### Question
How is the "subsidized project" defined?


### Answer
The term **subsidized project** is defined in *12 U.S.C. § 1701z* as follows -

> a multifamily housing project that, immediately prior to the assignment of the mortgage on such project to, or the acquisition of such mortgage by, the Secretary, was receiving any of the following types of assistance:


(A) Below market interest rate mortgage insurance under the proviso of section 221(d)(5) of the National Housing Act [12 U.S.C. 1715*l*(d)(5)]

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

