Eligible applicants include community development corporations, other nonprofit organizations and municipal governments involved in community development, and employee and other types of cooperatives.
New Hampshire RSA 162-L:1 definitions for eligible applicants are as follows.
- Community development corporation means a nonprofit corporation, organized under the laws of the state to carry out certain public purposes and with bylaws providing that:
- The corporation shall be organized to operate within specific geographic boundaries.
- Membership in the corporation shall be open to all residents of the target area who are 18 years of age or older; membership may be open to persons outside the target area, but voting membership of persons not residing in the target area shall be limited to 10 percent of the total membership.
- The corporation shall have a board of directors, a majority of whom reside in the target area or are members of the target population, 2/3 of whom are elected by the membership, with each member having an equal vote.
- The corporation shall make a demonstrable effort to hire low income or underemployed residents of the operating area.
- The corporation shall impose an annual individual membership fee of not less than $1 nor more than $10.
- Other nonprofit organizations and municipal governments involved in community development means a nonprofit organization organized under the laws of the state or municipal government to carry out purposes related to community development, improvement, revitalization, or other consistent activities.
- Employee cooperative means a corporation in which the power to elect at least 2/3 of the corporation’s directors is held by the employees and in which such elections are held on a one person-one vote basis.
- Other type of cooperative means any corporation in which the power to elect the governing body is held by the members of the corporation and in which elections are held on a one person-one vote basis. This may include cooperatives such as housing cooperatives and consumer cooperatives.