reglab/statecodes huggingface dataset:
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-4. Composition; Board of Directors; Appointment, Term, etc., of Private Members; Chairman and Vice Chairman; Quorum

(a) There is continued as a governmental instrumentality of the State of West Virginia, a public body corporate to be known as the West Virginia Housing Development Fund.
(b) The Housing Development Fund is created and established to serve a public corporate purpose and to act for the public benefit and as a governmental instrumentality of the State of West Virginia, to act on behalf of the state and its people in improving and otherwise promoting their health, welfare and prosperity.
(c) The Housing Development Fund shall be governed by a board of directors, consisting of eleven members, four of whom shall be the Governor, the Attorney General, the Commissioner of Agriculture, and the state Treasurer, or their designated representatives as public directors, and seven of whom shall be chosen from the general public residing in the state, as private directors. No more than four of the private directors shall be from the same political party.
(d) Upon organization of the Housing Development Fund, the Governor shall appoint, by and with the advice and consent of the Senate, the seven private directors to take office and to exercise all powers thereof immediately, with two each appointed for terms of two years and three years, and with three each appointed for terms of four years, respectively, as the Governor shall designate; at the expiration of said terms and for all succeeding terms, the Governor shall appoint a successor to the office of private director for a term of four years in each case.
(e) A vacancy in the office of a private director is filled by appointment by the Governor for the remainder of the unexpired term.
(f) The Governor may remove any private director for reason of incompetency, neglect of duty, gross immorality, or malfeasance in office and appoint a director to fill the vacancy as provided in other cases of vacancy.
(g) The Governor or designee serves as chair. The board of directors shall annually elect one of its public members as vice chair and appoint a secretary to keep records of its proceedings, who need not be a member of the board.
(h) Six members of the board of directors constitutes a quorum. A vacancy in the membership of the board does not impair the duties of the board of directors.
(i) Action may not be taken by the board of directors except upon the affirmative vote of at least six of the directors.
(j) The directors, including the chair, vice chair and treasurer, and the secretary of the board are not compensated for their services but receive reasonable and necessary expenses actually incurred in discharging their duties under this article in a manner consistent with guidelines of the travel management office of the Department of Administration.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-5. Management and Control of Housing Development Fund Vested in Board; Officers; Liability

(a) The management and control of the Housing Development Fund shall be vested solely in the board of directors in accordance with the provisions of this article.
(b) The chairman shall be the chief executive officer of the Housing Development Fund, and, in his or her absence, the vice chairman shall act as chief executive officer.
(c) The Governor appoints an executive director of the Housing Development Fund, with the advice and consent of the Senate, who serves at the Governor's will and pleasure. The director is responsible for managing and administering the daily functions of the Housing Development Fund and for performing other functions necessary to the effective operation of the Housing Development Fund. The executive director's compensation is fixed annually by the board of directors.
(d) The board of directors of the Housing Development Fund shall annually elect from its membership a treasurer and shall annually elect a secretary, who need not be a member of the board, to keep a record of the proceedings of the Housing Development Fund.
(e) The treasurer of the Housing Development Fund shall be custodian of all funds of the Housing Development Fund and shall be bonded in such amount as the other members of the board of directors may designate.
(f) The directors and officers of the West Virginia Housing Development Fund shall not be liable personally, either jointly or severally, for any debt or obligation created by the West Virginia Housing Development Fund.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-6a. Certain Loans Exempt From Laws Limiting Interest Rates or Providing Forfeitures, etc.

Notwithstanding any other provision to the contrary, no law limiting interest rates or providing for forfeiture, penalty or other loss or liability because of rate of interest charged shall apply to any loan in a principal amount of more than $100,000 on loans made by the Housing Development Fund in the furtherance of its corporate purposes or to any addition to or refinancing of a loan in the original principal amount of more than $100,000, made by the Housing Development Fund for such purposes.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-7. Notes or Bonds as General Obligations of Housing Development Fund

Except as may otherwise be provided by the Housing Development Fund, every issue of its notes or bonds shall be general obligations of the Housing Development Fund payable out of any revenues or moneys of the Housing Development Fund, subject only to any agreements with the holders of particular notes or bonds pledging any particular receipts or revenues.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-9. Borrowing of Money

