West Virginia Code of State Rules › Agency 145 - Development Office › Title 145 - LEGISLATIVE RULE DEPARTMENT OF ECONOMIC DEVELOPMENT › Series 145-07 - Neighborhood Investment Program Act › Section 145-7-4 - Neighborhood Investment Program Advisory Board

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. Composition of the Board. The
				Neighborhood Investment Program Advisory Board shall consist of thirteen
				members - the director of the Development Office plus twelve members appointed
				by the director. The director shall serve as chair but shall not vote unless it
				is necessary to break a tie. Four board members will be officers or members of
				boards of directors of unrelated corporations which are currently licensed to
				do business in West Virginia. Four board members will be executive directors,
				officers or members of boards of directors of unrelated not-for-profit
				organizations which currently hold charitable organization status under section
				501(c)(3) of the Internal Revenue Code and which are currently licensed to do
				business in West Virginia. Four board members will be economically
				disadvantaged citizens of the State. An appointee shall be considered an
				economically disadvantaged citizen of this State if, in the taxable year
				immediately preceding appointment to the board, he or she had an annual gross
				income that is not more than 125 percent of the federal designated poverty
				level for personal incomes, and who has been domiciled in and a resident of
				this State for at least one year at the time of his or her appointment. A board
				member appointed to represent economically disadvantaged citizens may serve out
				his or her term of original appointment even if his or her income in a
				subsequent taxable year exceeds 125 percent of the federal designated poverty
				level. No more than four of the twelve appointed members may be from the same
				Congressional District and no more than seven of the appointed members may be
				from the same political party. Members are eligible for reappointment, but no
				member may serve more than three consecutive terms.
4.2. Terms of Board Members. Except for
				initial appointments, board members shall be appointed for three years.
				Appointments shall begin the 1st day of July in the year of appointment and end
				the 30th day of June of the third calendar year following the calendar year in
				which the appointment took effect. Initial appointments shall be as follows:
				Four of the initial appointments shall be for a term of one year, four initial
				appointments shall be for a term of two years, and four initial appointments
				shall be for a term of three years. The three categories of board members will
				be represented in each term class appointed. Appointments to fill unexpired
				terms shall be for the duration of the term. Members shall be eligible for
				reappointment, but shall not serve more than three consecutive terms.
4.3. Meetings. The board shall
				meet at least two times during each fiscal year provided that no meeting of the
				board shall be required if the total amount of tax credits available for the
				fiscal year have been allocated. Additional meetings may be held upon the call
				of the chairperson or by a written request to the chairperson by a majority of
				the members. Seven members of the board, including the chairperson, shall
				constitute a quorum for the transaction of business. The board shall elect from
				among its members a vice chair and a secretary. These officers shall serve two
				year terms and are eligible for reelection.
4.4. Annual Report. The Board shall submit an
				annual report to the Governor and to the Legislature within thirty days after
				the close of each fiscal year beginning with Fiscal Year 1997. The annual
				report shall include summaries of all meetings of the Board; an analysis of the
				overall progress of the program; a discussion of fiscal concerns, if any; the
				relative impact the program is having on the State; and any suggestions and
				policy recommendations of the Board. Beginning on the fifteenth day of December
				2005, and every third year thereafter, the Director of the West Virginia
				Development Office shall also secure an independent review of the program and
				present the findings to the Joint Committee on Government and Finance.
4.5. Duties of the Board.
4.5.1. The Board shall select and approve
				projects which may be certified by the director. Only projects sponsored by a
				qualified charitable organization may be approved by the Board and certified by
				the director. An applicant that does not hold current status as a charitable
				organization under section 501(c)(3) of the Internal Revenue Code may not
				receive project approval from the Board or project certification from the
				director for any proposed project. A copy of the applicant's certification as a
				501(c)(3) organization must be submitted with the application.
4.5.2. Board members shall not be prohibited
				from being involved in fund raising activities of any charitable organization
				for which they serve as a member of the board or as an officer. If an applicant
				is directly or indirectly affiliated with one or more board members, those
				members shall not discuss the proposals with one or more board members and
				shall not have a vote when that project is considered for final approval or
				disapproval.