Tax-exempt bond financing
(4) Tax-exempt bond financing means financing which is funded in whole or in part by the proceeds of qualified mortgage bonds described in section 143 of the Internal Revenue code of 1986, or any successor section, on which the interest is exempt from Federal income tax. The term does not include financing by qualified veterans' mortgage bonds as defined in section 143(b) of the Code. (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.