12 U.S.C. § 4146: Definitions

has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of title 26 ; has been in existence for at least 2 years prior to the date of the grant application; has a record of service to low- and moderate-income people in the community in which the project is located; is organized at the neighborhood, city, county or multi-county level; and in the case of a corporation acquiring eligible housing under subchapter I of this chapter, agrees to form a purchaser entity that conforms to the definition of a community-based nonprofit organization under such subchapter and agrees to use its best efforts to secure majority tenant consent to the acquisition of the project for which grant assistance is requested; and the terms “eligible low-income housing”, “nonprofit organization”, “owner”, and “resident council” have the meanings given such terms in section 4119 of this title .