reglab/statecodes huggingface dataset:
2023 West Virginia Code › Chapter 31. Corporations › Article 18B. Mortgage and Industrial Development Investment Pool › §31-18B-5. Reversion to State Board of Investments of Money Not Used for Mortgages

Should the Housing Development Fund or its agents fail to loan all or a portion of the funds made available pursuant to section two of this article within one year of the date those funds become a part of the state mortgage and industrial development investment pool, then that portion of the funds not invested shall revert to the exclusive control of the state Board of Investments and shall no longer be required to be available to the state mortgage and industrial development investment pool.
2023 West Virginia Code › Chapter 31. Corporations › Article 18B. Mortgage and Industrial Development Investment Pool › §31-18B-6. Interest Rate Charged by Housing Development Fund; Other Charges; Points

(a) The interest charged for mortgage loans obtained according to the provisions of section three of this article shall not exceed the monthly index of long-term United States government bond yields for the calendar month preceding the date the commitment for such loan is made: Provided, That in no event shall the interest rate be more than twelve percent per annum, nor less than ten percent per annum. For the purposes of this section, the monthly index of long-term United States government bond yields means the monthly unweighted average of the daily unweighted average of the closing bid yield quotations in the over-the-counter market for all outstanding United States treasury bond issues which mature twenty years or more from the date the index is calculated, but shall not include such bonds as are redeemable at par for payment of federal estate taxes.
(b) The Housing Development Fund may charge such points to the seller of the real estate covered by the first mortgage deed or deed of trust as are necessary to offset costs of making the loan, including, but not limited to, the costs of processing the loan application and the costs of interest charges incurred between the commitment date of the loan and the date the property is actually purchased: Provided, That such points charged shall not exceed two points and shall be charged to the seller: Provided, however , That the real estate broker shall, from his or her commission, pay an amount equal to one point. The seller shall furnish to the fund satisfactory proof that he or she has not within the two years preceding the contract of the sale offered the house to the buyer for less than the sale price provided in the contract or sale between them. The proceeds from such points paid by the seller and broker to the Housing Development Fund, less actual Housing Development Fund expenses up to one half of one point, and less an amount equal to the first year cost for mortgage insurance required by section three of this article, shall be transmitted to the state Board of Investments as provided in section ten of this article.
2023 West Virginia Code › Chapter 31. Corporations › Article 18B. Mortgage and Industrial Development Investment Pool › §31-18B-7. Term of Mortgage Loans; Renegotiation After Ten Years; Promulgation of Legislative Rules

(a) The term of the loans made pursuant to the provisions of this article shall be not less than twenty nor more than thirty years and shall be assumable by a person financially qualified according to the provisions of section eight of this article.
(b) The Housing Development Fund may include in the first mortgage agreement or deed of trust a provision which allows it to renegotiate the rate of return after ten years. Such provision may be written to allow the Housing Development Fund to increase the interest rate for the remainder of the loan to the then monthly index of long-term United States government bond yields as defined in section six of this article for the calendar month preceding registration, as defined in section six of this article, plus two percent per annum: Provided , That the maximum renegotiated rate may not exceed fourteen percent per annum: Provided, however , That if the holder of the mortgage presents evidence that his average gross income for the two years prior to the renegotiation is no more than one sixth greater than his income at the time the loan was made, then the loan shall not be renegotiated.
(c) The Housing Development Fund shall propose legislative rules according to the provisions of chapter twenty-nine-a of this code to implement this section.
2023 West Virginia Code › Chapter 31. Corporations › Article 18B. Mortgage and Industrial Development Investment Pool › §31-18B-8. Persons Eligible for Loans From the State Mortgage and Industrial Development Investment Pool; Housing Development Fund to Have Sole Discretion in Determining Who Is to Receive Loans; Discrimination Prohibited

