Distressed Communities Reinvestment Act of 2009

Summary

Distressed Communities Reinvestment Act of 2009 - Amends the Internal Revenue Code to exclude from gross income gain from the sale of real property consisting predominantly of commercial and residential property located in a distressed community. Defines "distressed community" as a county designated by the Secretary of the Treasury as: (1) having, during a specified period, a residential or commercial mortgage foreclosure rate of 110% or more of the national average, a decline in the average fair market value of housing of at least 20%, or an unemployment rate of 110% or more of the national average; (2) having more than 50% of its housing loans with a loan-to-value ratio of greater than 80%; or (3) being in a disaster area.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 October 2009

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• Introduced in House (PDF)

  Introduced in House · EN · 14 October 2009

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• Introduced in House

  summary · EN · 14 October 2009

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