Community-based development organization defined

A community-based development organization is an organization that: (1) Is established under the state charter provisions of the Tennessee Code; (2) Has qualified for tax exempt status under § 501(c)(3) of the Internal Revenue Code ( 26 U.S.C. § 501(c)(3) ); (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) Was not organized and is not controlled by governmental entities or agents; and (5) Was not organized and is not controlled by a for-profit entity or agent. Acts 1996, ch. 1032, § 2. A community-based development organization is an organization that: (1) Is established under the state charter provisions of the Tennessee Code; (2) Has qualified for tax exempt status under § 501(c)(3) of the Internal Revenue Code ( 26 U.S.C. § 501(c)(3) ); (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) Was not organized and is not controlled by governmental entities or agents; and (5) Was not organized and is not controlled by a for-profit entity or agent. Acts 1996, ch. 1032, § 2.