For purposes of this subchapter—

((1)) the term “community-based nonprofit housing developer” means a nonprofit community development corporation that—

((A)) has been classified by the Internal Revenue Service as an exempt organization under ;

((B)) has been in existence for at least 2 years prior to the date of the grant application;

((C)) has a record of service to low- and moderate-income people in the community in which the project is located;

((D)) is organized at the neighborhood, city, county or multi-county level; and

((E)) in the case of a corporation acquiring eligible housing under subchapter I of this chapter, agrees to form a purchaser entity that conforms to the definition of a community-based nonprofit organization under such subchapter and agrees to use its best efforts to secure majority tenant consent to the acquisition of the project for which grant assistance is requested; and

((2)) the terms “eligible low-income housing”, “nonprofit organization”, “owner”, and “resident council” have the meanings given such terms in .