To amend the Internal Revenue Code of 1986 to provide for the tax treatment of section 42 housing cooperatives and the shareholders of such cooperatives, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to authorize, in the case of a housing cooperative eligible for the low-income housing tax credit: (1) nonresident shareholders to include such credit and the deduction for certain unpaid acquisition interest allowable to the cooperative proportionally in the calculation of their individual income taxes; and (2) resident shareholders to include the deduction for real estate taxes and interest paid by the cooperative proportionally in the calculation of their individual income taxes.…