The Community Relations Commission (CRC) shall serve as the governing Commission of the Home Equity Assurance Program. The duties and functions of the Commission shall include the following:
(A) To conduct or supervise the day-to-day operation of the Program, including but not limited to the administration of homeowner applications for participation in the Program and homeowner claims against the Guarantee Fund;
(B) To establish policies, rules, regulations, bylaws and procedures for both the Commission and the Program. No policies, rules, regulations or bylaws shall be adopted by the Commission without prior notice to the residents of the city and an opportunity for the residents to be heard;
(C) To provide annual status reports on the Program to the Mayor and corporate authorities of the city;
(D) To establish guaranteed value standards which are directly linked to the Program appraisal; to approve guarantee values; and to establish requirements for Program appraisers consistent with this chapter. In no event shall the Program guidelines adopted by the Commission provide for selecting appraisers based on criteria other than the quality and timeliness of the appraisals provided to the Commission;
(E) To manage, administer and invest the Guarantee Fund;
(F) To liquidate acquired assets to maintain the Guarantee Fund;
(G) To participate in arbitration required under the Program and to subpoena all necessary persons, parties or documents required to proceed with arbitration;
(H) To employ necessary personnel, acquire necessary office space, enter into contractual relationships and disburse funds in accordance with the provisions of this chapter; and
(I) To perform other functions in connection with the Program and the Guarantee Fund as required under this chapter.
(Ord. 96-37, passed 10-8-1996)