The "Preserving Rural Housing Investments Act" aims to clarify specific provisions within the Internal Revenue Code concerning tax-exempt controlled entities. It focuses on how certain government-sponsored enterprises are treated under these tax rules, particularly regarding their stock. The bill amends Section 168(h)(6)(F)(iii)(I) to specify that, for the purposes of the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae), the term "tax-exempt entity" does not encompass the United States government or any of its agencies or instrumentalities. This clarification is crucial for determining the tax implications related to government involvement in these entities. This legislative change is designed to apply retroactively, affecting all taxable years that ended after July 30, 2008 , suggesting an intent to address past tax treatments or interpretations related to government ownership or control of these enterprises.