(a) Any person is entitled to receive a first mortgage or deed of trust from the state mortgage and industrial development investment pool for real estate situated within the boundaries of the state if the person's family income for each of the two years preceding the commitment year is $50,000 or less: Provided, That such person must be purchasing the real estate for use as his or her single- family residential unit as defined in section three of this article: Provided, however, That such person is qualified for the loan as provided in this section.
(b) The Housing Development Fund shall have sole discretion in determining who is qualified to receive mortgage loans from the state mortgage and industrial development investment pool, subject to the provisions of section fourteen of this article. The Housing Development Fund shall establish by interpretive rule promulgated pursuant to the provisions of chapter twenty-nine-a guidelines for the exercise of this discretion.
(c) The Housing Development Fund shall issue mortgage loans to such qualified buyers on the basis of the first of such buyers in the order in which the applications are approved.
(d) In view of the uncertain economic conditions prevailing, the fund may propose legislative rules which, if promulgated, suspend all or any of the provisions of this section.
(e) The Housing Development Fund shall not discriminate against buyers on the basis of race, sex, national origin, religion or location in the state in which the buyer resides.
2023 West Virginia Code › Chapter 31. Corporations › Article 18B. Mortgage and Industrial Development Investment Pool › §31-18B-9. Housing Development Fund May Contract With Private Institutions to Place and Service Loans or May Itself Provide Such Servicing; Increasing Interest Rate and Payment of a Portion of Interest to Cover Cost of Servicing

(a) The Housing Development Fund may contract with private mortgage companies, savings and loan associations or banks to provide for the placement, origination and servicing of the mortgages described in this article or the Housing Development Fund may provide such servicing: Provided, That such institutions must be licensed to do business in West Virginia and, in the case of a savings and loan, or a bank, must be under the supervision of the department of banking of this state as provided in chapter thirty-one-a of this code or must be a national bank or a federally insured savings and loan. Such institutions shall follow the same restrictions as the Housing Development Fund, and shall act only as the agent for such.
(b) Notwithstanding the maximum interest rate specified in section six of this article, the Housing Development Fund is authorized to increase the interest rate, up to one half of one percent over the rate provided in section six to pay the cost of placing and servicing the mortgages.
(c) If the Housing Development Fund so determines, one of the points provided for in section six of this article may be paid to the private mortgage company, bank or savings and loan to cover the expense of origination of the loan.
2023 West Virginia Code › Chapter 31. Corporations › Article 18B. Mortgage and Industrial Development Investment Pool › §31-18B-10. Disposition of Interest Income and Repayments of Principal

(a) The interest received from mortgage payments made pursuant to the provisions of this article shall be transmitted to the state Board of Investments monthly.
(b) Such interest shall be treated by the state Board of Investments as an investment return, and shall be credited to the workers' compensation account or other appropriate accounts in the same manner as interest received on other investments.
(c) The funds from repayment of principal of mortgage loans shall be reinvested by the Housing Development Fund according to the provisions of section five of this article. Funds which have been repaid to the state mortgage and industrial development investment pool and not reinvested in mortgages within one year shall revert to the sole control of the state Board of Investments and shall no longer be considered part of the state mortgage and industrial development investment pool.
2023 West Virginia Code › Chapter 31. Corporations › Article 18B. Mortgage and Industrial Development Investment Pool › §31-18B-12. Rules of Construction and Interpretation for Prompt Implementation of This Article

It is the intent of the Legislature that the Housing Development Fund shall proceed with the implementation of this article promptly upon the effective date of this article under the provisions of this section and of Enrolled Committee Substitute for Senate Bill No. 409, enacted at the regular session of the Legislature in the year one thousand nine hundred eighty-two.
Notwithstanding the provisions of sections seven and eight of this article for the promulgation of legislative rules and notwithstanding any contrary provisions of chapter twenty-nine-a of this code:
(1) The Housing Development Fund may promulgate emergency rules pursuant to the provisions of section fifteen, article three, chapter twenty-nine-a of this code to implement this article. Any such emergency rule, whether procedural, interpretive or legislative, shall be effective upon filing thereof in the state register. No findings of circumstances to justify such emergency rules shall be required; such emergency rules shall be deemed to have been promulgated to comply with a time limitation established by this code. No action shall lie for de novo or other review of such rule to contest or question the existence of circumstances justifying the promulgation of an emergency rule nor to challenge the validity of such rule because of its classification as an emergency rule: Provided, That no such rule shall suspend the provisions of section eight of this article.
(2) Any deed, deed of trust, mortgage or other instrument or document utilized in connection with any transaction arising under or affected by this article may contain provisions related to any emergency rule promulgated under this section and any extension or amendment thereof and shall, to the extent the instrument or document so provides, fully bind and be enforceable by the parties thereto as if such rule had been properly made effective under law and whether or not such rule thereafter expires or is revoked: Provided, That no such provision or agreement under this subdivision shall suspend the provisions of this article or exceed its limitations.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-2. Legislative Findings; Purpose and Intent of Article