The borrowing of money and the notes and bonds evidencing any such borrowing shall be authorized by resolution approved by the Board of Directors of the Housing Development Fund, shall bear such date or dates, and shall mature at such time or times, in the case of any such note or any renewal thereof, not exceeding 20 years from the date of issue of such original note, and, in the case of any such bond, not exceeding 50 years from the date of issue, as such resolution or resolutions may provide. The notes and bonds shall bear interest at such rate or rates, be in such denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms or conditions of redemption as such resolution or resolutions may provide.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-10. Sale of Notes or Bonds

Any notes or bonds issued by the West Virginia Housing Development Fund may be sold in such manner, either at public or private sale, and for such price, upon such terms and at such interest rates per annum, as the fund shall determine to be for the best interests of the fund and to be necessary to effectuate the purposes of this article.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-11. Authorizing Resolutions

Any resolution or resolutions authorizing any notes or bonds, or any issue thereof, may contain provisions, which shall be a part of the contract with the holders thereof, as to:
(1) Pledging all or part of the mortgage or deed of trust payments, charges and other fees made or received by the Housing Development Fund and other moneys received or to be received to secure the payment of the notes or bonds or of any issue thereof, subject to such agreements with bondholders or noteholders as may then exist;
(2) Pledging all or any part of the assets of the Housing Development Fund to secure the payment of the notes or bonds or any issue of notes or bonds, subject to such agreements with bondholders or noteholders as may then exist;
(3) Pledging as security, or as part of the security, for the payment of any mortgage finance bonds, including, but not limited to mortgage finance bonds issued to pay outstanding notes, amounts payable from the mortgage finance bond insurance fund;
(4) The setting aside of reserves or sinking funds and the regulation and disposition thereof;
(5) Limitations on the purpose to which the proceeds of sale of notes or bonds may be applied and pledging such proceeds to secure the payments of the notes or bonds or of any issue thereof;
(6) Limitations on the issuance of additional notes or bonds; the terms upon which additional notes or bonds may be issued and secured; and the refunding of outstanding or other notes or bonds;
(7) The procedure, if any, by which the terms of any contract with noteholders or bondholders may be amended or abrogated, the amount of notes or bonds the holders of which must consent thereto, and the manner in which such consent may be given;
(8) Limitations on the amount of moneys to be expended by the Housing Development Fund for operating, administrative or other expenses of the Housing Development Fund;
(9) Vesting in a trustee or trustees such property, rights, powers and duties of any trustee appointed by the bondholders pursuant to section sixteen of this article, and limiting or abrogating the right of the bondholders to appoint a trustee under section sixteen of this article or limiting the rights, powers and duties of such trustee; and
(10) Any other matters, of like or different character, which in any way affect the security or protection of the notes or bonds.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-12. Validity of Any Pledge, Mortgage, Deed of Trust or Security Instrument

It is the intention hereof that any pledge, mortgage, deed of trust or security instrument made by or for the benefit of the Housing Development Fund, including, but not limited to amounts in the mortgage finance bond insurance fund, shall be valid and binding between the parties from the time the pledge, mortgage, deed of trust or security instrument is made; and that the moneys or property so pledged, encumbered, mortgaged or entrusted shall immediately be subject to the lien of such pledge, mortgage, deed of trust or security instrument without any physical delivery thereof or further act. The lien of such pledge shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise, irrespective of whether such parties have notice of the lien of such pledge. Nothing herein shall be construed to prohibit the Housing Development Fund from selling any property subject to any such pledge, mortgage, deed of trust or security instrument. Such property is not to be sold for less than its fair market value.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-13. Redemption of Notes or Bonds

The Housing Development Fund, subject to such agreements with noteholders or bondholders as may then exist, shall have power, out of any funds available therefor, to purchase notes or bonds of the Housing Development Fund.
If the notes or bonds are then redeemable, the price of such purchase shall not exceed the redemption price then applicable plus accrued interest to the next interest payment date thereon. If the notes or bonds are not then redeemable, the price of such purchase shall not exceed the redemption price applicable on the first date after such purchase upon which the notes or bonds become subject to redemption plus accrued interest to such date. Upon such purchase such notes or bonds shall be canceled.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-14. Disclaimer of Any Liability of State of West Virginia

The state of West Virginia shall not be liable on notes, bonds or other evidences of indebtedness of the Housing Development Fund and such notes, bonds or other evidences of indebtedness shall not be a debt of the State of West Virginia, and such notes, bonds or other evidences of indebtedness shall contain on the face thereof a statement to such effect.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-15. Limitation of Rights Vested in Housing Development Fund by State

