12 U.S.C. § 4119: Definitions

insured or held by the Secretary under section 1715 l (d)(3) of this title and receiving loan management assistance under section 1437f of title 42 due to a conversion from section 1701s of this title ; insured or held by the Secretary and bears interest at a rate determined under the proviso of section 1715 l (d)(5) of this title; insured, assisted, or held by the Secretary or a State or State agency under section 1715z–1 of this title ; or held by the Secretary and formerly insured under a program referred to in clause (i), (ii), or (iii); and that, under regulation or contract in effect before February 5, 1988 , is or will within 24 months become eligible for prepayment without prior approval of the Secretary. The term “Federal cost limit” means, for any eligible low-income housing, the amount determined under section 4105(a) of this title . The term “low-income affordability restrictions” means limits imposed by regulation or regulatory agreement on tenant rents, rent contributions, or income eligibility in eligible low-income housing. The terms “low-income families or persons” and “very low-income families or persons” mean families or persons whose incomes do not exceed the respective levels established for low-income families and very low-income families, respectively, under section 1437a(b)(2) of title 42 . The term “moderate-income families or persons” means families or persons whose incomes are between 80 percent and 95 percent of the median income for the area, as determined by the Secretary with adjustments for smaller and larger families. is organized or chartered under State or local laws; has no part of its net earnings inuring to the benefit of any member, founder, contributor, or individual; complies with standards of financial accountability acceptable to the Secretary; and has among its principal purposes significant activities related to the provision of decent housing that is affordable to very low-, low-, and moderate-income families. The term “owner” means the current or subsequent owner or owners of eligible low-income housing. the preservation value of the housing determined under section 4103(b)(1) of this title ; less any debt secured by the property; and the preservation value of the housing determined under section 4103(b)(2) of this title ; less the outstanding balance of the federally-assisted mortgage or mortgages for the housing. The term “preservation value” means, for any eligible low-income housing, the applicable value determined under paragraph (1) or (2) of section 4103(b) of this title . The term “Secretary” means the Secretary of Housing and Urban Development. is representative of the residents of the housing; adopts written procedures providing for the election of officers on a regular basis; and has a democratically elected governing board, elected by the residents of the housing.