(a) The Board shall manage and control the Affordable Housing Trust Fund. In order to carry out the day-to-day management and control of the Trust Fund and effectuate the purposes of this article, the board may appoint an Executive Director and other staff. The Board shall fix the Executive Director's duties and compensation as well as that of other staff. The Executive Director and other staff serve at the will and pleasure of the board. The Board may provide for staff payroll and employee benefits in the same manner as the West Virginia Housing Development Fund provides for its employees.
(b) The members of the board and its officers are not liable personally, either jointly or severally, for any debt or obligation created by the board.
(c) Members of the board and its officers and employees shall be provided insurance coverage by the state's Risk and Insurance Management Board to the same extent and in the same manner the coverage is applicable to state government agencies and appointed state officials and employees. The Board may elect to obtain other forms of insurance coverage it considers reasonable for its operations.
(d) The acts of the board are solely acts of its corporation and are not those of an agent of the state, nor is any debt or obligation of the board a debt or obligation of the state.
(e) The Board shall:
(1) Develop and implement comprehensive policies and programs for the use of the Trust Fund that ensures the equitable distribution of moneys from the Trust Fund throughout the various geographic areas of this state and between urban and rural areas of this state;
(2) Develop and implement an application and selection system to identify housing sponsors or providers of affordable housing developments or programs that qualify to receive assistance from the Trust Fund for eligible activities;
(3) Provide funds for technical assistance to prospective applicants;
(4) Monitor services, developments, projects or programs receiving assistance from the Trust Fund to ensure that the developments are operated in a manner consistent with this article and in accordance with the representations made to the Trust Fund Board by the sponsors of the services, developments, projects or programs;
(5) Recommend legislation to further its mission of providing housing for low to moderate income citizens of this state;
(6) Provide funding to increase the capacity of nonprofit community housing organizations to serve their communities;
(7) Research and study housing needs and potential solutions to the substandard quality or lack of affordable housing;
(8) Coordinate programs with other entities when doing so fulfills its mission to provide housing to low to moderate income citizens of this state;
(9) Convene public meetings to gather information or receive public comments regarding housing policy or issues;
(10) Distribute available funds pursuant to policies established by it which may permit the establishment of a permanent endowment; and
(11) Serve as a clearinghouse for information regarding housing services and providers within this state.
(f) The West Virginia Housing Development Fund shall provide office space and staff support services for the Executive Director and the board, shall act as fiscal agent for the board and, as such, shall provide accounting services for the board, invest all funds as directed by the board, service all investment and loan activities of the board as requested, and shall make the disbursements of all funds as directed by the board, and establish best practices for recipient organizations, for which the West Virginia Housing Development Fund shall be reasonably compensated, as determined by the board.