The Board shall appoint members of an advisory committee. The membership of the advisory committee shall be composed of members who are: required for the Corporation to qualify as a qualified community development entity under 26 U.S.C. § 45D(c)(1); residents of the State; and geographically representative of the locations of low–income communities in the State. The Board shall adopt policies establishing the responsibilities of the advisory committee. The advisory committee shall prioritize projects owned or operated by entities that have their principal place of business in the State when advising on investments made in low–income communities in the State.