SECTION 3. SCOPE

.01 Except as provided in section 3.02 of this revenue procedure, this revenue procedure applies to all taxpayers that disposed of a qualified low-income building (or an interest therein) on or before July 30, 2008, for which the Internal Revenue Service has approved a Form 8693. Under this revenue procedure, these taxpayers may elect to have section 3004(c) of the Act apply to the disposition if at the time of the election the building covered by a surety bond or TDA is reasonably expected to continue to be operated as a qualified low-income building for the remainder of the building’s compliance period.

.02 This revenue procedure does not apply to any taxpayer who opted to satisfy the bond posting exception to recapture under § 42(j)(6) of the Code by setting up a TDA, and who received a Form 8693 that was approved by the Internal Revenue Service before January 1, 2008, but who did not fund the TDA within the period for funding the TDA prescribed by Rev. Proc. 99–11.