eligible neighborhood development organization
(2) The term “eligible neighborhood development organization” means— (A) (i) an entity organized as a private, voluntary, nonprofit corporation under the laws of the State in which it operates; (ii) an organization that is responsible to residents of its neighborhood through a governing body, not less than 51 per centum of the members of which are residents of the area served; (iii) an organization that has conducted business for at least one year prior to the date of application for participation; (iv) an organization that operates within an area that— (I) meets the requirements for Federal assistance under section 5318 of this title ; (II) is designated as an enterprise zone under Federal law; (III) is designated as an enterprise zone under State law and recognized by the Secretary for purposes of this section as a State enterprise zone; or (IV) is a qualified distressed community within the meaning of section 1834a(b)(1) of title 12 ; and (v) an organization that conducts one or more eligible neighborhood development activities that have as their primary beneficiaries low- and moderate-income persons, as defined in section 5302(a)(20) of this title ; or (B) any facility that provides small entrepreneurial business with affordable shared support services and business development services and meets the requirements of subparagraph (A).