Page:United States Statutes at Large Volume 94 Part 2.djvu/1392

 94 STAT. 2670

26 USC 167. 26 USC 103.

Ante, p. 2660. 26 USC 103.

PUBLIC LAW 96-499—DEC. 5, 1980

"(A) projects for residential rental property if each obligation issued pursuant to the issue is in registered form and if— "(i) 15 percent or more in the case of targeted area projects, or "(ii) 20 percent or more in the case of any other project, of the units in each project are to be occupied by individuals of low or moderate income (within the meaning of section 167(k)(3)(B)),". (b) TARGETED AREA PROJECT DEFINED.—Paragraph (4) of section 103(b) of such Code is amended by inserting before the last sentence the following new sentence: "For purposes of subparagraph (A), the term 'targeted area project' means a project located in a qualified census tract (within the meaning of section 103A(k)(2)) or an area of chronic economic distress (within the meaning of section 103A(k)(3))." (c) TECHNICAL AMENDMENT.—Paragraph (6) of section 103(b) of such Code (relating to exemption for certain small issues) is amended by adding at the end thereof the following new subparagraph: "(J) ISSUES FOR RESIDENTIAL PURPOSES.—This paragraph

shall not apply to any obligation which is issued as a part of an issue a significant portion of the proceeds of which are to be used directly or indirectly to provide residential real property for family units." SEC. 1104. EFFECTIVE DATES FOR BOND PROVISIONS. 26 USC 103A

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(a) GENERAL RULE. —

(1) IN GENERAL.—Except as otherwise provided in this section, the amendments made by sections 1102 and 1103 shall apply to obligations issued after April 24, 1979. (2) EXCEPTIONS FOR CERTAIN OBLIGATIONS ISSUED BEFORE JANU-

ARY 1, 1981.—The amendments made by sections 1102 and 1103 shall not apply to obligations issued before January 1, 1981, if such obligations are part of an issue substantially all the proceeds of which (exclusive of issuance costs and a reasonably required reserve) are, before the date which is 1 year after the date of issue of the obligations, committed— (A) except as provided in subparagraph (B), by firm commitment letters (similar to those used in financing not provided with tax-exempt bonds), and (B) in the case of rental housing, by the commencement of construction of the project or by the acquisition of the project. Ob) EXCEPTION FOR OFFICIAL ACTION TAKEN BEFORE APRIL 25,

1979.— (1) IN GENERAL.—The amendments made by sections 1102 and 1103 shall not apply to obligations if official action before April 25, 1979, of the governing body of the unit having authority to issue such obligations indicated an intent to issue such obligations. (2) ACTION BY STAFF OF HOUSING AUTHORITY TREATED AS ACTION OF AUTHORITY IN CERTAIN CASES.—For purposes of paragraph (It,

if, before April 25, 1979— (A) the permanent professional staff of a State or local housing authority performed substantial work on a bond issue, and

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