Sec. 524. Board of Directors
517 words·~2 min read·
/bill/115/hr/6746/ih/section-524·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The powers of the FHA, including direction over policy and operations, shall be vested in the Board of Directors of the FHA. The Board of Directors shall consist of 7 members, as follows: 5 voting members appointed by the President, by and with the advice and consent of the Senate, who shall include— not less than one individual who has experience in mortgage finance; and not less than one individual who has experience in affordable housing serving low- and moderate-income populations.
Two non-voting members, who shall be— a representative of Department of Housing and Urban Development, appointed by the Secretary of Housing and Urban Development; and a representative of the Rural Housing Service, appointed by the Secretary of Agriculture The Board shall elect a chairperson from among its members. Each member of the Board appointed under subsection (b)(1) shall be appointed for a term of 3 years, except as provided in paragraphs
(2)and
(3)of this subsection. As designated by the President at the time of appointment, of the members first appointed to the Board pursuant to paragraphs
(3)and
(4)of subsection (b)— 1 shall be appointed for a term of 1 year; and 2 shall be appointed for terms of 2 years. Any member appointed to fill a vacancy on the Board occurring before the expiration of the term for which the member’s predecessor was appointed shall be appointed only for the remainder of that term. A member may serve after the expiration of that member’s term until a successor has taken office. A vacancy on the Board shall be filled in the manner in which the original appointment was made. The Board shall meet at any time pursuant to the call of the Chairperson or a majority of its members and as provided by the bylaws of the FHA, but not less than quarterly. A majority of the members of the Board shall constitute a quorum. The Board shall be responsible for the general management of the FHA and shall have the same authority, privileges, and responsibilities as the board of directors of a private corporation incorporated under the District of Columbia Business Corporation Act. In performing its duties, the Board shall— obtain guidance from participants in the mortgage markets served by the FHA; assess the housing and mortgage insurance needs of consumers and providers of single family and multifamily housing and communities, and the mortgage insurance needs of providers of residential health care facilities; obtain information concerning housing finance markets in order to better assess how the FHA can complement the roles of public and private participants in such markets; and assist the Secretary of Housing and Urban Development and the Secretary of Agriculture in coordinating the roles of Federal housing, banking, and credit agencies generally, and particularly in the delivery of housing credit enhancement to families, communities, and hard-to-serve markets. Members of the Board shall serve on a part-time basis and shall serve without pay. Each member shall receive travel expenses, including per diem in lieu of subsistence, in accordance with sections 5702 and 5703 of title 5, United States Code.