SECTION 5. EFFECTIVE DATE

.01 An issuer may rely on the list of qualified census tracts contained in this revenue procedure with respect to a commitment to provide financing if, in the case of a commitment made on or before the date of purchase of the residence, the commitment is made during the period specified in this section 5.01 or, in the case of a commitment made after the purchase date, the residence was purchased during the period specified in this section 5.01. The period begins January, 27, 2003, the date of publication of this revenue procedure in the Internal Revenue Bulletin, and ends on the date as of which the list of qualified census tracts is rendered obsolete by a new revenue procedure.

.02 Notwithstanding section 5.01 of this revenue procedure, issuers may continue to rely on the list of qualified census tracts contained in Rev. Proc. 93–38 for mortgages financed with proceeds of bonds that were sold or for certificates that were issued with respect to bond authority that was exchanged, on or before April 27, 2003, the date that is 3 months after publication of this revenue procedure in the Internal Revenue Bulletin, if the commitments to provide financing for the mortgages or to issue certificates are made on or before June 27, 2003, the date that is 5 months after publication of this revenue procedure in the Internal Revenue Bulletin.