Medical Practice Facility [Banks & Banking] Law and Legal Definition

Pursuant to 12 USCS § 1749aaa-5 (2) [Title 12. Banks and Banking; Chapter 13. National Housing Mortgage Insurance for Group Practice Facilities and Medical Practice Facilities], the term medical practice facility means “an adequately equipped facility in which not more than four persons licensed to practice medicine in the State where the facility is located can provide, as may be appropriate, preventive, diagnostic, and treatment services, and which is situated in a rural area or small town, or in a low-income section of an urban area, in which there exists, as determined by the Secretary, a critical shortage of physicians. As used in this paragraph--

(A) the term "small town" means any town, village, or city having a population of not more than 10,000 inhabitants according to the most recent available data compiled by the Bureau of the Census; and

(B) the term "low-income section of an urban area" means a section of a larger urban area in which the median family income is substantially lower, as determined by the Secretary, than the median family income for the area as a whole.”