private nonprofit organization
(4) The term “private nonprofit organization” means— (A) any incorporated private institution or foundation— (i) no part of the net earnings of which inures to the benefit of any member, founder, contributor, or individual; (ii) which has a governing board— (I) the membership of which is selected in a manner to assure that there is significant representation of the views of the community in which such housing is located; and (II) which is responsible for the operation of the housing assisted under this section, except that, in the case of a nonprofit organization that is the sponsoring organization of multiple housing projects assisted under this section, the Secretary may determine the criteria or conditions under which financial, compliance and other administrative responsibilities exercised by a single-entity private nonprofit organization that is the owner corporation responsible for the operation of an individual housing project may be shared or transferred to the governing board of such sponsoring organization; and (iii) which is approved by the Secretary as to financial responsibility; and (B) a for-profit limited partnership the sole general partner of which is— (i) an organization meeting the requirements under subparagraph (A); (ii) a for-profit corporation wholly owned and controlled by one or more organizations meeting the requirements under subparagraph (A); or (iii) a limited liability company wholly owned and controlled by one or more organizations meeting the requirements under subparagraph (A).
Source
12 USC § 1701q(k)(4)
Scoping language
None identified, default scope is assumed to be the parent (chapter 13) of this section.