105 STAT. 2330 PUBLIC LAW 102-242—DEC. 19, 1991 "(B) that has an appraised value that does not exceed the applicable dollar amount set forth in the first sentence of section 203(b)(2) of the National Housing Act (which may, in the discretion of the Corporation, take into consideration any increase of such amount for high-cost areas). "(5) ELIGIBLE MULTIFAMILY HOUSING PROPERTY. —The term 'eligible multifamily housing property' means a property consisting of more than 4 dwelling units— "(A) to which the Corporation acquires title; and "(B) that has an appraised value that does not exceed the applicable dollar amount set forth in section 221(d)(3)(ii) of the National Housing Act for elevator-type structures (which may, in the discretion of the Corporation, take into consideration any increase of such amount for high-cost areas). "(6) ELIGIBLE RESIDENTIAL PROPERTY. —The term 'eligible residential property' includes eligible single family properties and eligible multifamily housing properties. "(7) ELIGIBLE SINGLE FAMILY PROPERTY. —The term 'eligible single family property' means a 1- to 4-family residence (including a manufactured home)— "(A) to which the Corporation acquires title; and "(B) that has an appraised value that does not exceed the applicable dollar amount set forth in the first sentence of section 203(b)(2) of the National Housing Act (which may, in the discretion of the Corporation, take into consideration any increase of such amount for high-cost areas). "(8) LOW-INCOME FAMILIES.— The term 'low-income families' means families and individuals whose incomes do not exceed 80 percent of the median income of the area involved, as determined by the Secretary, with adjustment for family size. "(9) NET REALIZABLE MARKET VALUE.— The term net realizable market value' means a price below the market value that takes into account (A) any reductions in holding costs resulting from the expedited sale of a property, including foregone real estate
- taxes, insurance, maintenance costs, security costs, and loss of
use of funds, and (B) the avoidance, if applicable, of fees paid to real estate brokers, auctioneers, or other individuals or organizations involved in the sale of property owned by the Corporation. "(10) NONPROFIT ORGANIZATION. —The term 'nonprofit organization' means a private organization (including a limited equity cooperative)— "(A) no part of the earnings of which inures to the benefit of any member, shareholder, founder, contributor, or individual; and "(B) that is approved by the Corporation as to financial responsibility. "(11) PUBLIC AGENCY. —The term 'public agency' means any Federal, State, local, or other governmental entity, and includes any public housing agency. "(12) QUALIFYING HOUSEHOLD.— The term 'qualifying household' means a household— "(A) who intends to occupy eligible single family property as a principal residence; "(B) who agrees to occupy the property as a principal residence for at least 12 months;
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