There is a Community Reinvestment Fund. The purpose of the Fund is to administer the use and reinvestment of money that may be credited, paid, or otherwise transferred to the Fund from any entity approved by the Board to participate in the Fund, including a bank, savings institution, or other financial institution.

The Fund is a private, independent legal entity to be assisted by the Department under this title and is not a governmental unit of the State. Any dividends, royalties, or other earnings received from community reinvestment assistance, or from any other investment made by the Board under this title, is money of the Fund, and is not money of the State. Except as specified in this title, the organization and operation of the Board and the Fund are not subject to approval by the Board of Public Works or by any State official or unit. A member, employee, or agent of the Board or the Fund is not a State official by virtue of any status with or action for the Fund.

The Board shall determine the form of the independent legal entity constituting the Fund in accordance with the organizational documents of the Fund. In accordance with the organizational documents of the Fund, an entity contributing money to the Fund may be entitled to receive: interests in the Fund in proportion to the entity’s contribution, in an amount and in a form that the Board determines; and a return on its contribution to the Fund based on: the entity’s share; and a fixed rate of return or the amount of any dividends, royalties, or other earnings of the Fund, or on another formula and in a form that the Board determines.

Titles 11 through 17 of the State Finance and Procurement Article do not apply to the operation of or any transactions made by the Fund. Meetings of the Board or its members or of employees or agents of the Fund are not subject to State requirements for open or public meetings, including any requirements for open sessions under Title 3 of the General Provisions Article.

The Board shall use the money administered by the Fund to provide community reinvestment assistance in accordance with this title, any other applicable law, and the organizational documents of the Fund. The Board may use the money that the Fund administers to: ensure a reasonable return on money held by the Fund before disbursing money for community reinvestment assistance; pay expenses incurred in its formation and operation, including expenses for administrative, legal, actuarial, and other services; and redeem interests in the Fund.

The Department shall take any necessary action, including providing technical assistance, to encourage and facilitate the creation of the Fund.

The Department may provide money for administrative, legal, and other organizational expenses of the Fund. The Department of Housing and Community Development and the Department of Commerce may: provide technical assistance for: operating and administering the Fund; and underwriting proposed community reinvestment projects; and charge reasonable and customary fees for the technical assistance.