215.033.  Creation of nonprofit corporation authorized, promotion of housing equity funds, purpose — definitions — powers — board, appointment, members, terms, expenses, personnel — report. — 1.  The Missouri housing development commission is hereby granted all powers necessary to create a nonprofit corporation to promote one or more housing equity funds to serve the state of Missouri.  The nonprofit corporation shall be known as the "Missouri Equity Fund Support Corporation".  The purpose of the housing equity fund is to receive annual capital investments from investors and to invest those funds in the construction or renovation of affordable housing units for low-income families throughout the state of Missouri.  The nonprofit corporation shall not be deemed to be a political subdivision of the state and shall not be subject to the requirements of chapter 610.

  2.  As used in this section, the following terms mean:

  (1)  "Developer", any entity responsible for a tax credit development;

  (2)  "Housing equity fund", the fund or funds established to receive and invest moneys invested by the investors in tax credit developments;

  (3)  "Investors", individuals, profit-making private corporations, partnerships or other entities which invest money in the housing equity fund and who generally pay Missouri income taxes;

  (4)  "Nonprofit corporation", the "Missouri Equity Fund Support Corporation";

  (5)  "Tax credit development", a development which constructs or rehabilitates affordable housing in the state of Missouri which is eligible for state and federal low-income housing tax credits, or federal rehabilitation tax credits.

  3.  The nonprofit corporation shall establish and operate, or assist and advise in the establishment and operation of the housing equity fund which receives investments from investors and invest such funds in tax credit developments.

  4.  The nonprofit corporation shall have the following powers:

  (1)  To contract with corporations and partnerships operating or intending to operate a housing equity fund, to provide to them in exchange for reasonable compensation the following services:

  (a)  Legal counsel and representation;

  (b)  Technical assistance;

  (c) Administrative assistance;

  (d)  Marketing of the housing equity fund to potential investors;

  (e)  Investment underwriting assistance;

  (2)  To sue and be sued;

  (3)  To engage in and contract for any and all types of services, actions or endeavors, not contrary to the law, necessary to the successful and efficient operation and continuation of the business and purposes for which it is created;

  (4)  To purchase, receive, lease or otherwise acquire, own, hold, improve, use, sell, convey, exchange, transfer and otherwise dispose of real and personal property, or any interest therein, or other assets wherever situated; and

  (5)  To incur liabilities and borrow money at rates of interest up to the market rate.

  5.  The governor shall appoint a board of directors to oversee the nonprofit corporation.  The board shall consist of a total of sixteen members, who have demonstrated knowledge of housing and related issues.  Such board shall include the following:

  (1)  A representative of real estate brokers and agents;

  (2)  A representative of residential appraisers;

  (3)  A representative of affordable housing advocates, which include homeless service providers, not-for-profit social service organizations and not-for-profit housing providers;

  (4)  A representative of the home construction industry;

  (5)  A representative of banking and savings and loan institutions;

  (6)  Five representatives of investors who have made capital investments in housing equity funds which have entered, or can reasonably be expected to enter, into service contracts with the nonprofit corporation, or representatives of the investment partners of such investors.  If unable to select suitable members in this category, the governor may instead select additional representatives from subdivisions (1) to (5) of this subsection;

  (7)  By virtue of the office, the treasurer shall be a member of the board;

  (8)  By virtue of the office, the lieutenant governor shall be a member of the board;

  (9)  By virtue of the office, the governor shall be a member of the board;

  (10)  By virtue of the office, the secretary of state shall be a member of the board;

  (11)  By virtue of the office, the director of the department of economic development shall be a member of the board; and

  (12)  By virtue of the office, the director of the Missouri housing development commission shall be a member of the board.

  6.  Except for members serving by virtue of the office, the members' term of office shall be four years and until their successors are appointed, except that of the members first appointed, four shall be appointed for a term of two years, three shall be appointed for a term of three years, and three shall be appointed for a term of four years.  Vacancies on the board shall be filled in the same manner as the original appointments, except that, if the vacancy occurs during an unexpired term, the appointment shall be for only the unexpired portion of that term.

  7.  Board members of the nonprofit corporation shall not be compensated for their services while serving on the board; however, board members may receive reimbursement for their actual and necessary expenses incurred in the performance of their duties.

  8.  The board shall elect chair and other such officers as it deems necessary for the conduct of its business.  If so required by the board, an officer shall give bond, in such form and amounts and with such sureties as the board may provide, for the faithful discharge of such officer's duties, but the premiums for any such bond shall be borne by the nonprofit corporation.

  9.  The board shall employ all necessary personnel, fix their compensation, and provide suitable quarters and equipment for the operation of the housing equity fund.

  10.  The Missouri housing development commission may provide the necessary start-up costs for the nonprofit corporation by grant or loan and may provide subsequent operating funds as it determines.

  11.  The nonprofit corporation shall publish an annual report which shall include, but not be limited to, a description of its efforts in establishing and maintaining the operation of the housing equity fund, the types of projects invested in and fund expenditures made by the housing equity fund.  Copies of such annual reports shall be submitted to the governor, the members of the general assembly and the Missouri housing development commission on or before February fifteenth of each year.