This applies only if you live in the home 2 out of the last 5 years. 

It would be surprising the think the intent of the code was for this to only apply to two-family dwellings.  

It does into effect on 10/1/24 and applies to any liens for which a final order of foreclosure has not been entered by that date.I think Jocelyn's question was about tax deeds from the state.

If you didn’t receive the trustees deed and record, my comments don’t apply.

I am interested in applying for government grants to invest into multifamily units for government housing.

Using those numbers, just as an example, how would what I collected apply to my interest, basis refund and capital gains, and how does depreciation work there?

Conventional financing would not apply.

This does not apply in near term for you.  2) appreciation.  

You should check into if rental control is in your area and applies.

The city is good about requiring them to apply for assistant programs available