(a) The Arkansas Housing Trust Fund Advisory Committee will operate within the structure of the Arkansas Development Finance Authority and will advise the Board of Directors of the Arkansas Development Finance Authority on matters relating to the Arkansas Housing Trust Fund and its programs.
(b) The responsibilities of the advisory committee shall be to:
(1) Collaborate with the staff of the authority in drafting rules, compliance responsibilities, set-asides, and funding priorities for the fund and the programs funded by the fund, which rules and policies will be referred by the advisory committee to the authority for its review and approval;
(2) Review and advise the authority on fund marketing efforts;
(3) Review data on the use and impact of the fund compiled by the staff of the authority, which shall be provided to the advisory committee not less frequently than one (1) time a year;
(4) Prepare, working with the staff of the authority or the Department of Commerce, an annual review of the rules, compliance responsibilities, set-asides, funding priorities, and funding decisions, including any recommended changes, which review shall be presented to the board for final approval; and
(5) Prepare an annual performance report for the fund, including information about the fund's success in meeting its intended purposes, which shall be provided to the Governor, the Speaker of the House of Representatives, and the President Pro Tempore of the Senate.