Sec. 3. Definitions
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In this Act: The term anchor institution means a school, a library, a healthcare provider, a community college or other institution of higher education, or another community support organization or entity. The term appropriate congressional committees means— the Committee on Financial Services and the Committee on Appropriations of the House of Representatives. the Committee on Banking, Housing, and Urban Affairs and the Committee on Appropriations of the Senate. The term community development financial institution has the meaning given the term in section 103 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4702 )).
The term community land trust ’ means a nonprofit organization or a State or local government or instrumentality that— uses a ground lease or deed covenant with an affordability period of not less than 30 years to— make rental and homeownership units affordable to households; and stipulate a preemptive option to purchase the affordable rentals or homeownership units so that the affordability of the units is preserved for successive income-eligible households; and monitor properties to ensure affordability is preserved.
The term eligible local partnership means a partnership between— a national or local nonprofit organization with expertise in community planning, engagement, organizing, development, or neighborhood revitalization; and a city or county government; a land bank; a fair housing enforcement organization; an anchor institution; a nonprofit organization; a State housing finance agency or a related State agency; a community development financial institution; a public housing agency; or a combination of any entities described in clauses
(i)through (viii). The term eligible locality means one or more geographic areas at the neighborhood or county level that meet not less than four of the following objective criteria of economic distress, with specific thresholds set by the Secretary: Dwelling unit sales prices are lower than the cost to acquire and rehabilitate, or build, a new dwelling unit. High proportions of residential and commercial properties are vacant due to foreclosure, eviction, abandonment, or other causes. Low rates of homeownership. Racial disparities in homeownership rates. High rates of poverty. High rates of unemployment and underemployment. Population loss. Lack of private sector lending on fair and competitive terms for individuals to purchase homes or start small businesses. Other indicators of economic distress, such as the lack of housing affordability, stemming from long-standing government policies and private sector practices that prevented mortgage lending in some communities, such as redlining. The term fair housing enforcement organization has the meaning given the term in section 561(h) of the Housing and Community Development Act of 1987 ( 42 U.S.C. 3616a(h) ). The term institution of higher education has the meaning given the term in section 101 of the Higher Education Act of 1965 ( 25 U.S.C. 1001 ). The term land bank means a government entity, agency, or program, or a special purpose nonprofit entity formed by one or more units of government in accordance with State or local land bank enabling law, that has been designated by one or more State or local governments to acquire, steward, and dispose of vacant, abandoned, or other problem properties in accordance with locally-determined priorities and goals. The term neighborhood revitalization support activity means an activity described in section 4(b). The term non-performing mortgage means a residential mortgage loan that is delinquent for a period of not less than 90 days. The term nonprofit organization means an organization that is described in section 501(c)(3) of the Internal Revenue Code of 1986 and is exempt from taxation under section 501(a) of such Code. The term public housing agency has the meaning given the term in section 3(b) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(b) ). The term Secretary means the Secretary of Housing and Urban Development. The term shared equity homeownership program means affordable homeownership preservation through a resale restriction program administered by a community land trust, other nonprofit organization, or a State or local government or instrumentality that— provides affordable homeownership opportunities to households; and utilizes a ground lease, deed restriction, subordinate loan, or similar legal mechanism that includes provisions ensuring that the program shall— maintain the home as affordable for subsequent very low-, low-, or moderate-income families for an affordability term of not less than 30 years after recordation; apply a resale formula that limits the proceeds of the homeowner upon resale; and provide the program administrator or an assignee thereof a preemptive option to purchase the homeownership unit from the homeowner at resale. The term State housing finance agency has the meaning given the term in section 106(h) of the Housing and Urban Development Act of 1968 ( 12 U.S.C. 1701x(h) )).
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- 25 USC 1001
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