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, gifts, and grants, 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 minimum appraised value of $800,000 and contribute to local economic development. The Act also includes provisions for recordkeeping, reporting to the Joint Committee on Government and Finance and the Governor, and allows for certain materials to be exempt from the Freedom of Information Act to maintain confidentiality.

Additionally, the Mountain Homes Act sets specific requirements for developers, including selling individual housing units within a price range of $150,000 to $300,000 by July 1, 2025, with annual adjustments based on average salary changes. Developers must comply with local government criteria, such as utility hookups and stormwater management, and establish a binding Homeowners Association (HOA) for maintenance of common areas. The application process for construction loan guarantees requires detailed project plans and financial information, with a total funding cap of $10 million per fiscal year. The Act emphasizes integrity by imposing penalties for false statements in applications and is set to take effect on January 1, 2026, expiring on January 1, 2036, while allowing ongoing projects to 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