The proposed Mountain Homes Act aims to bolster housing development in West Virginia to support economic growth by establishing a new article in the Code of West Virginia. It creates the Mountain Homes Fund, managed by the Economic Development Authority, which will provide loan guarantees for construction projects that meet specific criteria, such as minimum appraised value and the number of residential units. The Act includes provisions for recordkeeping, reporting to the Joint Committee on Government and Finance and the Governor, and exemptions from the Freedom of Information Act for certain materials. The provisions will take effect on January 1, 2026, and will expire on January 1, 2036, although any loan agreements made prior to expiration will remain valid until project completion.

Eligibility requirements for applicants seeking loan guarantees include being licensed to do business in West Virginia, being current on tax obligations, and demonstrating creditworthiness. The Act limits loan guarantees to a maximum of $400,000 with a five-year term for agreements and prohibits funding for certain projects like timeshares and mobile homes. It also establishes penalties for misrepresentation in applications, classifying such actions as misdemeanors. Overall, the Mountain Homes Act seeks to streamline funding for residential construction while ensuring compliance and accountability among applicants.

Statutes affected:
Introduced Version: 5B-2P-1, 5B-2P-2, 5B-2P-3, 5B-2P-4, 5B-2P-5, 5B-2P-6, 5B-2P-7, 5B-2P-8, 5B-2P-9, 5B-2P-10, 5B-2P-11, 5B-2P-12, 5B-2P-13
Committee Substitute: 5B-2P-1, 5B-2P-2, 5B-2P-3, 5B-2P-4, 5B-2P-5, 5B-2P-6, 5B-2P-7, 5B-2P-8, 5B-2P-9, 5B-2P-10, 5B-2P-11, 5B-2P-12, 5B-2P-13