Advisory committee created.

A. The "New Mexico housing trust fund advisory committee" is created. The committee shall consist of the following nine members, who shall represent geographically the state, affordable housing advocates and practitioners: (1) three public members appointed by the governor; (2) three public members appointed by the president pro tempore of the senate; and (3) three public members appointed by the speaker of the house of representatives. B. Members of the committee shall be appointed for two-year terms and shall be eligible for reappointment. Vacancies shall be filled by the appropriate appointing authority. C. The committee shall be advisory to the authority and shall be subject to oversight by the Mortgage Finance Authority Act oversight committee. D. The committee shall review all project applications or program guidelines and make recommendations to the authority for funding them. The committee shall not be involved in or advisory to the authority in matters relating to the investment of the fund. E. The committee shall adopt rules regarding: (1) the time, place and procedures of committee meetings; and (2) the procedures for the review of and standards for recommending applications or program guidelines for loans or grant projects.