The state of West Virginia does hereby pledge to and agree with the holders of any notes or bonds issued under this article, that the state will not limit or alter the rights hereby vested in the Housing Development Fund to fulfill the terms of any agreements made with the holders thereof, or in any way impair the rights and remedies of such holders until such notes or bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses for which the Housing Development Fund is liable in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged. The Housing Development Fund is hereby authorized to include this pledge and agreement of the state in any agreement with the holders of such notes and bonds.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-16. Default in Payment of Principal or Interest

(a) In the event the Housing Development Fund shall default in the payment of principal of or interest on any issue of notes or bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty days, or in the event the Housing Development Fund shall fail or refuse to comply with the provisions of this article or shall default in any agreement made with the holders of any issue of notes or bonds, the holders of twenty-five per centum in aggregate principal amount of the notes or bonds of such issue then outstanding, by instrument or instruments filed in the office of the clerk of the county court of any county in which the Housing Development Fund operates and has an office and acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of such notes or bonds for the purposes herein provided.
(b) Any such trustee upon the written request of the holders of twenty-five per centum in principal amount of such notes or bonds then outstanding shall, in his or its own name, do any one or more of the following:
(1) By civil action or other proceeding, enforce all rights of the noteholders or bondholders, including the right to require the Housing Development Fund to perform its duties under this article;
(2) Bring a civil action upon such notes or bonds;
(3) By civil action or other proceeding, require the Housing Development Fund to account as if it were the trustee of an express trust for the holders of such notes or bonds;
(4) By civil action or other proceeding, enjoin any acts or things which may be unlawful or in violation of the rights of the holders of such notes or bonds;
(5) Declare all such notes or bonds due and payable, and if all defaults shall be made good, then, with the consent of the holders of twenty-five per centum of the principal amount of such notes or bonds then outstanding, annul such declaration and its consequences.
(c) In addition to the foregoing, such trustee shall have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth herein or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights.
(d) Before declaring the principal of any notes or bonds due and payable, the trustee shall first give thirty days' notice in writing to the Housing Development Fund.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-17. Investment in Notes and Bonds

The notes and bonds of the Housing Development Fund are hereby made securities in which all insurance companies and associations, and other persons carrying on an insurance business, all banks, bankers, trust companies, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking business, and other persons, except administrators, guardians, executors, trustees and fiduciaries, who are now or who may hereafter be authorized to invest in bonds or other obligations of the state, may properly and legally invest funds including capital in their control or belonging to them.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-18. Tax Exemption

The Housing Development Fund shall not be required to pay any taxes and assessments to the State of West Virginia, or any county, municipality or other governmental subdivision of the State of West Virginia, upon any of its property or upon its obligations or other evidences of indebtedness pursuant to the provisions of this article, or upon any moneys, funds, revenues or other income held or received by the Housing Development Fund. The notes and bonds of the Housing Development Fund and the income therefrom shall at all times be exempt from taxation, except for death and gift taxes, taxes on transfers, sales taxes, real property taxes and business and occupation taxes.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-19. Operating Loan Fund

(a) The board of directors of the Housing Development Fund may create and establish a special revolving loan fund of moneys made available by contribution or loan, to be known as the operating loan fund and to be governed, administered and accounted for by the directors, officers and managerial staff of the Housing Development Fund as a public purpose trust account separate and distinct from any other moneys, fund or funds owned and managed by the Housing Development Fund.
(b) The purpose for organizing and operating the operating loan fund shall be to provide a source from which the Housing Development Fund may make temporary loans, with or without interest, but with such security for repayment as the Housing Development Fund deems reasonably necessary and practicable; such loans to be used to defray development costs to sponsors of land development for residential housing construction for occupancy by persons and families of low and moderate income or residential housing construction for occupancy by persons and families of low and moderate income which is eligible or potentially eligible for federally insured construction loans, federally insured mortgages or federal mortgages or other public assistance programs or uninsured construction loans or uninsured mortgage loans.
(c) No temporary loans shall be made by the Housing Development Fund from the operating loan fund except in accordance with a written loan agreement which shall include, but not be limited to, the following terms and conditions:
(1) The proceeds of all such loans shall be used only to defray the development costs of such proposed residential housing;
(2) All such loans shall be repaid in full, with or without interest as provided in the agreement;
(3) All repayments shall be made concurrent with receipt by the borrower of the proceeds of a construction loan or mortgage, as the case may be, or at such other times as the Housing Development Fund deems reasonably necessary or practicable; and
(4) Specification of such security for repayments upon such terms and conditions as the Housing Development Fund deems reasonably necessary or practicable to ensure all repayments.
(d) No funds from the operating loan fund shall be used to carry on propaganda, or otherwise attempt to influence legislation.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-20. Authorized Limit on Borrowing

