I 112th CONGRESS 1st Session H. R. 2097 IN THE HOUSE OF REPRESENTATIVES June 2, 2011 Mr. Owens 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, and for other purposes.

1.

Short title

This Act may be cited as the Military Families Affordable Homes Act of 2011.

2.

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

(a)

Extension

Subsection (b) of section 3005 of the Housing Assistance Tax Act of 2008 is amended by striking January 1, 2012 each place it appears and inserting January 1, 2015. (b)

Modification

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 military installation or facility, and (2)by striking clause (iv). (c)

Effective dates

(1)

Subsection (a)

The amendments made by subsection (a) shall take effect as if included in the enactment of section 3005 of the Housing Assistance Tax Act of 2008. (2)

Subsection (b)

The amendments made by subsection (b) shall apply to— (A)determinations made after the date of the enactment of this Act and before January 1, 2015, in the case of any qualified building (as defined in section 142(d)(2)(B)(iii) of the Internal Revenue Code of 1986)— (i)with respect to which housing credit dollar amounts have been allocated on or before the date of the enactment of this Act, or (ii)with respect to buildings placed in service before such date of enactment, to the extent paragraph (1) of section 42(h) of such Code does not apply to such building by reason of paragraph (4) thereof, but only with respect to bonds issued before such date of enactment, and (B)determinations made after the date of enactment of this Act, in the case of qualified buildings (as so defined)— (i)with respect to which housing credit dollar amounts are allocated after the date of the enactment of this Act and before January 1, 2015, or (ii)with respect to which buildings placed in service after the date of enactment of this Act and before January 1, 2015, to the extent paragraph (1) of section 42(h) of such Code does not apply to such building by reason of paragraph (4) thereof, but only with respect to bonds issued after such date of enactment and before January 1, 2015.