DEFINITIONS.

SEC. 256. [12 U.S.C. 4146] DEFINITIONS. For purposes of this subtitle— (1) the term “community-based nonprofit housing developer” means a nonprofit community development corporation that— (A) has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986; (B) has been in existence for at least 2 years prior to the date of the grant application; (C) has a record of service to low- and moderate-income people in the community in which the project is located; (D) is organized at the neighborhood, city, county or multi-county level; and (E) in the case of a corporation acquiring eligible housing under subtitle B of this title, agrees to form a purchaser entity that conforms to the definition of a community-based nonprofit organization under such subtitle and agrees to use its best efforts to secure majority tenant consent to the acquisition of the project for which grant assistance is requested; and (2) the terms “eligible low-income housing”, “nonprofit organization”, “owner”, and “resident council” have the meanings given such terms in section 229.