A. The Louisiana Housing Corporation shall be governed by a board of directors composed of the following members:

            (1) One member shall be the state treasurer or his designee. Notwithstanding the provisions of La. Rev. Stat. 49:307.1, the treasurer may name any person as his designee to this board.

            (2) Eight members shall be appointed by the governor, two of whom shall be at-large appointments. All members appointed by the governor shall meet all of the following criteria:

            (a) Each shall be a resident of the state.

            (b) Each shall have at least five years of experience in one or more of the following fields:

            (i) Banking or bonds.

            (ii) Residential or multi-family construction.

            (iii) Real estate.

            (iv) Affordable housing development.

            (v) Nonprofit residential development.

            (vi) Programs of the Department of Housing and Urban Development or any successor agency.

            (c) Not more than one member appointed pursuant to this Paragraph shall be a resident of a single congressional district, except for the at-large members who may be selected from the state at large.

            (d) One shall either be a consumer of or an advocate for affordable housing.

            (e) The eight members appointed by the governor shall be diverse and representative of the state’s population as near as practicable, including with respect to ethnicity, and shall each be submitted to the Senate for confirmation.

            (3) Four additional members shall be appointed as follows:

            (a) Two persons appointed by the president of the Senate, one of whom shall be appointed from a parish having a population of less than seventy-five thousand persons according to the latest federal decennial census or a municipality having a population less than fifteen thousand persons according to the latest federal decennial census. The two members appointed pursuant to this Subparagraph shall serve at the pleasure of the president of the Senate.

            (b) Two persons appointed by the speaker of the House of Representatives, one of whom shall be appointed from a parish having a population of less than seventy-five thousand persons according to the latest federal decennial census or a municipality having a population less than fifteen thousand persons according to the latest federal decennial census. The two members appointed pursuant to this Subparagraph shall serve at the pleasure of the speaker of the House of Representatives.

            B. In the event of a vacancy in the office of any member of the board of directors, by death, resignation, removal, or otherwise, a replacement shall be appointed in the same manner as the person whose position is now vacant was originally appointed and, if appointed by the governor, shall serve for the remainder of the unexpired term.

            C.(1) Each appointed member of the board of directors shall hold office until his successor has been appointed and has qualified.

            (2)(a) Any appointed member shall be eligible for reappointment.

            (b) Notwithstanding the provisions of Subparagraph (a) of this Paragraph, no member appointed by the governor shall serve more than three consecutive terms. Any such member who serves three consecutive terms shall be eligible for reappointment no earlier than one year after leaving office.

            (3) Any member of the board of directors of the corporation may be removed from office by the appointing authority for incompetence, malfeasance, misconduct, or willful neglect of duty, after reasonable notice and a public hearing, unless the notice and hearing are expressly waived in writing.

            (4) Every member of the board of directors of the corporation shall, before entering office, take the oath of office required of public officials to administer the duties of his office faithfully and impartially, and a record of such oath shall be filed with the secretary of state.

            (5) Board members appointed by the governor shall serve staggered four-year terms as provided in this Section. Two shall serve initial terms of two years each, two shall serve initial terms of three years each, and two shall serve initial terms of four years each, as determined by lot at the first meeting of the board.

            (6) Board members may receive compensation of fifty dollars per diem for their services and may be eligible for reimbursement of reasonable travel expenses incurred in connection with the discharge of their duties only as provided by majority vote of the board.

            D.(1) Each member of the board of directors shall file financial disclosure statements pursuant to La. Rev. Stat. 42:1124.2.1.

            (2) The executive director shall file financial disclosure statements pursuant to La. Rev. Stat. 42:1124.2.

            (3) If the state treasurer does not appoint a designee but serves as a member, he shall not file the disclosure statement required by this Subsection but rather shall file disclosure statements as otherwise required by law for the state treasurer.

            Acts 2011, No. 408, §1, eff. July 5, 2011; Acts 2021, No. 302, §1.