The proposed Mountain Homes Act aims to promote housing development in West Virginia to bolster economic growth by establishing the Mountain Homes Fund. This fund will provide loan guarantees for construction projects that meet specific criteria, emphasizing the importance of adequate housing for a productive workforce and a business-friendly environment. The Act outlines eligibility requirements for applicants, including the need to demonstrate creditworthiness and compliance with local standards, and mandates the Economic Development Authority to manage the fund. Key provisions include a special revenue fund, a cap on total funding of $10 million per fiscal year, and a limit of $400,000 on individual loan guarantees.

Additionally, the Act includes a reporting mechanism for transparency, requiring the authority to maintain detailed records and submit annual reports to the Joint Committee on Government and Finance and the Governor. It also specifies prohibited projects that are ineligible for funding, such as timeshares and mobile homes, and classifies violations of the Act as misdemeanors. A sunset provision is included, stating that the Act will expire on January 1, 2036, although any loan agreements made prior to that date will remain valid until project completion. Overall, the Mountain Homes Act seeks to streamline funding for residential construction while ensuring adherence to established standards and regulations.

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