The aggregate principal amount of bonds and notes issued by the Housing Development Fund shall not exceed $1,250,000,000 outstanding at any one time: Provided, That in computing the total amount of bonds and notes which may at any one time be outstanding, the principal amount of any outstanding bonds or notes refunded or to be refunded either by application of the proceeds of the sale of any refunding bonds or notes of the Housing Development Fund or by exchange for any such refunding bonds or notes, shall be excluded.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-20c. Jobs Development Fund

There is hereby created and established a special fund to be designated as the Jobs Development Fund into which the Housing Development Fund shall, effective July 1, 1992, deposit the sum of $10 million. Thereafter, the Housing Development Fund shall have no further duty or obligation to, but may in its sole discretion, deposit additional funds. Effective July 1, 2022, such funds shall be governed, administered, and accounted for by the West Virginia Economic Development Authority established pursuant to 31-15-1
et seq
. of this code as a special purpose account separate and distinct from any other moneys, fund, or funds owned or managed by the authority. The sole and exclusive purpose of such fund shall be to provide a source for distribution from time to time to the jobs investment trust as provided for in 12-7-1
et seq
. of this code. Upon receipt by the authority from time to time of a written requisition from the trust together with a certificate that the funds so requisitioned will be used in accordance with the provisions of 12-7-1
et seq
. of this code and are expected to be expended within 30 days after such disbursement to fund a loan or other investment or to pay the operating expenses of the trust, the authority shall disburse the amount so requisitioned. Until so disbursed, the moneys initially deposited or thereafter from time to time deposited in such fund may be invested and reinvested by the authority as permitted under 31-18-6 of this code.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-21. Prohibition on Funds Inuring to the Benefit of or Being Distributable to Directors, Officers or Private Persons; Transactions Between the Housing Development Fund and Directors or Officers Having Certain Interests in Such Transactions

(a) No part of the funds of the Housing Development Fund, or of the operating loan fund, or of the land development fund, shall inure to the benefit of or be distributable to its directors or officers or other private persons except that the Housing Development Fund shall be authorized and empowered to pay reasonable compensation, other than to the directors, including the chairman, vice chairman and treasurer of the board of directors and the secretary of the board of directors, for services rendered and to make loans and exercise its other powers as previously specified in furtherance of its corporate purpose: Provided, That no such loans shall be made, and no property shall be purchased or leased from, or sold, leased or otherwise disposed of, to any director or officer of the Housing Development Fund.
(b) Notwithstanding any provision contained in paragraph (a) of this section, no loans shall be made by the Housing Development Fund to, and no property shall be purchased or leased from, or sold, leased or otherwise disposed of to, any corporation or other entity in which any officer or director is a stockholder or is otherwise financially interested, unless:
(1) The interest of such director or officer in such transaction is specifically and fully disclosed to the board of directors of the Housing Development Fund at the time it authorizes, approves or ratifies such transaction and the fact and nature of such interest are stated in the minutes of each meeting of the board of directors at which such transaction is considered;
(2) Such transaction is fair and reasonable to the Housing Development Fund; and
(3) In the case of a director, such director abstains from voting or written consent as to the authorization, approval or ratification of such transaction by the board of directors of the Housing Development Fund.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-22. Termination or Dissolution

Upon the termination or dissolution, all rights and properties of the Housing Development Fund, including the Operating Loan Fund, the Land Development Fund, the Mortgage Finance Bond Insurance Fund, and the Affordable Housing Fund, shall pass to and be vested in the State of West Virginia, subject to the rights of bondholders, lienholders, and other creditors.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-23. Services to the State of West Virginia and Its Political Subdivisions

(a) The Housing Development Fund may provide technical, consultative and project assistance services to the State of West Virginia and any of its political subdivisions and is hereby authorized to enter into contracts with the State of West Virginia and any of its political subdivisions to provide such services.
(b) The state of West Virginia or any political subdivision thereof is hereby authorized to enter into contracts with the Housing Development Fund for such services and to pay for such services as may be provided to it.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-23a. Bond Issues Under the Federal Revenue Adjustments Act of 1980

