,9 ! case ( ! #a4jj am\nt1 any increase "u clause 7i7 :i* is n a multiple ( #e c5ts %all be r\nd$ to ! next l[e/ multiple ( #e c5ts4 7#d7 ,portion ( ,/ate ceil+ set-aside = c]ta9 projects involv+ qualifi$ nonpr(it organizations 7,a7 ,9 g5]al ,n m ?an #ij p]c5t ( ! ,/ate h\s+ cr$it ceil+ 7det]m9$ )\t reg>d to p>agraph 7#g77 = any ,/ate = any cal5d> ye> %all be allocat$ to projects o!r ?an qualifi$ middle-income h\s+ projects describ$ 9 subp>agraph 7,b74 7,b7 ,projects involv+ qualifi$ nonpr(it organizations ,= purposes ( subp>agraph 7,a71 a qualifi$ middle-income h\s+ project is describ$ 9 ?is subp>agraph if a qualifi$ nonpr(it organization is to own an int]e/ 9 ! project 7directly or ?r\gh a p>tn]%ip7 & mat]ially p>ticipate 7)9 ! mean+ ( section #dfi7;h77 9 ! developm5t & op]ation ( ! project ?r\gh\t ! cr$it p]iod4 7,c7 ,qualifi$ nonpr(it organization ,= purposes ( ?is p>agraph1 ! t]m qualifi$ nonpr(it organization means any organization if-- 7i7 su* organization is describ$ 9 p>agraph 7#c7 or 7#d7 ( section #eja7;c7 & is exempt f tax "u section #eja7;a71 7ii7 su* organization is det]m9$ by ! ,/ate h\s+ cr$it ag5cy n to be affiliat$ ) or controll$ by a =-pr(it organization2 & 7iii7 "o ( ! exempt purposes ( su* organization includes ! fo/]+ ( middle-income h\s+4 7,d7 ,treatm5t ( c]ta9 subsidi>ies 7i7 ,9 g5]al ,= purposes ( ?is p>agraph1 a qualifi$ nonpr(it organization %all be treat$ z satisfy+ ! own]%ip & mat]ial p>ticipation te/ ( subp>agraph 7,b7 if any qualifi$ corporation 9 :i* su* organization holds /ock satisfies su* te/4 7ii7 ,qualifi$ corporation ,= purposes ( clause 7i71 ! t]m qualifi$ corporation means any corporation if #ajj p]c5t ( ! /ock ( su* corporation is held by #a or m qualifi$ nonpr(it organizations at all times dur+ ! p]iod su* corporation is 9 exi/5ce4 7,e7 ,/ate may n ov]ride set-aside ,no?+ 9 subp>agraph 7,e7 ( p>agraph 7#c7 %all be con/ru$ to p]mit a ,/ate n to comply ) subp>agraph 7,a7 ( ?is p>agraph4 7#e7 ,build+s eligible = cr$it only if m9imum long-t]m commitm5t to middle-income h\s+ 7,a7 ,9 g5]al ,no cr$it %all be all[$ by reason ( ?is section ) respect to any build+ = ! taxable ye> unless an ext5d$ middle-income h\s+ commitm5t is 9 effect z ( ! end ( su* taxable ye>4 7,b7 ,ext5d$ middle-income h\s+ commitm5t ,= purposes ( ?is p>agraph1 ! t]m ext5d$ middle-income h\s+ commitm5t means any agreem5t betwe5 ! taxpay] & ! h\s+ cr$it ag5cy-- 7i7 :i* requires t ! applicable fraction 7z def9$ 9 subsection 7c77#a77 = ! build+ = ea* taxable ye> 9 ! ext5d$ use p]iod w n be less ?an ! applicable fraction specifi$ 9 su* agreem5t & :i* prohibits ! actions describ$ 9 subclauses 7,i7 & 7,,ii7 ( subp>agraph 7,e77ii71 7ii7 :i* all[s individuals :o meet ! income limitation applicable to ! build+ "u subsection 7g7 7:e!r prospective1 pres5t1 or =m] occupants ( ! build+7 ! "r to en=ce 9 any ,/ate c\rt ! requirem5t & prohibitions ( clause 7i71 7iii7 :i* prohibits ! disposition to any p]son ( any portion ( ! build+ to :i* su* agreem5t applies unless all ( ! build+ to :i* su* agreem5t applies is dispos$ ( to su* p]son1 7iv7 :i* prohibits ! refusal to lease to a hold] ( a v\*] or c]tificate ( eligibility "u section #h ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg because ( ! /atus ( ! prospective t5ant z su* a hold]1 7v7 :i* is b9d+ on all successors ( ! taxpay]1 & 7vi7 :i*1 ) respect to ! prop]ty1 is record$ pursuant to ,/ate law z a re/rictive cov5ant4 7,c7 ,allocation ( cr$it may n exce$ am\nt necess>y to support commitm5t ,! h\s+ cr$it doll> am\nt allocat$ to any build+ may n exce$ ! am\nt necess>y to support ! applicable fraction specifi$ 9 ! ext5d$ middle-income h\s+ commitm5t = su* build+1 includ+ any increase 9 su* fraction pursuant to ! application ( subsection 7f77#c7 if su* increase is reflect$ 9 an am5d$ middle-income h\s+ commitm5t4 7,d7 ,ext5d$ use p]iod ,= purposes ( ?is p>agraph1 ! t]m ext5d$ use p]iod means ! p]iod-- 7i7 beg9n+ on ! #a/ day 9 ! cr$it p]iod on :i* su* build+ is "p ( a qualifi$ middle-income h\s+ project1 & 7ii7 end+ on ! lat] (-- 7,i7 ! date specifi$ by su* ag5cy 9 su* agreem5t1 or 7,,ii7 ! date :i* is #ae ye>s aft] ! close ( ! cr$it p]iod4 7,e7 ,exceptions if =eclosure or if no buy] will+ to ma9ta9 middle-income /atus 7i7 ,9 g5]al ,! ext5d$ use p]iod = any build+ %all t]m9ate on ! date ! build+ is acquir$ by =eclosure 7or in/rum5t 9 lieu ( =eclosure7 unless ! ,secret>y det]m9es t su* acquisition is "p ( an arrangem5t ) ! taxpay] a purpose ( :i* is to t]m9ate su* p]iod4 7ii7 ,eviction1 etc41 ( exi/+ middle-income t5ants n p]mitt$ ,! t]m9ation ( an ext5d$ use p]iod "u clause 7i7 %all n be con/ru$ to p]mit be=e ! close ( ! #c-ye> p]iod foll[+ su* t]m9ation-- 7,i7 ! eviction or ! t]m9ation ( t5ancy 7o!r ?an = good cause7 ( an exi/+ t5ant ( any middle-income unit1 or 7,,ii7 any increase 9 ! gross r5t ) respect to su* unit n o!rwise p]mitt$ "u ?is section4 7,f7 ,effect ( noncompliance ,if1 dur+ a taxable ye>1 !re is a det]m9ation t an ext5d$ middle-income h\s+ agreem5t 0 n 9 effect z ( ! beg9n+ ( su* ye>1 su* det]m9ation %all n apply to any p]iod be=e su* ye> & subp>agraph 7,a7 %all be appli$ )\t reg>d to su* det]m9ation if ! failure is correct$ )9 #a ye> f ! date ( ! det]m9ation4 7,g7 ,projects :i* consi/ ( m ?an #a build+ ,! application ( ?is p>agraph to projects :i* consi/ ( m ?an #a build+ %all be made "u regulations prescrib$ by ! ,secret>y4 7#f7 ,special rules 7,a7 ,build+ mu/ be locat$ )9 jurisdiction ( cr$it ag5cy ,a h\s+ cr$it ag5cy may allocate its aggregate h\s+ cr$it doll> am\nt only to build+s locat$ 9 ! jurisdiction ( ! gov]nm5tal unit ( :i* su* ag5cy is a "p4 7,b7 ,ag5cy allocations 9 excess ( limit ,if ! aggregate h\s+ cr$it doll> am\nts allocat$ by a h\s+ cr$it ag5cy = any cal5d> ye> exce$ ! portion ( ! ,/ate h\s+ cr$it ceil+ allocat$ to su* ag5cy = su* cal5d> ye>1 ! h\s+ cr$it doll> am\nts s allocat$ %all be r$uc$ 7to ! ext5t ( su* excess7 = build+s 9 ! rev]se ( ! ord] 9 :i* ! allocations ( su* am\nts 7 made4 7,c7 ,cr$it r$uc$ if allocat$ cr$it doll> am\nt is less ?an cr$it :i* w\ld be all[able )\t reg>d to plac$ 9 s]vice conv5tion1 etc 7i7 ,9 g5]al ,! am\nt ( ! cr$it det]m9$ "u ?is section ) respect to any build+ %all n exce$ ! clause 7ii7 p]c5tage ( ! am\nt ( ! cr$it :i* w\ld 7b = ?is subp>agraph7 be det]m9$ "u ?is section ) respect to su* build+4 7ii7 ,det]m9ation ( p]c5tage ,= purposes ( clause 7i71 ! clause 7ii7 p]c5tage ) respect to any build+ is ! p]c5tage :i*-- 7,i7 ! h\s+ cr$it doll> am\nt allocat$ to su* build+1 be>s to 7,,ii7 ! cr$it am\nt det]m9$ 9 accordance ) clause 7iii74 7iii7 ,det]m9ation ( cr$it am\nt ,! cr$it am\nt det]m9$ 9 accordance ) ?is clause is ! am\nt ( ! cr$it :i* w\ld 7b = ?is subp>agraph7 be det]m9$ "u ?is section ) respect to ! build+ if-- 7,i7 ?is section 7 appli$ )\t reg>d to p>agraphs 7#b77;,a7 & 7#c77;,b7 ( subsection 7f71 & 7,,ii7 subsection 7f77#c77;,a7 7 appli$ )\t reg>d to ! p]c5tage equal to #b_/c (4 7,d7 ,h\s+ cr$it ag5cy to specify applicable p]c5tage & maximum qualifi$ basis ,9 allocat+ a h\s+ cr$it doll> am\nt to any build+1 ! h\s+ cr$it ag5cy %all specify ! applicable p]c5tage & ! maximum qualifi$ basis :i* may be tak5 into acc\nt "u ?is section ) respect to su* build+4 ,! applicable p]c5tage & maximum qualifi$ basis s specifi$ %all n exce$ ! applicable p]c5tage & qualifi$ basis det]m9$ "u ?is section )\t reg>d to ?is subsection4 7#g7 ,increase 9 ,/ate ceil+ d$icat$ to c]ta9 rural developm5t projects 7,a7 ,9 g5]al ,! ,/ate h\s+ cr$it ceil+ = any cal5d> ye> %all be increas$ by an am\nt equal to #e p]c5t ( ! am\nt det]m9$ "u p>agraph 7#c77;,c77i74 7,b7 ,use ( increas$ am\nt ,! am\nt ( ! increase "u subp>agraph 7,a7 = any cal5d> ye> may only be allocat$ to build+s locat$ 9 a rural area 7z def9$ 9 section #db7;d77#e77;,b77iii77,,iv774 7#h7 ,o!r def9itions ,= purposes ( ?is subsection-- 7,a7 ,h\s+ cr$it ag5cy ,! t]m h\s+ cr$it ag5cy means any ag5cy au?oriz$ to c>ry out ?is subsection4 7,b7 ,possessions treat$ z ,/ates ,! t]m ,/ate includes a possession ( ! ,unit$ ,/ates4 7#i7 ,cr$it = build+s f9anc$ by tax-exempt bonds subject to volume cap n tak5 into acc\nt ,rules simil> to ! rules ( subsections 7h77#d71 7m77#a77;,d71 & 7m77#b77;,d7 ( section #db %all apply = purposes ( ?is subsection4 7i7 ,def9itions & special rules ,= purposes ( ?is section-- 7#a7 ,middle-income unit 7,a7 ,9 g5]al ,! t]m middle-income unit means any unit 9 a build+ if-- 7i7 su* unit is r5t-re/rict$ 7z def9$ 9 subsection 7g77#b771 & 7ii7 ! individuals occupy+ su* unit meet ! income limitation applicable "u subsection 7g77#a7 to ! project ( :i* su* build+ is a "p4 7,b7 ,exceptions 7i7 ,exclusion ( l[-income units ,a unit %all n be treat$ z a middle-income unit if su* unit is a l[-income unit 7z def9$ "u section #db7;i77#c774 7ii7 ,unit mu/ be suitable = p]man5t occupancy 7,i7 ,9 g5]al ,a unit %all n be treat$ z a middle-income unit unless ! unit is suitable = occupancy & us$ o!r ?an on a transi5t basis4 7,,ii7 ,suitability = occupancy ,= purposes ( subclause 7,i71 ! suitability ( a unit = occupancy %all be det]m9$ "u regulations prescrib$ by ! ,secret>y tak+ into acc\nt local heal?1 safety1 & build+ codes4 7,,iii7 ,s+le-room occupancy units ,= purposes ( subclause 7,i71 a s+le-room occupancy unit %all n be treat$ z us$ on a transi5t basis m]ely because x is r5t$ on a mon?