; (2) nonprofit organizations that— (A) commit in advance to rehabilitate the property and dispose of the property for an allowable use and within a time period to be designated by the Secretary by regulation; (B) are pre-approved for participation by the Secretary or a designee thereof to ensure that the organization— (i) maintains active tax-exempt status under section 501(c)(3) of the Internal Revenue Code; (ii) has a primary mission related to— (I) affordable housing; or (II) community revitalization through housing-related activities; and (iii) has demonstrated not less than 2 years of direct experience with real estate project development as an organizational entity; and (3) Federal, State, local, or Tribal government agencies or instrumentalities that meet the requirements of subparagraph (A) and clauses (ii) and (iii) of subparagraph (B) of paragraph (2). (c) Allowable uses An allowable use described in this subsection shall include— (1) renovation and sale, or, if the property already meets the minimum property standards set by the Assistant Secretary for Housing and Federal Housing Commissioner, sale without renovation, to an owner-occupant with an income that is not more than 120 percent of the area median income; (2) renovation and creation of affordable homeownership or, if the property already meets the minimum property standards set by the Assistant Secretary for Housing and Federal Housing Commissioner, creation of affordable homeownership without renovation, by a community land trust or shared equity homeownership program