It is hereby found, determined and declared as a matter of legislative finding: (a) That veterans, who have sacrificed in the service of their country valuable years of their lives and considerable earning potential, constitute a readily identifiable and particularly deserving segment of this state's population; (b) that by making additional housing loans available to eligible veterans, limited below-market rate private home loan funds will be more readily available to those qualified to receive such loans; and (c) that the provisions of the Qualified Veterans Housing Bond Amendment of 1984 authorize the Legislature to enact legislation to establish a fund for the purpose of making loans to qualified veterans.
It is hereby declared to be the public policy of this state to assist its qualified veterans in financing owner-occupied residences. It is the purpose and intent of the Legislature in enacting this article to provide loans to qualified veterans of this state to finance owner-occupied single-family residential dwellings, as a recognition of their sacrifice and service.
The Legislature finds that the public policy of the state as set forth in this section cannot be effectively attained without the funding, establishment, operation and maintenance of the veterans' mortgage fund, and further, that although federal law now effectively prohibits the issuance of tax-exempt bonds to finance the operation of the veterans' mortgage fund program, at such time as federal law is amended so as to permit the issuance of such bonds, because of the critical need to provide such financing for veterans and because of the possibility that Congress might at any time thereafter again take action which would prohibit the operation of the veterans' mortgage fund program, an emergency will exist, requiring that any procedural, interpretive or legislative rules determined by the West Virginia Housing Development Fund to be necessary for the administration of the veterans' mortgage fund program, be promulgated by the West Virginia Housing Development Fund as emergency rules, in accordance with and subject to the provisions of section fifteen, article three, chapter twenty-nine-a of this code. This article authorizes the issuing and selling of general obligation bonds of the state secured by the general credit and taxing power of the state to be issued to provide financing for mortgage loans to qualifying veterans.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-3. Definitions

As used in this article, unless the context otherwise requires:
(1) "Bond" means any veterans' mortgage bond, a state general obligation bond issued pursuant to this article;
(2) "Housing development fund" means the West Virginia Housing Development Fund created and established under article eighteen, chapter thirty-one of this code;
(3) "Lending institution" means a bank, trust company, savings bank, national banking association, savings and loan association, building and loan association, mortgage bank, mortgage company, credit union, life insurance company or other financial institution that customarily provides service or aids in the financing of mortgages on single-family residential housing which has been approved for participation in the program by the Housing Development Fund; the term includes a holding company for any of the foregoing;
(4) "Loan" means a veterans' mortgage loan to finance the purchase, construction, improvement or rehabilitation of a residential dwelling, made or acquired by the Housing Development Fund under this article, in the name of and on behalf of the state, secured by a deed of trust or mortgage on such residential dwelling;
(5) "Outstanding bond" means a bond which has been issued pursuant to this article and has not been repaid, but does not include bonds which are to be paid from designated moneys or securities which are irrevocably held in trust solely for such purpose;
(6) "Program" means the veterans' mortgage fund program administered by the Housing Development Fund pursuant to this article;
(7) "Residential dwelling" means a single-family residence located in the state, in which a veteran intends to reside as his or her principal residence;
(8) "State" means the State of West Virginia; and
(9) "Veteran" means a person who served in the active military, naval or air service, and who was discharged or released therefrom under conditions other than dishonorable.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-4. Veterans' Mortgage Fund Created; Purpose

