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‘‘(B) may only use funds from that amount 
to carry out this subsection.’’. 
SEC. 2902. INCREASING ACCESS AND UNDERSTANDING OF 
ENERGY EFFICIENT MORTGAGES. 
(a) DEFINITION.—As used in this section, the term 
‘‘energy efficient mortgage’’ has the same meaning as given 
that term in paragraph (24) of section 104 of the Cranston- 
Gonzalez National Affordable Housing Act (42 U.S.C. 
12704(24)). 
(b) RECOMMENDATIONS TO ELIMINATE BARRIERS TO 
USE OF ENERGY EFFICIENT MORTGAGES.— 
(1) IN GENERAL.—Not later than 180 days after 
the date of enactment of this section, the Secretary of 
Housing and Urban Development, in conjunction 
with the Secretary of Energy and the Administrator 
of the Environmental Protection Agency, shall consult 
with the residential mortgage industry and States to 
develop recommendations to eliminate the barriers 
that exist to increasing the availability, use, and pur-
chase of energy efficient mortgages, including such 
barriers as— 
(A) the lack of reliable and accessible infor-
mation on such mortgages, including estimated 
energy savings and other benefits of energy effi-
cient housing;
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(B) the confusion regarding underwriting 
requirements and differences among various en-
ergy efficient mortgage programs; 
(C) the complex and time consuming proc-
ess of securing such mortgages; 
(D) the lack of publicly available research 
on the default risk of such mortgages; and 
(E) the availability of certified or accred-
ited home energy rating services. 
(2) REPORT
TO
CONGRESS.—The Secretary of 
Housing and Urban Development shall submit a re-
port to Congress that— 
(A) summarizes the recommendations devel-
oped under paragraph (1); and 
(B) includes any recommendations for stat-
utory, regulatory, or administrative changes that 
the Secretary deems necessary to institute such 
recommendations. 
(c) ENERGY EFFICIENT MORTGAGES OUTREACH CAM-
PAIGN.— 
(1) IN GENERAL.—The Secretary of Housing and 
Urban Development, in consultation and coordination 
with the Secretary of Energy, the Administrator of 
the Environmental Protection Agency, and State En-
ergy and Housing Finance Directors, shall carry out
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an education and outreach campaign to inform and 
educate consumers, home builders, residential lenders, 
and other real estate professionals on the availability, 
benefits, and advantages of— 
(A) improved energy efficiency in housing; 
and 
(B) energy efficient mortgages. 
(2) AUTHORIZATION
OF
APPROPRIATIONS.— 
There are authorized to be appropriated such sums as 
are necessary to carry out the education and outreach 
campaign described under paragraph (1). 
DIVISION C—TAX-RELATED 
PROVISIONS 
SEC. 3000. SHORT TITLE; ETC. 
(a) SHORT TITLE.—This division may be cited as the 
‘‘Housing Assistance Tax Act of 2008’’. 
(b) AMENDMENT OF 1986 CODE.—Except as otherwise 
expressly provided, whenever in this division an amend-
ment or repeal is expressed in terms of an amendment to, 
or repeal of, a section or other provision, the reference shall 
be considered to be made to a section or other provision 
of the Internal Revenue Code of 1986. 
(c) TABLE OF CONTENTS.—The table of contents for 
this division is as follows: 
Sec. 3000. Short title; etc.
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TITLE I—HOUSING TAX INCENTIVES 
Subtitle A—Multi-Family Housing 
PART I—LOW-INCOME HOUSING TAX CREDIT 
Sec. 3001. Temporary increase in volume cap for low-income housing tax credit. 
Sec. 3002. Determination of credit rate. 
Sec. 3003. Modifications to definition of eligible basis. 
Sec. 3004. Other simplification and reform of low-income housing tax incentives. 
Sec. 3005. Treatment of military basic pay. 
PART II—MODIFICATIONS TO TAX-EXEMPT HOUSING BOND RULES 
Sec. 3007. Recycling of tax-exempt debt for financing residential rental projects. 
Sec. 3008. Coordination of certain rules applicable to low-income housing credit 
and qualified residential rental project exempt facility bonds. 
PART III—REFORMS RELATED TO THE LOW-INCOME HOUSING CREDIT AND 
TAX-EXEMPT HOUSING BONDS 
Sec. 3009. Hold harmless for reductions in area median gross income. 
Sec. 3010. Exception to annual current income determination requirement where 
determination not relevant. 
Subtitle B—Single Family Housing 
Sec. 3011. First-time homebuyer credit. 
Sec. 3012. Additional standard deduction for real property taxes for non-
itemizers. 
Subtitle C—General Provisions 
Sec. 3021. Temporary liberalization of tax-exempt housing bond rules. 
Sec. 3022. Repeal of alternative minimum tax limitations on tax-exempt housing 
bonds, low-income housing tax credit, and rehabilitation credit. 
Sec. 3023. Bonds guaranteed by Federal home loan banks eligible for treatment 
as tax-exempt bonds. 
Sec. 3024. Modification of rules pertaining to FIRPTA nonforeign affidavits. 
Sec. 3025. Modification of definition of tax-exempt use property for purposes of 
the rehabilitation credit. 
Sec. 3026. Extension of special rule for mortgage revenue bonds for residences lo-
cated in disaster areas. 
Sec. 3027. Transfer of funds appropriated to carry out 2008 recovery rebates for 
individuals. 
TITLE II—REFORMS RELATED TO REAL ESTATE INVESTMENT 
TRUSTS 
Subtitle A—Foreign Currency and Other Qualified Activities 
Sec. 3031. Revisions to REIT income tests. 
Sec. 3032. Revisions to REIT asset tests. 
Sec. 3033. Conforming foreign currency revisions. 
Subtitle B—Taxable REIT Subsidiaries 
Sec. 3041. Conforming taxable REIT subsidiary asset test.
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Subtitle C—Dealer Sales 
Sec. 3051. Holding period under safe harbor. 
Sec. 3052. Determining value of sales under safe harbor. 
Subtitle D—Health Care REITs 
Sec. 3061. Conformity for health care facilities. 
Subtitle E—Effective Dates 
Sec. 3071. Effective dates. 
TITLE III—REVENUE PROVISIONS 
Subtitle A—General Provisions 
Sec. 3081. Election to accelerate the AMT and research credits in lieu of bonus 
depreciation. 
Sec. 3082. Certain GO Zone incentives. 
Sec. 3083. Increase in statutory limit on the public debt. 
Subtitle B—Revenue Offsets 
Sec. 3091. Returns relating to payments made in settlement of payment card and 
third party network transactions. 
Sec. 3092. Gain from sale of principal residence allocated to nonqualified use not 
excluded from income. 
Sec. 3093. Delay in application of worldwide allocation of interest. 
Sec. 3094. Time for payment of corporate estimated taxes. 
TITLE I—HOUSING TAX 
INCENTIVES 
Subtitle A—Multi-Family Housing 
PART I—LOW-INCOME HOUSING TAX CREDIT 
SEC. 3001. TEMPORARY INCREASE IN VOLUME CAP FOR 
LOW-INCOME HOUSING TAX CREDIT. 
Paragraph (3) of section 42(h) is amended by adding 
at the end the following new subparagraph: 
‘‘(I) INCREASE IN STATE HOUSING CREDIT 
CEILING FOR 2008 AND 2009.—In the case of cal-
endar years 2008 and 2009—