Eligible intermediaries.

Eligible intermediaries. For purposes of this subpart, the term eligible intermediary means a State, regional, or national nonprofit organization (including a quasi-public organization) or a State or local housing agency that:
(1) Has as a central purpose the preservation of existing affordable housing and the prevention of displacement;
(2) Does not receive direct Federal appropriations for operating support;
(3) In the case of a national nonprofit organization, has been in existence for at least five years prior to the date of application and has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986;
(4) In the case of a regional or State nonprofit organization, has been in existence for at least three years prior to the date of application and has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986 or is otherwise a tax-exempt entity;
(5) Has a record of service to low income individuals or community-based nonprofit housing development in multiple communities and, with respect to intermediaries administering assistance under ยง 248.405, has experience with the allocation or administration of grant or loan funds; and
(6) Meets standards of fiscal responsibility established by the Commissioner.

Source

24 CFR § 248.420


Scoping language

None
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