In this title the following words have the meanings indicated.
“Award” means a grant, loan, deferred payment loan, loan guarantee, or other financial assistance.
“Board” means the Board of Trustees of the Trust.
“Fund” means the Maryland Affordable Housing Trust Fund.
“Trust” means the Maryland Affordable Housing Trust.
“Trustee” means a member of the Board.
There is a Maryland Affordable Housing Trust.
The Trust is an instrumentality of the State and is a body corporate and politic.
The exercise by the Trust of its powers under this title is an essential public function.
The purpose of the Trust is to make affordable housing more available throughout the State.
The Department shall provide staff for the Trust.
There is a Board of Trustees of the Trust.
The Board shall control the Trust and exercise all of the corporate powers of the Trust.
The Board consists of 14 trustees.
The nonvoting trustees are:
the Secretary;
a member of the House of Delegates, appointed by the Speaker of the House; and
a member of the Senate, appointed by the President of the Senate.
With the advice and consent of the Senate, the Governor shall appoint 11 voting trustees, consisting of:
four representatives of the public; and
one representative of each of the following:
title companies doing business in the State;
financial institutions doing business in the State;
political subdivisions;
nonprofit housing developers;
for profit housing developers;
public housing authorities; and
social services providers.
In appointing trustees, the Governor shall consider geographic representation.
Service as a trustee is not a State office or State employment for purposes of any prohibition against holding two public positions.
The term of a voting trustee is 4 years.
The terms of voting trustees are staggered as required by the terms provided for voting trustees on October 1, 2005.
At the end of a term, a voting trustee continues to serve until a successor is appointed and qualifies.
A voting trustee who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
The Governor shall appoint one of the trustees to serve as chair of the Board.
A quorum is a majority of the voting trustees then serving on the Board.
The Board may act with a majority vote of a quorum of the Board.
The debts, obligations, and liabilities of the Trust are those of the Trust only and are not:
a pledge of the State’s credit; or
those of the State or its officers, employees, or governmental units.
The net earnings of the Trust may not inure to the benefit of a trustee, officer, or private person.
A trustee, officer, or private person is not entitled to share in the distribution of the corporate assets of the Trust.
If the Trust is dissolved or abolished, by act of the General Assembly or otherwise, its assets shall be distributed to the State or a governmental unit of the State.
The Board shall:
receive applications for awards from the Trust;
make the final decisions about awards; and
develop a process for making awards that encourages a broad geographic distribution of money.
The Board shall comply with the Maryland Public Ethics Law.
The Board is exempt from:
taxation by the State or its political subdivisions;
the General Procurement Law provisions of Division II of the State Finance and Procurement Article; and
the Administrative Procedure Act, Title 10, Subtitles 1 through 4, of the State Government Article.
The books and records of the Trust are subject to audit:
by the State, at the State’s discretion; and
annually by an independent auditor approved and paid by the Trust.
Within the first 90 days of each fiscal year, the Board shall report to the Governor and, subject to § 2–1257 of the State Government Article, to the General Assembly.
The report shall include a complete operating and financial statement of the operations of the Trust and a summary of the activities of the Trust during the preceding fiscal year.