COOPERATIVE HOUSING CORPORATIONS.

SEC. 913. COOPERATIVE HOUSING CORPORATIONS. (a) Stock Held by Governmental Units.—Section 216(b)(relating to definitions) is amended by adding at the end thereof the following new paragraph: “(4) Stock owned by governmental units.—For purposes of this subsection, in determining whether a corporation is a cooperative housing corporation, stock owned and apartments leased by the United States or any of its possessions, a State or any political subdivision thereof, or any agency or instrumentality of the foregoing empowered to acquire shares in a cooperative housing corporation for the purpose of providing housing facilities, shall not be taken into account.” (b) Effective Date.—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1969.