I 
112TH CONGRESS 
2D SESSION 
H. R. 3769 
To amend the Internal Revenue Code of 1986 to increase the amount of 
the low-income housing credit that may be allocated in States damaged 
in 2011 by Hurricane Irene or Tropical Storm Lee. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 10, 2012 
Mr. GIBSON (for himself and Mr. REED) introduced the following bill 
JANUARY 17, 2012 
Referred to the Committee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to increase 
the amount of the low-income housing credit that may 
be allocated in States damaged in 2011 by Hurricane 
Irene or Tropical Storm Lee. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Irene and Lee Tax 
Relief Storm Recovery Act’’. 
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SEC. 2. ADDITIONAL LOW-INCOME HOUSING CREDIT MAY 
BE ALLOCATED IN STATES DAMAGED IN 2011 
BY HURRICANE IRENE OR TROPICAL STORM 
LEE. 
(a) IN GENERAL.—Paragraph (3) of section 42(h) of 
the Internal Revenue Code of 1986 (relating to limitation 
on aggregate credit allowable with respect to projects lo-
cated in a State) is amended by adding at the end the 
following new subparagraph: 
‘‘(J) INCREASE IN STATE HOUSING CREDIT 
FOR STATES DAMAGED IN 2011 BY HURRICANE 
IRENE OR TROPICAL STORM LEE.— 
‘‘(i) IN GENERAL.—In the case of cal-
endar years 2012, 2013, and 2014, the 
State housing credit ceiling of each State 
any portion of which includes any portion 
of the Irene-Lee disaster area shall be in-
creased by the lesser of— 
‘‘(I) the aggregate housing credit 
dollar amount allocated by the State 
housing credit agency of such State 
for such calendar year to buildings lo-
cated in such disaster area, or 
‘‘(II) the applicable limitation, 
reduced by the aggregate increase 
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under this clause for all prior calendar 
years. 
‘‘(ii) APPLICABLE
LIMITATION.—For 
purposes of clause (i), the applicable limi-
tation is the lesser of— 
‘‘(I) $2.15 multiplied by the pop-
ulation of the area described in clause 
(vii)(I), or 
‘‘(II) 50 percent of the State 
housing credit ceiling (determined 
without regard to this subparagraph) 
for 2012. 
‘‘(iii) 
ALLOCATIONS
TREATED
AS 
MADE FIRST FROM ADDITIONAL ALLOCA-
TION AMOUNT FOR PURPOSES OF DETER-
MINING CARRYOVER.—For purposes of de-
termining the unused State housing credit 
ceiling under subparagraph (C) for any 
calendar year, any increase in the State 
housing credit ceiling under clause (i) shall 
be treated as an amount described in 
clause (ii) of such subparagraph. 
‘‘(iv) 
DIFFICULT
DEVELOPMENT 
AREA.— 
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‘‘(I) IN GENERAL.—In the case 
of property placed in service during 
2012, 2013, or 2014, the Irene-Lee 
disaster area shall be treated as a dif-
ficult development area designated 
under subclause (I) of subsection 
(d)(5)(B)(iii), and shall not be taken 
into account for purposes of applying 
the limitation under subclause (II) of 
such subsection. 
‘‘(II) 
APPLICATION
OF 
CLAUSE.—Clause (i) shall apply only 
to— 
‘‘(aa) housing credit dollar 
amounts allocated during 2012, 
2013, or 2014, and 
‘‘(bb) to the extent that 
paragraph (1) does not apply to 
any building by reason of para-
graph (4), only with respect to 
bonds issued after December 31, 
2011. 
‘‘(v) SPECIAL RULE FOR APPLYING IN-
COME
TESTS.—In the case of property 
placed in service after 2011 and before 
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2019 in a nonmetropolitan area (as de-
fined in subsection (d)(5)(B)(iv)(IV)) with-
in the Irene-Lee disaster area, this section 
shall be applied by substituting ‘national 
nonmetropolitan median gross income (de-
termined under rules similar to the rules of 
section 142(d)(2)(B))’ for ‘area median 
gross income’ in subparagraphs (A) and 
(B) of subsection (g)(1). 
‘‘(vi) TIME FOR MAKING LOW-INCOME 
HOUSING
CREDIT
ALLOCATIONS.—Para-
graph (1)(B) shall not apply to an alloca-
tion of housing credit dollar amount to a 
building located in the Irene-Lee disaster 
area if such allocation is made in 2012, 
2013, or 2014, and such building is placed 
in service before January 1, 2018. 
‘‘(vii) IRENE-LEE DISASTER AREA.— 
For purposes of this subparagraph, the 
term ‘Irene-Lee disaster area’ means— 
‘‘(I) each county included in the 
geographical area covered by a quali-
fying natural disaster declaration, and 
‘‘(II) each county contiguous to a 
county described in subclause (I). 
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‘‘(viii) QUALIFYING
NATURAL
DIS-
ASTER
DECLARATION.—For purposes of 
clause (vii), the term ‘qualifying natural 
disaster declaration’ means— 
‘‘(I) a natural disaster declared 
by the Secretary of Agriculture in 
2011 due to damaging weather and 
other conditions relating to Hurricane 
Irene or Tropical Storm Lee under 
section 321(a) of the Consolidated 
Farm and Rural Development Act (7 
U.S.C. 1961(a)), or 
‘‘(II) a major disaster or emer-
gency designated by the President in 
2011 due to damaging weather and 
other conditions relating to Hurricane 
Irene or Tropical Storm Lee under 
the Robert T. Stafford Disaster Relief 
and Emergency Assistance Act (42 
U.S.C. 5121 et seq.).’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall take effect on the date of the enactment 
of this Act. 
Æ 
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