12 2 STA T . 2 8 88 PUBLIC LA W 11 0– 28 9—J UL Y3 0 , 2008 ‘ ‘ (iv)HUDHOLD H ARM L ES S I M P A CT ED PRO J ECT .—Thet e rm ‘HUD h old h a rmle s sim p a c ted pro j ect ’ mea n s an y project w ith respect to which area median g ross income was determined u nder su b paragraph ( B ) f or calendar year 20 0 7 or 200 8 if such determination would have been less but for the HUD hold harmless policy.’’. (b) EF FECTI V E DATE.—The amendment made by this section shall apply to determinations of area median gross income for calendar years after 2008. SEC.301 0.E X CE PTION TO A NN U A L CU R RENT INCO M E D ETERMINA - TION RE Q UIREMENT WH ERE DETERMINATION NOT REL- E V ANT. (a) ING ENERAL.— S ubparagraph ( A ) of section 14 2(d)( 3 )is amended by adding at the end the following new sentence
‘‘The preceding sentence shall not apply with respect to any project for any year if during such year no residential unit in the project is occupied by a new resident whose income e x ceeds the applicable income limit.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to years ending after the date of the enactment of this Act. Subti t leB— Si ng le Fam il yHo u s ing SEC. 3011. F IRST-TIME HOME B U Y ER CREDIT. (a) IN GENERAL.—Subpart C of part I V of subchapter A of chapter 1 is amended by redesignating section 3 6 as section 37 and by inserting after section 3 5 the following new section: ‘ ‘SEC. 3 6 . FIRST-TIME HOMEBUYER CREDIT. ‘‘(a) ALLO W ANCE OF CREDIT.—In the case of an individual who is a first - time homebuyer of a principal residence in the United States during a taxable year , there shall be allowed as a credit against the tax imposed by this subtitle for such taxable year an amount e q ual to 10 percent of the purchase price of the residence. ‘‘(b) L IMITATIONS.— ‘‘(1) DOLLAR LIMITATION.— ‘‘(A) IN G ENERAL.—Except as otherwise provided in this paragraph, the credit allowed under subsection (a) shall not exceed $ 7,500. ‘‘(B) M ARRIED INDIVID U ALS FILING SEPARATEL Y .—In the case of a married individual filing a separate return, subparagraph (A) shall be applied by substituting ‘$3,750’ for ‘$7,500’. ‘‘(C) O THER INDIVIDUALS.—If two or more individuals who are not married purchase a principal residence, the amount of the credit allowed under subsection (a) shall be allocated among such individuals in such manner as the Secretary may prescribe, except that the total amount of the credits allowed to all such individuals shall not exceed $7,500. ‘‘(2) LIMITATION B ASED ON MODIFIED ADJUSTED GROSS INCOME.— ‘‘(A) IN GENERAL.—The amount allowable as a credit under subsection (a) (determined without regard to this paragraph) for the taxable year shall be reduced (but not 26USC14 2 note. 26 USC 142 note.
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