To amend the Internal Revenue Code of 1986 to specify certain circumstances that give rise to affiliation or control of a nonprofit organization by a for-profit organization for purposes of denying eligibility for the low-income housing tax credit.

Amends the Internal Revenue Code to provide that a nonprofit organization be treated as controlled by a for-profit organization for purposes of denying eligibility for the low-income housing tax credit if the nonprofit: (1) guarantees to the for-profit any form of economic or financial benefit; (2) guarantees to the for-profit a return of capital contributions; or (3) can be removed as a partner by a for-profit organization for reasons other than fraud or gross negligence.