12 U.S.C. § 1441a–1 — Definitions

For section 1441a–2: (1) “State^* housing finance authority” means a public agency^*, authority, or corporation that serves a State or one of its political subdivisions and provides residential mortgage-loan financing in that State. (2) “Nonprofit entity” means a not-for-profit corporation chartered under State law, exempt from federal tax under section 501(c) of title 26, whose net earnings do not benefit a member^*, founder, contributor, or individual. This includes a nonprofit entity established by the corporation created under title IX of the Housing and Urban Development Act of 1968. (3) “Mortgage-related assets” means (A) residential mortgage loans secured by one- to four-family or multifamily homes, and (B) real property improved with such homes, located within the applicable State authority's jurisdiction or the nonprofit entity's service area. (4) “Net income” means income after all associated expenses are deducted under generally accepted accounting principles. This section does not otherwise define the quoted terms.