Page:United States Statutes at Large Volume 104 Part 5.djvu/950

 104 STAT. 4272 PUBLIC LAW 101-625—NOV. 28, 1990 "(iv) held by the Secretary and formerly insured under a program referred to in clause (i), (ii), or (iii); and "(B) that, under regulation or contract in effect before February 5, 1988, is or will within 24 months become eligible for prepayment without prior approval of the Secretary. "(2) The term 'Federal cost limit' means, for any eligible lowincome housing, the amount determined under section 215(a). "(3) The term 'low-income affordability restrictions' means limits imposed by regulation or regulatory agreement on tenant rents, rent contributions, or income eligibility in eligible lowincome housing. "(4) The terms 'low-income families or persons' and 'very lowincome families or persons' mean families or persons whose incomes do not exceed the respective levels established for lowincome families and very low-income families, respectively, under section 3(b)(2) of the United States Housing Act of 1937. "(5) The term 'moderate-income families or persons' means families or persons whose incomes are between 80 percent and 95 percent of the median income for the area, as determined by the Secretary with adjustments for smaller and larger families. "(6) The term 'nonprofit organization' means any private, nonprofit organization that— "(A) is organized or chartered under State or local laws; "(B) has no part of its net earnings inuring to the benefit of any member, founder, contributor, or individual; "(C) complies with standards of financial accountability acceptable to the Secretary; and "(D) has among its principal purposes significant activities related to the provision of decent housing that is affordable to very low-, low-, and moderate-income families. "(7) The term 'owner' means the current or subsequent owner or owners of eligible low-income housing. "(8) The term 'preservation equity' means, for any eligible low-income housing— "(A) for purposes of determining the authorized return under section 214(a) and providing incentives to extend the low-income affordability restrictions on the housing under section 219— "(i) the preservation value of the housing determined under section 213(b)(1); less "(ii) any debt secured by the property; and "(B) for purposes of determining incentives under section 220 and 221 and determining the amount of an acquisition loan under the provisions of section 241(f)(3) of the National Housing Act— "(i) the preservation vgilue of the housing determined under section 213(b)(2); less "(ii) the outstanding balance of the federally-assisted mortgage or mortgages for the housing. "(9) The term 'preservation value' means, for any eligible lowincome housing, the applicable value determined under paragraph (1) or (2) of section 213(b). "(10) The term 'Secretary' means the Secretary of Housing and Urban Development.

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