(a) The commissioner, as manager of the mortgage grant fund, shall:
(1) subject to Subsection (b), invest and reinvest the assets of the fund;
(2) make disbursements from the fund in accordance with Section 156.554;
(3) advise the finance commission regarding the fund;
(4) maintain books and records for the fund as required by the finance commission; and
(5) appear at hearings or judicial proceedings related to the fund.
(b) Amounts in the mortgage grant fund may be invested and reinvested in accordance with Chapter 2256, Government Code, and under the prudent person standard described in Section 11b, Article VII, Texas Constitution.