-by-mon? basis4 7,c7 ,special rule = build+s hav+ #d or few] units ,9 ! case ( any build+ :i* has #d or few] resid5tial r5tal units1 no unit 9 su* build+ %all be treat$ z a middle-income unit if ! units 9 su* build+ are own$ by-- 7i7 any individual :o occupies a resid5tial unit 9 su* build+1 or 7ii7 any p]son :o is relat$ 7z def9$ 9 subsection 7d77#b77;,d77ii77 to su* individual4 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 middle-income unit4 7ii7 ,exceptions ,clause 7i7 %all n apply to a unit occupi$ by an individual :o-- 7,i7 is m>ri$1 if su* individual's sp\se also occupies ! unit1 7,,ii7 is a p]son ) disabilities 7z def9$ 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 "o or m qualify+ *ildr5 7z def9$ 9 section #aeb7;c771 if su* *ildr5 also occupy ! unit1 ! individual is n a dep5d5t 7z def9$ 9 section #aeb1 det]m9$ )\t reg>d to subsections 7b77#a71 7b77#b71 & 7d77#a77;,b7 !re(7 ( ano!r individual1 & su* *ildr5 are n claim$ z dep5d5ts 7z s def9$7 ( ano!r individual1 or 7,v7 is1 or 0 imm$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 0 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 7,e7 ,own]-occupi$ build+s hav+ #d or few] units eligible = cr$it :]e developm5t plan 7i7 ,9 g5]al ,subp>agraph 7,c7 %all n apply to ! acquisition or rehabilitation ( a build+ pursuant to a developm5t plan ( action sponsor$ by a ,/ate or local gov]nm5t or a qualifi$ nonpr(it organization4 7ii7 ,limitation on cr$it ,9 ! case ( a build+ to :i* clause 7i7 applies1 ! applicable fraction %all n exce$ #hj p]c5t ( ! unit fraction4 7iii7 ,c]ta9 unr5t$ units treat$ z own]-occupi$ ,9 ! case ( a build+ to :i* clause 7i7 applies1 any unit :i* is n r5t$ = #ij days or m %all be treat$ z occupi$ by ! own] ( ! build+ z ( ! #a/ day x is n r5t$4 7#b7 ,new build+ ,! t]m new build+ means a build+ ! orig9al use ( :i* beg9s ) ! taxpay]4 7#c7 ,exi/+ build+ ,! t]m exi/+ build+ means any build+ :i* is n a new build+4 7#d7 ,application to e/ates & tru/s ,9 ! case ( an e/ate or tru/1 ! am\nt ( ! cr$it det]m9$ "u subsection 7a7 %all be apportion$ betwe5 ! e/ate or tru/ & ! b5efici>ies on ! basis ( ! income ( ! e/ate or tru/ allocable to ea*4 7#e7 ,impact ( t5ant's option to acquire prop]ty 7,a7 ,9 g5]al ,no ,f$]al income tax b5efit %all fail to be all[able to ! taxpay] ) respect to any qualifi$ middle-income build+ m]ely by reason ( an option held by ! t5ants 79 coop]ative =m or o!rwise7 or resid5t managem5t corporation ( su* build+ or by a qualifi$ nonpr(it organization or gov]nm5t ag5cy to pur*ase ! 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#a777 relat+ to ! prop]ty aft] ! close ( ! cr$it p]iod = a price :i* is n less ?an ! m9imum pur*ase price det]m9$ "u subp>agraph 7,b74 7,b7 ,m9imum pur*ase price ,= purposes ( subp>agraph 7,a71 ! m9imum pur*ase price "u ?is subp>agraph is an am\nt equal to ! pr9cipal am\nt ( out/&+ indebt$ness secur$ by ! build+ 7o!r ?an indebt$ness incurr$ )9 ! #e-ye> p]iod end+ on ! date ( ! sale to ! t5ants74 ,9 ! case ( a pur*ase ( a p>tn]%ip int]e/1 ! m9imum pur*ase price is an am\nt equal to su* int]e/'s ratable %>e ( ! am\nt det]m9$ "u ! prec$+ s5t5ce4 7#f7 ,treatm5t ( rural projects ,= purposes ( ?is section1 9 ! case ( any project = resid5tial r5tal prop]ty locat$ 9 a rural area 7z def9$ 9 section #ebj ( ! ,h\s+ ,act ( #aidi71 any income limitation measur$ by ref]5ce to area m$ian gross income %all be measur$ by ref]5ce to ! great] ( area m$ian gross income or national non-metropolitan m$ian income4 7#g7 ,det]m9ation ( :e!r build+ is ,f$]ally subsidiz$ 7,a7 ,9 g5]al ,except z o!rwise provid$ 9 ?is p>agraph1 = purposes ( ?is section1 a project %all be treat$ z ,f$]ally subsidiz$ = any taxable ye> if1 at any "t dur+ su* taxable ye> or any prior taxable ye>1 !re is or 0 out/&+ any obligation ! int]e/ on :i* is exempt f tax "u section #ajc ! proce$s ( :i* are or 7 us$ 7directly or indirectly7 ) respect to su* project or ! op]ation !re(4 7,b7 ,special rule = subsidiz$ con/ruction f9anc+ ,subp>agraph 7,a7 %all n apply to any tax-exempt obligation us$ to provide con/ruction f9anc+ = any build+ if-- 7i7 su* obligation 7:5 issu$7 id5tifi$ ! build+ = :i* ! proce$s ( su* obligation w\ld be us$1 & 7ii7 su* obligation is r$eem$ be=e su* build+ is plac$ 9 s]vice4 7#h7 ,r$uction 9 basis ,9 ! case ( any build+ = :i* a cr$it is all[able "u ?is section & section #db1 ! basis ( ! build+ %all be r$uc$ by ! am\nt ( su* cr$it all[$ "u subsection 7a74 7j7 ,application ( at-,risk rules ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,except z o!rwise provid$ 9 ?is subsection1 rules simil> to ! rules ( section #di7;a77#a7 7o!r ?an subp>agraphs 7,d77ii77,,ii7 & 7,d77iv77,i7 !re(71 section #di7;a77#b71 & section #di7;b77#a7 %all apply 9 det]m9+ ! qualifi$ basis ( any build+ 9 ! same mann] z su* sections apply 9 det]m9+ ! cr$it base ( prop]ty4 7#b7 ,special rules = det]m9+ qualifi$ p]son ,= purposes ( p>agraph 7#a7-- 7,a7 ,9 g5]al ,if ! requirem5ts ( subp>agraphs 7,b71 7,c71 & 7,d7 are met ) respect to any f9anc+ borr[$ f a qualifi$ nonpr(it organization1 ! det]m9ation ( :e!r su* f9anc+ is qualifi$ comm]cial f9anc+ ) respect to any qualifi$ middle-income build+ %all be made )\t reg>d to :e!r su* organization-- 7i7 is actively & regul>ly engag$ 9 ! bus9ess ( l5d+ money1 or 7ii7 is a p]son describ$ 9 section #di7;a77#a77;,d77iv77,,ii74 7,b7 ,f9anc+ secur$ by prop]ty ,! requirem5ts ( ?is subp>agraph are met ) respect to any f9anc+ if su* f9anc+ is secur$ by ! qualifi$ middle-income build+1 except t ?is subp>agraph %all n apply 9 ! case ( a f$]ally assi/$ build+ describ$ 9 subsection 7d77#e77;,b7 if-- 7i7 a security int]e/ 9 su* build+ is n p]mitt$ by a ,f$]al ag5cy hold+ or insur+ ! mortgage secur$ by su* build+1 & 7ii7 ! proce$s f ! f9anc+ 7if any7 are appli$ to acquire or improve su* build+4 7,c7 ,portion ( build+ attributable to f9anc+ ,! requirem5ts ( ?is subp>agraph are met ) respect to any f9anc+ = any taxable ye> 9 ! cr$it p]iod if1 z ( ! close ( su* taxable ye>1 n m ?an #fj p]c5t ( ! eligible basis ( ! qualifi$ middle-income build+ is attributable to su* f9anc+ 7r$uc$ by ! pr9cipal & int]e/ ( any gov]nm5tal f9anc+ :i* is "p ( a wrap-ar\nd mortgage involv+ su* f9anc+74 7,d7 ,repaym5t ( pr9cipal & int]e/ ,! requirem5ts ( ?is subp>agraph are met ) respect to any f9anc+ if su* f9anc+ is fully repaid on or be=e ! e>lie/ (-- 7i7 ! date on :i* su* f9anc+ matures1 7ii7 ! #ij? day aft] ! close ( ! cr$it p]iod ) respect to ! qualifi$ middle-income build+1 or 7iii7 ! date ( its ref9anc+ or ! sale ( ! build+ to :i* su* f9anc+ relates4 ,9 ! case ( a qualifi$ nonpr(it organization :i* is n describ$ 9 section #di7;a77#a77;,d77iv77,,ii7 ) respect to a build+1 clause 7ii7 ( ?is subp>agraph %all be appli$ z if ! date describ$ !re9 7 ! #ij? day aft] ! e>li] ( ! date ! build+ ceases to be a qualifi$ middle-income build+ or ! date :i* is #ae ye>s aft] ! close ( a cr$it p]iod ) respect !reto4 7#c7 ,pres5t value ( f9anc+ ,if ! rate ( int]e/ on any f9anc+ describ$ 9 p>agraph 7#b77;,a7 is less ?an ! rate :i* is #a p]c5tage po9t bel[ ! applicable ,f$]al rate z ( ! "t su* f9anc+ is incurr$1 !n ! qualifi$ basis 7to :i* su* f9anc+ relates7 ( ! qualifi$ middle-income build+ %all be ! pres5t value ( ! am\nt ( su* f9anc+1 us+ z ! disc\nt rate su* applicable ,f$]al rate4 ,= purposes ( ! prec$+ s5t5ce1 ! rate ( int]e/ on any f9anc+ %all be det]m9$ by treat+ int]e/ to ! ext5t ( gov]nm5t subsidies z n payable4 7#d7 ,failure to fully repay 7,a7 ,9 g5]al ,to ! ext5t t ! requirem5ts ( p>agraph 7#b77;,d7 are n met1 !n ! taxpay]'s tax "u ?is *apt] = ! taxable ye> 9 :i* su* failure occurs %all be increas$ by an am\nt equal to ! applicable portion ( ! cr$it "u ?is section ) respect to su* build+1 increas$ by an am\nt ( int]e/ = ! p]iod-- 7i7 beg9n+ ) ! due date = ! fil+ ( ! return ( tax impos$ by *apt] #a = ! #a/ taxable ye> = :i* su* cr$it 0 all[able1 & 7ii7 end+ ) ! due date = ! taxable ye> 9 :i* su* failure occurs1 det]m9$ by us+ ! und]paym5t rate & me?od "u section #ffba4 7,b7 ,applicable portion ,= purposes ( subp>agraph 7,a71 ! t]m applicable portion means ! aggregate decrease 9 ! cr$its all[$ to a taxpay] "u section #ch = all prior taxable ye>s :i* w\ld h result$ if ! eligible basis ( ! build+ 7 r$uc$ by ! am\nt ( f9anc+ :i* does n meet requirem5ts ( p>agraph 7#b77;,d74 7,c7 ,c]ta9 rules to apply ,rules simil> to ! rules ( subp>agraphs 7,a7 & 7,d7 ( section #db7;j77#d7 %all apply = purposes ( ?is subsection4 7k7 ,c]tifications & o!r reports to ,secret>y 7#a7 ,c]tification ) respect to #a/ ye> ( cr$it p]iod ,foll[+ ! close ( ! #a/ taxable ye> 9 ! cr$it p]iod ) respect to any qualifi$ middle-income build+1 ! taxpay] %all c]tify to ! ,secret>y 7at su* "t & 9 su* =m & 9 su* mann] z ! ,secret>y prescribes7-- 7,a7 ! taxable ye>1 & cal5d> ye>1 9 :i* su* build+ 0 plac$ 9 s]vice1 7,b7 ! adju/$ basis & eligible basis ( su* build+ z ( ! close ( ! #a/ ye> ( ! cr$it p]iod1 7,c7 ! maximum applicable p]c5tage & qualifi$ basis p]mitt$ to be tak5 into acc\nt by ! appropriate h\s+ cr$it ag5cy "u subsection 7h71 & 7,d7 su* o!r in=mation z ! ,secret>y may require4 ,9 ! case ( a failure to make ! c]tification requir$ by ! prec$+ s5t5ce on ! date prescrib$ !re=1 unless x is %[n t su* failure is due to reasonable cause & n to willful neglect1 no cr$it %all be all[able by reason ( subsection 7a7 ) respect to su* build+ = any taxable ye> end+ be=e su* c]tification is made4 7#b7 ,annual reports to ! ,secret>y ,! ,secret>y may require taxpay]s to submit an in=mation return 7at su* "t & 9 su* =m & mann] z ! ,secret>y prescribes7 = ea* taxable ye> sett+ =?-- 7,a7 ! qualifi$ basis = ! taxable ye> ( ea* qualifi$ middle-income build+ ( ! taxpay]1 7,b7 ! in=mation describ$ 9 p>agraph 7#a77;,c7 = ! taxable ye>1 & 7,c7 su* o!r in=mation z ! ,secret>y may require4 ,! p5alty "u section #ffeb7;j7 %all apply to any failure to submit ! return requir$ by ! ,secret>y "u ! prec$+ s5t5ce on ! date prescrib$ !re=4 7#c7 ,annual reports f h\s+ cr$it ag5cies ,ea* ag5cy :i* allocates any h\s+ cr$it am\nt to any build+ = any cal5d> ye> %all submit to ! ,secret>y 7at su* "t & 9 su* mann] z ! ,secret>y %all prescribe7 an annual report specify+-- 7,a7 ! am\nt ( h\s+ cr$it am\nt allocat$ to ea* build+ = su* ye>1 7,b7 suffici5t in=mation to id5tify ea* su* build+ & ! taxpay] ) respect !reto1 & 7,c7 su* o!r in=mation z ! ,secret>y may require4 ,! p5alty "u section #ffeb7;j7 %all apply to any failure to submit ! report requir$ by ! prec$+ s5t5ce on ! date prescrib$ !re=4 7l7 ,responsibilities ( h\s+ cr$it ag5cies 7#a7 ,plans = allocation ( cr$it among projects 7,a7 ,9 g5]al ,not)/&+ any o!r provision ( ?is section1 ! h\s+ cr$it doll> am\nt ) respect to any build+ %all be z]o unless-- 7i7 su* am\nt 0 allocat$ pursuant to a qualifi$ allocation plan ( ! h\s+ cr$it ag5cy :i* is approv$ by ! gov]nm5tal unit 79 accordance ) rules simil> to ! rules ( section #db7m77#a77 ( :i* su* ag5cy is a "p1 7ii7 a compreh5sive m>ket /udy ( ! h\s+ ne$s ( middle-income individuals 9 ! area to be s]v$ by ! project is conduct$ be=e ! cr$it allocation is made & at ! develop]'s exp5se by a dis9t]e/$ p>ty :o is approv$ by su* ag5cy1 & 7iii7 a writt5 explanation is available to ! g5]al public = any allocation ( a h\s+ cr$it doll> am\nt :i* is n made 9 accordance ) e/abli%$ priorities & selection crit]ia ( ! h\s+ cr$it ag5cy4 7,b7 ,qualifi$ allocation plan ,= purposes ( ?is p>agraph1 ! t]m qualifi$ allocation plan means any plan-- 7i7 :i* sets =? selection crit]ia to be us$ to det]m9e h\s+ priorities ( ! h\s+ cr$it ag5cy :i* are appropriate to local conditions1 7ii7 :i* also gives pref]5ce 9 allocat+ h\s+ cr$it doll> am\nts among select$ projects to-- 7,i7 projects obligat$ to s]ve qualifi$ t5ants = ! longe/ p]iods1 7,,ii7 projects 9 areas :]e r5ts are unaf=dable to m$ian income h\seholds1 7,,iii7 projects :i* t>get h\s+ to t5ants at a range ( incomes betwe5 #fj & #ajj p]c5t ( area m$ian gross income1 & 7,,iv7 projects locat$ ne> transit hubs1 & 7iii7 :i* provides a proc$ure t ! ag5cy 7or an ag5t or o!r private contractor ( su* ag5cy7 w foll[ 9 monitor+ = noncompliance ) ! provisions ( ?is section & 9 notify+ ! ,int]nal ,rev5ue ,s]vice ( su* noncompliance :i* su* ag5cy becomes aw>e ( & 9 monitor+ = noncompliance ) habitability /&>ds ?r\gh regul> site visits4 7,c7 ,c]ta9 selection crit]ia mu/ be us$ ,! selection crit]ia set =? 9 a qualifi$ allocation plan mu/ include-- 7i7 project location1 7ii7 h\s+ ne$s *>act]i/ics1 7iii7 project *>act]i/ics1 includ+ :e!r ! project includes ! use ( exi/+ h\s+ z "p ( a community revitalization plan1 7iv7 sponsor *>act]i/ics1 7v7 t5ant populations ) special h\s+ ne$s1 7vi7 t5ant populations ( individuals ) *ildr51 7vii7 projects int5d$ = ev5tual t5ant own]%ip1 7viii7 ! en]gy effici5cy ( ! project1 & 7ix7 ! hi/oric nature ( ! project4 7,d7 ,c]ta9 selection crit]ia prohibit$ ,! selection crit]ia set =? 9 a qualifi$ allocation plan %all n include a requirem5t ( local approval or local contributions1 ei!r z a ?re%old qualification requirem5t or z "p ( a po9t sy/em to be consid]$ = allocations ( h\s+ cr$it doll> am\nt4 7#b7 ,cr$it allocat$ to build+ n to exce$ am\nt necess>y to assure project feasibility 7,a7 ,9 g5]al ,! h\s+ cr$it doll> am\nt allocat$ to a project %all n exce$ ! am\nt ! h\s+ cr$it ag5cy det]m9es is necess>y = ! f9ancial feasibility ( ! project & its viability z a qualifi$ middle-income h\s+ project ?r\gh\t ! cr$it p]iod4 7,b7 ,ag5cy evaluation ,9 mak+ ! det]m9ation "u subp>agraph 7,a71 ! h\s+ cr$it ag5cy %all consid]-- 7i7 ! s\rces & uses ( funds & ! total f9anc+ plann$ = ! project1 7ii7 any proce$s or receipts expect$ to be g5]at$ by reason ( tax b5efits1 7iii7 ! p]c5tage ( ! h\s+ cr$it doll> am\nt us$ = project co/s o!r ?an ! co/ ( int]m$i>ies1 & 7iv7 ! reasonabl5ess ( ! developm5tal & op]ational co/s ( ! project4 ,clause 7iii7 %all n be appli$ s z to imp$e ! developm5t ( projects 9 h>d-to-develop areas4 ,su* a det]m9ation %all n be con/ru$ to be a repres5tation or w>ranty z to ! feasibility or viability ( ! project4 7,c7 ,det]m9ation made :5 cr$it am\nt appli$ = & :5 build+ plac$ 9 s]vice 7i7 ,9 g5]al ,a det]m9ation "u subp>agraph 7,a7 %all be made z ( ea* ( ! foll[+ times3 7,i7 ,! application = ! h\s+ cr$it doll> am\nt4 7,,ii7 ,! allocation ( ! h\s+ cr$it doll> am\nt4 7,,iii7 ,! date ! build+ is plac$ 9 s]vice4 7ii7 ,c]tification z to am\nt ( o!r subsidies ,prior to ea* det]m9ation "u clause 7i71 ! taxpay] %all c]tify to ! h\s+ cr$it ag5cy ! full ext5t ( all ,f$]al1 ,/ate1 & local subsidies :i* apply 7or :i* ! taxpay] expects to apply7 ) respect to ! build+4 7m7 ,regulations ,! ,secret>y %all prescribe su* regulations z may be necess>y or appropriate to c>ry out ! purposes ( ?is section1 includ+ regulations-- 7#a7 deal+ )-- 7,a7 projects :i* include m ?an #a build+ or only a portion ( a build+1 or 7,b7 build+s :i* are plac$ 9 s]vice 9 portions1 7#b7 provid+ = ! application ( ?is section to %ort taxable ye>s1 7#c7 prev5t+ ! avoidance ( ! rules ( ?is section1 & 7#d7 provid+ ! opportunity = h\s+ cr$it ag5cies to correct adm9i/rative errors & omissions ) respect to allocations & record keep+ )9 a reasonable p]iod aft] _! discov]y1 tak+ into acc\nt ! availability ( regulations & o!r adm9i/rative guidance f ! ,secret>y4 4 7b7 ,treatm5t z "p ( g5]al bus9ess cr$it ,section #ch7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ plus at ! end ( p>agraph 7#dj71 by /rik+ ! p]iod at ! end ( p>agraph 7#da7 & ins]t+ 1 plus1 & by add+ at ! end ! foll[+ new p>agraph3 7#db7 ! middle-income h\s+ cr$it det]m9$ "u section #db;,a7a74 4 7c7 ,unus$ allocations c>ri$ ov] to