lower income

(3) Exception for qualified housing projects (A) Exception Notwithstanding any other provision of this subsection, an insured State bank may invest as a limited partner in a partnership, the sole purpose of which is direct or indirect investment in the acquisition, rehabilitation, or new construction of a qualified housing project. (B) Limitation The aggregate of the investments of any insured State bank pursuant to this paragraph shall not exceed 2 percent of the total assets of the bank. (C) Qualified housing project defined As used in this paragraph— (i) Qualified housing project The term “qualified housing project” means residential real estate that is intended to primarily benefit lower income people throughout the period of the investment. (ii) Lower income The term “lower income” means income that is less than or equal to the median income based on statistics from State or Federal sources.

Source

12 USC § 1831a(c)(3)


Scoping language

As used in this paragraph
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