(a) There is hereby created and established under the jurisdiction of the Office of the Treasurer of the state a veterans' mortgage fund. All moneys resulting from the sale of bonds pursuant to this article shall be credited to such fund.
(b) For the purpose of creating and maintaining a fund to provide loans for veterans in accordance with this article, the state shall issue its negotiable bonds to provide funds for a veterans' mortgage fund loan program to be made pursuant to this article.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-5. Money and Interests Included in the Veterans' Mortgage Fund

(a) The veterans' mortgage fund shall include:
(1) Any interest of the state in all loans made to veterans pursuant to the program including any guaranty or insurance thereon or on the homes or any mortgage-backed certificates or like instruments taken in exchange therefor, until the principal amount of such loans together with any interest and penalties due have been received by the state;
(2) The proceeds from the issuance and sale of such bonds;
(3) Income, rents and any other pecuniary benefits received by the state as a result of making or acquiring veterans' mortgage loans;
(4) Sums received by way of indemnity or forfeiture for the failure of any bidder for the purchase of any such bonds to comply with his bid and accept and pay for such bonds;
(5) Interest received from investments of any such money including earnings received on bond proceeds prior to disbursement for the purchase of loans; and
(6) Any equitable interest in properties encumbered under this program.
(b) Money in the veterans' mortgage fund shall be deposited in the State Treasury to the credit of the veterans' mortgage fund.
(c) Money in the fund shall be held in the following accounts:
(1) A loan account, into which shall be deposited the proceeds from the issuance and sale of bonds, from which loans shall be made or repaid; and
(2) A general account, into which shall be deposited all other money properly credited to the fund, from which shall be paid the principal of and interest on the bonds, and all expenses relating to the administration and operation of such fund.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-6. Veterans' Mortgage Bonds; Amount; Terms of Bonds; When May Issue

(a) Bonds of the state, under authority of the Qualified Veterans Housing Bond Amendment of 1984, are hereby authorized to be issued and sold for the sole purpose of raising funds for the veterans' mortgage fund, to be used for financing loans. No such bonds may be issued, however, unless they are part of an issue described in a written declaration executed by the Governor and filed in the office of the Secretary of State. The aggregate annual amount payable on all such bonds, including both principal and interest, shall be limited such that the debt service accruing on such bonds in any fiscal year shall not exceed $35 million exclusive of any amounts payable on such bonds for which moneys or securities have been irrevocably set aside and dedicated solely for the purpose of such payment. The total proceeds of each bond sale shall be deposited in the manner hereinafter provided and shall be earmarked, designated and used for the purposes of this article.
(b) The description contained in any declaration with respect to an issue of bonds hereunder shall specify that the veterans' mortgage fund program is to be financed through the issuance of the bonds, the estimate of the cost of loans, the aggregate amount of outstanding bonds which may at any point in time constitute a part of such issue, the time or times and manner of sale of such bonds, and the particular terms of such bonds, or the manner in which such terms will be determined, including the date or dates, time or times of issuance, time or times and amount or amounts of maturity or maturities, specified or variable rate or rates of interest, the form of such bonds and provisions for registration or exchange, if applicable, the method and manner of payment of such bonds, the provisions, if any, for redemption or renewal of such bonds, and specifying such other similar matters as the Governor may determine to be necessary and appropriate in connection with the sale and issuance of the bonds.
(c) Such bonds shall be executed by the Governor under the great seal of the state, attested by the signature of the Secretary of State, and the coupons, if any, attached thereto shall be authenticated by the signature of the Governor. Such signatures may be by facsimile signature, but, unless provision has been made for the authentication thereof by a bond registrar determined to be responsible by the Governor, each bond shall bear at least one manual signature.
(d) Prior to the preparation of definitive bonds, the Governor may under like restrictions issue temporary bonds with or without coupons, exchangeable for definitive bonds upon the issuance of the latter. Such bonds may be issued without any other proceedings, or the happening of any other conditions or things than those proceedings, conditions or things which are specified and required by this article or by the Constitution of the state.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-7. Pledge of Credit of State and Security for Bonds

