Ownership interest
Ownership interest: An undivided property interest that the Secretary determines is a satisfactory: (1) Fee simple estate; (2) Life estate; (3) Functional equivalent of a life estate, such as that created by a valid trust, a long-term lease, or a land installment contract that will convert to a fee simple estate upon satisfaction of the contract's terms and conditions; (4) Ownership of stock or membership in a cooperative housing corporation entitling the eligible individual to occupy for dwelling purposes a single family residential unit in a development, project, or structure owned or leased by such corporation; (5) Lease, under the terms of a valid and enforceable Memorandum of Understanding between a tribal organization and the Secretary; or (6) Beneficial property interest in a housing unit located outside the United States.