shall be treated as made when the original installation of the modification is completed. (B) Expenditures as part of building construction In the case of a qualified expenditure in connection with the construction or reconstruction of a structure, such expenditure shall be treated as made when the original use of the constructed or reconstructed structure by the taxpayer begins. (e) Basis Adjustments For purposes of this subtitle, if a credit is allowed under this section for any expenditure with respect to any property, the increase in the basis of such property which would (but for this subsection) result from such expenditure shall be reduced by the amount of the credit so allowed. (f) Credit may be assigned (1) In general If the taxpayer elects the application of this subsection for any taxable year, any portion of the credit determined under this section (after the application of subsection (b)) for such year which would (but for this subsection) be allowable to the taxpayer may be assigned to any person who is an eligible designee. The person so designated shall be allowed the amount of the credit so assigned and shall be treated as the taxpayer with respect to such credit for purposes of this title (other than this paragraph), except that such credit shall be treated as a credit listed in section 38(b) for such taxable year (and not allowed under subsection (a)). (2) Eligible designee For purposes of paragraph (1), the term eligible designee means any person who— (A) with respect to the qualified residence, makes any modification described in subsection (c)(2) with respect to which the credit allowable under subsection (a) is attributable, (B) is licensed by the local governmental jurisdiction in which the qualified residence is located to make the modification or installation, and (C) is credentialed in aging home modification by an entity approved by the Secretary of Health and Human Services pursuant to section 2(b) of the Senior Accessible Housing Act . (3) Election requirements Any election under