A community-based development organization is an organization that:
(1) Is established under the state charter provisions of the Tennessee Code;
(2) Has qualified for tax exempt status under § 501(c)(3) of the Internal Revenue Code (26 U.S.C. § 501(c)(3));
(3) Has a purpose, stated in the articles of incorporation, to serve low and moderate income people's need for community development and community self-help;
(4) Was not organized and is not controlled by governmental entities or agents; and
(5) Was not organized and is not controlled by a for-profit entity or agent.