12 USC 1441a-1 – Definitions
For purposes of section 1441a-2 of this title:
(1) State housing finance authority
The term “State housing finance authority” means any public agency, authority, or corporation which—
(A) serves as an instrumentality of any State or any political subdivision of any State; and
(B) functions as a source of residential mortgage loan financing in that State.
(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 [42 U.S.C. 3931 et seq.]).
(3) Mortgage-related assets
The term “mortgage-related assets” means—
(A) residential mortgage loans secured by 1- to 4-family or multifamily dwellings; and
(B) real property improved with 1- to 4-family or multifamily residential dwellings,
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.
Terms Used In 12 USC 1441a-1
- Agency: means the Federal Housing Finance Agency, established under section 4511 of this title. See 12 USC 1422
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- member: means any institution which has subscribed for the stock of a Federal Home Loan Bank. See 12 USC 1422
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: means a State, the District of Columbia, the Commonwealth of Puerto Rico, or any other territory or possession of the United States. See 1 USC 7