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116TH CONGRESS
2D SESSION
H. R. 8533
To provide an exception to the volume cap requirement for private activity
bonds used to finance the preservation, improvement, or replacement
of certain federally-assisted buildings, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
OCTOBER 6, 2020
Ms. CLARK
of Massachusetts (for herself, Mr. MARCHANT, and Mr.
CISNEROS) introduced the following bill; which was referred to the Com-
mittee on Ways and Means
A BILL
To provide an exception to the volume cap requirement for
private activity bonds used to finance the preservation,
improvement, or replacement of certain federally-assisted
buildings, and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Support Allowing Vol-
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ume Exception for Federally-Assisted Housing Act’’ or the
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‘‘SAVE Federally-Assisted Housing Act’’.
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•HR 8533 IH
SEC. 2. EXCEPTION TO VOLUME CAP REQUIREMENT FOR
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CERTAIN PRIVATE ACTIVITY BONDS.
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(a) IN GENERAL.—Section 146(g) of the Internal
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Revenue Code of 1986 is amended in paragraph (3) by
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striking ‘‘and’’, in paragraph (4) by striking the period
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at the end and inserting ‘‘, and’’, and by adding at the
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end the following new paragraph:
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‘‘(5) any bond to finance the preservation, im-
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provement, or replacement of a Federally-assisted
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building (as such term is described in section
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42(d)(6)(C)(i), provided that for purposes of this
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paragraph, the substantial assistance requirement
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under such section will be considered met with re-
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spect to any building with more than 20 percent of
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units assisted or more than 20 percent of the eligible
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basis funded under one or more of the housing pro-
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grams covered therein).’’.
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(b)
LOW-INCOME
HOUSING
CREDIT.—Section
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42(h)(4)(A)(i) of such Code is amended by adding after
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‘‘section 146’’ ‘‘or is described in section 146(g)(5)’’.
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(c) EFFECTIVE DATE.—The amendments made by
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this section shall apply to bonds issued after the date of
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the enactment of this section.
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