(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.