l[-,income h\s+ cr$it 7#a7 ,9 g5]al ,clause 7i7 ( section #db7;h77#c77;,c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7,a7 by /rik+ ! unus$ & ins]t+ ! sum (-- 7,i7 ! unus$ 1 7,b7 by ins]t+ plus aft] cal5d> ye>11 & 7,c7 by add+ at ! end ! foll[+ new subclause3 7,,ii7 ! unus$ middle-income ,/ate h\s+ cr$it 7if any7 ( su* ,/ate = ! prec$+ cal5d> ye>1 4 7#b7 ,unus$ middle-income ,/ate h\s+ cr$it ,! second s5t5ce ( section #db7;h77#c77;,c7 ( su* ,code is am5d$ by ins]t+ 1 & ! unus$ middle-income ,/ate h\s+ cr$it = any cal5d> ye> is ! excess 7if any7 ( ! am\nt describ$ 9 section #db;,a7h77#c77;,c7 7aft] application ( section #db;,a7h77#g77 = su* ,/ate ov] ! aggregate am\nt ( middle-income h\s+ cr$it doll> am\nt allocat$ by su* ,/ate "u section #db;,a = su* ye> aft] = su* ye>4 7#c7 ,unus$ middle income ,/ate h\s+ cr$it includ$ 9 c>ryov] allocation ,section #db7;h77#c77;,d77ii7 ( su* ,code is am5d$-- 7,a7 by ins]t+ ! sum ( aft] is ! excess 7if any7 (2 & 7,b7 by ins]t+ plus ! unus$ middle-income ,/ate h\s+ cr$it 7z s def9$7 aft] z def9$ 9 subp>agraph 7,c77i774 7d7 ,r$uction 9 basis ,section #ajaf7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ & at ! end ( p>agraph 7#cg72 7#b7 by r$esignat+ p>agraph 7#ch7 z p>agraph 7#ci72 & 7#c7 by ins]t+ aft] p>agraph 7#cg7 ! foll[+ new p>agraph3 7#ch7 to ! ext5t provid$ 9 section #db;,a7i77#h71 & 4 7e7 ,treatm5t "u base erosion m9imum tax ,section #ei;,a7b77#d7 ( he ,int]nal ,rev5ue ,code ( #aihf is am5d$ by r$esignat+ subp>agraphs 7,b7 & 7,c7 z subp>agraphs 7,c7 & 7,d71 respectively1 & by ins]t+ aft] subp>agraphs 7,a7 ! foll[+ new subp>agraph3 7,b7 ! middle-income h\s+ cr$it det]m9$ "u section #db;,a7a71 4 7f7 ,con=m+ am5dm5ts 7#a7 ,section #de,l7e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ or #db;,a aft] #db4 7#b7 ,section #ej7;c77#c77;,c7 ( su* ,code is am5d$ by ins]t+ or #db;,a aft] #db4 7#c7 ,section #ee7;c77#a7 ( su* ,code is am5d$ by ins]t+ #db;,a7j71 be=e #de7;e77#aa77;,c74 7#d7 ,subsections 7i77#c77;,c71 7i77#f77;,b77i71 & 7k77#a7 ( section #dfi ( su* ,code are ea* am5d$ by ins]t+ or #db;,a aft] #db4 7#e7 ,! table ( sections = subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to section #db ! foll[+ new item3 ,sec4 #db;,a4 ,middle-income h\s+ cr$it4 4 7g7 ,effective date ,! am5dm5ts made by ?is section %all apply to build+s plac$ 9 s]vice aft] ,decemb] #ca1 #bjbc1 9 taxable ye>s end+ aft] su* date4 #bad4 ,neighborhood homes cr$it 7a7 ,f9d+s & purpose 7#a7 ,f9d+s ,congress f9ds ! foll[+3 7,a7 ,exp]ts h det]m9$ t x c\ld take ne>ly a decade to address ! h\s+ %ortage 9 ! ,unit$ ,/ates1 9 l>ge "p due to increas+ h\s+ prices & decreas$ h\s+ inv5tory4 7,b7 ,! h\s+ supply %ortage disproportionately impacts l[-income & di/ress$ communities4 7,c7 ,home[n]%ip is a prim>y s\rce ( h\sehold weal? & neighborhood /ability4 ,_m di/ress$ communities h l[ rates ( home[n]%ip & lack quality1 af=dable />t] homes4 7,d7 ,h\s+ revitalization 9 di/ress$ communities is prev5t$ by ! value gap1 ! diff]5ce betwe5 ! price to rehabilitate a home & ! sale value ( ! home4 7,e7 ,! ,neighborhood ,homes ,inve/m5t ,act c address ! value gap to increase h\s+ rehabilitation 9 di/ress$ communities4 7,f7 ,?is section & ! am5dm5ts made by ?is section h ! pot5tial to g5]ate #ejj1jjj homes ov] #aj ye>s1 #abe1jjj1jjj1jjj ( total developm5t activity1 ov] #hjj1jjj jobs 9 con/ruction & con/ruction-relat$ indu/ries1 & ov] #ce1jjj1jjj1jjj 9 ,f$]al1 /ate1 & local tax rev5ues4 7#b7 ,s5se ( ,congress ,x is ! s5se ( ,congress t ! neighborhood homes cr$it 7z add$ "u ?is section7 %\ld be an activity adm9i/]$ 9 a mann] :i*-- 7,a7 is consi/5t ) ! ,fair ,h\s+ ,act ( #aifh 7#db ,u4,s4,c4 #cfja et seq472 7,b7 emp[]s resid5ts 9 eligible communities2 & 7,c7 revitalizes di/ress$ neighborhoods4 7b7 ,all[ance ( cr$it ,subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #bac1 is am5d$ by ins]t+ aft] section #db;,a ! foll[+ new section3 #db;,b4 ,neighborhood homes cr$it 7a7 ,all[ance ( cr$it ,= purposes ( section #ch1 ! neighborhood homes cr$it det]m9$ "u ?is section = ! taxable ye> is1 ) respect to ea* qualifi$ resid5ce sold by ! taxpay] dur+ su* taxable ye> 9 an af=dable sale1 ! less] (-- 7#a7 an am\nt equal to-- 7,a7 ! excess 7if any7 (-- 7i7 ! reasonable developm5t co/s paid or incurr$ by ! taxpay] ) respect to su* qualifi$ resid5ce1 ov] 7ii7 ! sale price ( su* qualifi$ resid5ce 7r$uc$ by any reasonable exp5ses paid or incurr$ by ! taxpay] 9 connection ) su* sale71 or 7,b7 if ! neighborhood homes cr$it ag5cy det]m9es x is necess>y to ensure f9ancial feasibility1 an am\nt n to exce$ #abj p]c5t ( ! am\nt "u subp>agraph 7,a71 7#b7 #ce p]c5t ( ! eligible developm5t co/s paid or incurr$ by ! taxpay] ) respect to su* qualifi$ resid5ce1 or 7#c7 #bh p]c5t ( ! national m$ian sale price = new homes 7z det]m9$ pursuant to ! mo/ rec5t c5sus data available z ( ! date on :i* ! neighborhood homes cr$it ag5cy makes an allocation = ! qualifi$ project74 7b7 ,developm5t co/s ,= purposes ( ?is section-- 7#a7 ,reasonable developm5t co/s 7,a7 ,9 g5]al ,! t]m reasonable developm5t co/s means am\nts paid or incurr$ = ! acquisition ( build+s & l&1 con/ruction1 sub/antial rehabilitation1 demolition ( /ructures1 or environm5tal rem$iation1 to ! ext5t t ! neighborhood homes cr$it ag5cy det]m9es t su* am\nts meet ! /&>ds specifi$ pursuant to subsection 7f77#a77;,c7 7z ( ! date on :i* con/ruction or sub/antial rehabilitation is sub/antially complete1 z det]m9$ by su* ag5cy7 & are necess>y to ensure ! f9ancial feasibility ( su* qualifi$ resid5ce4 7,b7 ,consid]ations 9 mak+ det]m9ation ,9 mak+ ! det]m9ation "u subp>agraph 7,a71 ! neighborhood homes cr$it ag5cy %all consid]-- 7i7 ! s\rces & uses ( funds & ! total f9anc+1 7ii7 any proce$s or receipts g5]at$ or expect$ to be g5]at$ by reason ( tax b5efits1 & 7iii7 ! reasonabl5ess ( ! developm5tal co/s & fees4 7#b7 ,eligible developm5t co/s ,! t]m eligible developm5t co/s means ! am\nt :i* w\ld be reasonable developm5t co/s if ! am\nts tak5 into acc\nt z paid or incurr$ = ! acquisition ( build+s & l& did n exce$ #ge p]c5t ( su* co/s det]m9$ )\t reg>d to any am\nt paid or incurr$ = ! acquisition ( build+s & l&4 7#c7 ,sub/antial rehabilitation ,! t]m sub/antial rehabilitation means am\nts paid or incurr$ = rehabilitation ( a qualifi$ resid5ce if su* am\nts exce$ ! great] (-- 7,a7 #bj1jjj1 or 7,b7 #bj p]c5t ( ! am\nts paid or incurr$ by ! taxpay] = ! acquisition ( build+s & l& ) respect to su* qualifi$ resid5ce4 7#d7 ,con/ruction & rehabilitation only aft] allocation tak5 into acc\nt 7,a7 ,9 g5]al ,! t]ms reasonable developm5t co/s & eligible developm5t co/s %all n include any am\nt paid or incurr$ be=e ! date on :i* an allocation is made to ! taxpay] "u subsection 7e7 ) respect to ! qualifi$ project ( :i* ! qualifi$ resid5ce is "p unless su* am\nt is paid or incurr$ = ! acquisition ( build+s or l&4 7,b7 ,l& & build+ acquisition co/s ,am\nts paid or incurr$ = ! acquisition ( build+s or l& %all be includ$ "u p>agraph 7,a7 only if paid or incurr$ n m ?an #c ye>s be=e ! date on :i* ! allocation ref]r$ to 9 subp>agraph 7,a7 is made4 ,if ! taxpay] acquir$ any build+ or l& f an entity 7or any relat$ p>ty to su* entity7 t holds an own]%ip int]e/ 9 ! taxpay]1 !n su* entity mu/ also h acquir$ su* prop]ty )9 su* #c-ye> p]iod1 & ! acquisition co/ includ$ "u subp>agraph 7,a7 ) respect to ! taxpay] %all n exce$ ! am\nt su* entity paid or incurr$ to acquire su* prop]ty4 7c7 ,qualifi$ resid5ce ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m qualifi$ resid5ce means a resid5ce t-- 7,a7 is real prop]ty affix$ on a p]man5t f\ndation1 7,b7 is-- 7i7 a h\se :i* is compris$ ( #d or few] resid5tial units1 7ii7 a condom9ium unit1 or 7iii7 a h\se or an ap>tm5t own$ by a coop]ative h\s+ corporation 7z def9$ 9 section #baf7;b771 7,c7 is "p ( a qualifi$ project ) respect to :i* ! neighborhood homes cr$it ag5cy has made an allocation "u subsection 7e71 & 7,d7 is locat$ 9 a qualifi$ c5sus tract 7det]m9$ z ( ! date ( su* allocation74 7#b7 ,qualifi$ c5sus tract 7,a7 ,9 g5]al ,! t]m qualifi$ c5sus tract means a c5sus tract-- 7i7 :i*-- 7,i7 has a m$ian family income :i* does n exce$ #hj p]c5t ( ! m$ian family income = ! applicable area1 7,,ii7 has a pov]ty rate t is n less ?an #acj p]c5t ( ! pov]ty rate ( ! applicable area1 & 7,,iii7 has a m$ian value = own]-occupi$ homes t does n exce$ ! m$ian value = own]-occupi$ homes 9 ! applicable area1 7ii7 :i*-- 7,i7 is locat$ 9 a city :i* has a population ( n less ?an #ej1jjj & su* city has a pov]ty rate t is n less ?an #aej p]c5t ( ! pov]ty rate ( ! applicable area1 7,,ii7 has a m$ian family income :i* does n exce$ ! m$ian family income = ! applicable area1 & 7,,iii7 has a m$ian value = own]-occupi$ homes t does n exce$ #hj p]c5t ( ! m$ian value = own]-occupi$ homes 9 ! applicable area1 7iii7 :i*-- 7,i7 is locat$ 9 a nonmetropolitan c\nty1 7,,ii7 has a m$ian family income :i* does n exce$ ! m$ian family income = ! applicable area1 & 7,,iii7 has be5 designat$ by a neighborhood homes cr$it ag5cy "u ?is clause1 or 7iv7 :i* is n o!rwise a qualifi$ c5sus tract & is locat$ 9 a disa/] area 7z def9$ 9 section #gejh;,a7d77#c771 b only ) respect to cr$its allocat$ 9 any p]iod dur+ :i* ! ,presid5t ( ! ,unit$ ,/ates has det]m9$ t su* area w>rants individual or individual & public assi/ance by ! ,f$]al ,gov]nm5t "u ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act4 7,b7 ,applicable area ,! t]m applicable area means-- 7i7 9 ! case ( a metropolitan c5sus tract1 ! metropolitan area 9 :i* su* c5sus tract is locat$1 & 7ii7 9 ! case ( a c5sus tract o!r ?an a c5sus tract describ$ 9 clause 7i71 ! ,/ate4 7d7 ,af=dable sale ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m af=dable sale means a sale to a qualifi$ home[n] ( a qualifi$ resid5ce t ! neighborhood homes cr$it ag5cy c]tifies z meet+ ! /&>ds promulgat$ "u subsection 7f77#a77;,d7 = a price t does n exce$-- 7,a7 9 ! case ( any qualifi$ resid5ce n describ$ 9 subp>agraph 7,b71 7,c71 or 7,d71 ! am\nt equal to ! product ( #d multipli$ by ! m$ian family income = ! applicable area 7z det]m9$ pursuant to ! mo/ rec5t c5sus data available z ( ! date ( ! contract = su* sale71 7,b7 9 ! case ( a h\se compris$ ( #b resid5tial units1 #abe p]c5t ( ! am\nt describ$ 9 subp>agraph 7,a71 7,c7 9 ! case ( a h\se compris$ ( #c resid5tial units1 #aej p]c5t ( ! am\nt describ$ 9 subp>agraph 7,a71 or 7,d7 9 ! case ( a h\se compris$ ( #d resid5tial units1 #age p]c5t ( ! am\nt describ$ 9 subp>agraph 7,a74 7#b7 ,qualifi$ home[n] ,! t]m qualifi$ home[n] means1 ) respect to a qualifi$ resid5ce1 an individual-- 7,a7 :o owns & uses su* qualifi$ resid5ce z ! pr9cipal resid5ce ( su* individual1 & 7,b7 ^: family income 7det]m9$ z ( ! date t a b9d+ contract = ! af=dable sale ( su* resid5ce is ent]$ into7 is #adj p]c5t or less ( ! m$ian family income = ! applicable area 9 :i* ! qualifi$ resid5ce is locat$4 7e7 ,cr$it ceil+ & allocations 7#a7 ,cr$it limit$ bas$ on allocations to qualifi$ projects 7,a7 ,9 g5]al ,! cr$it all[$ "u subsection 7a7 to any taxpay] = any taxable ye> ) respect to "o or m qualifi$ resid5ces :i* are "p ( ! same qualifi$ project %all n exce$ ! excess 7if any7 (-- 7i7 ! am\nt allocat$ by ! neighborhood homes cr$it ag5cy "u ?is p>agraph to su* taxpay] ) respect to su* qualifi$ project1 ov] 7ii7 ! aggregate am\nt ( cr$it all[$ "u subsection 7a7 to su* taxpay] ) respect to qualifi$ resid5ces :i* are a "p ( su* qualifi$ project = all prior taxable ye>s4 7,b7 ,deadl9e = completion ,no cr$it %all be all[$ "u subsection 7a7 ) respect to any qualifi$ resid5ce unless ! af=dable sale ( su* resid5ce is dur+ ! #e-ye> p]iod beg9n+ on ! date ( ! allocation to ! qualifi$ project ( :i* su* resid5ce is a "p 7or1 9 ! case ( a qualifi$ resid5ce to :i* subsection 7i7 applies1 ! rehabilitation ( su* resid5ce is complet$ dur+ su* #e-ye> p]iod74 7#b7 ,limitations on allocations to qualifi$ projects 7,a7 ,allocations limit$ by ,/ate neighborhood homes cr$it ceil+ ,! aggregate am\nt allocat$ to taxpay]s ) respect to qualifi$ projects by ! neighborhood homes cr$it ag5cy ( any ,/ate = any cal5d> ye> %all n exce$ ! ,/ate neighborhood homes cr$it am\nt ( su* ,/ate = su* cal5d> ye>4 7,b7 ,set-aside = c]ta9 projects involv+ qualifi$ nonpr(it organizations ,rules simil> to ! rules ( section #db7;h77#e7 %all apply = purposes ( ?is section4 7#c7 ,det]m9ation ( ,/ate neighborhood homes cr$it ceil+ 7,a7 ,9 g5]al ,! ,/ate neighborhood homes cr$it am\nt = a ,/ate = a cal5d> ye> is an am\nt equal to ! sum (-- 7i7 ! great] (-- 7,i7 ! product ( #g1 multipli$ by ! ,/ate population 7det]m9$ 9 accordance ) section #adf7;j771 or 7,,ii7 #i1jjj1jjj1 & 7ii7 any am\nt previ\sly allocat$ to any taxpay] ) respect to any qualifi$ project by ! neighborhood homes cr$it ag5cy ( su* ,/ate :i* c no long] be allocat$ to any qualifi$ resid5ce because ! #e-ye> p]iod describ$ 9 p>agraph 7#a77;,b7 expires dur+ cal5d> ye>4 7,b7 #c-ye> c>ry=w>d ( unus$ limitation ,! ,/ate neighborhood homes cr$it am\nt = a ,/ate = a cal5d> ye> %all be increas$ by ! excess 7if any7 ( ! ,/ate neighborhood homes cr$it am\nt = su* ,/ate = ! prec$+ cal5d> ye> ov] ! aggregate am\nt allocat$ by ! neighborhood homes cr$it ag5cy ( su* ,/ate dur+ su* prec$+ cal5d> ye>4 ,any am\nt c>ri$ =w>d "u ! prec$+ s5t5ce %all n be c>ri$ pa/ ! ?ird cal5d> ye> aft] ! cal5d> ye> 9 :i* su* cr$it am\nt orig9ally arose1 det]m9$ on a fir/-91 fir/-out basis4 7f7 ,responsibilities ( neighborhood homes cr$it ag5cies 7#a7 ,9 g5]al ,not)/&+ subsection 7e71 ! ,/ate neighborhood homes cr$it doll> am\nt %all be z]o = a cal5d> ye> unless ! neighborhood homes cr$it ag5cy ( ! ,/ate-- 7,a7 allocates su* am\nt pursuant to a qualifi$ allocation plan ( ! neighborhood homes cr$it ag5cy1 7,b7 allocates n m ?an #bj p]c5t ( am\nts allocat$ 9 ! previ\s ye> 7or = allocations made 9 #bjbd1 n m ?an #bj p]c5t ( ! neighborhood homes cr$it ceil+ = su* ye>7 to projects ) respect to qualifi$ resid5ces :i*-- 7i7 are locat$ 9 c5sus tracts describ$ 9 subsection 7c77#b77;,a77iii71 7c77#b77;,a77iv71 7i77#e71 or 7ii7 are n locat$ 9 a qualifi$ c5sus tract b meet ! requirem5ts ( subsection 7i77#h71 7,c7 promulgates /&>ds ) respect to reasonable qualifi$ developm5t co/s & fees1 7,d7 promulgates /&>ds ) respect to con/ruction quality1 7,e7 9 ! case ( any neighborhood homes cr$it ag5cy :i* makes an allocation to a qualifi$ project :i* includes any qualifi$ resid5ce to :i* subsection 7i7 applies1 promulgates /&>ds ) respect to protect+ ! own]s ( su* resid5ces1 includ+ ! capacity ( su* own]s to pay rehabilitation co/s n cov]$ by ! cr$it provid$ by ?is section & provid+ = ! disclosure to su* own]s ( _! rights & responsibilities ) respect to ! rehabilitation ( su* resid5ces1 7,f7 submits to ! ,secret>y 7at su* "t & 9 su* mann] z ! ,secret>y may prescribe7 an annual report specify+-- 7i7 ! am\nt ( ! neighborhood homes cr$its allocat$ to ea* qualifi$ project = ! previ\s ye>1 7ii7 ) respect to ea* qualifi$ resid5ce complet$ 9 ! prec$+ cal5d> ye>-- 7,i7 ! c5sus tract 9 :i* su* qualifi$ resid5ce is locat$1 7,,ii7 ) respect to ! qualifi$ project t includes su* qualifi$ resid5ce1 ! ye> 9 :i* su* project receiv$ an allocation "u ?is section1 7,,iii7 :e!r su* qualifi$ resid5ce 0 new1 sub/antially rehabilitat$ & sold to a qualifi$ home[n]1 or sub/antially rehabilitat$ pursuant to subsection 7i71 7,,iv7 ! eligible developm5t co/s ( su* qualifi$ resid5ce1 7,v7 ! am\nt ( ! neighborhood homes cr$it ) respect to su* qualifi$ resid5ce1 7,,vi7 ! sales price ( su* qualifi$ resid5ce1 if applicable1 & 7,,vii7 ! family income ( ! qualifi$ home[n] 7express$ z a p]c5tage ( ! applicable area m$ian family income = ! location ( ! qualifi$ resid5ce71 & 7iii7 su* o!r in=mation z ! ,secret>y may require1 & 7,g7 makes available to ! g5]al public a writt5 explanation = any allocation ( a neighborhood homes cr$it doll> am\nt :i* is n made 9 accordance ) e/abli%$ priorities & selection crit]ia ( ! neighborhood homes cr$it ag5cy4 ,subp>agraph 7,b7 %all be appli$ by sub/itut+ #dj p]c5t = #bj p]c5t ea* place x appe>s 9 ! case ( any ,/ate 9 :i* at lea/ #de p]c5t ( ! ,/ate population resides outside metropolitan /ati/ical areas 7)9 ! mean+ ( section #adc7k77#b77;,b77 & less ?an #bj p]c5t ( ! c5sus tracts locat$ 9 ! ,/ate are describ$ 9 subsection 7c77#b77;,a77i74 7#b7 ,qualifi$ allocation plan ,= purposes ( ?is subsection1 ! t]m qualifi$ allocation plan means any plan :i*-- 7,a7 sets =? ! selection crit]ia to be us$ to prioritize qualifi$ projects = allocations ( ,/ate neighborhood homes cr$it doll> am\nts1 includ+-- 7i7 ! ne$ = new or sub/antially rehabilitat$ own]-occupi$ homes 9 ! area address$ by ! project1 