US Laws, Codes, Statutes & Cases

      (a)      There is a Housing Finance Review Committee.

      (b)      The Housing Finance Review Committee consists of seven members appointed by the Governor on recommendation of the Secretary as follows:

            (1)      three employees of the Department, one of whom may be the Secretary;

            (2)      one employee of the Executive Branch of State government who is not employed by the Department; and

            (3)      three members of the public.

      (c)      (1)      The term of a public member is 4 years and begins on July 1.

            (2)      At the end of a term, a public member continues to serve until a successor is appointed and qualifies.

            (3)      A public member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.

      (d)      (1)      The Housing Finance Review Committee shall review and make recommendations to the Secretary about:

                  (i)      specific loan requests or categories of loan requests; and

                  (ii)      the investment and project financing policies of the Administration.

            (2)      The Secretary may approve a specific loan request without a recommendation of the Housing Finance Review Committee if the request requires urgent action.