H.R. 3641

Military Families Affordable Homes Act

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I

111th CONGRESS

1st Session

H. R. 3641

IN THE HOUSE OF REPRESENTATIVES

September 24, 2009

Mr. Nye introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to expand the military housing allowance exclusion for purposes of determining area gross income in determining whether a residential rental property is a qualified residential rental property for purposes of the exempt facility bond rules.

1.

Short title

This Act may be cited as the Military Families Affordable Homes Act.

2.

Expansion of housing allowance exclusion for determining area median gross income for qualified residential rental project exempt facility bonds

(a)

In general

Subparagraph (B) of section 142(d)(2) of the Internal Revenue Code of 1986 is amended—

(1)

in clause (iii)(I) by striking qualified military installation to which and all that follows through December 31, 2005 and inserting qualified military installation or facility, and

(2)

by striking clause (iv).

(b)

Effective date

The amendment made by this section shall apply to determinations of the status of qualified residential rental projects for periods beginning after the date of the enactment of this Act, with respect to bonds issued before, on, or after such date.