(a)(2). (3) Cost-of-living adjustment Subparagraph (H) of section 42(h)(3) of such Code, as amended by subsection (a)(3), is amended— (A) by striking the dollar amounts applicable to such calendar year under clauses (i) and (ii) of subparagraph (I) in clause (i) and inserting the $5,700,468 and $4.96 amounts in subparagraph (C) , (B) by striking minimum ceiling in clause (ii)(I) and inserting $5,700,468 , and (C) by striking per capita dollar in clause (ii)(II) and inserting $4.96 . (4) Effective date The amendments made by this subsection shall apply to calendar years beginning after December 31, 2024. II Reforms relating to tenant eligibility 201. Average income test applicability to exempt facility bonds (a) In general Paragraph (1) of section 142(d) of the Internal Revenue Code of 1986 is amended— (1) by striking (A) or (B) and inserting (A), (B), or (C) , and (2) by inserting after subparagraph (B) the following new subparagraph: (C) Average income test A project meets the requirements of this subparagraph if it meets the minimum requirements of section 42(g)(1)(C). . (b) Effective date The amendments made by this section shall apply to elections made under section 142(d)(1) of the Internal Revenue Code of 1986 after March 23, 2018. 202. Codification of rules relating to increased tenant income (a) In general Clause (i) of section 42(g)(2)(D) of the Internal Revenue Code of 1986 is amended by striking clauses (ii), (iii), and (iv) and all that follows and inserting “clauses (ii), (iii), (iv), and (vi), notwithstanding an increase in the income of the occupants above the income limitation applicable under paragraph (1)— (I) a low-income unit shall continue to be treated as a low-income unit if the income of such occupants initially was 60 percent or less of area median gross income and such unit continues to be rent-restricted, and (II) a unit to which, at the time of initial occupancy by such occupants, any Federal, State, or local government income restriction applied, and which subsequently becomes part