(a) Formation. The Mortgage Grant Advisory Committee (MGAC) is created to serve in an advisory role and makes program recommendations to the Commissioner and Grant Coordinator regarding administration of the fund and the grant awards to be made from the fund. MGAC will continue in existence until the abolishment date set by §51.200 of this title (relating to Advisory Committees and Informal Conferences).(b) Governance. MGAC will be governed by the provisions of the Mortgage Grant Administration Manual, including composition, eligibility, appointment, and membership terms.(c) Reporting. MGAC will make and report written recommendations to the Commissioner and Grant Coordinator for review and consideration concerning all aspects of administering the fund including:(1) evaluating grant applications to determine whether the application should be approved, and if so, a specific grant amount to award;(2) monitoring ongoing grant awards to determine compliance;(3) considering potential amendments to the Mortgage Grant Administration Policy Manual; and(4) evaluating potential candidates for appointment to MGAC.