I. There is hereby established the community development finance authority, a body corporate and politic. The authority is constituted a public instrumentality of the state. The exercise by the authority of the powers conferred by this chapter shall be deemed and held to be the performance of essential governmental functions. The authority shall be a nonprofit corporation organized under RSA 292.
II. The authority shall be governed by a board of 11 directors which shall include the commissioner of the department of business and economic affairs or designee, and 10 public members appointed by the governor and council as follows:
(a) Four representatives of community development corporations or other nonprofit organizations engaged in community development activities.