Borrower

Borrower means an organization described in section 501(3) of the Internal Revenue Code of 1986, as amended, whose property has been damaged or destroyed as a result of an act of arson or terrorism and that incurs a debt obligation to a financial institution for the purpose of carrying out activities eligible under his part.

Source

24 CFR § 573.2

Scoping language

The following definitions are only applicable to loan guarantees under this part, and are not criminal definitions.