(1) The Board shall:
(a) Establish policies and procedures for the operation and management of the Affordable Housing Fund, and any other moneys allocated to support affordable housing.
(b) Oversee financial and administrative actions of the Affordable Housing Fund, and any other moneys allocated to support affordable housing.
(c) Monitor and evaluate the performance of the Affordable Housing Fund, and any other moneys allocated to support affordable housing.
(d) Establish annual funding goals and priorities for housing preservation, production, and provision utilizing Affordable Housing Funds, and any other moneys allocated to support affordable housing.
(e) Annually review, rank, prioritize, and approve funding proposals from eligible applicants.
(f) Review housing studies and housing needs assessments on an on-going basis, including a formal needs assessment at least once every five (5) years and establish funding priorities based on identified needs.
(2) The Board may:
(a) Establish a Technical Assistance Advisory Group to assist the Board and staff with evaluation of funding proposal feasibility and underwriting.