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 Department of Economic Development. This fund will be sourced from surplus funds, grants, and contributions, and will provide loan guarantees to eligible applicants who are licensed in West Virginia, current on tax obligations, and demonstrate creditworthiness. Projects must consist of at least six residential units with a total appraised value of at least $800,000 and should contribute to local economic growth. The Act also sets forth administrative requirements, including record-keeping and annual reporting to the Joint Committee on Government and Finance and the Governor, while certain project-related documents will be exempt from the Freedom of Information Act.

Additionally, the Mountain Homes Act stipulates that completed housing units must be sold within a price range of $150,000 to $300,000 by July 1, 2025, with adjustments based on average salary changes. Developers are required to comply with local government standards, including utility hookups and stormwater management, and must establish a binding Homeowners Association (HOA) for maintenance of common areas. The application process for construction loan guarantees involves submitting detailed project plans and financial information, with a total funding cap of $10 million per fiscal year. The bill also includes penalties for false statements in applications, reinforcing the importance of integrity in the funding process. The provisions of the Act will take effect on January 1, 2026, and will expire on January 1, 2036, although projects initiated under the Act will remain valid until completion.

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