Under subtitle A of Public Law 96-499, which is called the "Mortgage Subsidy Bond Tax Act," a subtitle of the "Revenue Adjustments Act of 1980," this state is permitted to issue up to $200,000,000 per year during the three year life of the act. Pursuant to that act, the Legislature hereby authorizes the West Virginia Housing Development Fund to issue bonds in the aggregate amount of$100,000,000 in the year 1983. County and municipal governments are hereby authorized to issue bonds in the amount of $100,000,000 during the year 1983: Provided, That the allocation to a county or municipality is to be based on a formula using the percentage of the state population residing in the county or municipality based on the 1980 census: Provided, however, That use of the allocation by a county or municipality is conditioned upon such county or municipality providing to the Housing Development Fund an analysis supporting the demand for the bonds to be issued or firm commitments from qualified lenders participating in the program. Each county and municipality shall have until September 30, 1983, to sell bonds allocated under this act, after which time all unused authority is then allocated to the Housing Development Fund. The Housing Development Fund shall determine the manner of reallocation for such unused authority or may itself issue bonds for all or part of the unused authority. Counties and municipalities choosing not to issue bonds may assign any unused authority to another county or municipality upon notification of such action to the Housing Development Fund. Such transfer must result in a sale of bonds by September 30, of that year. Any county or municipality may apply in the manner prescribed by the Housing Development Fund for reallocation or an additional allocation.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-24. Annual Audit; Reports to Joint Committee on Government and Finance; Information to Joint Committee or Legislative Auditor

The Housing Development Fund shall cause an annual audit to be made by an independent certified public accountant of its books, accounts, and records, with respect to its receipts, disbursements, contracts, mortgages, leases, assignments, loans, and all other matters relating to its financial operations, including those of the Operating Loan Fund, the Land Development Fund, and the Mortgage Finance Bond Insurance Fund. The person performing such audit shall furnish copies of the audit report to the commissioner of finance and administration, where they shall be placed on file and made available for inspection by the general public. The person performing such audit shall also furnish copies of the audit report to the Speaker of the House of Delegates, the President of the Senate, and the majority and minority leaders of both houses. The audit report shall be transmitted to the Speaker of the House of Delegates, the President of the Senate, and the majority and minority leaders of both houses of the Legislature electronically. Further, the report shall be provided to the legislative librarian to be posted to the legislative website. No hard copy of the audit report shall be issued; however, upon request a hard copy shall be provided.
In addition to the foregoing annual audit report, the Housing Development Fund shall also render every six months to the Joint Committee on Government and Finance a report setting forth in detail a complete analysis of the activities, indebtedness, receipts, and financial affairs of such fund and the Operating Loan Fund, the Land Development Fund, Affordable Housing Fund, and the Mortgage Finance Bond Insurance Fund. Upon demand, the Housing Development Fund shall also submit to the Joint Committee on Government and Finance or the Legislative Auditor any other information requested by such committee or the Legislative Auditor. The report shall be available electronically only, and no hard copy of the report shall be issued; however, upon request a hard copy shall be provided.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-26. Projects Not to Be Deemed Public Improvements

No project or business facility acquired, constructed, maintained, or financed in whole or in part by the Housing Development Fund shall be deemed to be a "public improvement" within the meaning of the provisions of article five-a, chapter twenty-one of this code, as a result of such financing.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-27. Documentary Materials Concerning Trade Secrets; Commercial, Financial, or Personal Information; Confidentiality

Any documentary material or data made or received by the Housing Development Fund for the purpose of furnishing assistance, to the extent that such material or data consists of trade secrets, commercial, financial or personal information regarding the financial position or business operation of such business or person, shall not be considered public records and shall be exempt from disclosure pursuant to the provisions of chapter twenty-nine-b of this code. Any discussion or consideration of such trade secrets, commercial, financial or personal information may be held by the Housing Development Fund in executive session closed to the public, notwithstanding the provisions of article nine-a, chapter six of this code: Provided, That the Housing Development Fund shall make publicly available the following information regarding executed loans: (1) the name of the debtor, (2) location(s) of the project, (3) amount of the loan or financial assistance provided by the fund, (4) the purpose of the loan or financial assistance, (5) the term, rate, and interest of the loan, and (6) the fixed assets which serve as security for the loan.
2023 West Virginia Code › Chapter 31. Corporations › Article 18. West Virginia Housing Development Fund › §31-18-29. Dissolution of West Virginia Affordable Housing Trust Fund

