Code (defining qualified residential rental project) shall be applied— (A) by substituting 60 percent for 50 percent in subparagraph (A) thereof, and (B) by substituting 70 percent for 60 percent in subparagraph (B) thereof. (2) Section 143 of such Code (relating to mortgage revenue bonds: qualified mortgage bond and qualified veterans’ mortgage bond) shall be applied— (A) only with respect to owner-occupied residences in the Louisiana storm and flood disaster area, (B) by treating any such residence in the Louisiana storm and flood disaster area as a targeted area residence, (C) by applying subsection (f)(3) thereof without regard to subparagraph (A) thereof, and (D) by substituting $150,000 for $15,000 in subsection (k)(4) thereof. (3) Except as provided in section 143 of such Code, repayments of principal on financing provided by the issue of which such bond is a part may not be used to provide financing. (4) Section 146 of such Code (relating to volume cap) shall not apply. (5) Section 147(d)(2) of such Code (relating to acquisition of existing property not permitted) shall be applied by substituting 50 percent for 15 percent each place it appears. (6) Section 148(f)(4)(C) of such Code (relating to exception from rebate for certain proceeds to be used to finance construction expenditures) shall apply to the available construction proceeds of bonds which are part of an issue described in subsection (b)(1)(A). (7) Section 57(a)(5) of such Code (relating to tax-exempt interest) shall not apply. (f) Special rule for repairs and reconstructions (1) In general For purposes of section 143 of the Internal Revenue Code of 1986 and this section, any qualified Louisiana storm and flood disaster area repair or reconstruction shall be treated as a qualified rehabilitation. (2) Qualified Louisiana storm and flood disaster area repair or reconstruction For purposes of subparagraph (A), the term qualified Louisiana storm and flood disaster area repair or reconstruction means any repair of damage caused by the severe storms