A. The “opportunity enterprise and housing development review board” is created. The authority shall provide necessary administrative services to the board.

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B. The board is composed of the following fourteen members:

(1)     the secretary of economic development or the secretary’s designee;

(2)     the secretary of finance and administration or the secretary’s designee; (3)     the secretary of general services or the secretary’s designee;

(4)     the state treasurer or the state treasurer’s designee;

(5)     the executive director of the New Mexico mortgage finance authority or the executive director’s designee;

(6)     two members appointed by the governor who shall have experience in the housing, building or development sector;

(7)     one representative appointed by the council of government organizations within the state; and

(8)     six public members appointed by the New Mexico legislative council who shall have experience in any one or more of the following:

(a) the banking and finance industry; (b) commercial or industrial credit;

(c) private equity, venture capital or mutual fund investments; (d) commercial real estate development;

(e) engineering, construction and construction management; (f) organized labor;

(g) urban planning; or

(h) environmentally sustainable construction and development.

C. Members of the board appointed pursuant to Paragraphs (7) and (8) of Subsection B of this section shall serve for staggered terms of six years; provided that the initial term of members appointed pursuant to Paragraph (8) of Subsection B of this section may be for a term of less than six years, as determined by the New Mexico legislative council, to ensure staggered membership of the board. Members of the board shall serve until their successors are appointed. A member of the board appointed pursuant to Paragraph (6), (7) or (8) of Subsection B of this section may be removed from the board by the appointing authority for failure to attend three consecutive meetings or other cause. A vacancy on the board of an appointed member shall be filled by appointment by the original appointing authority for the remainder of the unexpired term of office; provided that a member who is removed pursuant to this section shall be ineligible for reappointment.

D. Members of the board appointed pursuant to Paragraphs (6) through (8) of Subsection B of this section shall:

(1)     be governed by the provisions of the Governmental Conduct Act [N.M. Stat. Ann. Chapter 10, Article 16]; and

(2)     not hold any office or employment in a political party.

E. The members shall select a chair, vice chair and other officers that the board deems necessary, who shall serve a term of two years. The board shall maintain minutes of all meetings of the board, and all meetings shall be held pursuant to the Open Meetings Act [N.M. Stat. Ann. Chapter 10, Article 15].