Sec. 229. DEFINITIONS
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## SEC. 229 DEFINITIONS **[**[12 U.S.C. 4119](/us/usc/t12/s4119)**]** For purposes of this subtitle: ####
(1)The term “**eligible low-income housing**” means any housing financed by a loan or mortgage— #####
(A)that is— ######
(i)insured or held by the Secretary under section 221(d)(3) of the National Housing Act and receiving loan management assistance under section 8 of the United States Housing Act of 1937 due to a conversion from section 101 of the Housing and Urban Development Act of 1965; ######
(ii)insured or held by the Secretary and bears interest at a rate determined under the proviso of section 221(d)(5) of the National Housing Act; ######
(iii)insured, assisted, or held by the Secretary or a State or State agency under section 236 of the National Housing Act; or ######
(iv)held by the Secretary and formerly insured under a program referred to in clause (i), (ii), or (iii); and #####
(B)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. ####
(2)The term “**Federal cost limit**” means, for any eligible low-income housing, the amount determined under section 215(a). ####
(3)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. #### (4)11 #####
(A)The term “**low-income tenants**” means families or persons with incomes that exceed 50 percent of the median income for the area (as determined by the Secretary with adjustments for family size) but do not exceed 80 percent of the median income for the area (as determined by the Secretary with adjustments for family size). 11This paragraph was amended to read as shown by section 601(e) of the bill S. 2281, 103d Congress, as reported (S. Rep. 103–307), which was enacted by the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1995, Pub. L. 103–327, 108 Stat. 2316, approved September 28, 1994, by incorporating such section 601 by reference. Such Act provides that “**the provisions of such section 601 shall be effective only during fiscal year 1995.**”. #####
(B)The term “**very low-income tenants**” means families or persons with incomes that are less than or equal to 50 percent of the median income for the area (as determined by the Secretary with adjustments for family size). ####
(5)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. ####
(6)The term “**nonprofit organization**” means any private, nonprofit organization that— #####
(A)is organized or chartered under State or local laws; #####
(B)has no part of its net earnings inuring to the benefit of any member, founder, contributor, or individual; #####
(C)complies with standards of financial accountability acceptable to the Secretary; and #####
(D)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. ####
(7)The term “**owner**” means the current or subsequent owner or owners of eligible low-income housing. ####
(8)The term “**preservation equity**” means, for any eligible low-income housing— #####
(A)for purposes of determining the authorized return under section 214(a) and providing incentives to extend the low-income affordability restrictions on the housing under section 219— ######
(i)the preservation value of the housing determined under section 213(b)(1); less ######
(ii)any debt secured by the property; and #####
(B)for purposes of determining incentives under section 220 and 221 and determining the amount of an acquisition loan under the provisions of section 241(f)(3) of the National Housing Act— ######
(i)the preservation value of the housing determined under section 213(b)(2); less ######
(ii)the outstanding balance of the federally-assisted mortgage or mortgages for the housing. ####
(9)The term “**preservation value**” means, for any eligible low-income housing, the applicable value determined under paragraph
(1)or
(2)of section 213(b). ####
(10)The term “**Secretary**” means the Secretary of Housing and Urban Development. ####
(11)The term “**resident council**” means any incorporated nonprofit organization or association that— #####
(A)is representative of the residents of the housing; #####
(B)adopts written procedures providing for the election of officers on a regular basis; and #####
(C)has a democratically elected governing board, elected by the residents of the housing.
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U.S. Code
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- Pub. L. 103-327
- 108 Stat. 2316
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