| (a) Formation. The Mortgage Grant Advisory Committee
(MGAC) is created to serve in an advisory role and makes program recommendations
to the Commissioner and Grant Coordinator regarding administration
of the fund and the grant awards to be made from the fund. MGAC will
continue in existence until the abolishment date set by §51.200
of this title (relating to Advisory Committees and Informal Conferences).
(b) Governance. MGAC will be governed by the provisions
of the Mortgage Grant Administration Manual, including composition,
eligibility, appointment, and membership terms.
(c) Reporting. MGAC will make and report written recommendations
to the Commissioner and Grant Coordinator for review and consideration
concerning all aspects of administering the fund including:
(1) evaluating grant applications to determine whether
the application should be approved, and if so, a specific grant amount
to award;
(2) monitoring ongoing grant awards to determine compliance;
(3) considering potential amendments to the Mortgage
Grant Administration Policy Manual; and
(4) evaluating potential candidates for appointment
to MGAC.
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