Nonprofit Organization.

Nonprofit Organization. Any private, nonprofit organization or association that -
(1) Is incorporated under State or local law;
(2) Has no part of its net earnings inuring to the benefit of any member, founder, contributor, or individual;
(3) Complies with standards of financial accountability acceptable to the Commissioner; and
(4) Has among its principal purposes significant activities related to the provision of decent housing that is affordable to very low, low, and moderate income families.

Source

24 CFR § 248.101


Scoping language

Acquisition Loan. A loan or advance of credit made to a qualified purchaser of eligible low income housing and insured by the Commissioner under part 241, subpart E of this chapter.

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