or for the purpose of issuing exempt facility bonds described in section 142(a)(7). (iii) State direction In the case of a State which has enacted a law described in subsection (e)(1), such State may, by law, prohibit, limit, require, or otherwise direct transfer or redesignation by issuing authorities within such State (except in the case of a constitutional home rule city) pursuant to this subparagraph. . (c) Effective date The amendments made by this section shall apply to elections made under section 146(f) of the Internal Revenue Code of 1986 after December 31, 2023. 4. Elimination of refinancing limitation for mortgage revenue bonds (a) In general Section 143(i)(1) is amended by adding at the end the following: (D) Exception for refinancing for certain mortgagors (i) In general The refinancing of a mortgage on a residence of a mortgagor who, as of the date of such refinancing, satisfies the principal residence requirements under subsection (c)(1) and the income requirements under subsection (f) shall not be treated as the acquisition or replacement of an existing mortgage for purposes of subparagraph (A). (ii) Special rule In applying clause (i) to any refinancing— (I) subsection (d) shall not apply, and (II) subsection (e) shall be applied by using the market value of the residence at the time of refinancing in lieu of the acquisition cost. . (b) Effective date The amendment made by this section shall apply to refinancing loans made on or after the date of enactment of this Act. 5. Increase in financing limit for qualified home improvement loans (a) Increase in financing limit Paragraph (4) of section 143(k) is amended by striking $15,000 and inserting $50,000 . (b) Inflation adjustment Paragraph (4) of section 143(k), as amended by subsection (a), is amended— (1) by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively, and by moving such clauses (as so redesignated) 2 ems to the right, (2) by striking The term and inserting the following: (A) In general The term , and (3) by