Page:United States Statutes at Large Volume 103 Part 3.djvu/252

 103 STAT. 2320 PUBLIC LAW 101-239—DEC. 19, 1989 dollar amount under the qualified allocation plan ap- plicable to the area in which the project is located. "(2) CREDIT ALLOCATED TO BUILDING NOT TO EXCEED AMOUNT NECESSARY TO ASSURE PROJECT FEASIBILITY. — "(A) IN GENERAL.—The housing credit dollar amount allo- cated to a project shall not exceed the amount the housing ,,, credit sigency determines is necessary for the financial j' feasibility of the project and its viability as a qualified low- income housing project throughout the credit period. "(B) AGENCY EVALUATION. —In making the determination 1- under subparagraph (A), the housing credit agency shall consider— "(i) the sources and uses of funds and the total financing planned for the project, and "(ii) any proceeds or receipts expected to be gen- erated by reason of tax benefits. Such a determination shall not be construed to be a rep- resentation or warranty as to the feasibility or viability of the project. "(C) DETERMINATION MADE WHEN CREDIT AMOUNT APPLIED FOR AND WHEN BUILDING PLACED IN SERVICE.— "(i) IN GENERAL. — A determination under subpara- graph (A) shall be made as of each of the following times: "(I) The application for the housing credit dollar 4 amount. "(II) The allocation of the housing credit dollar •^^ amount. "(III) The date the building is placed in service, "(ii) CERTIFICATION AS TO AMOUNT OF OTHER SUB- SIDIES.— Prior to each determination under clause (i), the taxpayer shall certify to the housing credit agency the full extent of all Federal, State, and local subsidies • ""» which apply (or which the taxpayer expects to apply) with respect to the building. "(D) APPLICATION TO BOND FINANCED PROJECTS. —Subsec- tion (h)(4) shall not apply to any project unless the govern- mental unit which issued the bonds (or on behalf of which the bonds were issued) makes a determination under rules similar to the rules of subparagraphs (A) and (B)." (o) APPLICATION OF AT-RISK RULES WITH RESPECT TO CERTAIN FINANCING PROVIDED BY QUALIFIED NONPROFIT ORGANIZATIONS. — Subparagraph (D) of section 42(k)(2) (relating to application of at- risk rules) is amended by adding at the end thereof the following new flush sentence: "In the case of a qualified nonprofit organization which is not described in section 46(c)(8)(D)(ivXII) with respect to a building, clause (ii) of this subparagraph shall be applied as if the date described therein were the 90th day after the earlier of the date the building ceases to be a qualified low- income building or the date which is 15 years after the close of a compliance period with respect thereto." (p) TIME FOR (CERTIFICATION. —Section 42(1)(1) (relating to certifi- cation with respect to 1st year of credit period) is amended— (1) by striking "Not later than the 90th day following" and inserting "Following", and (2) by inserting at such time and" before "in such form".

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