,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #iijf  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #bc1 #bjbf,mr4  
,goldman ( ,new ,york 7= himself & ,ms4 
,malliotakis7 introduc$ ! foll[+ bill2  
:i* 0 ref]r$ to ! ,committee on ,ways & 
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to provide an     
elective exception f ! volume cap on    
tax-exempt bonds = c]ta9 exempt facility
 bonds = qualifi$ resid5tial r5tal      
projects1 & = o!r purposes4  #a4 ,%ort  
title  ,?is ,act may be cit$ z ! ,f$]al 
,inve/m5t ,exception = ,ess5tial        
,rehabilitation ,act or ! ,,fix] ,act4  
#b4 ,elective exception f volume cap on 
tax-exempt bonds = c]ta9 exempt facility
 bonds = qualifi$ resid5tial r5tal      
projects  7a7  ,elective exception f    
volume cap on tax-,exempt bonds         
,section #adf ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by add+ at ! end !    
foll[+ new subsection3  7o7  ,elective  
exception = c]ta9 exempt facility bonds 
= qualifi$ resid5tial r5tal projects    

7#a7  ,9 g5]al  ,an issu+ au?ority may  
elect 7at su* "t & 9 su* mann] z !      
,secret>y may prescribe7 to exempt any  
bond describ$ 9 p>agraph 7#b7 f su*     
au?ority's volume cap4  7#b7  ,bond     
describ$  ,a bond describ$ 9 ?is        
p>agraph is any exempt facility bond    
issu$ z "p ( an issue describ$ 9 section
 #adb7;a77#g7 if #ie p]c5t or m ( ! net 
proce$s ( ! issue are us$ to pres]ve1   
improve1 or replace--  7,a7 any qualifi$
 l[-income build+ 7z def9$ 9 section    
#db7;c77#b77 ! compliance p]iod 7z def9$
 9 section #db7;i77#a77 = :i* has clos$1
 b ! ext5d$ use p]iod 7z def9$ 9 section
 #db7;h77#f77;,d77 = :i* has n clos$1   
be=e ! issue date ( su* issue1  7,b7 any
 f$]ally assi/$ build+ 7z def9$ 9       
section #db7;d77#f77;,c77i771 or  7,c7  
any ,/ate-assi/$ build+ 7z def9$ 9      
section #db7;d77#f77;,c77ii774  7#c7    
,modifi$ application ( exception to     
prohibition on acquisition ( exi/+      
prop]ty ,9 ! case ( any bond exempt$ "u 
p>agraph 7#a71 section #adg7;d7 %all be 

appli$ by sub/itut+ #ej p]c5t = #ae     
p]c5t bo? places x appe>s4  7#d7        
,duration ( election  ,any election "u  
?is subsection1 once made1 %all be      
irrevocable4  4  7b7 ,exception f       
l[-,income h\s+ tax cr$it limitation    
,section #db7;h77#d7 ( su* ,code is     
am5d$ by add+ at ! end ! foll[+ new     
subp>agraph3  7,c7  ,exception = c]ta9  
bonds exempt f volume cap  ,! requirem5t
 ( subp>agraph 7,a77i7 %all be treat$ z 
met ) respect to any obligation :i*     
w\ld1 b = an election made "u section   
#adf7o71 be tak5 into acc\nt "u section 
#adf4  4  7c7 ,effective date ,!        
am5dm5ts made by ?is section %all apply 
to bonds issu$ aft] ! date ( ! enactm5t 
( ?is ,act4