[Code of Federal Regulations]
[Title 24, Volume 3]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR594.3]

[Page 291-292]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
  CHAPTER V--OFFICE OF ASSISTANT SECRETARY FOR COMMUNITY PLANNING AND 
        DEVELOPMENT, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 594_JOHN HEINZ NEIGHBORHOOD DEVELOPMENT PROGRAM--Table of Contents
 
                            Subpart A_General
 
Sec. 594.3  Definitions.

    Empowerment zone means an area designated by HUD as an Empowerment 
Zone under 26 U.S.C. 1391-1393.
    Enterprise community means an area designated by HUD as an 
Enterprise Community under 26 U.S.C. 1391-1393.
    Grantee means an eligible neighborhood organization that executes a 
grant agreement with HUD under this part.
    Low- and moderate-income persons means families and individuals 
whose incomes do not exceed 80 percent of the median income for the 
area, as determined by the Secretary of HUD in accordance with 42 U.S.C. 
5302(a)(20).
    Neighborhood development funding organization means:
    (1) A depository institution, the accounts of which are insured 
pursuant to the Federal Deposit Insurance Act, 12 U.S.C. 1811 et seq., 
or the Federal Credit Union Act, 12 U.S.C. 1751 et seq., and any 
subsidiary (as such term is defined in 12 U.S.C. 1813(w)) thereof;
    (2) A depository institution holding company and any subsidiary (as 
such term is defined in 12 U.S.C. 1813(w)) thereof; or
    (3) A company at least 75 percent of the common stock of which is 
owned by one or more insured depository institutions or depository 
institution holding companies.
    Neighborhood development organization means the same as the term is 
defined in Sec. 594.5.
    Rural neighborhoods. In small cities with under 10,000 in population 
and in rural areas, a neighborhood area can be the same unit as the unit 
of general local government.
    Unit of general local government means a city, town, township, 
county, parish, village, or other general purpose political subdivision 
of a State; an urban

[[Page 292]]

county; the Federated States of Micronesia; the Marshall Islands; or a 
general purpose political subdivision thereof.

[60 FR 16359, Mar. 29, 1995, as amended at 61 FR 5211, Feb. 9, 1996]