Sec. 11310. Restriction of planned foreclosures
135 words·~1 min read·
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Subclause
(I)of section 42(h)(6)(E)(i) is amended to read as follows: on the 61st day after the taxpayer (or a successor in interest) provides notice to the Secretary and the housing credit agency that the building has been acquired by foreclosure (or instrument in lieu of foreclosure) and that the taxpayer intends the termination of such period, unless, before such date, the Secretary or the housing credit agency determines that such acquisition is part of an arrangement with the taxpayer a purpose of which is to terminate such period, or . The second sentence of clause
(i)of section 42(h)(6)(E) is amended by striking Subclause
(II)and inserting Subclauses
(I)and
(II). The amendments made by this section shall apply to acquisitions by foreclosure (or instrument in lieu of foreclosure) after December 31, 2025.