buildings for any calendar year shall submit to the Secretary (at such time and in such manner as the Secretary shall prescribe) an annual report specifying— (i) the amount of rental reduction credit amounts allocated to each such building for such year, (ii) sufficient information to identify each such building and the taxpayer with respect thereto, (iii) information as to the demographic and income characteristics of eligible tenants of all such buildings to which such amounts were allocated, and (iv) such other information as the Secretary may require. (B) Penalty The penalty under section 6652(j) shall apply to any failure to submit the report required by subparagraph (A) on the date prescribed therefor. (C) Information made public The Secretary shall, in consultation with Secretary of Housing and Urban Development, make information reported under this paragraph for each qualified building available to the public annually to the greatest degree possible without disclosing personal information about individual tenants. (i) Special rule for payments to partnerships and S corporations For purposes of this subtitle, in the case of any qualified building directly held by any partnership or S corporation, the payment under section 6434 shall be made in lieu of the credit determined under this section with respect to such building. (j) Regulations and guidance The Secretary shall prescribe such regulations or guidance as may be necessary to carry out the purposes of this section, including— (1) providing necessary forms and instructions, and (2) providing for proper treatment of projects for which a credit is allowed both under this section and section 42. . (b) Payment to partnerships and S corporations in lieu of credit (1) In general Subchapter B of chapter 65 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 6434. Payments in lieu of renters credit for partnerships and S corporations (a) In general In the case of any qualified building (as defined in section