[Code of Federal Regulations]
[Title 24, Volume 2]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR291.5]

[Page 492-493]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
 CHAPTER II--OFFICE OF ASSISTANT SECRETARY FOR HOUSING--FEDERAL HOUSING 
        COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 291--DISPOSITION OF HUD-ACQUIRED SINGLE FAMILY PROPERTY--Table of Contents
 
                      Subpart A--General Provisions
 
Sec. 291.5  Definitions.

    (a) The term Secretary is defined in 24 CFR part 5.
    (b) Other terms used in this part are defined as follows:
    Competitive sale of individual property means a sale of an 
individual property to an individual bidder through a sealed bid process 
(or other bid process specifically authorized by the Secretary) in 
competition with other bidders in which properties have been publicly 
advertised to all prospective purchasers for bids.
    Direct sale means a sale to a selected purchaser to the exclusion of 
all others without resorting to advertising for bids. Such a sale is 
available only to approved applicants.
    Eligible properties means HUD-acquired properties designated by HUD 
for property disposition or other housing programs.
    HUD means the Department of Housing and Urban Development or its 
contractor, as appropriate.
    Insured mortgage means a mortgage insured under the National Housing 
Act (12 U.S.C. 1701 et seq.).
    Investor purchaser means a purchaser who does not intend to use the 
property as his or her principal residence.
    Owner-occupant purchaser means a purchaser who intends to use the 
property as his or her principal residence; a State, governmental 
entity, tribe, or agency thereof; or a private nonprofit organization as 
defined in this section. Governmental entities include those with 
general governmental powers (e.g., a city or county), as well as those 
with limited or special powers (e.g., public housing agencies).
    Private nonprofit organization means a secular or religious 
organization, no part of the net earnings of which may inure to the 
benefit of any member, founder, contributor, or individual. The 
organization must:
    (1) Have a voluntary board;
    (2)(i) Have a functioning accounting system that is operated in 
accordance with generally accepted accounting principles; or
    (ii) Designate an entity that will maintain a functioning accounting 
system for the organization in accordance with generally accepted 
accounting principles;
    (3) Practice nondiscrimination in the provision of assistance in 
accordance with the authorities described in Sec. 291.435(a); and

[[Page 493]]

    (4) Have nonprofit status as demonstrated by approval under section 
501(c)(3) of the Internal Revenue Code (26 U.S.C. 501(c)(3)), or 
demonstrate that an application for such status is currently pending 
approval.
    State means any of the several States, the District of Columbia, the 
Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, 
the Northern Mariana Islands, the Trust Territory of the Pacific 
Islands, and any other territory or possession of the United States.
    Tribe has the meaning provided for the term ``Indian tribe'' in 
section 102 of the Housing and Community Development Act of 1974 (42 
U.S.C. 5302).