Page:United States Statutes at Large Volume 103 Part 1.djvu/409

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 381 ing but not limited to foregone real estate taxes, insurance, maintenance costs, security costs, and loss of use of funds, and (ii) the avoidance, where applicable, of fees paid to real estate brokers, auctioneers, or other individuals or organizations involved in the sale of property owned by the Corporation. "(I) NONPROFIT ORGANIZATION. — The term 'nonprofit organization' means a private organization (including a limited equity cooperative)— "(i) no part of the net earnings of which inures to the benefit of any member, shareholder, founder, contribu- tor, or individual; and "(ii) that is approved by the Corporation as to finan- cial responsibility. "(J) PUBLIC AGENCY. —The term 'public agency'— "(i) means any Federal, State, local, or other govern- mental entity; and "(ii) includes any public housing agency. "(K) QuAUFYiNG HOUSEHOLD.— ' The term 'qualifying household' means a household (i) who intends to occupy eligible single family property as a principle residence; and (ii) whose adjusted income does not exceed 115 percent of the median income for the area, as determined by the Secretary, with adjustment for family size. "(L) QUALIFYING MULTIFAMILY PURCHASER. —The term 'qualifying multifamily purchaser' means (i) a public agency, (ii) a nonprofit organization, or (iii) a for-profit entity which makes a commitment (for itself or any related entity) to satisfy the lower-income occupancy requirements specified under paragraph (3)(E) for any eligible multifam- ily property for which an offer to purchase is made during or after the periods specified under paragraph (3). "(M) RURAL AREA.— The term 'rural area' has the mean- ing given such term in section 520 of the Housing Act of 1949. "(N) SECRETARY. —The term 'Secretary' means the Sec- retary of the Housing and Urban Development. "(O) STATE HOUSING FINANCE AGENCY.— The term 'State housing finance agency' means the public agency, author- ity, corporation, or other instrumentality of a State that has the authority to provide residential mortgage loan financing throughout such State. "(P) VERY LOW-INCOME FAMILIES.—The term 'very-low income families' means families and individuals whose in- comes do not exceed 50 percent of the median income of the area involved, as determined by the Secretary, with adjust- ment for family size. "(10) EXCEPTION. —The provisions of this subsection shall not apply whenever the Corporation as receiver contracts to sell all or substantially all of the assets of a closed savings association to an insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act). "(11) THIRD PARTY RIGHTS.— "(A) IN GENERAL.—The provisions of this subsection, or any failure by the Corporation to comply with such provi- sions, may not be used by any person to attack or defeat any title to property once it is conveyed by the Corporation.

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