7ii7 ! expect$ contribution ( ! project to neighborhood /ability & revitalization1 includ+ ! impact on neighborhood resid5ts1 7iii7 ! capability & prior p]=mance ( ! project sponsor1 & 7iv7 ! likelihood ! project w result 9 long-t]m home[n]%ip1 7,b7 has be5 made available = public comm5t1 & 7,c7 provides a proc$ure t ! neighborhood homes cr$it ag5cy 7or any ag5t or contractor ( su* ag5cy7 %all foll[ = purposes (-- 7i7 id5tify+ noncompliance ) any provisions ( ?is section1 & 7ii7 notify+ ! ,int]nal ,rev5ue ,s]vice ( any su* noncompliance ( :i* ! ag5cy becomes aw>e4 7g7 ,repaym5t 7#a7 ,9 g5]al 7,a7 ,sold dur+ #e-ye> p]iod ,if a qualifi$ resid5ce is sold dur+ ! #e-ye> p]iod beg9n+ imm$iately aft] ! af=dable sale ( su* qualifi$ resid5ce ref]r$ to 9 subsection 7a71 ! sell] %all transf] an am\nt equal to ! repaym5t am\nt to ! relevant neighborhood homes cr$it ag5cy4 7,b7 ,use ( repaym5ts ,a neighborhood homes cr$it ag5cy %all use any am\nt receiv$ pursuant to subp>agraph 7,a7 only = purposes ( qualifi$ projects4 7#b7 ,repaym5t am\nt ,= purposes ( p>agraph 7#a77;,a7-- 7,a7 ,9 g5]al ,! repaym5t am\nt is an am\nt equal to ! applicable p]c5tage ( ! ga9 f ! sale to :i* ! repaym5t relates4 7,b7 ,applicable p]c5tage ,= purposes ( subp>agraph 7,a71 ! applicable p]c5tage is #ej p]c5t1 r$uc$ by #aj p]c5tage po9ts = ea* ye> ( ! #e-ye> p]iod ref]r$ to 9 p>agraph 7#a77;,a7 :i* ends be=e ! date ( su* sale4 7#c7 ,li5 = repaym5t am\nt ,a neighborhood homes cr$it ag5cy receiv+ an allocation "u ?is section %all place a li5 on ea* qualifi$ resid5ce t is built or rehabilitat$ z "p ( a qualifi$ project = an am\nt su* ag5cy deems necess>y to ensure pot5tial repaym5t pursuant to p>agraph 7#a77;,a74 7#d7 ,waiv] 7,a7 ,9 g5]al ,! neighborhood homes cr$it ag5cy may waive ! repaym5t requir$ "u p>agraph 7#a77;,a7 if ! ag5cy det]m9es t mak+ a repaym5t w\ld con/itute a h>d%ip to ! sell]4 7,b7 ,h>d%ip ,= purposes ( subp>agraph 7,a71 ) respect to ! sell]1 a h>d%ip may include-- 7i7 divorce1 7ii7 disability1 7iii7 illness1 or 7iv7 any o!r h>d%ip id5tifi$ by ! neighborhood homes cr$it ag5cy = purposes ( ?is p>agraph4 7h7 ,o!r def9itions & special rules ,= purposes ( ?is section-- 7#a7 ,neighborhood homes cr$it ag5cy ,! t]m neighborhood homes cr$it ag5cy means ! ag5cy designat$ by ! gov]nor ( a ,/ate z ! neighborhood homes cr$it ag5cy ( ! ,/ate4 7#b7 ,qualifi$ project ,! t]m qualifi$ project means a project t a neighborhood homes cr$it ag5cy c]tifies w build or sub/antially rehabilitate "o or m qualifi$ resid5ces4 7#c7 ,det]m9ations ( family income ,rules simil> to ! rules ( section #adc7;f77#b7 %all apply = purposes ( ?is section4 7#d7 ,possessions treat$ z /ates ,! t]m ,/ate includes ! ,di/rict ( ,columbia & ! possessions ( ! ,unit$ ,/ates4 7#e7 ,special rules relat$ to condom9iums & coop]ative h\s+ corporations 7,a7 ,det]m9ation ( developm5t co/s ,9 ! case ( a qualifi$ resid5ce describ$ 9 clause 7ii7 or 7iii7 ( subsection 7c77#a77;,a71 ! reasonable developm5t co/s & eligible developm5t co/s ( su* qualifi$ resid5ce %all be an am\nt equal to su* co/s1 respectively1 ( ! entire condom9ium or coop]ative h\s+ prop]ty 9 :i* su* qualifi$ resid5ce is locat$1 multipli$ by a fraction-- 7i7 ! num]ator ( :i* is ! total floor space ( su* qualifi$ resid5ce1 & 7ii7 ! d5om9ator ( :i* is ! total floor space ( all resid5ces )9 su* prop]ty4 7,b7 ,t5ant-/ockhold]s ( coop]ative h\s+ corporations treat$ z own]s ,9 ! case ( a coop]ative h\s+ corporation 7z su* t]m is def9$ 9 section #baf7;b771 a t5ant-/ockhold] %all be treat$ z own+ ! h\se or ap>tm5t :i* su* p]son is entitl$ to occupy4 7#f7 ,relat$ p>ty sales n treat$ z af=dable sales 7,a7 ,9 g5]al ,a sale betwe5 relat$ p]sons %all n be treat$ z an af=dable sale4 7,b7 ,relat$ p]sons ,= purposes ( ?is p>agraph1 a p]son 79 ?is subp>agraph ref]r$ to z ! relat$ p]son7 is relat$ to any p]son if ! relat$ p]son be>s a relation%ip to su* p]son specifi$ 9 section #bfg7;b7 or #gjg7;b77#a71 or ! relat$ p]son & su* p]son are engag$ 9 trades or bus9esses "u common control 7)9 ! mean+ ( subsections 7a7 & 7b7 ( section #eb74 ,= purposes ( ! prec$+ s5t5ce1 9 apply+ section #bfg7;b7 or #gjg7;b77#a71 #aj p]c5t %all be sub/itut$ = #ej p]c5t4 7#g7 ,inflation adju/m5t 7,a7 ,9 g5]al ,9 ! case ( a cal5d> ye> aft] #bjbc1 ! doll> am\nts 9 subsections 7b77#c77;,a71 7e77#c77;,a77i77,i71 7e77#c77;,a77i77,,ii71 & 7i77#b77;,c7 %all ea* be increas$ by an am\nt equal to-- 7i7 su* doll> am\nt1 multipli$ by 7ii7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = su* cal5d> ye> by sub/itut+ cal5d> ye> #bjbb = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 7,b7 ,r\nd+ 7i7 ,9 ! case ( ! doll> am\nts 9 subsection 7b77#c77;,a7 & 7i77#b77;,c71 any increase "u p>agraph 7#a7 :i* is n a multiple ( #a1jjj %all be r\nd$ to ! ne>e/ multiple ( #a1jjj4 7ii7 ,9 ! case ( ! doll> am\nt 9 subsection 7e77#c77;,a77i77,i71 any increase "u p>agraph 7#a7 :i* is n a multiple ( #j4ja %all be r\nd$ to ! ne>e/ multiple ( #j4ja4 7iii7 ,9 ! case ( ! doll> am\nt 9 subsection 7e77#c77;,a77i77,,ii71 any increase "u p>agraph 7#a7 :i* is n a multiple ( #ajj1jjj %all be r\nd$ to ! ne>e/ multiple ( #ajj1jjj4 7#h7 ,report 7,a7 ,9 g5]al ,! ,secret>y %all annually issue a report1 to be made available to ! public1 :i* conta9s ! in=mation submitt$ pursuant to subsection 7f77#a77;,f74 7,b7 ,de-id5tification ,! ,secret>y %all ensure t any in=mation made public pursuant to subp>agraph 7,a7 excludes any in=mation t w\ld all[ = ! id5tification ( qualifi$ home[n]s4 7#i7 ,li/ ( qualifi$ c5sus tracts ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all1 = ea* ye>1 make publicly available a li/ ( qualifi$ c5sus tracts "u-- 7,a7 on a comb9$ basis1 clauses 7i7 & 7ii7 ( subsection 7c77#b77;,a71 7,b7 clause 7iii7 ( su* subsection1 & 7,c7 subsection 7i77#e77;,a74 7#aj7 ,d5ial ( d$uctions if conv]t$ to r5tal h\s+ ,if1 dur+ ! #e-ye> p]iod beg9n+ imm$iately aft] ! af=dable sale ( a qualifi$ resid5ce ref]r$ to 9 subsection 7a71 an individual :o owns a qualifi$ resid5ce 7:e!r or n su* individual 0 ! pur*as] 9 su* af=dable sale7 fails to use su* qualifi$ resid5ce z su* individual's pr9cipal resid5ce = any p]iod ( "t1 no d$uction %all be all[$ = exp5ses paid or incurr$ by su* individual ) respect to r5t+1 dur+ su* p]iod ( "t1 su* qualifi$ resid5ce4 7i7 ,application ( cr$it ) respect to own]-,occupi$ rehabilitations 7#a7 ,9 g5]al ,9 ! case ( a qualifi$ rehabilitation by ! taxpay] ( any qualifi$ resid5ce :i* is own$ 7z ( ! date t ! writt5 b9d+ contract ref]r$ to 9 p>agraph 7#c7 is ent]$ into7 by a specifi$ home[n]1 ! rules ( p>agraphs 7#b7 ?r\gh 7#g7 %all apply4 7#b7 ,alt]native cr$it det]m9ation ,9 ! case ( any qualifi$ resid5ce describ$ 9 p>agraph 7#a71 ! neighborhood homes cr$it det]m9$ "u subsection 7a7 ) respect to su* resid5ce %all 79 lieu ( any cr$it o!rwise det]m9$ "u subsection 7a7 ) respect to su* resid5ce7 be all[$ 9 ! taxable ye> dur+ :i* ! qualifi$ rehabilitation is complet$ 7z det]m9$ by ! neighborhood homes cr$it ag5cy7 & %all be equal to ! lea/ (-- 7,a7 ! excess 7if any7 (-- 7i7 ! am\nts paid or incurr$ by ! taxpay] = ! qualifi$ rehabilitation ( ! qualifi$ resid5ce to ! ext5t t su* am\nts are c]tifi$ by ! neighborhood homes cr$it ag5cy 7at ! "t ( ! completion ( su* rehabilitation7 z meet+ ! /&>ds specifi$ pursuant to subsection 7f77#a77;,c71 ov] 7ii7 any am\nts paid to su* taxpay] = su* rehabilitation1 7,b7 #ej p]c5t ( ! am\nts describ$ 9 subp>agraph 7,a77i71 or 7,c7 #ej1jjj4 7#c7 ,qualifi$ rehabilitation 7,a7 ,9 g5]al ,= purposes ( ?is subsection1 ! t]m qualifi$ rehabilitation means a rehabilitation or recon/ruction p]=m$ pursuant to a writt5 b9d+ contract betwe5 ! taxpay] & ! specifi$ home[n] if ! am\nt paid or incurr$ by ! taxpay] 9 ! p]=mance ( su* rehabilitation or recon/ruction exce$s ! doll> am\nt 9 effect "u subsection 7b77#c77;,a74 7,b7 ,application ( limitation to exp5ses paid or incurr$ aft] allocation ,a rule simil> to ! rule ( section 7b77#d7 %all apply = purposes ( ?is subsection4 7#d7 ,specifi$ home[n] ,= purposes ( ?is subsection1 ! t]m qualifi$ home[n] means1 ) respect to a qualifi$ resid5ce1 an individual-- 7,a7 :o owns & uses su* qualifi$ resid5ce z ! pr9cipal resid5ce ( su* individual z ( ! date t ! writt5 b9d+ contract ref]r$ to 9 p>agraph 7#c7 is ent]$ into1 & 7,b7 ^: family income 7det]m9$ z ( su* date7 