As used in this chapter, the term:

(1) "Director" means the director of the Georgia Institute for Community Business Development as created under this chapter.

(2) "Institute" means the Georgia Institute for Community Business Development as created under this chapter.

(3) "Undeveloped and economically distressed communities" and "limited resource communities" shall be defined by the University of Georgia Selig Center for Economic Studies in conjunction with the institute's board of directors using standard financial and economic data collected by federal and state agencies.