; and (3) eliminate the applicability of rules for the Fund that are based on the HOME Investment Partnerships Act ( 42 U.S.C. 1721 et seq.). VI Low-Income Housing Tax Credit for Homeless Youth 601. Students who were homeless youths or homeless veterans permitted to occupy low-income housing units (a) In general Section 42(i)(3)(D)(i) of the Internal Revenue Code of 1986 is amended by redesignating subclauses (II) and (III) as subclauses (IV) and (V) and inserting after subclause (I) the following new subclauses: (II) a student who was (prior to occupying such unit) a homeless child or youth (as defined in section 725 of the McKinney-Vento Homeless Assistance Act), (III) a student who was (prior to occupying such unit) a homeless veteran (as defined in section 2002 of title 38, United States Code), . (b) Effective date The amendments made by this section shall apply to determinations made on or after the date of the enactment of this Act. 602. Renters tax credit (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45S. Renters credit (a) In general For purposes of section 38, in the case of a qualified credit recipient, the renters credit for any taxable year is an amount equal to the sum of the renters credit amounts allocated to such qualified credit recipient under this section for months ending during the taxable year. (b) Renters credit amount (1) In general For purposes of this section, the term renters credit amount means the rent reduction amount with respect to each rental unit which is occupied by a qualified renter. (2) Qualified renter For purposes of this section, the term qualified renter means a family unit with income not greater than the higher of— (A) 60 percent of local median income, or (B) 150 percent of the Federal poverty line, in each case as determined by the Secretary of Housing and Urban Development for a family of the size involved. (3) Rent reduction amount For purposes of this