12 2 STA T . 2 8 8 4PUBLIC LA W 11 0– 28 9—J UL Y3 0 , 2008 (g)CLARIF I C A T I ON OF GE NERAL PUB LIC US E R E Q UIRE M ENT .—Subsection (g) o f section 42 is am en d edb y adding at t h e end the fo l lo w ing new p a r agraph
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‘( 9 ) CLARIFICATION OF G ENERAL P UBLIC USE REQUIRE - MENT.— A pro j ect does not fail to meet the general public use re q uirement solely because of occupancy restrictions or pref- erences that fa v or tenants— ‘‘(A) with special needs , ‘‘( B ) who are members of a specified group under a F ederal program or State program or policy that supports housing for such a specified group, or ‘‘(C) who are involved in artistic or literary activities. ’ ’. (h) GA O STU DY REGARDING M ODIFICATIONS TO L O W - I NCOME H OUSING T A X CREDIT.— N ot later than D ecember 31 ,2 0 12, the Comptroller General of the United States shall submit to Congress a report which analy z es the implementation of the modifications made by this subtitle to the low-income housing ta x credit under section 42 of the Internal Revenue Code of 19 86 . Such report shall include an analysis of the distribution of credit allocations before and after the effective date of such modifications. (i) E FFECTI V E DATE.— (1) IN GENERAL.—Except as otherwise provided in this sub- section, the amendments made by this section shall apply to buildings placed in service after the date of the enactment of this Act. (2) REPEAL OF BONDING REQUIREMENT ON DISPOSITION OF BUILDING.—The amendment made by subsection (c) shall apply to— (A) interests in buildings disposed after the date of the enactment of this Act, and (B) interests in buildings disposed of on or before such date if— (i) it is reasonably expected that such building will continue to be operated as a qualified low-income building (within the meaning of section 42 of the Internal Revenue Code of 1986) for the remaining compliance period (within the meaning of such section) with respect to such building, and (ii) the taxpayer elects the application of this subparagraph with respect to such disposition. (3) ENERGY EFFICIENCY AND H ISTORIC NATURE TA K EN INTO ACCOUNT IN MAKING ALLOCATIONS.—The amendments made by subsection (d) shall apply to allocations made after December 31, 2008. (4) CONTINUED ELIGIBILITY FOR STUDENTS WHO RECEIVED FOSTER CARE ASSISTANCE.—The amendments made by sub- section (e) shall apply to determinations made after the date of the enactment of this Act. ( 5 ) TREATMENT OF RURAL PRO J ECTS.—The amendment made by subsection (f) shall apply to determinations made after the date of the enactment of this Act. (6) CLARIFICATION OF GENERAL PUBLIC USE REQUIREMENT.— The amendment made by subsection (g) shall apply to buildings placed in service before, on, or after the date of the enactment of this Act. Ap p licab ili ty.26USC4 2 no t e . D ea d line. R epo r t s .
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