Page:United States Statutes at Large Volume 106 Part 1.djvu/783

 PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 751 "(b) PRIORITIES. —In awarding loans under this part, the Secretary shall give priority— "(1) to loans for renovation or reconstruction of undergraduate and graduate academic facilities; and "(2) to loans for renovation or reconstruction of older undergraduate and graduate academic facilities that have gone without major renovation or reconstruction for an extended period. 20 USC 1132d-3. "For the purpose of this part: "(a) HOUSING. —The term 'housing' means— "(1) new or existing structures suitable for dwelling use, including single-room dormitories and apartments; and " (2) dwelling facilities provided for rehabilitation, alteration, conversion, or improvement of existing structures which are otherwise inadequate for the proposed dwelling use. "(b) EDUCATIONAL INSTITUTION. —The term 'institution of higher education or higher education building agency means— "(1)(A) any educational institution which offers, or provides satisfactory assurance to the Secretary that it will offer within a reasonable time after completion of a facility for which assistance is requested under tlus part, at least a 2-year program acceptable for faU credit toward a baccalaureate degree (includ- / ing any public educational institution, or any private educational institution no part of the net earnings of which inures to the benefit of any private shareholder or individual); or "(B) any public educational institution which— "(i) is administered by a college or university which is accredited by a nationally recognized accrediting agency or association; "(ii) offers technical or vocational instruction; and "(iii) provides residential facilities for some or all of the students receiving such instruction; "(2) any hospital operating a school of nursing beyond the level of high school approved by the appropriate State authority, or any hospital approved for internships, by recognized authority, if such hospital is either a public hospital or a private hospital, no part of the net earnings of which inures to the benefit of any private shareholder or individual; "(3) any corporation (no part of the net earnings of which inures to the benefit of any private shareholder or individual)— "(A) established for the sole purpose of providing housing or other educational facilities for students or students and faculty of one or more institutions included in paragraph (1) without regard to their membership in or affiliation with any social, fi*atemal, or honorary society or organization; and "(B) upon dissolution of which all title to any property purchased or built from the proceeds of any loan which is made under section 731 (as such section was in effect prior to the date of enactment of the Higher Education Amendments of 1992), will pass to such institution (or to any one or more of such institutions) unless it is shown to the satisfaction of the Secretary that such property or the proceeds from its sale wili be used for some other nonprofit educational purpose;
 * SEC. 734. DEFmrnONS.

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