The Board has the powers and duties to:
1. Advise the Director on the management of the Fund pursuant to the provisions of § 45.2-1916;
2. Develop, establish, and operate, with the approval of the Director, the Program pursuant to the provisions of § 45.2-1917;
3. Advise the Director on the possibility of working with a community development financial institution or other financial institutions to further the purposes of the Program;
4. Advise the Director on the distribution of moneys in the Fund in the form of loans or rebates pursuant to the provisions of § 45.2-1917; and
5. Submit to the Governor and the General Assembly an annual report for publication as a report document as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents and reports. The chairman shall submit to the Governor and the General Assembly an annual executive summary of the interim activity and work of the Board no later than the first day of each regular session of the General Assembly. The executive summary shall be submitted for publication as a report document as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents and reports and shall be posted on the General Assembly’s website.