For the purposes of ORS 456.550 and 458.210 to 458.240, a community development corporation is an organization that:
(1) Is established under the provisions of ORS chapter 65;
(2) Has qualified for tax exempt status under section 501(c)(3) of the Internal Revenue Code;
(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;
(4) 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) Has a defined geographic service area. [1989 c.1030 §1]