qualified State or local development company
(1) For purposes of this section, the term “qualified State or local development company” means any State or local development company which, as determined by the Administration, has— (A) a full-time professional staff; (B) professional management ability (including adequate accounting, legal, and business-servicing abilities); and (C) a board of directors, or membership, which meets on a regular basis to make management decisions for such company, including decisions relating to the making and servicing of loans by such company.