A community-based development organization is an organization that:
- Is established under the state charter provisions of the Tennessee Code;
- Has qualified for tax exempt status under § 501(c)(3) of the Internal Revenue Code (26 U.S.C. § 501(c)(3));
- 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;
- Was not organized and is not controlled by governmental entities or agents; and
- Was not organized and is not controlled by a for-profit entity or agent.