Title 12 — Banks and BankingRelease 119-73not60

§4146 Definitions

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

Last updated Apr 3, 2026|Official source

Summary

Defines who counts as a community-based nonprofit housing developer. It must be an IRS 501(c)(3) nonprofit that has existed at least 2 years before the grant application date, has a record of serving low- and moderate-income people where the project is located, and is organized at the neighborhood, city, county, or multi-county level. If it will buy eligible housing under subchapter I, it must agree to form a buyer entity that meets the same nonprofit rules and try to get majority tenant consent for the purchase. 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 3, 2026

Release point: 119-73not60