Sponsor means any private nonprofit entity, including a consumer cooperative:
(1) No part of the net earnings of which inures to the benefit of any private shareholder, member, founder, contributor, or individual;
(2) That is not controlled by, or under the direction of, persons or firms seeking to derive profit or gain therefrom; and
(3) That is approved by the Secretary as to administrative and financial capacity and responsibility. The term Sponsor includes an instrumentality of a public body.
24 CFR § 891.205
As used in this part in reference to the Section 202 Program, and in addition to the applicable definitions in 891.105: