(a) General rule.--The authority shall establish guidelines for the certification of eligible nonprofit organizations as certified economic development organizations.

(b) Eligible applicants.--The following nonprofit organizations may apply to be certified as a certified economic development organization:

(1) A local development district organized and existing under the act of December 7, 1994 (P.L.845, No.120), known as the Local Development District Act.

(2) An industrial development agency organized and existing under the act of May 17, 1956 (1955 P.L.1609, No.537), known as the Pennsylvania Industrial Development Authority Act.

(3) An industrial resource center organized and existing under the act of June 22, 2001 (P.L.400, No.31), known as the Industrial Resources Center Partnership Act.

(4) A redevelopment authority organized and existing under the act of May 24, 1945 (P.L.982, No.383), known as the Redevelopment Cooperation Law.

(5) A Community Development Financial Institution certified by the Community Development Financial Institution Fund established in section 104(a)(1) of the Riegle Community Development and Regulatory Improvement Act of 1994 (Public Law 103-325, 12 U.S.C. § 4703(a)(1)).

(6) Any other nonprofit economic development organization determined by the authority as possessing the qualifications necessary to evaluate and administer the programs.

(c) Requirements.--The guidelines must, at minimum, set requirements for annual training and professional development for an organization's professional staff, standards for the organization's facilities and technical capabilities and require the organization to adopt a code of ethics.

(d) Audit.--A certified economic development organization must submit an audit to the authority every three years demonstrating that requirements continue to be satisfied.

(e) Approval.--If the authority determines that the application meets the requirements of the guidelines, the authority may, in its sole and final discretion, certify the applicant as a certified economic development organization.

Cross References. Section 1123 is referred to in section 1102 of this title; section 2302 of Title 12 (Commerce and Trade).