Bill > HB5509

This bill, titled the Mountain Homes Act, establishes a new fund and program to address barriers in home construction financing, aiming to improve the quality of life for West Virginia's workforce. The core of the act is the creation of the "Mountain Homes Fund," managed by the Department of Economic Development, which will offer loan guarantees for construction loans. These guarantees are intended to help applicants who can secure up to 50% of a construction project's cost from an eligible lender but lack the remaining cash reserves. The act defines various terms, including "applicant" (a business seeking a loan guarantee), "eligible lender" (a financial institution making construction loans), and "Mountain Homes project" (a residential housing construction project of at least six homes in a single development). The program is designed to encourage economic development by supporting businesses that rely on a stable workforce, with specific criteria for project eligibility, including minimum project value and the requirement for a homeowners association to maintain common areas and roads. The act also outlines application procedures, approval standards, and penalties for false statements, and it will be in effect from January 1, 2027, to January 1, 2037.

Transportation and Infrastructure

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=5509&year=2026&sessiontype=RS&btype=bill