priority purchaser
Defined in 1 place of the United States Code.
The term “priority purchaser” means (A) a resident council organized to acquire the housing in accordance with a resident homeownership program that meets the requirements of section 4121 1 of this title; and (B) any nonprofit organization or State or local agency that agrees to maintain low-income affordability restrictions for the remaining useful life of the housing (as determined under section 4112(d) 2 of this title).
Source
- 1994–present12 U.S.C. § 4121Banks and Banking · Definitions of qualified and priority purchaser and related party rule · in this section