12 U.S.C. § 1441a-1 : US Code - Section 1441A-1: Definitions

Search 12 U.S.C. § 1441a-1 : US Code - Section 1441A-1: Definitions

For purposes of section 1441a-2 of this title:
(1) State housing finance authority
The term "State housing finance authority" means any public
agency, authority, or corporation which -
(A) serves as an instrumentality of any State or any
political subdivision of any State; and
(B) functions as a source of residential mortgage loan
financing in that State.
(2) Nonprofit entity
The term "nonprofit entity" means any not-for-profit
corporation chartered under State law that is exempt from Federal
taxation under section 501(c) of title 26 and no part of the net
earnings of which inures to the benefit of any member, founder,
contributor, or individual (including any nonprofit entity
established by the corporation established under title IX of the
Housing and Urban Development Act of 1968 [42 U.S.C. 3931 et
seq.]).
(3) Mortgage-related assets
The term "mortgage-related assets" means -
(A) residential mortgage loans secured by 1- to 4-family or
multifamily dwellings; and
(B) real property improved with 1- to 4-family or multifamily
residential dwellings,
which are located within the jurisdiction of the applicable State
housing finance authority or within the geographical area served
by the nonprofit entity.
(4) Net income
The term "net income" means income after deduction of all
associated expenses calculated in accordance with generally
accepted accounting principles.