Community-based development organizations that meet the following requirements shall be eligible for assistance.
(1) The community-based development organization must be a nonprofit corporation under state law and s. 501(c)(3) of the United States Internal Revenue Code.
(2) A majority of the board members of the community-based development organization must be elected by those members of the corporation who are stakeholders, comprising a mix of service area residents, area business property owners, area employees, and low-income residents. The board of a community-based development organization shall include low-income residents.
(3) The community-based development organization must maintain a service area in which economic and housing development projects are located and must further meet one or more of the following criteria: (a) The area has been designated pursuant to s. 163.355 as a slum area or a blighted area, as defined in s. 163.340, or is located completely within the boundaries of a slum area or a blighted area.
(b) The area is a community development block grant program area in which community development block grant funds are currently being spent or have been spent during the last 3 years as certified by the local government in which the service area is located.
(c) The area is a neighborhood housing service district.
(d) The area is contained within a state enterprise zone designated on or after July 1, 1995, in accordance with s. 290.0065.
(e) The area is contained in federal empowerment zones and enterprise communities.