Upon termination of the West Virginia Affordable Housing Trust Fund, the Housing Development Fund shall provide for the payment of all debts, obligations, or expenses of the Affordable Housing Trust Fund, and all assets remaining in the Affordable Housing Trust Fund shall be transferred to the West Virginia Housing Development Fund.
2023 West Virginia Code › Chapter 31. Corporations › Article 18A. West Virginia Energy Conservation Revolving Loan Fund › §31-18A-2. Legislative Findings; Declaration of Policy and Responsibility; Purpose and Intent of Article

It is hereby determined and declared as a matter of legislative finding: (a) That an energy shortage exists within the State of West Virginia; (b) that the energy shortage is severe in certain areas of the state and may become severe, from time to time, in other areas of the state; (c) that the cost to the consumer for energy usage continues to increase at an accelerated rate; (d) that the energy shortage has produced widespread unemployment, threatening the economic stability of this state; and (e) that these conditions are inimical to the health, welfare and prosperity of all residents of the state and to the sound growth of the state.
It is hereby declared to be the public policy and a responsibility of this state to assist its residents in improving the energy efficiency of their residential dwellings. It is the purpose and intent of the Legislature in enacting this article to provide low interest loans to residents of this state of low and moderate income, who own and occupy single family residential dwellings, as an incentive for the improvement of the energy efficiency of such dwellings.
The Legislature finds that the public policy and responsibility of the state as set forth in this section cannot be effectively attained without the funding, establishment, operation and maintenance of the energy conservation revolving loan fund.
2023 West Virginia Code › Chapter 31. Corporations › Article 18A. West Virginia Energy Conservation Revolving Loan Fund › §31-18A-3. Definitions

As used in this article, unless the context otherwise requires:
(1) "Residential dwelling" means a single family residence located in the State of West Virginia, which it is determined by the Housing Development Fund can be substantially aided in the conservation of energy by the making of improvements financed with a loan under this article;
(2) "Eligible owner of a residential dwelling" means:
(a) Person or persons of low and moderate income who own and occupy a residential dwelling; or
(b) Person or persons of higher income who own and occupy a residential dwelling in such area or areas of this state which are determined by the West Virginia Housing Development Fund, in consultation with the Public Service Commission, by resolution, to be a critical energy shortage area; or
(c) Person or persons who own and occupy a residential dwelling and who because of age or disability are found and determined by the West Virginia Housing Development Fund, by resolution, to require assistance in improving the energy efficiency of such dwellings to insure their health, safety and welfare;
(3) "Housing development fund" means the West Virginia Housing Development Fund created and established by section four, article eighteen, chapter thirty-one of this code;
(4) "Revolving loan fund" means the West Virginia energy conservation revolving loan fund which is created and established by section six of this article;
(5) "Person or persons of low and moderate income" means a person or persons, irrespective of race, creed, national origin or sex, determined by the Housing Development Fund to require such assistance as is made available by this article on account of personal or family income not sufficient to afford to implement or install energy conservation materials or equipment designed to improve the energy efficiency of residential dwellings, and in making such determination the Housing Development Fund shall take into account the following: (a) The amount of the total income of such persons and families for housing energy needs; (b) the size of the family; (c) the cost and condition of the residential dwelling; and (d) the eligibility of such persons or families for federal housing energy conservation assistance of any type based upon low or moderate income basis.
2023 West Virginia Code › Chapter 31. Corporations › Article 18A. West Virginia Energy Conservation Revolving Loan Fund › §31-18A-4. Administration of Revolving Loan Fund by West Virginia Housing Development Fund

The West Virginia energy conservation revolving loan fund, established and authorized by section six of this article, shall be administered by the board of directors of the West Virginia Housing Development Fund, a public corporate body, created and established by section four, article eighteen, chapter thirty-one of this code.
2023 West Virginia Code › Chapter 31. Corporations › Article 18A. West Virginia Energy Conservation Revolving Loan Fund › §31-18A-6. Revolving Loan Fund Created; Purpose; Investment of Funds; Loan Agreements; Expenditures

