To amend the Internal Revenue Code of 1986 to treat options held by certain tax-exempt organizations to acquire low-income housing in the same manner as such options held by tenants of the housing.

Amends the Internal Revenue Code to treat options held by certain tax-exempt qualified nonprofit organizations to acquire low-income housing in the same manner as options held by tenants of the housing. Limits such treatment to organizations actively engaged in fostering low-income housing for at least three years, with boards of directors made up largely of local residents.