Any community development corporation, or community development unit within any insured depository institution meets the requirements of this subsection if the corporation or unit provides the same or greater, as determined by the appropriate Federal banking agency, community participation in the activities of such corporation or unit as would be provided by a Community Investment Board under subsection (b) if such corporation or unit were a community development bank.
The appropriate Federal banking agency may approve the establishment of a community development organization under this subtitle only upon finding that the distressed community is not adequately served by an existing community development organization.
The term “community development bank” means any depository institution (as defined in section 1813(c)(1) of this title).
The term “community development organization” means any community development bank, community development corporation, community development unit within any insured depository institution, or community development credit union.
The term “low- and moderate-income persons” has the meaning given such term in section 5302(a)(20) of title 42.
The terms “nonprofit organization” and “small business” have the meanings given to such terms by regulations which the appropriate Federal banking agency shall prescribe for purposes of this section.
The term “qualified distressed community” has the meaning given to such term in section 1834a(b) of this title.