103 STAT. 2308 PUBLIC LAW 101-239—DEC. 19, 1989 "(ii) UNUSED HOUSING CREDIT CARRYOVER. —For pur- poses of this subparagraph, the unused housing credit carryover of a State for any ctdendar year is the excess (if any) of the unused State housing credit ceiHng for such year (as defined in subparagraph (C)(ii)) over the excess (if any) of— "(I) the aggregate housing credit dollar amount allocated for such year, over "(II) the amount described in clause (i) of subparagraph (C). "(iii) FORMULA FOR ALLOCATION OF UNUSED HOUSING CREDIT CARRYOVERS AMONG QUALIFIED STATES. —The amount allocated under this subparagraph to a quali- fied State for any calendar year shall be the amount determined by the Secretary to bear the same ratio to the aggregate unused housing credit carryovers of all States for the preceding calendar year sis such State's population for the calendar year bears to the popu- lation of all qualified States for the calendar year. For purposes of the preceding sentence, population shall be determined in accordance with section 146(j). "(iv) QuAUFiED STATE.— For purposes of this subpara- graph, the term 'qualified Static' means, with respect to a calendar year, any State— "(I) which allocated its entire State housing credit ceiling for the preceding calendar year, and "(II) for which a request is made (not later than May 1 of the calendar year) to receive an allocation under clause (iii)." (2) CONFORMING AMENDMENTS. — (A) Subparagraph (E) of section 42(h)(5) is amended by striking "subparagraph (E)" and inserting "subparagraph '- (F)". (B) Paragraph (6) of section 42(h) is amended by striking subparagraph (B) and by redesignating subparagraphs (C), (D), and (E) as subparagraphs (B), (C), and (D), respectively. (c) BUILDINGS ELIGIBLE FOR CREDIT ONLY IF MINIMUM LONG-TERM COMMITMENT TO LOW-INCOME HOUSING. — (1) IN GENERAL.— Section 42(h) (relating to limitation on aggregate credit allowable with respect to projects located in a State) is amended by redesignating paragraphs (6) and (7) as paragraphs (7) and (8), respectively, and by inserting after paragraph (5) the following new paragraph: "(6) BUILDINGS ELIGIBLE FOR CREDIT ONLY IF MINIMUM LONG- TERM COMMITMENT TO LOW-INCOME HOUSING. — "(A) IN GENERAL. —No credit shall be allowed by reason of this section with respect to any building for the taxable year unless an extended low-income housing commitment is in effect as of the end of such taxable year. " (B) EXTENDED LOW-INCOME HOUSING COMMITMENT. — For purposes of this paragraph, the term 'extended low-income housing commitment means any agreement between the taxpayer and the housing credit agency— "(i) which requires that the applicable fraction (as defined in subsection (c)(D) for the building for each taxable year in the extended use period will not be less
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