[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 683 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 683

    To amend the Internal Revenue Code of 1986 with respect to the 
treatment of certain areas in applying the purchase price requirements 
                 applicable to mortgage revenue bonds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 27, 1993

    Mrs. Lowey of New York introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 with respect to the 
treatment of certain areas in applying the purchase price requirements 
                 applicable to mortgage revenue bonds.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, That (a) subsection (e) 
of section 143 of the Internal Revenue Code of 1986 (relating to 
purchase price requirements) is amended by adding at the end thereof 
the following new paragraph:
            ``(7) Certain adjustments made applicable.--In determining 
        average area purchase price for purposes of paragraph (1), 
        adjustments comparable to those provided in the last 2 
        sentences of section 3(b)(2) of the United States Housing Act 
        of 1937 (as added by section 537(d) of the Cranston-Gonzalez 
        National Affordable Housing Act) shall apply. The preceding 
        sentence shall not apply if there is insufficient recent 
        statistical information with respect to the county referred to 
        in such sentences.''
    (b) The amendment made by subsection (a) shall apply to financing 
provided after the date of the enactment of this Act.

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