does n exce$ ! m$ian family income = ! applicable area 7) respect to ! c5sus tract 9 :i* ! qualifi$ resid5ce is locat$74 7#e7 ,additional c5sus tracts 9 :i* own]-occupi$ resid5ces may be locat$ ,9 ! case ( any qualifi$ resid5ce describ$ 9 p>agraph 7#a71 ! t]m qualifi$ c5sus tract includes any c5sus tract :i*-- 7,a7 meets ! requirem5ts ( subsection 7c77#b77;,a77i7 )\t reg>d to subclause 7,,iii7 !re(1 & 7,b7 is designat$ by ! neighborhood homes cr$it ag5cy = purposes ( ?is p>agraph4 7#f7 ,modification ( repaym5t requirem5t ,9 ! case ( any qualifi$ resid5ce describ$ 9 p>agraph 7#a71 subsection 7g7 %all be appli$ by beg9n+ ! #e-ye> p]iod o!rwise describ$ !re9 on ! date on :i* ! qualifi$ home[n] acquir$ su* resid5ce4 7#g7 ,relat$ p>ties ,p>agraph 7#a7 %all n apply if ! taxpay] is ! own] ( ! qualifi$ resid5ce describ$ 9 p>agraph 7#a7 or is relat$ 7)9 ! mean+ ( subsection 7h77#f77;,b77 to su* own]4 7#h7 ,pyrrhotite rem$iation ,! requirem5t ( subsection 7c77#a77;,c7 %all n apply to a qualifi$ rehabilitation "u ?is subsection ( a qualifi$ resid5ce t is docum5t$ by an eng9e]'s report & core te/+ to h a f\ndation t is adv]sely impact$ by pyrrhotite or o!r iron sulfide m9]als4 7j7 ,regulations ,! ,secret>y %all prescribe su* regulations z may be necess>y or appropriate to c>ry out ! purposes ( ?is section1 includ+ regulations t prev5t avoidance ( ! rules1 & abuse ( ! purposes1 ( ?is section4 4 7c7 ,cr$it all[$ z "p ( g5]al bus9ess cr$it ,section #ch7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #bac1 is am5d$ by /rik+ plus at ! end ( p>agraph 7#da71 by /rik+ ! p]iod at ! end ( p>agraph 7#db7 & ins]t+ 1 plus1 & by add+ at ! end ! foll[+ new p>agraph3 7#dc7 ! neighborhood homes cr$it det]m9$ "u section #db;,b7a74 4 7d7 ,cr$it all[$ aga9/ alt]native m9imum tax ,section #ch7;c77#d77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by r$esignat+ clauses 7iv7 ?r\gh 7xii7 z clauses 7v7 ?r\gh 7xiii71 respectively1 & by ins]t+ aft] clause 7iii7 ! foll[+ new clause3 7iv7 ! cr$it det]m9$ "u section #db;,b1 4 7e7 ,basis adju/m5ts 7#a7 ,en]gy effici5t home improvem5t cr$it ,section #be;,c7g7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ aft] ! fir/ s5t5ce ! foll[+ new s5t5ce3 ,?is subsection %all n apply = purposes ( det]m9+ ! eligible developm5t co/s or adju/$ basis ( any build+ "u section #db;,b44 7#b7 ,resid5tial clean en]gy cr$it ,section #be;,d7f7 ( su* ,code is am5d$ by add+ aft] ! fir/ s5t5ce ! foll[+ new s5t5ce3 ,?is subsection %all n apply = purposes ( det]m9+ ! eligible developm5t co/s or adju/$ basis ( any build+ "u section #db;,b44 7#c7 ,new en]gy effici5t home cr$it ,section #de,l7e7 ( su* ,code is am5d$ by ins]t+ or = purposes ( det]m9+ ! eligible developm5t co/s or adju/$ basis ( any build+ "u section #db;,b aft] section #db4 7f7 ,exclusion f gross income ,"p ,,iii ( sub*apt] ,b ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ be=e section #adj ! foll[+ new section3 #aci;,j4 ,/ate en]gy subsidies = qualifi$ resid5ces 7a7 ,exclusion f gross income ,gross income %all n include ! value ( any subsidy provid$ to a taxpay] 7:e!r directly or indirectly7 by any ,/ate en]gy (fice 7z def9$ 9 section #abd7;a7 ( ! ,en]gy ,policy ,act ( #bjje 7#db ,u4,s4,c4 #aehba7;a777 = purposes ( any en]gy improvem5ts made to a qualifi$ resid5ce 7z def9$ 9 section #db;,b7c77#a774 4 7g7 ,con=m+ am5dm5ts 7#a7 ,subsections 7i77#c77;,c71 7i77#f77;,b77i71 & 7k77#a7 ( section #dfi ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #bac1 are ea* am5d$ by /rik+ or #db;,a & ins]t+ 1 #db;,a1 or #db;,b 4 7#b7 ,! table ( sections = subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code1 z am5d$ by section #bac1 is am5d$ by ins]t+ aft] ! item relat+ to section #db;,a ! foll[+ new item3 ,sec4 #db;,b4 ,neighborhood homes cr$it4 4 7#c7 ,! table ( sections = "p ,,iii ( sub*apt] ,b ( *apt] #a ( su* ,code is am5d$ by ins]t+ be=e ! item relat+ to section #adj ! foll[+ new item3 ,sec4 #aci;,j4 ,/ate en]gy subsidies = qualifi$ resid5ces4 4 7h7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbc4 #bae4 ,fir/-"t homebuy] refundable cr$it 7a7 ,9 g5]al ,section #cf ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 #cf4 ,fir/-"t homebuy] refundable cr$it 7a7 ,all[ance ( cr$it ,9 ! case ( an individual :o is a fir/-"t homebuy] ( a pr9cipal resid5ce 9 ! ,unit$ ,/ates dur+ a taxable ye>1 !re %all be all[$ z a cr$it aga9/ ! tax impos$ by ?is subtitle = su* taxable ye> an am\nt equal to #bj p]c5t ( ! pur*ase price ( ! resid5ce4 7b7 ,limitations2 special rules bas$ on m>ital & fil+ /atus 7#a7 ,doll> limitation ,! cr$it all[$ "u subsection 7a7 %all n exce$ #ae1jjj4 7#b7 ,limitation bas$ on pur*ase price ,! am\nt all[able z a cr$it "u subsection 7a7 7det]m9$ )\t reg>d to ?is p>agraph & p>agraph 7#c71 & aft] ! application ( p>agraph 7#a77 = ! taxable ye> %all be r$uc$ 7b n bel[ z]o7 by ! am\nt :i* be>s ! same ratio to ! am\nt :i* is s all[able z-- 7,a7 ! excess 7if any7 (-- 7i7 ! pur*ase price ( ! resid5ce1 ov] 7ii7 an am\nt equal to #aaj p]c5t ( ! con=m+ loan limit applicable to ! resid5ce1 be>s to 7,b7 #ajj1jjj4 ,= purposes ( ! prec$+ s5t5ce1 ! t]m con=m+ loan limit ) respect to any resid5ce means ! applicable limitation gov]n+ ! maximum orig9al pr9cipal obligation = a mortgage secur$ by a resid5ce ( ! same type1 z det]m9$ & adju/$ annually "u section #cjb7;b77#b7 ( ! ,f$]al ,national ,mortgage ,association ,*>t] ,act & section #cje7;a77#b7 ( ! ,f$]al ,home ,loan ,mortgage ,corporation ,act4 7#c7 ,limitation bas$ on modifi$ adju/$ gross income 7,a7 ,9 g5]al ,! am\nt all[able z a cr$it "u subsection 7a7 7det]m9$ )\t reg>d to ?is p>agraph & aft] ! application ( p>agraphs 7#a7 & 7#b77 = ! taxable ye> %all be r$uc$ 7b n bel[ z]o7 by ! am\nt :i* be>s ! same ratio to ! am\nt :i* is s all[able z-- 7i7 ! excess 7if any7 (-- 7,i7 ! taxpay]'s modifi$ adju/$ gross income = ! prec$+ taxable ye>1 ov] 7,,ii7 ! applicable ?re%old1 be>s to 7ii7 #ej1jjj4 7,b7 ,modifi$ adju/$ gross income ,= purposes ( subp>agraph 7,a71 ! t]m modifi$ adju/$ gross income ) respect to any taxable ye> means ! adju/$ gross income ( ! taxpay] = su* taxable ye> increas$ by any am\nt exclud$ f gross income "u section #iaa1 #ica1 or #icc = su* taxable ye>4 7,c7 ,applicable ?re%old ,= purposes ( subp>agraph 7,a71 ! applicable ?re%old is-- 7i7 except z provid$ 9 clauses 7ii7 & 7iii71 #ajj1jjj1 7ii7 an am\nt equal to #aej p]c5t ( ! am\nt 9 effect "u clause 7i71 9 ! case ( a head ( h\sehold 7z def9$ 9 section #b7;b771 & 7iii7 an am\nt equal to #bjj p]c5t ( ! am\nt 9 effect "u clause 7i71 9 ! case ( a jo9t return4 7#d7 ,additional limitations ,no cr$it %all be all[$ "u subsection 7a7 ) respect to ! pur*ase ( any resid5ce = a taxable ye>-- 7,a7 if ! taxpay] is a nonresid5t ali51 or 7,b7 if-- 7i7 ! taxpay] has n atta9$ age #ah z ( ! date ( su* pur*ase1 or 7ii7 a d$uction "u section #aea ) respect to ! taxpay] is all[able to ano!r taxpay] = ! taxable ye>4 ,9 ! case ( a taxpay] :o is m>ri$1 ! taxpay] %all be treat$ z meet+ ! age requirem5t ( subp>agraph 7,b77i7 if ! taxpay] or ! taxpay]'s sp\se meets su* age requirem5t4 7#e7 ,multiple pur*as]s ,if #b or m individuals :o are n m>ri$ pur*ase a pr9cipal resid5ce1 ! am\nt ( ! cr$it "u subsection 7a7 %all be allocat$ among su* individuals 9 su* mann] z ! ,secret>y may prescribe by tak+ into acc\nt ! requirem5ts ( p>agraphs 7#b7 & 7#c71 except t ! total am\nt ( ! cr$its all[$ to all su* individuals %all n exce$ ! limitation "u p>agraph 7#a7 7z modifi$ by p>agraph 7#g774 7#f7 ,m>ri$ c\ples mu/ file jo9t return ,if an individual is m>ri$ at ! close ( ! taxable ye>1 ! cr$it %all be all[$ "u subsection 7a7 only if ! individual & ! individual's sp\se file a jo9t return = ! taxable ye>4 7#g7 ,adju/m5t = inflation ,9 ! case ( any taxable ye> beg9n+ aft] ,decemb] #ca1 #bjbd1 ea* ( ! doll> am\nts 9 p>agraphs 7#a71 7#b77;,a77ii71 & 7#c77;,c77i7 %all be increas$ by an am\nt equal to-- 7,a7 su* doll> am\nt1 multipli$ by 7,b7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = ! cal5d> ye> 9 :i* ! taxable ye> beg9s1 det]m9$ by sub/itut+ cal5d> ye> #bjbc = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 ,any increase det]m9$ "u ! prec$+ s5t5ce %all be r\nd$ to ! next l[e/ multiple ( #ej4 7c7 ,def9itions ,= purposes ( ?is section-- 7#a7 ,fir/-"t homebuy] 7,a7 ,9 g5]al ,! t]m fir/-"t homebuy] means