12 USC 4146 - Definitions

For purposes of this subchapter
(1) the term community-based nonprofit">nonprofit housing developer means a nonprofit">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">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">nonprofit organization, owner, and resident council have the meanings given such terms in section 4119 of this title.