To amend the Internal Revenue Code of 1986 to permit the issuance of mortgage revenue bonds to finance the sale of certain newly constructed 2-family residences.

Amends the Internal Revenue Code to exclude from the five-year occupancy requirement under the tax-exempt mortgage revenue bond program any two-family residence which: (1) is a targeted area residence; or (2) is located in an area designated as an economic development zone or enterprise zone by Federal or State law.