any individual :o acquires a pr9cipal resid5ce locat$ 9 ! ,unit$ ,/ates by pur*ase if su* individual 7&1 if m>ri$1 su* individual's sp\se7-- 7i7 has n claim$ any cr$it or d$uction "u ?is title = any previ\s taxable ye> ) respect to ! pur*ase or own]%ip ( any resid5ce or resid5tial real e/ate 7includ+ = any exp5ditures relat+ to ! plac+ 9 s]vice ( any prop]ty on1 9 connection )1 or = use 9 su* a resid5ce or real e/ate71 & 7ii7 atte/s "u p5alty ( p]jury t-- 7,i7 ! individual 7&1 if m>ri$1 ! individual's sp\se7 has n own$ a pr9cipal resid5ce at any "t prior to ! pur*ase ( ! pr9cipal resid5ce to :i* ?is section applies1 & 7,,ii7 ! pr9cipal resid5ce to :i* ?is section applies 0 n acquir$ f a p]son relat$ to su* individual or sp\se4 7,b7 ,waiv] 9 case ( c]ta9 *anges 9 /atus ,! ,secret>y may1 9 su* mann] z ! ,secret>y may prescribe1 waive ! requirem5ts ( subp>agraph 7,a7 = a taxable ye> 9 ! case ( an individual :o is n eligible to file a jo9t return = ! taxable ye>1 & :o 0 m>ri$ at ! "t ! individual or ! individual's =m] sp\se pur*as$ a previ\s resid5ce4 7#b7 ,pr9cipal resid5ce ,! t]m pr9cipal resid5ce has ! same mean+ z :5 us$ 9 section #aba4 7#c7 ,pur*ase 7,a7 ,9 g5]al ,! t]m pur*ase means any acquisition1 b only if-- 7i7 ! prop]ty is n acquir$ f a p]son relat$ to ! p]son acquir+ su* prop]ty 7or1 if ei!r su* p]son is m>ri$1 su* individual's sp\se71 & 7ii7 ! basis ( ! prop]ty 9 ! h&s ( ! p]son acquir+ su* prop]ty is n det]m9$-- 7,i7 9 :ole or 9 "p by ref]5ce to ! adju/$ basis ( su* prop]ty 9 ! h&s ( ! p]son f :om acquir$1 or 7,,ii7 "u section #ajad7;a74 7,b7 ,con/ruction ,a resid5ce :i* is con/ruct$ by ! taxpay] %all be treat$ z pur*as$ by ! taxpay] on ! date ! taxpay] fir/ occupies su* resid5ce4 7#d7 ,pur*ase price ,! t]m pur*ase price means ! adju/$ basis 7)\t reg>d to any r$uction "u section #ajaf7;a77#ch77 ( ! pr9cipal resid5ce on ! date su* resid5ce is pur*as$4 7#e7 ,relat$ p]sons ,a p]son %all be treat$ z relat$ to ano!r p]son if ! relation%ip betwe5 su* p]sons w\ld result 9 ! disall[ance ( losses "u section #bfg or #gjg7;b7 7b1 9 apply+ subsections 7b7 & 7c7 ( section #bfg = purposes ( ?is section1 p>agraph 7#d7 ( section #bfg7;c7 %all be treat$ z provid+ t ! family ( an individual %all include only ! individual's sp\se1 ance/ors1 l9eal desc5dants1 & sp\se's ance/ors & l9eal desc5dants74 7#f7 ,m>ital /atus ,an individual's m>ital /atus %all be det]m9$ 9 accordance ) section #ggjc4 7d7 ,d5ial & recapture rules 9 case ( disposal ( resid5ce )9 #f taxable ye>s 7#a7 ,d5ial ( cr$it 9 case ( disposal )9 taxable ye> ,no cr$it "u subsection 7a7 %all be all[$ to any taxpay] = any taxable ye> ) respect to ! pur*ase ( a resid5ce if ! taxpay] disposes ( su* resid5ce 7or su* resid5ce ceases to be ! pr9cipal resid5ce ( ! taxpay] 7&1 if m>ri$1 ! taxpay]'s sp\se77 be=e ! close ( su* taxable ye>4 7#b7 ,phas$-out recapture 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,d71 if ! taxpay] disposes ( ! resid5ce ) respect to :i* a cr$it 0 all[$ "u subsection 7a7 7or su* resid5ce ceases to be ! pr9cipal resid5ce ( ! taxpay] 7&1 if m>ri$1 ! taxpay]'s sp\se77 dur+ ! #e-taxable-ye> p]iod beg9n+ ) ! taxable ye> imm$iately foll[+ ! cr$it ye>1 ! tax impos$ by ?is *apt] = ! taxable ye> 9 :i* su* disposal 7or cessation7 occurs %all be increas$ by an am\nt equal to ! recapture p]c5tage ( ! am\nt ( ! cr$it s all[$4 7,b7 ,cr$it ye> ,= purposes ( subp>agraph 7,a71 ! t]m cr$it ye> means ! taxable ye> 9 :i* ! cr$it "u subsection 7a7 0 all[$4 7,c7 ,recapture p]c5tage ,= purposes ( subp>agraph 7,a71 ! recapture p]c5tage ) respect to any disposal or cessation describ$ 9 su* subp>agraph %all be det]m9$ 9 accordance ) ! foll[+ table3 ,if ! disposal or ,! recapture cessation occurs 93p]c5tage is3,! #a/ taxable ye> beg9n+ aft] ! cr$it ye>#ajj percent,the #bnd taxable ye> beg9n+ aft] ! cr$it ye>#hj percent,the #crd taxable ye> beg9n+ aft] ! cr$it ye>#fj percent,the #d? taxable ye> beg9n+ aft] ! cr$it ye>#dj percent,the #e? taxable ye> beg9n+ aft] ! cr$it ye>#bj p]c5t4 7,d7 ,exceptions ,?is p>agraph %all n apply 9 ! case ( a disposal or cessation describ$ 9 subp>agraph 7,a7 :i* occurs aft] or incid5t to any ( ! foll[+3 7i7 ,dea? ( ! taxpay] or ! taxpay]'s sp\se4 7ii7 ,divorce ( ! taxpay]4 7iii7 ,involunt>y conv]sion ( ! resid5ce 7)9 ! mean+ ( section #aba7;d77#e77;,a774 7iv7 ,relocation ( duty /ation or qualifi$ (ficial ext5d$ duty 7z def9$ 9 section #aba7;d77#i77;,c77 ( ! taxpay] or ! taxpay]'s sp\se :o is a memb] ( ! uni=m$ s]vices 7z def9$ 9 section #aba7;d77#i77;,c77ii771 a memb] ( ! ,=eign ,s]vice ( ! ,unit$ ,/ates 7z def9$ 9 section #aba7;d77#i77;,c77iii771 or an employee ( ! intellig5ce community 7z def9$ 9 section #aba7;d77#i77;,c77iv774 7v7 ,*ange ( employm5t ( ! taxpay] or ! taxpay]'s sp\se :i* meets ! conditions ( section #bag7;c74 7vi7 ,loss ( employm5t1 heal? conditions1 or su* o!r un=ese5 circum/ances z may be specifi$ by ! ,secret>y4 7e7 ,adju/m5t to basis ,= purposes ( ?is subtitle1 if a cr$it is all[$ "u ?is section ) respect to any prop]ty1 ! taxpay]'s basis 9 su* prop]ty %all be r$uc$ by ! am\nt ( ! cr$it s all[$4 7f7 ,report+ 7#a7 ,9 g5]al ,a cr$it %all be all[$ "u ?is section only if ! foll[+ are includ$ on ! return ( tax3 7,a7 ,! individual's 7&1 if m>ri$1 ! individual's sp\se's7 social security numb] issu$ by ! ,social ,security ,adm9i/ration4 7,b7 ,! /reet address 7n includ+ a po/ (fice box7 ( ! pr9cipal resid5ce pur*as$4 7,c7 ,! pur*ase price ( ! pr9cipal resid5ce4 7,d7 ,! date ( pur*ase ( ! pr9cipal resid5ce4 7,e7 ,! clos+ disclosure relat+ to ! pur*ase 79 ! case ( a pur*ase f9anc$ by a mortgage74 7#b7 ,report+ ( real e/ate transactions ,if ! ,secret>y requires in=mation report+ "u section #fjde by a p]son describ$ 9 subsection 7e77#b7 !re( to v]ify ! eligibility ( taxpay]s = ! cr$it all[able by ?is section1 ! exception provid$ by section #fjde7;e77#e7 %all n apply4 4 7b7 ,con=m+ am5dm5t relat+ to basis adju/m5t ,subsection 7a7 ( section #ajaf ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #bac1 is fur!r am5d$-- 7#a7 by r$esignat+ p>agraphs 7#ch7 & 7#ci7 z p>agraphs 7#ci7 & 7#dj71 respectively2 & 7#b7 by ins]t+ aft] p>agraph 7#cg7 ! foll[+ new p>agraph3 7#ch7 to ! ext5t provid$ 9 section #cf7;e74 4 7c7 ,con=m+ am5dm5t ,section #bf7;b77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ subp>agraph 7,w7 & by r$esignat+ subp>agraphs 7,x71 7,y71 & 7,z7 z subp>agraphs 7,w71 7,x71 & 7,y71 respectively4 7d7 ,cl]ical am5dm5t ,! item relat+ to section #cf 9 ! table ( sections = subp>t ,c ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 ,sec4 #cf4 ,fir/-"t homebuy] refundable cr$it4 4 7e7 ,au?ority ,to treat claim ( cr$it z error1 etc ,subp>agraph 7,n7 ( section #fbac7;g77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7,n7 9 ! case ( a return claim+ ! cr$it "u section #cf-- 7i7 ! omission ( a social security numb] requir$ "u section #cf7;f77#a77;,a71 7ii7 ! inclusion ( a social security numb] s requir$ if-- 7,i7 ! claim ( ! cr$it on ! return reflects ! treatm5t ( su* individual z be+ ( an age diff]5t f ! individual's age bas$ on su* social security numb]1 or 7,,ii7 except z provid$ 9 section #cf7;c77#a77;,b71 su* social security numb] has be5 includ$ 7o!r ?an z a dep5d5t = purposes ( section #aea7 on a return = any previ\s taxable ye> claim+ any cr$it or d$uction describ$ 9 section #cf7;c77#a77;,a77i71 7iii7 ! omission ( any o!r requir$ in=mation or docum5tation describ$ 9 section #cf7;f77#a71 includ+ ! inclusion ( a po/ (fice box in/ead ( a /reet address = ! pur*as$ resid5ce1 7iv7 ! inclusion ( any in=mation or docum5tation describ$ 9 clause 7iii7 if su* in=mation or docum5tation does n support a valid claim = ! cr$it1 or 7v7 a claim ( su* cr$it = a taxable ye> ) respect to ! pur*ase ( a resid5ce made aft] ! la/ day ( su* taxable ye>1 4 7f7 ,,irs recordkeep+ ,not)/&+ ! limitations on assessm5t & collection "u section #feja ( ! ,int]nal ,rev5ue ,code ( #aihf1 ! ,commission] ( ,int]nal ,rev5ue %all ma9ta9 records ( returns & return in=mation 7z def9$ 9 section #fajc7;b77#b7 ( su* ,code7 ( any taxpay] claim+ ! cr$it "u section #cf ( su* ,code 7z am5d$ by ?is section7 = ! taxable ye> 9 :i* su* cr$it is claim$ & succe$+ taxable ye>s 9 ! individual ma/] files ( ! ,int]nal ,rev5ue ,s]vice4 7g7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbc4