§ 248.420. Definitions.
357 words·~2 min read·
/us/cfr/t24/s§ 248.420·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Community-based nonprofit housing developer means a nonprofit community development corporation that:
(1)Has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986;
(2)Has been in existence for at least two years prior to the date of the grant application;
(3)Has a record of service to low and moderate income people in the community in which the project is located;
(4)Is organized at the neighborhood, city, county, or multi-county level; and
(5)In the case of a corporation acquiring eligible low income housing under subpart B of this part, agrees to form a purchaser entity that conforms to the definition of a community-based nonprofit organization under such subpart and agrees to use its best efforts to secure majority tenant consent to the acquisition of the project for which grant assistance is requested. Eligible intermediaries. For purposes of this subpart, the term "eligible intermediary" means a State, regional, or national nonprofit organization (including a quasi-public organization) or a State or local housing agency that:
(1)Has as a central purpose the preservation of existing affordable housing and the prevention of displacement;
(2)Does not receive direct Federal appropriations for operating support;
(3)In the case of a national nonprofit organization, has been in existence for at least five years prior to the date of application and has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986;
(4)In the case of a regional or State nonprofit organization, has been in existence for at least three years prior to the date of application and has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986 or is otherwise a tax-exempt entity;
(5)Has a record of service to low income individuals or community-based nonprofit housing development in multiple communities and, with respect to intermediaries administering assistance under § 248.405, has experience with the allocation or administration of grant or loan funds; and
(6)Meets standards of fiscal responsibility established by the Commissioner.