PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3769 application and has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986; "(4) in the case of a regional or State nonprofit organization, has been in existence for at least 3 years prior to the date of ai}plication and has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986 or is otherwise a taxexempt entity; "(5) has a record of service to low-income individuals or community-based nonprofit housing developers in multiple communities and, with respect to intermediaries administering assistance under section 253, has experience with the allocation or administration of grant or loan funds; and "(6) meets standards of fiscal responsibility established by the Secretary. "SEC. 256. DEFINITIONS. 12 USC 4146. "For purposes of this subtitle—
- (1) the term 'community-based nonprofit housing developer* means a nonprofit community development corporation
that— "(A) has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986; "(B) has been in existence for at least 2 years prior to the date of the grant application; "(C) has a record of service to low- and moderateincome people in the community in which the project is located; "(D) is organized at the neighborhood, city, county or multi-county level; and "(E) in the case of a corporation acquiring eligible housing under subtitle B of tnis title, agrees to form a purchaser entity that conforms to the definition of a community-based nonprofit organization under such subtitle and agrees to use its best efforts to secure majority tenant consent to the acquisition of the project for whicn grant assistance is requested; and "(2) the terms 'eligible low-income housing*, 'nonprofit organization', 'owner*, and 'resident council* have uie meanings given such terms in section 229. "SEC. 257. FUNDING. 12 USC 4147. "The Secretary shall use not more than $25,000,000 of the amounts made available under section 234(a) for fiscal year 1993, and not more than $25,000,000 of the amounts made available under section 234(a) for fiscal year 1994, to carry out this subtitle. Of any amounts made available to carry out this subtitle in any appropriation Act, 90 percent shall be set aside for use in accordance with section 253 and 10 percent shall be set aside for use in accordance with subsection 254.**. SEC. 313. TRANSITION PROVISIONS. (a) EFFECT OF ELEcnoN.— Section 604(a) of the Cranston-Gonzalez National Affordable Housing Act (12 U.S.C. 4101 note) is amended by adding at the end the following sentence: "An owner that electe to be subject to the provisions of the Emergency Low
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