(a) The board of directors of the Housing Development Fund shall create and establish a special revolving fund of moneys made available by appropriations, grants, contributions, bequests, devises, loan payments, interest and investment income, to be known as the energy conservation revolving loan fund and to be governed, administered and accounted for by the directors, officers and managerial staff of the Housing Development Fund as a special purpose trust account separate and distinct from any other moneys, fund or funds owned and managed by the Housing Development Fund.
(b) The purpose of the energy conservation revolving loan fund shall be to provide a source from which the Housing Development Fund may make loans to eligible owners of residential dwellings.
(c) The Housing Development Fund may invest and reinvest all moneys in the revolving loan fund in any investments authorized by section five of this article, pending the disbursement thereof in connection with loans made pursuant to this article.
(d) The Housing Development Fund may expend any income from loans or investments authorized by this article in payment or reimbursement of all expenses of the Housing Development Fund which, as determined in accordance with procedures approved by the board of directors, are fairly allocable to such financing or activities authorized by this article: Provided, That no funds shall be used to carry on propaganda or otherwise attempt to influence legislation.
2023 West Virginia Code › Chapter 31. Corporations › Article 18A. West Virginia Energy Conservation Revolving Loan Fund › §31-18A-7. Terms and Conditions of Loans From Revolving Loan Fund

No loans shall be made by the Housing Development Fund except to eligible owners of residential dwellings who meet reasonable criteria of credit worthiness as defined by the Housing Development Fund and in accordance with a written loan agreement which shall include, but not be limited to, the following terms and conditions:
(1) No loan shall be made under the provisions of this article, unless an affidavit shall be executed by the eligible owner asserting his title to the residential dwelling and submitted to the Housing Development Fund together with evidence of his source of title;
(2) The proceeds of all such loans shall be used only for financing the cost of improving the energy efficiency of residential dwellings through the installation or upgrading of insulation, storm windows and doors, caulking, weather stripping, heat pumps, or other energy conservation materials or equipment in such dwellings;
(3) All such loans shall be repaid in full over a period of time not to exceed three years and at a rate of interest not to exceed three percent;
(4) All such loans shall be limited to a maximum amount of $2,000 for each residential dwelling: Provided, That in no event shall the amount of the loan exceed the actual cost of materials purchased, or the actual cost of materials and labor furnished or supplied by any person, firm, association, partnership or corporation certified by the Housing Development Fund;
(5) Each such loan shall be evidenced by a negotiable promissory note executed and delivered by the eligible owner or owners and shall be secured by a deed of trust upon the property and dwelling improved by the proceeds of the loan: Provided, That in no event shall a certificate of title, title insurance or other title security be required;
(6) All notes and deeds of trust accepted as security for loans under this article shall be payable to the order of and for the use and benefit of the West Virginia Housing Development Fund;
(7) Payment of the loan proceeds shall be made by the Housing Development Fund jointly to the owner and any person, firm, association, partnership or corporation supplying and furnishing materials or labor and materials upon a determination by the Housing Development Fund and certification by the eligible owner that the workmanship and materials for energy efficiency improvements are satisfactory.
2023 West Virginia Code › Chapter 31. Corporations › Article 18A. West Virginia Energy Conservation Revolving Loan Fund › §31-18A-8. Prohibition on Funds Inuring to the Benefit of or Being Distributable to the Directors or Officers

No part of the funds of the energy conservation revolving loan fund shall inure to the benefit of or be distributable to the directors or officers of the Housing Development Fund except that the Housing Development Fund shall be authorized and empowered to pay reasonable compensation for services rendered and to make loans as previously specified in furtherance of its purposes under this article.
2023 West Virginia Code › Chapter 31. Corporations › Article 18A. West Virginia Energy Conservation Revolving Loan Fund › §31-18A-9. Termination or Dissolution

Upon termination or dissolution of the Housing Development Fund or the energy conservation revolving loan fund, all rights and properties held pursuant to the provisions of this article shall pass to and be vested in the State of West Virginia, subject to the rights of lienholders and other creditors.
2023 West Virginia Code › Chapter 31. Corporations › Article 18A. West Virginia Energy Conservation Revolving Loan Fund › §31-18A-10. Annual Audit

The Housing Development Fund shall cause an annual audit to be made of the energy conservation revolving loan fund by a resident independent certified public accountant of its books, accounts, and records, with respect to its receipts, disbursements, contracts, mortgages or deeds of trust, assignments, loans and all other matters relating to its financial operations of the revolving loan fund. The person, firm, association, partnership or corporation performing such audit shall furnish copies of the audit report to the commissioner of finance and administration, where they shall be placed on file and made available for inspection by the general public.
2023 West Virginia Code › Chapter 31. Corporations › Article 18A. West Virginia Energy Conservation Revolving Loan Fund › §31-18A-11. Severability Clause

