Sec. 10604. Definitions
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/bill/116/hr/8352/ih/section-10604·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 404 is amended— by amending paragraph
(4)to read as follows: The term household means an individual or group of individuals who live in a single residence. Multiple households may share a single residence. ; in paragraph (5)(A)— by striking clause (iii); by redesignating clauses
(iv)through
(vi)as clauses
(iii)through (v), respectively; and in clause (iv), as redesignated by subparagraph (B), by striking clause
(vi)and inserting clause
(v); in paragraph (7)(A)— by amending clause
(ii)to read as follows: a State or local government agency (or a public housing agency, as defined in section 3(b)(6) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(b)(6) )) or a tribal government (or a tribally designated housing entity, as defined in section 4(22) of the Native American Housing Assistance and Self-Determination Act of 1996 ( 25 U.S.C. 4103(22) )); ; and by striking clause
(iii)and inserting the following: a credit union designated as a low-income credit union by the National Credit Union Administration (NCUA); or an organization designated as a community development financial institution by the Secretary of the Treasury (or the Community Development Financial Institutions Fund). ; and in paragraph (8)— in subparagraph (A)— in the first sentence— by inserting of an eligible individual or the dependent of an eligible individual (as such term is used in subparagraph (E)(ii)) after expenses ; and by inserting , or to a vendor pursuant to an education purchase plan approved by a qualified entity before the period; in clause (i)— in subclause (II), by inserting or for courses described in subclause
(III)after eligible educational institution ; and by adding at the end the following new subclauses: Preparatory courses for an examination required for admission to an eligible educational institution, for successful performance at an eligible educational institution, or for a professional licensing or certification examination. Room and board and transportation, including commuting expenses, necessary to enable attendance at courses of instruction at an eligible educational institution or attendance at courses described in subclause (III). ; by amending clause
(ii)to read as follows: The term eligible educational institution means— an institution described in section 101 or 102 of the Higher Education Act of 1965 ( 20 U.S.C. 1001 , 1002); or an area career and technical education school, as defined in section 3(3) of the Carl D. Perkins Career and Technical Education Act of 2006 ( 20 U.S.C. 2302(3) ). ; and by adding at the end the following new clause: The term education purchase plan means a plan— for the purchase of items or services described in subclauses
(II)through
(IV)of clause
(i)from entities other than eligible educational institutions; that includes a description of the items or services to be purchased; and that includes such information as a qualified entity may request from the eligible individual involved regarding the necessity of the items or services to a course of study at an eligible educational institution or a course described in clause (i)(III). ; in subparagraph (B)— by amending clause
(i)to read as follows: The term principal residence means a main residence the qualified acquisition costs of which do not exceed 120 percent of the median house price in the area, as determined by the Secretary of Housing and Urban Development for purposes of section 203(b) of the National Housing Act ( 12 U.S.C. 1709(b) ) for a residence occupied by a number of families that corresponds to the number of households occupying the residence involved. ; and in clause (iii)— by amending subclause
(I)to read as follows: Subject to subclause (II), the term qualified first-time homebuyer means an individual participating in the project involved who— has no sole present ownership interest in a principal residence during the 3-year period ending on the date of acquisition of the principal residence to which this subparagraph applies (except for an interest in such principal residence); and has no co-ownership interest in a principal residence on the date of acquisition of the principal residence to which this subparagraph applies (except for an interest in such principal residence). ; by redesignating subclause
(II)as subclause (III); and by inserting after subclause
(I)the following new subclause: An individual participating in the project involved who is a recent or current victim of domestic violence (as defined in section 40002(a)(8) of the Violence Against Women Act of 1994 ( 42 U.S.C. 13925(a)(8) )) shall not be considered to fail to be a qualified first-time homebuyer by reason of having a co-ownership interest in a principal residence with a person who committed domestic violence against the victim. ; by redesignating subparagraphs
(C)and
(D)as subparagraphs
(D)and (E), respectively; by inserting after subparagraph
(B)the following new subparagraph: Qualified replacement costs or qualified repair or improvement costs with respect to a principal residence, if paid from an individual development account directly to the persons to whom the amounts are due. In this subparagraph: The term principal residence means— with respect to payment of qualified replacement costs, a main residence the qualified replacement costs of which do not exceed 120 percent of the median house price in the area, as determined by the Secretary of Housing and Urban Development for purposes of section 203(b) of the National Housing Act ( 12 U.S.C. 1709(b) ) for a residence occupied by a number of families that corresponds to the number of households occupying the residence involved; or with respect to qualified repair or improvement costs, a main residence the value of which does not exceed, on the day before the commencement of the repairs or improvements, 120 percent of such median house price. The term qualified replacement costs means the costs (including any usual or reasonable settlement, financing, or other closing costs) of replacing— a manufactured home that was manufactured, assembled, or imported for resale before the initial effectiveness of any Federal manufactured home construction and safety standards established pursuant to section 604 of the National Manufactured Housing Construction and Safety Standards Act of 1974 ( 42 U.S.C. 5403 ); or a residence that fails to meet local building codes or is not legally habitable. The term qualified repair or improvement costs means the costs of making repairs or improvements (including any usual or reasonable financing costs) that will enhance the habitability or long-term value of a residence. ; and by adding at the end the following new subparagraph: Contributions paid from an individual development account of an eligible individual directly to a qualified tuition program (as defined in subsection
(b)of section 529 of the Internal Revenue Code of 1986), for the purpose of covering qualified higher education expenses (as defined in subsection (e)(3) of such section) of a dependent of such individual (as such term is used in clause
(ii)of subparagraph (E)). .
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Sec. 10604
Definitions
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