MODIFICATION OF MORTGAGE REVENUE BONDS FOR VETERANS.

SEC. 103. MODIFICATION OF MORTGAGE REVENUE BONDS FOR VETERANS.(a) Qualified Mortgage Bonds Used To Finance Residences for Veterans Without Regard to First-Time Homebuyer Requirement.—Subparagraph (D) of section 143(d)(2) (relating to exceptions) is amended by striking “and before January 1, 2008”.(b) Increase in Bond Limitation for Alaska, Oregon, and Wisconsin.—Clause (ii) of section 143(l)(3)(B) (relating to State veterans limit) is amended by striking “$25,000,000” each place it appears and inserting “$100,000,000”.(c) Definition of Qualified Veteran.—Paragraph (4) of section 143(l) (defining qualified veteran) is amended to read as follows:“(4) Qualified veteran.—For purposes of this subsection, the term ‘qualified veteran’ means any veteran who—“(A) served on active duty, and122 STAT. 1626“(B) applied for the financing before the date 25 years after the last date on which such veteran left active service.”.(d) Effective Date.—The amendments made by this section shall apply to bonds issued after December 31, 2007.(e) Transition Rule.—In the case of any bond issued after December 31, 2007, and before the date of the enactment of this Act, subparagraph (B) of section 143(l)(4) of the Internal Revenue Code of 1986, as amended by this section, shall be applied by substituting “30 years” for “25 years”.