Oregon Statutes 458.210 – Community development corporations; description
For the purposes of ORS § 456.550 and 458.210 to 458.240, a community development corporation is:
Terms Used In Oregon Statutes 458.210
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(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. [1989 c.1030 § 1; 2023 c.193 § 1]