Section 458.210 - Community development corporations; description 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 people's 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.Amended by 2023 Ch. 193, § 1, eff. 6/7/2023.