COMMUNITY ECONOMIC DEVELOPMENT ASSISTANCE CORPORATION
Section 2. The following terms as used in this chapter shall have the following meanings, except when the context clearly indicates otherwise:—
“Affordable housing”, a dwelling unit: (i) rented to a household whose annual income, adjusted for family size, is equal to or less than 80 per cent of the median income of the Metropolitan Statistical Area, Primary Metropolitan Statistical Area or nonmetropolitan county in which the dwelling unit is located, as such median income is determined from time to time by the United States Department of Housing and Urban Development or any successor agency; or (ii) sold to and occupied by a household whose annual income, adjusted for family size, is equal to or less than 100 per cent of the aforesaid median income.
“Board”, the board of directors of the CEDAC.
“CDC” or “Community Development Corporation”, a non-profit corporation organized under chapter 180, and exempt from taxation under section 501(c) of the Internal Revenue Code and which:
(a) focuses a substantial majority of the corporation’s efforts on serving 1 or more specific neighborhoods or municipalities, a region of the commonwealth or a constituency that is economically disadvantaged;
(b) has as the corporation’s purpose to engage local residents and businesses to work together to undertake community development programs, projects and activities which develop and improve urban, rural and suburban communities in sustainable ways that create and expand economic opportunities for low and moderate income people;
(c) demonstrates to the department of housing and community development that the corporation’s constituency, including low and moderate income people, is meaningfully represented on the board of directors of the corporation; provided, however, that in making this determination, the department shall consider the following criteria: (1) the percentage, if any, of the board that is elected by the general membership; (2) the percentage of the board members that are residents of the service area; (3) the percentage of board members that are people of low or moderate income; (4) the racial and ethnic composition of the board in comparison to the racial and ethnic composition of the community being served; (5) other mechanisms, including committees, membership meetings, that the organization uses to ensure that their constituency has a meaningful role in the governance and direction of the organization; and (6) other criteria as determined by the department.
“CEDAC” or “Corporation”, the Community Economic Development Assistance Corporation.
“Eligible organization”, a CDC, a nonprofit corporation or such other entity or organization, including a public agency and a limited equity cooperative housing corporation organized under or subject to chapter 157B which the board determines to be engaged primarily in activities intended: (i) to contribute to the development and economic well-being of a target area or areas, and to increase or retain primary employment and capital in a target area or areas; or (ii) to contribute to the preservation of existing or the creation of new affordable housing.
“Primary employment”, work which pays at least one and one half times the minimum wage as defined in chapter one hundred fifty-one or as established by federal law, whichever is higher, offers adequate fringe benefits including health insurance, and is not seasonal or part-time.
“Target area”, a contiguous geographic area in which the project is located and is: (1) an economic target area designated under section 3D of chapter 23A; (2) the service area of community development corporation; or (3) a zip code whose current unemployment rate exceeds the state unemployment rate by at least 25 per cent or whose mean household income is at or below 80 per cent of the state mean household income as of the most recent decennial census.
“Technical and financial assistance”, professional, financial and other assistance to assist eligible organizations to plan, organize and implement economic activities which may reasonably be expected: (i) to contribute to the development and economic well-being of a target area or areas, and to increase or retain primary employment and capital in a target area or areas; or (ii) to contribute to the preservation of existing or the creation of new affordable housing.