§1441a–1 — Title 12 Banks and Banking | U.S. Code

Summary

Defines key words used for section 1441a–2. A State housing finance authority is a public agency, authority, or corporation that acts as part of a State or local government and provides residential mortgage financing in that State. A nonprofit entity is a not-for-profit corporation under State law that is tax-exempt under section 501(c) of title 26 and whose earnings do not go to private individuals; it includes nonprofits set up under Title IX of the Housing and Urban Development Act of 1968 (42 U.S.C. 3931 et seq.). Mortgage-related assets are residential mortgage loans and real property tied to 1- to 4-family or multifamily homes. Net income means income after all expenses, calculated under generally accepted accounting principles.

Title 12, §1441a–1

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For purposes of section 1441a–2 of this title:

(1)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)The term “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 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)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,

(4)The term “net income” means income after deduction of all associated expenses calculated in accordance with generally accepted accounting principles.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Housing and Urban Development Act of 1968, referred to in par. (2), is Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 476. Title IX of the Housing and Urban Development Act of 1968 is classified principally to chapter 49 (§ 3931 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see

Short Title

of 1968 Amendment note set out under section 1701 of this title and Tables. Codification Section was enacted as part of the Financial Institutions Reform, Recovery, and

Enforcement

Act of 1989, and not as part of the Federal Home Loan Bank Act which comprises this chapter.

§1441a–1 Definitions