The proposed Mountain Homes Act aims to enhance housing development in West Virginia by establishing the Mountain Homes Fund, which will be managed by the Economic Development Authority. This fund will be supported by various revenue sources, including surplus funds and grants. The Act outlines eligibility criteria for applicants seeking loan guarantees for construction projects, requiring them to demonstrate creditworthiness, compliance with local standards, and potential economic impact. It also mandates recordkeeping and reporting to the Joint Committee on Government and Finance, while providing exemptions from the Freedom of Information Act for certain materials.

The legislation sets a timeline for implementation, with loan guarantee agreements effective from January 1, 2026, and provisions expiring on January 1, 2036, unless extended. The Act includes specific definitions, rulemaking authority, and penalties for false statements, ensuring a structured approach to managing the Mountain Homes Fund. It also details the application process for loan guarantees, allowing the Economic Development Authority to approve guarantees up to $400,000, with a cap of $10 million per fiscal year for all projects. The bill emphasizes the importance of maintaining drug-free and alcohol-free workplaces and aims to streamline funding for residential construction while ensuring oversight and accountability.

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