Permits individuals to elect to take an amortization deduction, under the Internal Revenue Code, for high mortgage interest rate multiple dwelling units in lieu of the depreciation deduction with respect to such units. Defines "high mortgage interest rate multiple dwelling units" as multiple dwelling units constructed after December 31, 1974, if the rate of interest on a loan to the taxpayer which is secured by a first mortgage on such dwelling unit exceeds 7.5 percent per year.