(8) Definitions For purposes of this subsection, the following definitions shall apply: (A) Asset control area The term “asset control area” means the area established by a preferred purchaser pursuant to paragraph (4)(B)(i). (B) Asset property The term “asset property” means— (i) with respect to an eligible asset that is a property, such property; and (ii) with respect to an eligible asset that is a mortgage, the property that is subject to the mortgage. (C) Eligible asset The term “eligible asset” means an asset described in paragraph (2). (D) Nonprofit organization The term “nonprofit organization” means a private organization that— (i) is organized under State or local laws; (ii) has no part of its net earnings inuring to the benefit of any member, shareholder, founder, contributor, or individual; and (iii) complies with standards of financial responsibility that the Secretary may require. (E) Preferred purchaser The term “preferred purchaser” means a purchaser described in paragraph (4). (F) Unit of general local government The term “unit of general local government” means any city, town, township, county, parish, village, or other general purpose political subdivision of a State, and any agency or instrumentality thereof that is established pursuant to legislation and designated by the chief executive officer to act on behalf of the jurisdiction with regard to the provisions of this subsection. (G) State The term “State” means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, American Samoa, the Virgin Islands, the Northern Mariana Islands, or any agency or instrumentality thereof that is established pursuant to legislation and designated by the chief executive officer to act on behalf of the State with regard to provisions of this subjection. (H) Indian tribe The term “Indian tribe” has the same meaning as in section 1715z–13(i)(I) of this title.