§ 4502. Definitions
For purposes of this chapter:
(1)
Affiliate
Except as provided by the Director, the term “affiliate” means any entity that controls, is controlled by, or is under common control with, an enterprise.
(2)
Agency
The term “Agency” means the Federal Housing Finance Agency established under section
4511 of this title.
(4)
Board
The term “Board” means the Federal Housing Finance Oversight Board established under section
4513a of this title.
(5)
Capital distribution
(A)
In general
The term “capital distribution” means—
(i)
any dividend or other distribution in cash or in kind made with respect to any shares of, or other ownership interest in, an enterprise, except a dividend consisting only of shares of the enterprise;
(B)
Exception
Any payment made by an enterprise to repurchase its shares for the purpose of fulfilling an obligation of the enterprise under an employee stock ownership plan that is qualified under section
401 of title
26 or any substantially equivalent plan, as determined by the Director, shall not be considered a capital distribution.
(6)
Compensation
The term “compensation” means any payment of money or the provision of any other thing of current or potential value in connection with employment.
(7)
Core capital
The term “core capital” means, with respect to an enterprise, the sum of the following (as determined in accordance with generally accepted accounting principles):
The core capital of an enterprise shall not include any amounts that the enterprise could be required to pay, at the option of investors, to retire capital instruments.
(8)
Default; in danger of default
(A)
Default
The term “default” means, with respect to a regulated entity, any adjudication or other official determination by any court of competent jurisdiction, or the Agency, pursuant to which a conservator, receiver, limited-life regulated entity, or legal custodian is appointed for a regulated entity.
(11)
Entity-affiliated party
The term “entity-affiliated party” means—
(A)
any director, officer, employee, or controlling stockholder of, or agent for, a regulated entity;
(B)
any shareholder, affiliate, consultant, or joint venture partner of a regulated entity, and any other person, as determined by the Director (by regulation or on a case-by-case basis) that participates in the conduct of the affairs of a regulated entity, provided that a member of a Federal Home Loan Bank shall not be deemed to have participated in the affairs of that Bank solely by virtue of being a shareholder of, and obtaining advances from, that Bank;
(C)
any independent contractor for a regulated entity (including any attorney, appraiser, or accountant), if—
(12)
Executive officer
The term “executive officer” means, with respect to an enterprise, the chairman of the board of directors, chief executive officer, chief financial officer, president, vice chairman, any executive vice president, and any senior vice president in charge of a principal business unit, division, or function.
(14)
Low-income
The term “low-income” means—
(15)
Median income
The term “median income” means, with respect to an area, the unadjusted median family income for the area, as determined and published annually by the Director.
(17)
Mortgage purchases
The term “mortgage purchases” includes mortgages purchased for portfolio or securitization.
(18)
Multifamily housing
The term “multifamily housing” means a residence consisting of more than 4 dwelling units.
(19)
Office of Finance
The term “Office of Finance” means the Office of Finance of the Federal Home Loan Bank System (or any successor thereto).
(21)
Single family housing
The term “single family housing” means a residence consisting of 1 to 4 dwelling units.
(22)
State
The term “State” means the States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, the Trust Territory of the Pacific Islands, and any other territory or possession of the United States.
(23)
Total capital
The term “total capital” means, with respect to an enterprise, the sum of the following:
(B)
A general allowance for foreclosure losses, which—
(24)
Very low-income
(A)
In general
The term “very low-income” means—
(B)
Rule of construction
For purposes of section [2] 4568 and 4569 of this title, the term “very low-income” means—
(25)
Violation
The term “violation” includes any action (alone or in combination with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation.
(26)
Conforming mortgage
The term “conforming mortgage” means, with respect to an enterprise, a conventional mortgage having an original principal obligation that does not exceed the dollar amount limitation in effect at the time of such origination and applicable to such mortgage, under, as applicable—
(27)
Extremely low-income
The term “extremely low-income” means—
(28)
Low-income area
The term “low-income area” means a census tract or block numbering area in which the median income does not exceed 80 percent of the median income for the area in which such census tract or block numbering area is located, and, for the purposes of section
4562
(a)(1)(B) of this title, shall include families having incomes not greater than 100 percent of the area median income who reside in minority census tracts and shall include families having incomes not greater than 100 percent of the area median income who reside in designated disaster areas.
(29)
Minority census tract
The term “minority census tract” means a census tract that has a minority population of at least 30 percent and a median family income of less than 100 percent of the area family median income.
(30)
Shortage of standard rental units both affordable and available to extremely low-income renter households
(A)
In general
The term “shortage of standard rental units both affordable and available to extremely low-income renter households” means the gap between—
(31)
Shortage of standard rental units both affordable and available to very low-income renter households
(A)
In general
The term “shortage of standard rental units both affordable and available to very low-income renter households” means the gap between—
[1] So in original. The semicolon probably should be a period.
[2] So in original. Probably should be “sections”.