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.
Tennessee Legal Code