TEMPORARY TAX-EXEMPT BOND FINANCING AND LOW-INCOME HOUSING TAX RELIEF FOR AREAS DAMAGED BY HURRICANE IKE.

SEC. 704. TEMPORARY TAX-EXEMPT BOND FINANCING AND LOW-INCOME HOUSING TAX RELIEF FOR AREAS DAMAGED BY HURRICANE IKE.(a) Tax-Exempt Bond Financing.—Section 1400N(a) of the Internal Revenue Code of 1986 shall apply to any Hurricane Ike disaster area in addition to any other area referenced in such section, but with the following modifications:(1) By substituting “qualified Hurricane Ike disaster area bond” for “qualified Gulf Opportunity Zone Bond” each place it appears, except that in determining whether a bond is a qualified Hurricane Ike disaster area bond—(A) paragraph (2)(A)(i) shall be applied by only treating costs as qualified project costs if—(i) in the case of a project involving a private business use (as defined in section 141(b)(6)), either the person using the property suffered a loss in a trade or business attributable to Hurricane Ike or is a person designated for purposes of this section by the Governor of the State in which the project is located as a person carrying on a trade or business replacing a trade or business with respect to which another person suffered such a loss, and(ii) in the case of a project relating to public utility property, the project involves repair or reconstruction of public utility property damaged by Hurricane Ike, and(B) paragraph (2)(A)(ii) shall be applied by treating an issue as a qualified mortgage issue only if 95 percent or more of the net proceeds (as defined in section 150(a)(3)) of the issue are to be used to provide financing for mortgagors who suffered damages to their principal residences attributable to Hurricane Ike.(2) By substituting “any State in which any Hurricane Ike disaster area is located” for “the State of Alabama, Louisiana, or Mississippi” in paragraph (2)(B).(3) By substituting “designated for purposes of this section (on the basis of providing assistance to areas in the order in which such assistance is most needed)” for “designated for purposes of this section” in paragraph (2)(C).(4) By substituting “January 1, 2013” for “January 1, 2011” in paragraph (2)(D).122 STAT. 3920(5) By substituting the following for subparagraph (A) of paragraph (3):“(A) Aggregate amount designated.—The maximum aggregate face amount of bonds which may be designated under this subsection with respect to any State shall not exceed the product of $2,000 multiplied by the portion of the State population which is in—“(i) in the case of Texas, the counties of Brazoria, Chambers, Galveston, Jefferson, and Orange, and“(ii) in the case of Louisiana, the parishes of Calcasieu and Cameron,(as determined on the basis of the most recent census estimate of resident population released by the Bureau of Census before September 13, 2008).”.(6) By substituting “qualified Hurricane Ike disaster area repair or construction” for “qualified GO Zone repair or construction” each place it appears.(7) By substituting “after the date of the enactment of the Heartland Disaster Tax Relief Act of 2008 and before January 1, 2013” for “after the date of the enactment of this paragraph and before January 1, 2011” in paragraph (7)(C).(8) By disregarding paragraph (8) thereof.(9) By substituting “any Hurricane Ike disaster area” for “the Gulf Opportunity Zone” each place it appears.(b) Low-Income Housing Credit.—Section 1400N(c) of the Internal Revenue Code of 1986 shall apply to any Hurricane Ike disaster area in addition to any other area referenced in such section, but with the following modifications:(1) Only with respect to calendar years 2008, 2009, and 2010.(2) By substituting “any Hurricane Ike disaster area” for “the Gulf Opportunity Zone” each place it appears.(3) By substituting “Hurricane Ike Recovery Assistance housing amount” for “Gulf Opportunity housing amount” each place it appears.(4) By substituting the following for subparagraph (B) of paragraph (1):“(B) Hurricane ike housing amount.—For purposes of subparagraph (A), the term ‘Hurricane Ike housing amount’ means, for any calendar year, the amount equal to the product of $16.00 multiplied by the portion of the State population which is in—“(i) in the case of Texas, the counties of Brazoria, Chambers, Galveston, Jefferson, and Orange, and“(ii) in the case of Louisiana, the parishes of Calcasieu and Cameron,(as determined on the basis of the most recent census estimate of resident population released by the Bureau of Census before September 13, 2008).”.(5) Determined without regard to paragraphs (2), (3), (4), (5), and (6) thereof.(c) Hurricane Ike Disaster Area.—For purposes of this section and for applying the substitutions described in subsections (a) and (b), the term “Hurricane Ike disaster area” means an area in the State of Texas or Louisiana—(1) with respect to which a major disaster has been declared by the President on September 13, 2008, under section 401 122 STAT. 3921 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act by reason of Hurricane Ike, and(2) determined by the President to warrant individual or individual and public assistance from the Federal Government under such Act with respect to damages attributable to Hurricane Ike.