qualified property
(3) Real property construction or improvement financing agreement For purposes of this subsection— (A) Definition The term “real property construction or improvement financing agreement” means an agreement to make cash disbursements to finance— (i) the construction or improvement of real property, (ii) a contract to construct or improve real property, or (iii) the raising or harvesting of a farm crop or the raising of livestock or other animals. For purposes of clause (iii), the furnishing of goods and services shall be treated as the disbursement of cash. (B) Limitation on qualified property The term “qualified property”, when used with respect to a real property construction or improvement financing agreement, includes only— (i) in the case of subparagraph (A)(i), the real property with respect to which the construction or improvement has been or is to be made, (ii) in the case of subparagraph (A)(ii), the proceeds of the contract described therein, and (iii) in the case of subparagraph (A)(iii), property subject to the lien imposed by section 6321 at the time of tax lien filing and the crop or the livestock or other animals referred to in subparagraph (A)(iii).