COORDINATION OF CERTAIN RULES APPLICABLE TO LOW-INCOME HOUSING CREDIT AND QUALIFIED RESIDENTIAL RENTAL PROJECT EXEMPT FACILITY BONDS.

SEC. 3008. COORDINATION OF CERTAIN RULES APPLICABLE TO LOW-INCOME HOUSING CREDIT AND QUALIFIED RESIDENTIAL RENTAL PROJECT EXEMPT FACILITY BONDS.(a) Determination of Next Available Unit.—Paragraph (3) of section 142(d) (relating to current income determinations) is amended by adding at the end the following new subparagraph:“(C) Exception for projects with respect to which affordable housing credit is allowed.—In the case of a project with respect to which credit is allowed under section 42, the second sentence of subparagraph (B) shall be applied by substituting ‘building (within the meaning of section 42)’ for ‘project’.”.(b) Students.—Paragraph (2) of section 142(d) (relating to definitions and special rules) is amended by adding at the end the following new subparagraph:“(C) Students.—Rules similar to the rules of 42(i)(3)(D) shall apply for purposes of this subsection.”.(c) Single-Room Occupancy Units.—Paragraph (2) of section 142(d) (relating to definitions and special rules), as amended by 122 STAT. 2887 subsection (b), is amended by adding at the end the following new subparagraph:“(D) Single-room occupancy units.—A unit shall not fail to be treated as a residential unit merely because such unit is a single-room occupancy unit (within the meaning of section 42).”.(d) Effective Date.—The amendments made by this section shall apply to determinations of the status of qualified residential rental projects for periods beginning after the date of the enactment of this Act, with respect to bonds issued before, on, or after such date.