Title 12 — Banks and BankingRelease 119-73

§4146 Definitions

Title 12 › Chapter CHAPTER 42— - LOW-INCOME HOUSING PRESERVATION AND RESIDENT HOMEOWNERSHIP › Subchapter SUBCHAPTER II— - TECHNICAL ASSISTANCE AND CAPACITY BUILDING › § 4146

Last updated Apr 6, 2026|Official source

Summary

Defines who counts as a "community-based nonprofit housing developer" and where a few other key words are defined. A community-based nonprofit housing developer must be a nonprofit recognized by the IRS as a 501(c)(3), must have existed at least 2 years before applying, must have a history of serving low- and moderate-income people where the project is, must be organized at a neighborhood, city, county, or multi-county level, and if buying housing under subchapter I must agree to form a buyer group that meets that subchapter’s nonprofit rules and try to get majority tenant consent. The terms "eligible low-income housing," "nonprofit organization," "owner," and "resident council" are defined in section 4119.

Full Legal Text

Title 12, §4146

Banks and Banking — Source: USLM XML via OLRC

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.

Reference

Citations & Metadata

Citation

12 U.S.C. § 4146

Title 12 — Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73