COORDINATION OF LOW-INCOME HOUSING CREDIT AND LOW-INCOME HOUSING GRANTS.

SEC. 1404. COORDINATION OF LOW-INCOME HOUSING CREDIT AND LOW-INCOME HOUSING GRANTS. Subsection (i) of section 42 is amended by adding at the end the following new paragraph:“(9) Coordination with low-income housing grants.—“(A) Reduction in state housing credit ceiling for low-income housing grants received in 2009.—For purposes of this section, the amounts described in clauses (i) through (iv) of subsection (h)(3)(C) with respect to any State for 2009 shall each be reduced by so much of such amount as is taken into account in determining the amount of any grant to such State under section 1602 of the American Recovery and Reinvestment Tax Act of 2009.“(B) Special rule for basis.—Basis of a qualified low-income building shall not be reduced by the amount of any grant described in subparagraph (A).”.123 STAT. 353