Page:United States Statutes at Large Volume 96 Part 1.djvu/519

 PUBLIC LAW 97-248—SEPT. 3, 1982

96 STAT. 477

issues for purposes of determining whether the requirements of subsection (h) are met. "(C) COOPERATIVE HOUSING CORPORATION.—The term 'cooperative housing corporation' has the meaning given to 26 USC 216. such term by section 216(b)(l)." (f) EFFECTIVE DATES.—

(1) IN GENERAL.—The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act. (2) FIRST TIME HOMEBUYER REQUIREMENT.—The amendments made by subsection (c) shall also apply to obligations issued after April 24, 1979, and before the date of the enactment of this Act but only to the extent that the proceeds of such obligations are not committed as of the date of the enactment of this Act.

26 USC 103A note.

SEC. 221. INDUSTRIAL DEVELOPMENT BONDS FOR CERTAIN RESIDENTIAL RENTAL PROPERTY.

(a) IN GENERAL.—Subparagraph (A) of section 103(b)(4) (relating to Post, p. 599. certain exempt activities) is amended to read as follows: "(A) projects for residential rental property if each obligation issued pursuant to the issue is in registered form and if at all times during the qualified project period— "(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,". (b) DEFINITIONS.—Subsection (b) of section 103 (relating to industrial development bonds) is amended by inserting after paragraph Ante, p. 473. (11) the following new paragraph: "(12) PROJECTS FOR RESIDENTIAL RENTAL PROPERTY.—For purposes of paragraph (4)(A)— "(A) TARGETED AREA PROJECT.—The term 'targeted area project' means— "(i) a project located in a qualified census tract (within the meaning of section 103A(k)(2)), or "(ii) an area of chronic economic distress (within the meaning of section 103A(k)(3)). "(B) QUALIFIED PROJECT PERIOD.—The term 'qualified project period' means the period beginning on the first day on which 10 percent of the units in the project are occupied and ending on the later of— "(i) the date which is 10 years after the date on which 50 percent of the units in the project are occupied, "(ii) the date which is a qualified number of days after the date on which any of the units in the project are occupied, or "(iii) the date on which any assistance provided with respect to the project under section 8 of the United 42 USC 1437f. States Housing Act of 1937 terminates. For purposes of clause (ii), the term 'qualified number' "Qualified means, with respect to an obligation described in paragraph number." (4)(A), 50 percent of the number of days which comprise the term of the obligation with the longest maturity. "(C) INDIVIDUALS OF LOW AND MODERATE INCOME.—Indi-

viduals of low and moderate income shall be determined by

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