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As used in this chapter:
“Housing for elderly persons” means multifamily rental accommodations and related facilities meeting the qualifying standards for FHA insured mortgages under the provisions of section 207 of the National Housing Act (12 U.S.C. sec. 1713) and regulations thereunder. “Non-profit corporation” shall mean a corporation organized under the provisions of chapter 3 of Title 13, and authorized to construct, establish, operate, administer, and lease or otherwise dispose of housing for elderly persons and related facilities.