Disaster State Housing Recovery Act of 2009

Disaster State Housing Recovery Act of 2009 - Amends the American Recovery and Reinvestment Tax Act of 2009 with respect to grants for 2009 to a state housing credit agency for low-income housing projects in lieu of low-income housing credit allocations.

Revises the formula for determining a state's low-income housing grant election amount to reflect any increase in the state housing credit ceiling for 2009 attributable to any such ceiling returned to the state in 2009 by reason of the additional low-income housing credit dollar amounts allocated by the state housing credit agency to buildings located in the Gulf Opportunity (GO) Zone (including the Hurricanes Katrina and Ike disaster areas in Alabama, Louisiana, or Mississippi).

Requires application of the additional low-income housing credit amount for the GO Zone in the 2009 grant election formula without regard to certain special rules for small timber producers.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2995 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2995

  To amend the American Recovery and Reinvestment Tax Act of 2009 to 
 clarify the low-income housing credits that are eligible for the low-
         income housing grant election, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 23, 2009

   Mr. Davis of Alabama (for himself, Mr. Boustany, Mr. Cassidy, Mr. 
  Bachus, Mr. Cao, Mr. Melancon, Mr. Braley of Iowa, Mr. Fleming, Mr. 
  Scalise, and Mr. Boswell) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the American Recovery and Reinvestment Tax Act of 2009 to 
 clarify the low-income housing credits that are eligible for the low-
         income housing grant election, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Disaster State Housing Recovery Act 
of 2009''.

SEC. 2. LOW-INCOME HOUSING GRANT ELECTION.

    (a) Clarification of Eligibility of Low-income Housing Credits.--
Paragraph (1) of section 1602(b) of the American Recovery and 
Reinvestment Tax Act of 2009 is amended--
            (1) by inserting ``, plus any increase in the State housing 
        credit ceiling for 2009 attributable to any State housing 
        credit ceiling returned in 2009 to the State by reason of 
        section 1400N(c) of such Code (including as such section is 
        applied by reason of sections 702(d)(2) and 704(b) of the Tax 
        Extenders and Alternative Minimum Tax Relief Act of 2008)'' 
        after ``1986'' in subparagraph (A), and
            (2) by inserting ``, plus any increase in the State housing 
        credit ceiling for 2009 attributable to any additional State 
        housing credit ceiling made by reason of the application of 
        such section 702(d)(2) and 704(b)'' after ``such section'' in 
        subparagraph (B).
    (b) Application of Additional Housing Credit Amount for Purposes of 
2009 Grant Election.--Subsection (b) of section 1602 of such Act is 
amended by adding at the end the following flush sentence: ``For 
purposes of subparagraph (B), in the case of any area to which such 
section 702(d)(2) or 704(b) applies, section 1400N(c)(1)(A) of such 
Code shall be applied without regard to clause (i).''.
    (c) Effective Date.--The amendments made by this section shall 
apply as if included in the enactment of section 1602 of the American 
Recovery and Reinvestment Tax Act of 2009.
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