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.”