if such restrictions or preferences meet the general public use requirement of section 42. . (c) Effective dates (1) In general The amendment made by subsection (a) shall apply to buildings placed in service before, on, or after the date of the enactment of this Act. (2) Qualified residential rental projects The amendment made by subsection (b) shall apply to bonds issued before, on, or after the date of the enactment of this Act. III Rules relating to credit eligibility and determination 301. Reconstruction or replacement period after casualty loss (a) No recapture following casualty loss Subparagraph (E) of section 42(j)(4) of the Internal Revenue Code of 1986 is amended to read as follows: (E) No recapture by reason of casualty loss (i) In general The increase in tax under this subsection shall not apply to a reduction in qualified basis by reason of a casualty loss to the extent such loss is restored by reconstruction or replacement within a reasonable period established by the applicable housing credit agency, not to exceed 25 months from the date on which the qualified casualty loss arises. (ii) Qualified casualty losses In the case of a qualified casualty loss, the period described in clause (i) may be extended, but not in excess of 12 months, if the applicable housing credit agency determines the qualified casualty arose by reason of an event which was not discrete to the building and which made a reconstruction or replacement within 25 months impractical. In the event the applicable housing credit agency determines a period in excess of 25 months is necessary for such reconstruction or replacement, the compliance period shall be increased by any such additional time. (iii) Application The determination under paragraph (1) shall not be made with respect to a property the basis of which is affected by a qualified casualty loss until the period described in clause (i) (as modified by clause (ii), if applicable) with respect to such property has expired. (iv) Qualified casualty loss For purposes of this