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12 U.S.C. § 4146 — Definitions
Federal law — U.S. Code and appendices · legal_authorities
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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section501/c/3&num=0&edition=prelim);
(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4119&num=0&edition=prelim).
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Source location: Title 12, Chapter 42, § 4146; chapter-042-low-income-housing-preservation-and-resident-homeownership.md
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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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section501/c/3&num=0&edition=prelim);
(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4119&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this subchapter:
(1) The term “eligible low-income housing” means any housing financed by a loan or mortgage—
(A) that is—
(i) insured or held by the Secretary under section 1715l(d)(3) of this title and receiving loan management assistance under [section 1437f of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437f&num=0&edition=prelim) due to a conversion from [section 1701s of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701s&num=0&edition=prelim);
(ii) insured or held by the Secretary and bears interest at a rate determined under the proviso of section 1715l(d)(5) of this title;
(iii) insured, assisted, or held by the Secretary or a State or State agency under [section 1715z–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-1&num=0&edition=prelim); or
(iv) held by the Secretary and formerly insured under a program referred to in clause (i), (ii), or (iii); and
(B) that, under regulation or contract in effect before February 5, 1988, is or will within 24 months become eligible for prepayment without prior approval of the Secretary.
(2) The term “Federal cost limit” means, for any eligible low-income housing, the amount determined under [section 4105(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4105/a&num=0&edition=prelim).
(3) The term “low-income affordability restrictions” means limits imposed by regulation or regulatory agreement on tenant rents, rent contributions, or income eligibility in eligible low-income housing.
(4) The terms “low-income families or persons” and “very low-income families or persons” mean families or persons whose inco
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Federal law — U.S. Code and appendices · legal_authorities
Page 1618
TITLE 12—BANKS AND BANKING
§ 4146
1 So in original. Probably should be ‘‘section’’.
(Pub. L. 100–242, title II, § 255, as added Pub. L.
102–550, title III, § 312, Oct. 28, 1992, 106 Stat.
3767.)
Editorial Notes
REFERENCES IN TEXT
This title, referred to in subsec. (b)(2), means title II
of Pub. L. 100–242, as amended by Pub. L. 101–625, title
VI, § 601(a), Nov. 28, 1990, 104 Stat. 4249, known as the
Low-Income Housing Preservation and Resident Home-
ownership Act of 1990, which is classified principally to
this chapter. For complete classification of this Act to
the Code, see Short Title note set out under section
4101 of this title and Tables.
The Emergency Low Income Housing Preservation
Act of 1987, referred to in subsec. (b)(2), is title II of
Pub. L. 100–242, Feb. 5, 1988, 101 Stat. 1877, which was
classified principally as a note under section 1715l of
this title. Title II of Pub. L. 100–242 was amended gen-
erally by Pub. L. 101–625, title VI, § 601(a), Nov. 28, 1990,
104 Stat. 4249, and is now known as the Low-Income
Housing Preservation and Resident Homeownership Act
of 1990, which is classified principally to this chapter.
For complete classification of this Act to the Code, see
Short Title note set out under section 4101 of this title
and Tables.
§ 4146. Definitions
For purposes of this subchapter—
(1) the term ‘‘community-based nonprofit
housing developer’’ means a nonprofit commu-
nity development corporation that—
(A) has been classified by the Internal Rev-
enue 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 applica-
tion;
(C) has a record of service to low- and mod-
erate-income people in the community in
which the
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