Page:United States Statutes at Large Volume 122.djvu/2910

 12 2 STA T . 2 8 8 7PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 sub s ection( b ), is am en d edb y addin g att h e end the f o l lo w ing new sub p a r agraph

‘( D ) SINGLE-RO O M O C C UPA NC Y UNI TS.—A unit shall not fail to be treated as a residential unit merely because such unit is a single-room occupancy unit (within the meaning of section 42 ). ’ ’. (d) EF FECTI V E DATE.— T he amendments made by this section shall apply to determinations of the status of q ualified residential rental pro j ects for periods beginning after the date of the enactment of this Act, with respect to bonds issued before, on, or after such date. PARTI II — R EFO R MS RE L ATE D TOT H ELO W- I N - C OME HO U SIN G CREDIT AND TA X -EXEMPT HOUSING B ONDS SEC.30 0 9 . HOLD H ARM LESS F OR RED U C TI O N S IN AREA MEDIAN G ROSS INCOME. (a) I N G ENERAL.— P aragraph (2) of section 1 42(d), as amended by section 30 0 8, is amended by adding at the end the following new subparagraph: ‘‘(E) H OL DH ARMLESS FOR REDUCTIONS IN AREA MEDIAN GROSS INCOME.— ‘‘(i) IN GENERAL.—Any determination of area median gross income under subparagraph ( B ) with respect to any project for any calendar year after 2008 shall not be less than the area median gross income determined under such subparagraph with respect to such project for the calendar year preceding the cal- endar year for which such determination is made. ‘‘(ii) SPECIAL RULE FOR CERTAIN CENSUS CHANGES.—In the case of a H U D hold harmless impacted project, the area median gross income with respect to such project for any calendar year after 2008 (hereafter in this clause referred to as the current calendar year) shall be the greater of the amount deter- mined without regard to this clause or the sum of— ‘‘(I) the area median gross income determined under the HUD hold harmless policy with respect to such project for calendar year 2008, plus ‘‘(II) any increase in the area median gross income determined under subparagraph (B) (deter- mined without regard to the HUD hold harmless policy and this subparagraph) with respect to such project for the current calendar year o v er the area median gross income (as so determined) with respect to such project for calendar year 2008. ‘‘(iii) HUD HOLD HARMLESS POLICY.—The term ‘HUD hold harmless policy’ means the regulations under which a policy similar to the rules of clause (i) applied to prevent a change in the method of deter- mining area median gross income from resulting in a reduction in the area median gross income deter- mined with respect to certain projects in calendar years 200 7 and 2008. 26USC14 2 note.

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