To amend the provisions relating to qualified mortgage bonds to include relief for persons in areas affected by Hurricanes Katrina, Rita, and Wilma.

SA 4404. Ms. LANDRIEU submitted an amendment intended to be proposed
by her to the bill H.R. 3221, moving the United States toward greater
energy independence and security, developing innovative new
technologies, reducing carbon emissions, creating green jobs,
protecting consumers, increasing clean renewable energy production, and
modernizing our energy infrastructure, and to amend the Internal
Revenue Code of 1986 to provide tax incentives for the production of
renewable energy and energy conservation; which was ordered to lie on
the table; as follows:

Beginning on page 68, strike line 22 and all that follows
through line 4 on page 69 and and insert the following:
``(A) In general.--Notwithstanding the requirements of
subsection (i)(1), the proceeds of a qualified mortgage issue
may be used to refinance a mortgage which--
``(i) was originally financed by the mortgagor through a
qualified subprime loan, or
``(ii) is a mortgage on a residence--

``(I) located in the Gulf Opportunity Zone (as defined in
section 1400M(1)) and damaged or rendered uninhabitable by
reason of Hurricane Katrina,
``(II) located in the Rita GO Zone (as defined in section
1400M(3)) and damaged or rendered uninhabitable by reason of
Hurricane Rita, or
``(III) located in the Wilma GO Zone (as defined in section
1400M(5)) and damaged or rendered uninhabitable by reason of
Hurricane Wilma.

On page 72, between lines 10 and 11, insert the following:
(c) Waiver of 3-Year Requirement for Homes Damaged by
Hurricanes Katrina, Rita, and Wilma.--Paragraph (2) of
section 143(d) of the Internal Revenue Code of 1986 is
amended by striking ``and'' at the end of subparagraph (C),
by inserting ``and'' at the end of subparagraph (D), and by
inserting after subparagraph (D) the following new
subparagraph:
``(E) in the case of bonds issued after the date of the
enactment of this subparagraph and before January 1, 2011,
financing with respect to the purchase of any residence--
``(i) located in the Gulf Opportunity Zone (as defined in
section 1400M(1)) and damaged or rendered uninhabitable by
reason of Hurricane Katrina,
``(ii) located in the Rita GO Zone (as defined in section
1400M(3)) and damaged or rendered uninhabitable by reason of
Hurricane Rita, or
``(iii) located in the Wilma GO Zone (as defined in section
1400M(5)) and damaged or rendered uninhabitable by reason of
Hurricane Wilma,''.
On page 72, line 11, strike ``(c)'' and insert ``(d)''.
On page 73, line 19, strike ``(d)'' and insert ``(e)''.
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