; and (2) by striking State housing credit agency and inserting housing credit agency . (c) Effective date (1) In general The amendment made by subsection (a) shall apply to a building if— (A) any portion of such building is financed by an obligation described in paragraph (2), or (B) the land on which the building is located is financed by an obligation described in paragraph (2). (2) Obligation described An obligation is described in this paragraph if such obligation— (A) is described in section 42(h)(4)(A) of the Internal Revenue Code of 1986, and (B) is issued after December 31, 2023. 207. Repeal of qualified contract option (a) Termination of option for certain buildings (1) In general Subclause (II) of section 42(h)(7)(E)(i) of the Internal Revenue Code of 1986, as redesignated by section 203, is amended by inserting in the case of a building described in clause (iii), before on the last day . (2) Buildings described Subparagraph (E) of section 42(h)(7) of such Code, as so redesignated, is amended by adding at the end the following new clause: (iii) Buildings described A building described in this clause is a building— (I) which received its allocation of housing credit dollar amount before January 1, 2024, or (II) in the case of a building any portion of which is financed as described in paragraph (4), and which received before January 1, 2024, under the rules of paragraphs (1) and (2) of subsection (m), a determination from the issuer of the tax-exempt bonds or the housing credit agency that the building would be eligible under the qualified allocation plan to receive an allocation of housing credit dollar amount or that the credits to be earned are necessary for financial feasibility of the project and its viability as a qualified low-income housing project 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