Eligible nonprofit organization
(5) Eligible nonprofit organization means an organization of the type described in section 501(c)(3) of the Internal Revenue Code of 1986 as an organization exempt under section 501(a) of the Code, which has: (i) Two years experience as a provider of low- or moderate-income housing; (ii) A voluntary board; and (iii) No part of its net earnings inuring to the benefit of any member, founder, contributor or individual.