Resident Council.

Resident Council. Any incorporated nonprofit organization or association in which membership is available to all the tenants, and only the tenants, of a particular project and -
(1) Is representative of the residents of the project;
(2) Adopts written procedures providing for the election of officers on a regular basis; and
(3) Has a democratically elected governing board, elected by the residents of the project.

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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