Priority Purchaser [Banks & Banking] Law and Legal Definition

Pursuant to12 USCS § 4121 (a) [Title 12. Banks and Banking; Chapter 42. Low Income Housing Preservation and Resident Homeownership; Prepayment of Mortgages Insured Under National Housing Act], the term priority purchaser means “(A) a resident council organized to acquire the housing in accordance with a resident homeownership program that meets the requirements of section 231 [12 USCS § 4121]; and (B) any nonprofit organization or State or local agency that agrees to maintain low-income affordability restrictions for the remaining useful life of the housing (as determined under section 222(d) [12 USCS § 4112(d)]).”