For the purposes of ORS 456.550 and 458.210 to 458.240, a community development corporation is:

1. (1) An organization that:

   1. (a) Is established under the provisions of ORS chapter 65;
   2. (b) Has qualified for tax exempt status under section 501(c)(3) of the Internal Revenue Code;
   3. (c) Has a purpose, stated in the articles of incorporation, to serve low and moderate income people’s need for community development and community self-help;
   4. (d) Has a board of directors, of not fewer than five members, that is locally controlled by including 51 percent of the board members from the service area; and
   5. (e) Has a defined geographic service area; or
2. (2) A housing entity or housing authority designated by a tribe, as defined in ORS 182.162, to receive funds and administer housing programs.

[1989 c.1030 §1; 2023 c.193 §1]