US Laws, Codes, Statutes & Cases

      (a)      In this title the following words have the meanings indicated.

      (b)      "Administration" means the Community Development Administration.

      (c)      "Division" means the Division of Development Finance.

      (d)      "Elderly rental housing project" means a project that meets the qualifications in § 4-407 of this title.

      (e)      "Nonprofit sponsor" means a sponsor that is:

            (1)      a nonprofit organization; or

            (2)      a limited partnership, if:

                  (i)      1.      each general partner is a nonprofit organization; or

                        2.      each general partner is a wholly owned subsidiary of a nonprofit organization;

                  (ii)      the limited partnership is formed to undertake a project that is eligible as a whole or in part for a federal program or incentive, including low-income housing tax credits; and

                  (iii)      a nonprofit organization manages the project or will receive the net cash flow or residual sale proceeds on the sale of the project.