Page:United States Statutes at Large Volume 100 Part 3.djvu/848

 100 STAT. 2656

PUBLIC LAW 99-514—OCT. 22, 1986
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(i) by striking out "subclauses (II) and (IV)" and inserting in lieu thereof "subclauses (II), (IV), and (V)", and (ii) by striking out clause (iii) and all that follows and inserting in lieu thereof the following: Si**;? vi "(iii) paragraph (1) of section 143(d) shall be applied by substituting '100 percent' for '95 percent or more'. i^^i Clause (iii) shall not apply if the issuing authority submits a plan to the Secretary for administering the 95-percent 3s; requirement of section 143(d)(1) and the Secretary is satisfied that such requirement will be met under such plan." (G) Subsection (d) of section 25 (relating to determination of certificate credit rate) is amended by striking out paragraph (3). (H) Paragraph (2) of section 25(e) (relating to indebtedness not treated as certified where certain requirements in fact not met) is amended by striking out "subsection (d)(1), (e), (f), and (j) of section 103A" and inserting in lieu thereof "subsections (c)(1), (d), (e), (f), and (i) of section 143". (I) Paragraph (6) of section 25(e) is amended by striking out "section 1030b)(6)(C)(i)" and inserting in lieu thereof "section 144(a)(3)(A)". ,i!.. (J) Subparagraph (A) of section 25(e)(8) is amended by striking out "section 103A(1)(7)(B)" and inserting in lieu thereof "section 143(k)(5)(B)". ? (K) Subparagraph (B) of section 25(e)(8) is amended by striking out "section 103A(1)(6)" and inserting in lieu thereof "section 143(k)(4)". (L) Paragraph (9) of section 25(e) is amended by striking out "section 103A(c)(l)" and inserting in lieu thereof "section 143(a)(1)". (M) Paragraph (10) of section 25(e) is amended by striking >c out "section 103A" and inserting in lieu thereof "section 143". (N) Paragraph (1) of section 25(f) is amended by striking 1 out "paragraph (4) of section 103A(g)" and inserting in lieu thereof "subsection (d) of section 146". (O) Paragraph (3) of section 25(f) is amended by striking out "section 103A(g)(5)(C)" and inserting in lieu thereof "section 146(d)(3)(C)". (g) PENALTY FOR FAILURE To FILE REPORT ON COMPLIANCE WITH QUALIFIED RESIDENTIAL RENTAL PROJECT RULES.—Section 6652
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(relating to failure to file certain information returns, registration statements, etc.), as amended by section 1501 of this Act, is amended by redesignating subsection (j) as subsection (k) and by inserting after subsection (i) the following new subsection: "(j) FAILURE To FILE CERTIFICATION WITH RESPECT TO CERTAIN RESIDENTIAL RENTAL PROJECTS.—In the case of each failure to pro-

vide a certification as required by section 142(d)(7) at the time prescribed therefor, unless it is shown that such failure is due to reasonable cause and not to willful neglect, there shall be paid, on notice and demand of the Secretary and in the same manner as tax, by the person failing to provide such certification, an amount equal to $100 for each such failure." (h) REPEAL OF REPORT ON MORTGAGE REVENUE BOND PROGRAM.—

Paragraph (7) of section 611(d) of the Tax Reform Apt of 1984 is hereby repealed.

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