(a) The state covenants and agrees with the holders of the bonds issued pursuant hereto as follows: (1) That such bonds shall constitute a direct and general obligation of the state; (2) that the full faith and credit of the state is hereby pledged to secure the payment of the principal of and interest on such bonds; (3) that an annual state tax shall be collected in an amount sufficient to pay, as it may accrue, the interest on such bonds and the principal thereof; and (4) that such tax shall be levied in any year only to the extent that the moneys in the veterans' mortgage fund irrevocably set aside for and applied to the payment of the interest on and principal of said bonds becoming due and payable in such year are insufficient therefor.
(b) In addition, in connection with any issue of bonds hereunder, the Governor may pledge or assign as security for the payment of the principal of or interest on such bonds, any of the following:
(1) The proceeds of any such bonds pending their use or of bonds which may be issued to renew such bonds;
(2) The loans made with the proceeds of such bonds including all collateral security for the payment of such loans;
(3) The proceeds of any mortgage or other insurance or guaranty or letters of credit or similar arrangements undertaken in connection with the financing of the program; and
(4) Any other assets, including certificates of any entity approved by the Governor received in exchange for loans pursuant to subdivision (k), section sixteen of this article, specifically designated for the purpose of paying any such principal or interest.
(c) Any such pledge or assignment by the Governor shall be valid and binding from the time it is made, and the lien of such pledge or assignment shall be enforceable and need not be perfected by delivery or any filing or further act. Such lien shall be valid 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 or assignment.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-8. Legality for Investment; Tax Exemption

(a) The bonds 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.
(b) The bonds and the income therefrom shall at all times be exempt from taxation.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-9. Listing by Auditor; Agent for Registration

All bonds issued under this article shall be separately listed by the Auditor of the state in books provided for the purpose, in each case giving the date, number, character and amount of obligations issued, and in case of registered bonds, the name and post office address of the person, firm or corporation registered as the owner thereof, but the Governor may, in his declaration with respect to such bonds, designate an agent within or without the state for the purpose of registration of transfer of such bonds.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-10. Veterans' Loan Payments Used to Pay Bonds and Interest; Investment of Remainder

(a) There shall be paid into the general account in the veterans' mortgage fund all money from any and all loan payments made by veterans under the terms of the loans for the purpose of paying the interest on and principal of such bonds and from any other source whatsoever which is made liable by law or contract for the payment of the principal of such bonds or the interest thereon.
(b) Moneys from time to time in the general account in the fund in excess of the amount currently required for the payment of the due principal of, or interest on, the bonds, and the current expenses of the fund shall be invested by the State Treasurer at the direction of the Governor.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-11. Sale by Governor; Minimum Price

The Governor shall sell the bonds herein authorized at such time or times as he may determine necessary to provide funds for the making or purchase of loans, as herein provided, and after consultation with the Housing Development Fund regarding the status and requirements of the program and subject to the limitations contained in this article. All sales shall be at not less than at such price or prices as he shall determine to be in the best interest of the state.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-14. Approval and Payment of All Necessary Expenses

All necessary expenses, including legal expenses incurred in the execution of this article, to the extent such expenses are not otherwise paid out of the veterans' mortgage fund, shall be paid out of the General Fund of the state on warrants of the Auditor of the state drawn on the State Treasurer.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-16. Powers and Duties of Housing Development Fund Regarding Veterans' Mortgage Fund

