To amend the Internal Revenue Code of 1986 to provide an elective exception from the volume cap on tax-exempt bonds for certain exempt facility bonds for qualified residential rental projects, and for other purposes.

This bill would change the tax code to allow certain tax-free bonds used to build or support rental housing projects to be excluded from limits on how many tax-free bonds can be issued. This could let states and local governments issue more of these bonds without counting them against their current caps. No official summary is available for this bill.

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