Title 12, Banks and BankingRelease 119-102

§4146 Definitions

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

Last updated Aug 21, 2026|Official source

Summary

Defines who qualifies as a community-based nonprofit housing developer for this part of the law. To qualify, the group must be a 501(c)(3) tax-exempt nonprofit, have existed at least 2 years before applying for a grant, have a record of serving low- and moderate-income people in the project area, be organized at the neighborhood, city, county, or multi-county level, and, when buying eligible housing under subchapter I, agree to form a buyer entity that meets the same rules and try to get majority tenant consent. The words "eligible low-income housing," "nonprofit organization," "owner," and "resident council" are defined elsewhere in this chapter.

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

Aug 21, 2026

Release point: 119-102