II 111th CONGRESS 1st Session S. 2827 IN THE SENATE OF THE UNITED STATES December 3, 2009 Mr. Schumer introduced the following bill; which was read twice and referred to the Committee on Finance 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 military 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)by striking qualified military installation to which and all that follows through December 31, 2005 in clause (iii)(I) and inserting military installation or facility, and (2)by striking clause (iv). (b)

Effective date

The amendments 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.