For purposes of section
1441a–2 of this title:
(1) State housing finance authority The term State housing finance authority means any public agency, authority, or corporation which
(A) serves as an instrumentality of any State or any political subdivision of any State; and
(B) functions as a source of residential mortgage loan financing in that State.
(2) Nonprofit entity The term
nonprofit">
nonprofit entity means any not-for-profit corporation chartered under State law that is exempt from Federal taxation under section
501 (c) of title
26 and no part of the net earnings of which inures to the benefit of any member, founder, contributor, or individual (including any
nonprofit">
nonprofit entity established by the corporation established under title IX of the Housing and Urban Development Act of 1968 [
42 U.S.C.
3931 et seq.]).
(3) Mortgage-related assets The term mortgage-related assets means
(A) residential mortgage loans secured by 1- to 4-family or multifamily dwellings; and
(B) real property improved with 1- to 4-family or multifamily residential dwellings,
which are located within the jurisdiction of the applicable State housing finance authority or within the geographical area served by the nonprofit">nonprofit entity.
(4) Net income
The term net income means income after deduction of all associated expenses calculated in accordance with generally accepted accounting principles.
