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    On the printed bill, delete everything after the enacting clause and insert:

    "    Section 1. That chapter 10-4 be amended by adding thereto a NEW SECTION to read as follows:

    Any property owned and operated or controlled by a nonprofit organization, as recognized as an exempt organization under section 501(c)(3) by the internal revenue service as of January 1, 2012, providing low-rent housing for homeless veterans or veterans in danger of becoming homeless and for persons who are elderly or persons with physical and mental disabilities is exempt from taxation. For the purposes of this section, a controlling nonprofit organization may serve as a general partner or managing member of a limited liability company or of limited liability partnership which owns the property. The exemption granted under the provisions of this section applies only until the final payment due date of the borrower's original low-rent housing development mortgage or until the borrower's original low-rent housing development mortgage is paid in full or expires, whichever occurs first."