throughout the credit period. . (b) Rules relating to existing projects Subparagraph (F) of section 42(h)(7) of the Internal Revenue Code of 1986, as redesignated by section 203, is amended by striking the nonlow-income portion and all that follows and inserting the nonlow-income portion and the low-income portion of the building for fair market value (determined by the housing credit agency by taking into account the rent restrictions required for the low-income portion of the building to continue to meet the standards of paragraphs (1) and (2) of subsection (g)). The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out this paragraph. . (c) Conforming amendments (1) Paragraph (7) of section 42(h) of the Internal Revenue Code of 1986, as redesignated by section 203, is amended by striking subparagraph (G) and by redesignating subparagraphs (H), (I), (J), and (K) as subparagraphs (G), (H), (I), and (J), respectively. (2) Subclause (II) of section 42(h)(7)(E)(i) of such Code, as so redesignated and as amended by subsection (a), is further amended by striking subparagraph (I) and inserting subparagraph (H) . (d) Technical amendment Subparagraph (I) of section 42(h)(7) of the Internal Revenue Code of 1986, as redesignated by section 203 and subsection (c), is amended by striking agreement and inserting commitment . (e) Effective dates (1) In general Except as provided in paragraph (2), the amendments made by this section shall take effect on the date of the enactment of this Act. (2) Subsection (b) The amendments made by subsection (b) shall apply to buildings with respect to which a written request described in section 42(h)(7)(H) of the Internal Revenue Code of 1986, as redesignated by section 203 and subsection (c), is submitted after the date of the enactment of this Act. 208. Modification and clarification of rights relating to building purchase (a) Modification of right of first refusal (1) In general Subparagraph (A) of section 42(i)(7) of the Internal Revenue Code of