To amend the Internal Revenue Code of 1986 to provide additional restrictions on tax-exempt bonds used to provide residential rental property for family units.

Summary

Amends Internal Revenue Code provisions relating to bonds used by tax-exempt organizations (501(c)(3) bonds). Describes the treatment of property originally financed with taxable debt and later refinanced with tax-exempt debt. Requires residential rental projects financed with 501(c)(3) bonds to meet specified low-income criteria. Treats as arbitrage bonds certain bonds whose proceeds are used for higher yielding investments in residential rental property for family units within the issuer's jurisdiction.

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Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 January 1989

  Open at official source

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