§ 1441a-1. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1441a-1]
TITLE 12--BANKS AND BANKING
CHAPTER 11--FEDERAL HOME LOAN BANKS
Sec. 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.
(Pub. L. 101-73, title XIII, Sec. 1301, Aug. 9, 1989, 103 Stat. 547.)
References in Text
The Housing and Urban Development Act of 1968, referred to in par.
(2), is Pub. L. 90-448, Aug. 1, 1968, 82 Stat. 476, as amended. Title IX
of the Housing and Urban Development Act of 1968 is classified
principally to chapter 49 (Sec. 3931 et seq.) of Title 42, The Public
Health and Welfare. For complete classification of this Act to the Code,
see Short Title of 1968 Amendment note set out under section 1701 of
this title and Tables.
Codification
Section was enacted as part of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989, and not as part of the Federal
Home Loan Bank Act which comprises this chapter.
Section Referred to in Other Sections
This section is referred to in sections 1441a, 1821 of this title.
