Each local neighborhood development corporation may, subject to appropriation by the general assembly or funds made available from any other public or private source and pursuant to rules and regulations adopted by it, provide economic assistance to particular eligible organizations or projects intended to contribute to the public purposes of this part generally; provided, that preference shall be given to projects in which community controlled organizations or community action programs have, or will have, an ownership interest; and provided further, that before providing economic assistance to a particular eligible organization, a neighborhood development corporation shall find and incorporate in its minutes that the eligible organization is devoting a substantial part of its efforts to activities intended to contribute to the economic, educational and social well-being of the neighborhood.