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 provide loan guarantees for construction projects that meet specific criteria, such as the requirement to build at least six residential units in a subdivision or gated community. To qualify for funding, applicants must be licensed to operate in West Virginia, demonstrate creditworthiness, and ensure their projects align with financial and community impact standards. The Act also mandates the Department to maintain detailed records of fund transactions and submit annual reports to the Joint Committee on Government and Finance and the Governor.

Furthermore, the bill sets forth requirements for developers, including ensuring that individual housing units are sold within a price range of $150,000 to $300,000 by July 1, 2026, with adjustments based on average salary changes. Developers must also 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 loan guarantees will involve evaluations based on project descriptions and financial status, with a total funding cap of $10 million per fiscal year. The legislation emphasizes integrity in the application process by including penalties for false statements, ultimately seeking to streamline housing development while ensuring compliance with local standards and financial accountability.

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