If any provision of this article or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of the article which can be given effect without the invalid provision or application, and to this end the provisions of this article are severable.
2023 West Virginia Code › Chapter 31. Corporations › Article 18B. Mortgage and Industrial Development Investment Pool › §31-18B-3. Housing Development Fund to Make Available State Mortgage and Industrial Development Investment Pool Funds for Mortgages on Single-Family Residential Units; Limitations Upon Type and Size of Such Mortgages

(a) The Housing Development Fund shall make available at the interest rate specified in section six of this article, one half of the moneys from the state mortgage and industrial development investment pool for investment in mortgages on single-family residential units, twenty-five percent of which shall be designated and restricted, for a period of twelve months, to new and never occupied single-family residential units which shall, if not so used, revert to investments in other nonrestricted mortgages. For the purposes of this article, a single-family residential unit means a detached unit on a separate piece of land used solely for the housing of one family, and only one family, which family owns the dwelling and the land or has a mortgage thereupon, and also includes townhouses or row houses used by a family as a residential dwelling, and owned by the family.
(b) Loans made by the Housing Development Fund from the state mortgage and industrial development investment pool are to be made solely for the purpose of purchasing real estate upon which is situate a single-family unit, or for the construction of a single-family residential unit upon real estate by the buyer of such unit to provide housing for only himself and his family, or for the purpose of the payment of a loan theretofore made for the construction of a single-family residential unit, or for the purpose of purchasing real estate upon which is situate a single-family residential unit and making additions or improvements thereto: Provided, That none of these loans shall be used to refinance existing loans, except construction loans or loans made to such units situated in a federal disaster area as so declared by the Federal Emergency Management Agency. Each such loan must be secured by a first mortgage or first deed of trust upon such real property. Such mortgage or deed of trust shall be held by the Housing Development Fund or its assignee.
(c) Loans made pursuant to the provisions of this section may not exceed eighty-five percent of the appraised value of the real estate and single-family residential unit: Provided, That if the loan is for the purchase of a single-family residential unit for the purpose of making additions and improvements thereto, such loan shall be no more than eighty-five percent of the appraised value of the property including such improvements when made, as estimated by an appraiser retained by the fund.
(d) In no event may a loan obtained pursuant to this section be for an amount greater than $75,000.
(e) Mortgage loans made pursuant to the provisions of this section shall be insured for at least twenty percent of the amount of the loan by either an agency of the federal government or a private mortgage insurance company licensed in the state.
2023 West Virginia Code › Chapter 31. Corporations › Article 18B. Mortgage and Industrial Development Investment Pool › §31-18B-4. West Virginia Economic Development Authority to Make Available State Mortgage and Industrial Development Investment Pool Funds for Investment in Industrial Development; Amount of Funds Available; Interest Rate Specified

(a) The West Virginia economic development authority may use for any investments authorized by sections seven and seven-a, article fifteen, chapter thirty-one of this code, up to one half of the funds of the state mortgage and industrial development investment pool: Provided, That the economic development authority shall deposit with the treasurer of the state for the credit of the state mortgage and industrial development pool such notes, security interests or bonds issued by the economic development authority evidencing the indebtedness of the authority to the pool.
(b) Such notes, security interests or bonds issued by the authority shall be secured by security equal to or better than one of the three highest rating grades by an agency which is nationally known in the field of rating corporate securities: Provided, That notes, security interests or bonds evidencing indebteness of $2 million or less may be secured by a letter of credit guarantee issued by a bank having an unsecured legal lending limit greater than $1 million.
(c) The interest rate and the maturity dates of the notes, security interests or bonds held by the treasurer for the state mortgage and industrial development investment pool shall be determined by the economic development authority according to the provisions of section eleven, article fifteen, chapter thirty-one of this code: Provided, That such interest rate shall not be less than the prior four-week auction average yield for thirteen-week treasury bills and such rate shall be valid for a term of not more than three years: Provided, however, That the economic development authority may determine a variable rate of interest to be adjusted no less frequently than semiannually, and such variable interest rate shall not be less than the prior four-week auction average yield for thirteen-week treasury bills.