§ 4-101

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§4–101.

(a)In this title the following words have the meanings indicated.

(b)“Administration” means the Community Development Administration.

(c)“Division” means the Division of Development Finance.

(d)“Elderly household” means, except as provided in § 4–2901 of this title, one or more individuals who occupy a residential dwelling unit, at least one of whom meets the age limit specified by the Secretary that:

(1)is greater than or equal to age 55; and

(2)may vary for different programs or types of projects.

(e)“Nonprofit sponsor” means a sponsor that is:

(1)a nonprofit organization; or

(2)a limited partnership, if:

(i)1. each general partner is a nonprofit organization; or

2. each general partner is a wholly owned subsidiary of a nonprofit organization;

(ii)the limited partnership is formed to undertake a project that is eligible as a whole or in part for a federal program or incentive, including low–income housing tax credits; and

(iii)a nonprofit organization manages the project or will receive the net cash flow or residual sale proceeds on the sale of the project.