ORS 458.210 Community development corporations; description

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

An organization that:

Is established under the provisions of ORS chapter 65;

Has qualified for tax exempt status under section 501(c)(3) of the Internal Revenue Code;

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;

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

Has a defined geographic service area; or

A housing entity or housing authority designated by a tribe, as defined in ORS 182.162, to receive funds and administer housing programs.