The West Virginia Housing Development Fund is hereby authorized and empowered:
(a) To make available the moneys from the veterans' mortgage fund for the making or purchase of loans in the name of and on behalf of the state;
(b) To make and execute contracts, including contracts for the purchase of bond or pool insurance, releases, compromises, compositions and other instruments necessary or convenient for the exercise of its powers, or to carry out its purposes under this article;
(c) To impose and collect reasonable fees and charges in connection with the making, purchase and servicing of loans, which fees and charges shall be limited to the amounts required to pay the expenses related to the administration of the program, including operating and administrative costs and any bond guaranty fees;
(d) To employ such agents and consultants as it deems advisable and to fix their compensation and prescribe their duties with respect to the program;
(e) To acquire, hold and dispose of personal and real property for its purposes under this article;
(f) To enter into agreements or other transactions with any federal or state agency, any lending institution or any other person, partnership, corporation, association or organization;
(g) To sell, at public or private sale, any loan or other negotiable instrument or obligation securing a loan made under the provisions of this article;
(h) To make loans or to purchase loans from lending institutions in the manner and under the terms and conditions prescribed by this article;
(i) To enter into agreements with lending institutions and other entities for advertising the program, for taking applications for loans, for originating loans in the name of the state or in the name of such lending institution, for supervising the execution of promissory notes, deeds of trust and other documents and agreements associated with the program, for accepting and transmitting loan payments and otherwise servicing loans, for the operation and administration of any other aspect of the program or to operate and administer any and all aspects of the program;
(j) To reimburse itself or to pay such lending institutions or other entities pursuant to any such agreements for any reasonable and necessary fees and expenses incurred in the operation and administration of the program; and
(k) To exchange loans for certificates issued by an entity approved by the Governor for amounts and on terms and conditions acceptable to the Governor.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-17. Terms and Conditions of Loans From Veterans' Mortgage Fund

No loans shall be made or acquired by the Housing Development Fund except loans to veterans who meet reasonable criteria of creditworthiness as defined by the Housing Development Fund and in accordance with the following terms and conditions, among other terms and conditions which the Housing Development Fund shall require that:
(a) No loan shall be made unless an affidavit shall be executed by the veteran establishing his eligibility and submitted to the Housing Development Fund together with evidence of his or her eligible status;
(b) The proceeds of all loans shall be used only for financing the purchase of residential dwellings by veterans;
(c) All loans shall be repaid in full over a term not to exceed thirty years plus a reasonable construction period in the case of a construction loan, and at a rate of interest determined by the Housing Development Fund, which may set the interest rate to provide a margin over the rate paid on the bonds issued under this article. The difference between the interest rate on the loans and the interest rate on such bonds may be used in whole or in part to defray the expense of administering the program;
(d) The principal amount of each loan shall be limited to the appraised value of the residential dwelling;
(e) Each loan shall be evidenced by a negotiable promissory note executed and delivered by the veteran and shall be secured by a first lien deed of trust upon the residential dwelling financed by the proceeds of the loan, subject only to such exceptions as shall be acceptable to the Housing Development Fund; and
(f) 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 state.
The Housing Development Fund is hereby empowered and authorized to propose and promulgate such rules and regulations as it determines are necessary or desirable in the administration of the program, including procedural, interpretive, legislative and emergency rules.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-18. Prohibition of Funds Inuring to the Benefit of or Being Distributable to the Directors or Officers

No part of the funds of the veterans' mortgage fund shall inure to the benefit of or be distributable to the directors or officers of the Housing Development Fund or other private persons 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: Provided, That no such loans shall be made to 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.
2023 West Virginia Code › Chapter 31. Corporations › Article 18C. Veterans' Mortgage Fund › §31-18C-19. Annual Audit

The Housing Development Fund shall cause an annual audit to be made by an independent certified public accountant of the books, accounts and records of the program, and with respect to the receipts, disbursements, contracts, mortgages or deeds of trust, assignments, loans and all other matters relating to its operation of the program. The person, firm, association, partnership or corporation performing such audit shall furnish copies of the audit report to the treasurer, where such audit report shall be placed on file and made available for inspection by the general public.
2023 West Virginia Code › Chapter 31. Corporations › Article 18E. West Virginia Land Reuse Agency Authorization Act › §31-18E-2. Legislative Findings

