12 U.S.C. § 1441a: Definitions

serves as an instrumentality of any State or any political subdivision of any State; and functions as a source of residential mortgage loan financing in that State. The term “nonprofit entity” means any not-for-profit corporation chartered under State law that is exempt from Federal taxation under section 501(c) of title 26 and no part of the net earnings of which inures to the benefit of any member, founder, contributor, or individual (including any nonprofit entity established by the corporation established under title IX of the Housing and Urban Development Act of 1968 [ 42 U.S.C. 3931 et seq.]). residential mortgage loans secured by 1- to 4-family or multifamily dwellings; and real property improved with 1- to 4-family or multifamily residential dwellings, The term “net income” means income after deduction of all associated expenses calculated in accordance with generally accepted accounting principles.