Yes, a Karma of 100 is minimum.
But since we're already in the extended nomination period, the following rule comes into play:

"If, after 1 month's delay, there are still fewer than 4 candidates; the outgoing council will decide - in conjunction with Hildon Foundation Board of Directors - about how to proceed. The preferred solution is to encourage more members of the maemo.org community to participate and re-run the election, but all options are open."

So council and HiFo board might decide to allow candidates with a Karma of <100, especially since auto-Karma-calculation is broken (at least for wiki-edits).
So if you want to run for council but have a Karma of <100, please don't hesitate to declare your candidacy nevertheless.

Wiki-links:
Community Council/Election process
Karma

Nomination period is closing on June 30st, 23:59 (only ~1 day left) so please hurry.
Thank you.