12 U.S. Code § 4146 - Definitions
DefinitionsFor purposes of this subchapter—
(1) the term “community-based nonprofit housing developer” means a nonprofit community development corporation that—
has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of title 26;
has a record of service to low- and moderate-income people in the community in which the project is located;
in the case of a corporation acquiring eligible housing under subchapter I of this chapter, agrees to form a purchaser entity that conforms to the definition of a community-based nonprofit organization under such subchapter and agrees to use its best efforts to secure majority tenant consent to the acquisition of the project for which grant assistance is requested; and
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