((a)) ** National Community Investment Board; functions, composition, etc.**

((1)) The President is authorized to establish a National Advisory Community Investment Board (hereinafter in this section referred to as the “Investment Board”). Such Investment Board shall be composed of 15 members appointed, for staggered terms and without regard to the civil service laws, by the President, in consultation with the Secretary of Health and Human Services (hereinafter in this subchapter referred to as the “Secretary”). Such members shall be representative of the investment and business communities and appropriate fields of endeavor related to this subchapter. The Investment Board shall meet at the call of the chairperson, but not less often than 3 times each year. The Secretary and the administrator of community economic development programs shall be ex officio members of the Investment Board.

((2)) The Secretary shall carry out the provisions of this subchapter through an appropriate office.

((b)) ** Function** The Investment Board shall promote cooperation between private investors and businesses and community development corporation projects through—

((1)) advising the Secretary and the community development corporations on ways to facilitate private investment;

((2)) advising businesses and other investors of opportunities in community development corporation projects; and

((3)) advising the Secretary, community development corporations, and private investors and businesses of ways in which they might engage in mutually beneficial efforts.

((c)) ** Local advisory community investment boards; establishment, composition, etc.** The governing body of each Community Development Corporation may establish an advisory community investment board composed of not to exceed 15 members who shall be appointed by the governing body after consultation with appropriate local officials. Each such board shall promote cooperation between private investors and businesses and the governing body of the Community Development Corporation through—

((1)) advising the governing body on ways to facilitate private investors;

((2)) advising businesses and other investors of opportunities in Community Development Corporation projects; and

((3)) advising the governing body, private investors, and businesses of ways in which they might engage in mutually beneficial efforts.