tax-exempt bond financed property
(5) Tax-exempt bond financed property For purposes of this subsection— (A) In general Except as otherwise provided in this paragraph, the term “tax-exempt bond financed property” means any property to the extent such property is financed (directly or indirectly) by an obligation the interest on which is exempt from tax under section 103(a). (B) Allocation of bond proceeds For purposes of subparagraph (A), the proceeds of any obligation shall be treated as used to finance property acquired in connection with the issuance of such obligation in the order in which such property is placed in service. (C) Qualified residential rental projects The term “tax-exempt bond financed property” shall not include any qualified residential rental project (within the meaning of section 142(a)(7) ).