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 meet specific criteria, including a minimum appraised value and the inclusion of at least six residential units. The Act also sets forth administrative guidelines, including record-keeping and reporting requirements, and allows the Department to create rules for implementation. The Act is set to take effect on January 1, 2026, with a sunset provision that will expire it on January 1, 2036, unless projects are already underway.

Additionally, the bill mandates that developers ensure completed housing units are sold within a price range of $150,000 to $300,000 by July 1, 2025, with annual adjustments based on average salary changes. Developers must also comply with local government criteria, including 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 legislation emphasizes integrity by including penalties for false statements in applications, thereby promoting accountability in the funding process while supporting the state's economic growth and quality of life for its workforce.

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