erence in this section to the Secretary of the Treasury 
shall be treated as including the Secretary’s delegate. 
(g) APPROPRIATIONS.—There is hereby appropriated 
to the Secretary of the Treasury such sums as may be 
necessary to carry out this section. 
SEC. 4. COORDINATION OF LOW-INCOME HOUSING CREDIT 
WITH LOW-INCOME HOUSING GRANTS. 
(a) IN GENERAL.—Paragraph (9) of section 42(i) of 
the Internal Revenue Code of 1986 is amended by redesig-
nating subparagraph (B) as subparagraph (D) and by in-
serting after subparagraph (A) the following new subpara-
graphs: 
‘‘(B) REDUCTION
IN
STATE
HOUSING 
CREDIT
CEILING
FOR
LOW-INCOME
HOUSING 
GRANTS RECEIVED IN 2010.—For purposes of 
this section, the amounts described in clauses 
(i) through (iv) of subsection (h)(3)(C) with re-
spect to any State for 2010 shall each be re-
duced by so much of such amount as is taken 
into account in determining the amount of any 
grant to such State under section 2 of the Low 
Income Housing Tax Credit Exchange Expan-
sion and Job Creation Act of 2010. 
‘‘(C) DENIAL OF CREDIT FOR BOND-SUB-
SIDIZED
BUILDINGS
RECEIVING
SUBAWARDS 
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WITH 2010 GRANT FUNDS.—No credit shall be 
determined under this section with respect to 
any qualified low-income building to the extent 
of the bond-subsidized credit amount deter-
mined with respect to such building under sec-
tion 3 of the Low Income Housing Tax Credit 
Exchange Expansion and Job Creation Act of 
2010 if any subaward is made with respect to 
such building under such section.’’. 
(b) GRANTS AND LOANS NOT TO REDUCE BASIS.— 
Subparagraph (D) of section 42(i)(9) of such Code, as re-
designated by this section, is amended by striking ‘‘by the 
amount of any grant described in subparagraph (A)’’ and 
inserting ‘‘by reason of any grant or loan made under sec-
tion 1602 of the American Recovery and Reinvestment 
Tax Act of 2009 or section 2 or 3 of the Low Income 
Housing Tax Credit Exchange Expansion and Job Cre-
ation Act of 2010’’. 
(c) EXCLUSION OF GRANTS FROM GROSS INCOME.— 
Paragraph (9) of section 42(i) of such Code, as amended 
by this section, is amended by adding at the end the fol-
lowing new subparagraph: 
‘‘(E) EXCLUSION OF GRANTS FROM GROSS 
INCOME.—Any grant made under section 1602 
of the American Recovery and Reinvestment 
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Tax Act of 2009 or section 2 or 3 of the Low 
Income Housing Tax Credit Exchange Exten-
sion Act of 2009 shall not be includible in the 
gross income or alternative minimum taxable 
income of the taxpayer.’’. 
(d) EFFECTIVE DATE.— 
(1) IN
GENERAL.—Except as otherwise pro-
vided in this subsection, the amendments made by 
this section shall apply to taxable years ending after 
December 31, 2009. 
(2) REDUCTIONS IN STATE HOUSING CREDIT 
CEILING.—Subparagraph (B) of section 42(i)(9) of 
the Internal Revenue Code of 1986, as amended by 
subsection (a), shall apply to determinations of State 
housing credit ceiling for calendar years after 2009. 
(3) EXCLUSION OF GRANTS FROM GROSS IN-
COME.—The amendment made by subsection (c) 
shall apply to taxable years ending after December 
31, 2008. 
Æ 
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