Minnesota Administrative Rules
Agency 139 - Employment and Economic Development Department
Chapter 4309 - PROJECT GRANTS
PILOT COMMUNITY DEVELOPMENT
Part 4309.0400 - ORGANIZATIONAL CRITERIA FOR COMMUNITY DEVELOPMENT CORPORATIONS
Current through Register Vol. 48, No. 39, March 25, 2024
Subpart 1. Eligibility.
No corporation shall be designated an eligible community development corporation unless it conforms to the following requirements.
Subp. 2. Form of organization.
A community development corporation must be incorporated under the Minnesota Nonprofit Corporations Act, Minnesota Statutes, chapter 317A.
Subp. 3. Designated community.
A community development corporation must identify in its articles of incorporation or its bylaws a defined geographic area within which it will operate, called its designated community.
Subp. 4. Membership.
Voting membership in a community development corporation shall be limited to residents of the corporation's designated community.
Subp. 5. Board of directors.
The articles of incorporation or bylaws of a community development corporation shall conform to the following requirements concerning its board of directors:
Subp. 6. Employees.
Nonmanagerial and nonprofessional employees of a community development corporation shall be hired from among the low income residents of the designated community.
Statutory Authority: MS s 116J.980; 116J.982