### Question
How does the law define nonprofit organization?


### Answer
Under *12 U.S.C. § 4119*, **nonprofit organization** is defined as:

> any private, nonprofit organization that—


(A) is organized or chartered under State or local laws

#### Citation:
  - *12 U.S.C. § 4119*
  - Heading: **CHAPTER 42-LOW-INCOME HOUSING PRESERVATION AND RESIDENT HOMEOWNERSHIP > SUBCHAPTER I-PREPAYMENT OF MORTGAGES INSURED UNDER NATIONAL HOUSING ACT**

