12 U.S.C. § 1441a-1 - U.S. Code - Unannotated Title 12. Banks and Banking § 1441a-1. Definitions

(1)State housing finance authority

The term “State housing finance authority” means any public agency, authority, or corporation which--

(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).

(3)Mortgage-related assets

The term “mortgage-related assets” means--

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.