Community-Based Nonprofit Housing Developer [Banks & Banking] Law and Legal Definition
Pursuant to 12 USCS § 4146 (1) [Title 12. Banks and Banking; Chapter 42. Low Income Housing Preservation and Resident Homeownership; Technical Assistance and Capacity Building], the term community-based nonprofit housing developer means “a nonprofit community development corporation that--
(A) has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986 [26 USCS § 501(c)(3];
(B) has been in existence for at least 2 years prior to the date of the grant application;
(C) has a record of service to low- and moderate- income people in the community in which the project is located;
(D) is organized at the neighborhood, city, county or multi- county level; and
(E) in the case of a corporation acquiring eligible housing under subtitle B of this title [12 USCS §§ 4101 et seq.], agrees to form a purchaser entity that conforms to the definition of a community-based nonprofit organization under such subtitle and agrees to use its best efforts to secure majority tenant consent to the acquisition of the project for which grant assistance is requested.”
Legal Definition list
- Community-Based Nonprofit Housing Developer [Banks & Banking]
- Community-Based Facility [Juvenile Law]
- Community-Based Entity
- Community-Based Agency
- Community Wildfire Protection Plan
- Community-Based Organization
- Commutation
- Commutation of Tax
- Commutation of Tithes Act
- Commutative Contracts
- Commutative Justice
