Section 10-102 – Trust Established

    (a)    There is a Maryland Affordable Housing Trust.     (b)    (1)    The Trust is an instrumentality of the State and is a body corporate and politic.         (2)    The exercise by the Trust of its powers under this title is an essential public function.     (c)    The purpose of the Trust is to make affordable housing more available throughout the State.     (d)    The Department […]

Section 10-103 – Board Established

    (a)    There is a Board of Trustees of the Trust.     (b)    The Board shall control the Trust and exercise all of the corporate powers of the Trust.

Section 10-104 – Membership

    (a)    (1)    The Board consists of 14 trustees.         (2)    The nonvoting trustees are:             (i)    the Secretary;             (ii)    a member of the House of Delegates, appointed by the Speaker of the House; and             (iii)    a member of the Senate, appointed by the President of the Senate.         (3)    With the advice and consent of the Senate, the Governor shall appoint 11 voting trustees, consisting […]

Section 10-105 – Chair

    The Governor shall appoint one of the trustees to serve as chair of the Board.

Section 10-106 – Quorum

    (a)    A quorum is a majority of the voting trustees then serving on the Board.     (b)    The Board may act with a majority vote of a quorum of the Board.

Section 10-107 – Debts, Obligations, Liabilities, Corporate Earnings, and Assets

    (a)    The debts, obligations, and liabilities of the Trust are those of the Trust only and are not:         (1)    a pledge of the State’s credit; or         (2)    those of the State or its officers, employees, or governmental units.     (b)    (1)    The net earnings of the Trust may not inure to the benefit of a trustee, officer, or private person.         (2)    A […]

Section 10-108 – Awards

    The Board shall:         (1)    receive applications for awards from the Trust;         (2)    make the final decisions about awards; and         (3)    develop a process for making awards that encourages a broad geographic distribution of money.

Section 10-109 – Effect of Other Laws

    (a)    The Board shall comply with the Maryland Public Ethics Law.     (b)    The Board is exempt from:         (1)    taxation by the State or its political subdivisions;         (2)    the General Procurement Law provisions of Division II of the State Finance and Procurement Article; and         (3)    the Administrative Procedure Act, Title 10, Subtitles 1 through 4, of the State Government Article.

Section 10-110 – Audit; Reports

    (a)    The books and records of the Trust are subject to audit:         (1)    by the State, at the State’s discretion; and         (2)    annually by an independent auditor approved and paid by the Trust.     (b)    (1)    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 […]