Military Families Affordable Homes Act

Military Families Affordable Homes Act - Amends Internal Revenue Code provisions relating to tax-exempt facility bonds to expand the eligibility of military personnel for low-income residential rental housing financed by such bonds.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3641 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3641

   To amend the Internal Revenue Code of 1986 to expand the military 
  housing allowance exclusion for purposes of determining area gross 
   income in determining whether a residential rental property is a 
   qualified residential rental property for purposes of the exempt 
                          facility bond rules.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 24, 2009

   Mr. Nye introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to expand the military 
  housing allowance exclusion for purposes of determining area gross 
   income in determining whether a residential rental property is a 
   qualified residential rental property for purposes of the exempt 
                          facility bond rules.

    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 ``Military Families Affordable Homes 
Act''.

SEC. 2. EXPANSION OF HOUSING ALLOWANCE EXCLUSION FOR DETERMINING AREA 
              MEDIAN GROSS INCOME FOR QUALIFIED RESIDENTIAL RENTAL 
              PROJECT EXEMPT FACILITY BONDS.

    (a) In General.--Subparagraph (B) of section 142(d)(2) of the 
Internal Revenue Code of 1986 is amended--
            (1) in clause (iii)(I) by striking ``qualified military 
        installation to which'' and all that follows through ``December 
        31, 2005'' and inserting ``qualified military installation or 
        facility'', and
            (2) by striking clause (iv).
    (b) Effective Date.--The amendment 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.
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