The Legislature finds and declares that:
(1) Strong communities are important to the social and economic vitality of this state. Whether urban, suburban or rural, many communities are struggling to cope with vacant, abandoned and tax-delinquent properties.
(2) Citizens of this state are affected adversely by vacant, abandoned and tax-delinquent properties, including properties which have been vacated or abandoned due to mortgage foreclosure.
(3) Vacant, abandoned and tax-delinquent properties impose significant costs on neighborhoods, communities, municipalities and counties by lowering property values, increasing fire and police protection costs, decreasing tax revenues and undermining community cohesion.
(4) Vacant, abandoned and tax-delinquent properties contribute to blight, invite crime and pests and provide unsafe play spaces.
(5) There is an overriding public need to confront the problems caused by vacant, abandoned and tax-delinquent properties through the creation of new tools to enable municipalities and counties to turn vacant, abandoned and tax-delinquent spaces into vibrant places.
(6) Land reuse agencies, often called land banks in other jurisdictions, are one of the tools that municipalities and counties may use to facilitate the return of vacant, abandoned and tax-delinquent properties to productive use.
2023 West Virginia Code › Chapter 31. Corporations › Article 18E. West Virginia Land Reuse Agency Authorization Act › §31-18E-3. Definitions

As used in this article:
(1) “Board” means the board of directors of a land reuse agency;
(2) “Deconstruct” means to attempt to remove salvageable pieces of a housing unit prior to or as part of demolition or renovation;
(3) “Financial institution” means a bank, savings association, operating subsidiary of a bank or savings association, credit union, association licensed to originate mortgage loans or an assignee of a mortgage or note originated by such an institution;
(4) “Land reuse agency” means a public body established under this article;
(5) “Land reuse jurisdiction” means: (A) A county or municipality in this state; or (B) two or more municipalities or counties that enter into an intergovernmental cooperation agreement to establish and maintain a land reuse agency;
(6) “Municipal land bank” means a department or agency of a municipality, or an entity lawfully created by a municipality, engaged in activities designed to address issues related to vacant, abandoned and tax-delinquent real property, including but not limited to, the purchase, rehabilitation, improvement or sale of such properties for the purpose of eliminating blight and returning those properties to productive use.
(7) “Municipality” means a municipality as defined in section two, article one, chapter eight of this code; and
(8) “Real property” means all lands, including improvements and fixtures on them and property of any nature appurtenant to them or used in connection with them and every estate, interest and right, legal or equitable, in them, including terms of years and liens by way of judgment, mortgage or otherwise, and indebtedness secured by the liens.
2023 West Virginia Code › Chapter 31. Corporations › Article 18E. West Virginia Land Reuse Agency Authorization Act › §31-18E-4. Creation and Existence

(a) Authority. -- A land reuse jurisdiction may elect to create a land reuse agency by the adoption of an ordinance to create a binding legal obligation. The ordinance must specify the type of entity created and the following:
(1) The name of the land reuse agency;
(2) The number of members of the board;
(3) The names of individuals to serve as initial members of the board;
(4) The qualifications, manner of selection or appointment and terms of office of members of the board;
(5) The manner by which residents will be provided an opportunity to have input into the land reuse agency decision-making process; and
(6) Additional terms and conditions the land reuse jurisdiction deems reasonable and necessary for operation of the land reuse agency that are not inconsistent with this article.
(b) Filing. -- The governing body of the land reuse jurisdiction which creates a land reuse agency shall file a copy of the ordinance with the West Virginia Housing Development Fund and with the Secretary of State. After receipt of the ordinance, the Secretary of State shall issue the appropriate documentation indicating the formation of the entity.
(c) Combinations. -- (1) The authority under subsection (a) of this section may be exercised in combination pursuant to an intergovernmental cooperation agreement by:
(A) More than one land reuse jurisdiction; or
(B) A land reuse jurisdiction and one or more municipalities or counties.
(2) If a land reuse agency is established under subdivision (1) of this subsection, the intergovernmental cooperation agreement must specify matters identified in subsection (a) of this section.
(d) Limitation. -- Except as set forth in subsection (c) of this section, if a county establishes a land reuse agency, the land reuse agency may acquire real property only in those portions of the county located outside of the geographical boundaries of any other land reuse agency established by another land reuse jurisdiction located partially or entirely within the county.
(e) Legal status of land reuse agency. -- A land reuse agency:
(1) Is a public body corporate and politic, exercising public and essential governmental functions, and having all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this article; and
(2) Exists until terminated and dissolved under section fourteen of this article.
(f) Collaboration. -- A land reuse agency, a political subdivision and another municipal entity may enter into an intergovernmental cooperation agreement relative to the operations of a land reuse agency.
2023 West Virginia Code › Chapter 31. Corporations › Article 18E. West Virginia Land Reuse Agency Authorization Act › §31-18E-6. Staff of the Land Reuse Agency

