### Question
How does SAVINGS ASSOCIATIONS define formerly subsidized project?


### Answer
Under *12 U.S.C. § 1701z*, **formerly subsidized project** is defined as:

> a multifamily housing project owned by the Secretary that was a subsidized project immediately prior to its acquisition by the Secretary

#### Citation:
  - *12 U.S.C. § 1701z*
  - Heading: **CHAPTER 12-SAVINGS ASSOCIATIONS**

