; (II) that includes a description of the items or services to be purchased; and (III) that includes such information as a qualified entity may request from the eligible individual involved regarding the necessity of the items or services to a course of study at an eligible educational institution or a course described in clause (i)(III). ; (B) in subparagraph (B)— (i) by striking clause (i) and inserting the following: (i) Principal residence The term principal residence means a main residence the qualified acquisition costs of which do not exceed 120 percent of the median house price in the area, as determined by the Secretary of Housing and Urban Development for purposes of section 203(b) of the National Housing Act ( 12 U.S.C. 1709(b) ) for a residence occupied by a number of families that corresponds to the number of households occupying the residence involved. ; and (ii) in clause (iii)— (I) by striking subclause (I) and inserting the following: (I) In general Subject to subclause (II), the term qualified first-time homebuyer means an individual participating in the project involved who— (aa) has no sole present ownership interest in a principal residence during the 3-year period ending on the date of acquisition of the principal residence to which this subparagraph applies (except for an interest in the principal residence); and (bb) has no co-ownership interest in a principal residence on the date of acquisition of the principal residence to which this subparagraph applies (except for an interest in the principal residence). ; (II) by redesignating subclause (II) as subclause (III)