12 U.S.C. § 4146

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)
Section 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.

12 U.S.C. § 4146

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