To amend the Internal Revenue Code of 1986 to limit the application of tax exempt bond financing relating to newly included counties in the Gulf Opportunity Zone to property, neither the acquisition of which occurred, nor the construction, reconstruction, or renovations began, prior to the enactment of the Housing Assistance Tax Act of 2008.

Amends the Internal Revenue Code to limit the application of tax-exempt bond financing for properties located in the Gulf Opportunity Zone (GO Zone) counties of Colbert and Dallas, Alabama, for which neither the acquisition occurred, nor the construction, reconstruction, or renovation was begun, before the enactment of the Housing Assistance Tax Act of 2008 (i.e., July 30, 2008).