1774.12—Eligibility.
         The following eligibility requirements must be met:
    
    
    
        
        (1) 
         A public body, such as a municipality, county, district, authority, or other political subdivision or a State, territory or commonwealth, or
    
    
        
        (2) 
         An organization operated on a not-for-profit basis, such as an association, cooperative, or private corporation. The organization must be an association controlled by a local public body or bodies, or have a broadly based ownership by or membership of people of the local community, or
    
    
    
        
        (b) 
         The area to be served must be financially distressed and rural as defined in  § 1774.2 of this part.