As used in this chapter, "community development corporation" means a private, nonprofit corporation:

1. (1) whose board of directors consists primarily of community representatives and business, civic, and community leaders; and

2. (2) whose principal purpose includes the provision of:

   1. (A) housing;
   2. (B) community based economic development projects; or

   3. (C) social services;

      that primarily benefit low income individuals and communities.

As added by P.L.15-1997, SEC.1. Amended by P.L.4-1999, SEC.1.