The proposed bill aims to establish the First-time Drive to Work Pilot Program within the Division of Economic Development in West Virginia. This program is designed to assist first-time vehicle buyers who are entering or participating in the workforce by reducing transportation barriers. Eligibility for the program is limited to West Virginia residents aged 18 to 30 who are first-time vehicle purchasers, employed or with a job offer, and meet specific income criteria. The program will provide various forms of assistance, including down-payment grants, temporary insurance support, and limited loan guarantees, with a maximum assistance cap of $6,950 per participant.

Additionally, the bill outlines vehicle eligibility standards, such as a purchase price limit of $20,000 and age and mileage restrictions. It also includes provisions for state liability in the event of loan defaults, capping the state's responsibility to the guaranteed loan amount. The program is limited to $5 million annually and a maximum of 750 participants, with a first-come, first-served application process. The executive director of the Division of Economic Development is authorized to propose rules for program administration and must report annually on program outcomes. The pilot program is set to terminate five years after its effective date of July 1, 2026.

Statutes affected:
Introduced Version: 5B-2-7