HB 5509
Mountain Homes Act
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
House Bill 5509, the Mountain Homes Act, aims to establish a fund and create a process for providing financial assistance to developers for constructing residential housing projects, specifically designated as ‘Mountain Homes projects.’ The bill outlines eligibility criteria, application procedures, and establishes standards for project approval, with a focus on promoting a sustainable quality of life for West Virginia’s workforce. It also includes provisions for recordkeeping, reporting, and potential criminal penalties for false statements.
Key provisions
- Creates the Mountain Homes Fund to provide financial assistance for residential housing construction.
- Establishes criteria for project eligibility, including minimum housing unit size and location within West Virginia.
- Requires an application process for developers seeking loan guarantees.
- Defines standards for project approval, including evaluation criteria and final agreement terms.
- Authorizes the Department of Economic Development to administer the fund and oversee project development.
- Includes provisions for recordkeeping, reporting, and exemption of certain materials from the Freedom of Information Act.
- Sets out a process for addressing project defaults and potential penalties for false statements.
- Establishes a sunset date for the act.
Who is affected
- Developers of residential housing projects
- West Virginia residents seeking affordable housing
- The Department of Economic Development
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