For the purposes of ORS 456.550 and 458.210 to 458.240, a community development corporation is: (1) An organization that: (a) Is established under the provisions of ORS chapter 65; (b) Has qualified for tax exempt status under section 501(c)(3) of the Internal Revenue Code; (c) Has a purpose, stated in the articles of incorporation, to serve low and moderate income peoples need for community development and community self-help; (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 (e) Has a defined geographic service area; or (2) A housing entity or housing authority designated by a tribe, as defined in ORS 182.162, to receive funds and administer housing programs.
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