### Question
How is the term equity loan defined?


### Answer
The term **equity loan** is defined in *12 U.S.C. § 1715z* as the following:

> a loan or advance of credit to the owner of eligible low income housing (as defined in section 229 of the Low-Income Housing Preservation and Resident Homeownership Act of 1990 [12 U.S.C. 4119]) who agrees to extend the low-income affordability restrictions on the housing pursuant to an approved plan of action under such Act [12 U.S.C. 4101 et seq.]

#### Citation:
  - *12 U.S.C. § 1715z*
  - Heading: **CHAPTER 12-SAVINGS ASSOCIATIONS > SUBCHAPTER II-MORTGAGE INSURANCE**

