12 USC 4146 - Definitions

U.S Code last checked for updates: Nov 22, 2024

§ 4146.

Definitions

For purposes of this subchapter—

(1)

the term “community-based nonprofit housing developer” means a nonprofit community development corporation that—

(A)

has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of title 26;

(B)

has been in existence for at least 2 years prior to the date of the grant application;

(C)

has a record of service to low- and moderate-income people in the community in which the project is located;

(D)

is organized at the neighborhood, city, county or multi-county level; and

(E)

in the case of a corporation acquiring eligible housing under subchapter I of this chapter, agrees to form a purchaser entity that conforms to the definition of a community-based nonprofit organization under such subchapter and agrees to use its best efforts to secure majority tenant consent to the acquisition of the project for which grant assistance is requested; and

(2)

the terms “eligible low-income housing”, “nonprofit organization”, “owner”, and “resident council” have the meanings given such terms in section 4119 of this title.

(Pub. L. 100–242, title II, § 256, as added Pub. L. 102–550, title III, § 312, Oct. 28, 1992, 106 Stat. 3769.)

cite as: 12 USC 4146