(a) Employees. -- A land reuse agency may employ or enter into a contract for an executive director, counsel and legal staff, technical experts and other individuals and may determine the qualifications and fix the compensation and benefits of those employees.
(b) Contracts. -- A land reuse agency may enter into a contract with a municipality or county for:
(1) The municipality or county to provide staffing services to the land reuse agency; or
(2) The land reuse agency to provide staffing services to the municipality or county.
2023 West Virginia Code › Chapter 31. Corporations › Article 18E. West Virginia Land Reuse Agency Authorization Act › §31-18E-11. Financing of Land Reuse Agency Operations

(a) General rule. -- A land reuse agency may receive funding through grants and loans from:
(1) The federal government;
(2) The state;
(3) A municipality or county;
(4) The land reuse jurisdiction which created the land reuse agency; and
(5) Private or other public sources.
(b) Funding. -- A land reuse agency may receive and retain payments for services rendered, for rents and leasehold payments received, for consideration for disposition of real and personal property, for proceeds of insurance coverage for losses incurred, for income from investments and for an asset and activity lawfully permitted to a land reuse agency under this article.
(c) Allocated real property taxes. -- (1) A taxing jurisdiction may authorize the remittance or dedication of a portion of real property taxes collected pursuant to the laws of this state to a land reuse agency on real property conveyed by a land reuse agency.
(2) Allocation of property tax revenues in accordance with this subsection, if authorized by the taxing jurisdiction, begins with the first taxable year following the date of conveyance and continues for a period of up to five years and may not exceed a maximum of fifty percent of the aggregate property tax revenues generated by the property.
(3) Remittance or dedication of real property taxes include the real property taxes of a county board of education only if the county board of education enters into an agreement with the land reuse agency for the remittance or dedication.
2023 West Virginia Code › Chapter 31. Corporations › Article 18E. West Virginia Land Reuse Agency Authorization Act › §31-18E-13. Public Records and Public Access

(a) Public records. -- A board shall keep minutes and a record of its proceedings.
(b) Public access. -- A land reuse agency is subject to article nine-a, chapter six of this code, relating to open meetings, and chapter twenty-nine-b of this code, relating to public records.
2023 West Virginia Code › Chapter 31. Corporations › Article 18E. West Virginia Land Reuse Agency Authorization Act › §31-18E-14. Dissolution of Land Reuse Agency

(a) General rule. -- A land reuse agency may be dissolved as a public body corporate and politic upon compliance with all of the following:
(1) Sixty calendar days advance written notice of consideration of a resolution to request dissolution must be:
(A) Given to the land reuse jurisdiction which created the land reuse agency;
(B) Published in a local newspaper of general circulation; and
(C) Sent by certified mail to the trustees of outstanding bonds of the land reuse agency;
(2) Satisfaction of all outstanding liabilities; and
(3) Approval of a resolution requesting dissolution, pursuant to subdivision (3), subsection (h), section five of this article.
(b) Authority. -- Upon receipt of a proper resolution described in subsection (a) of this section, the land reuse jurisdiction which created the land reuse agency may dissolve the land reuse agency by adoption of an ordinance or order. If approved, the governing body of the land reuse jurisdiction which created the land reuse agency shall file a certified copy of the ordinance or order with the Secretary of State and notify the West Virginia Housing Development Fund of the dissolution of the land reuse agency. The Secretary of State shall cause the termination of the existence of the land reuse agency to be noted on the record of incorporation. Upon the filing, the land reuse agency shall cease to function.
(c) Transfer of assets. -- Upon dissolution of the land reuse agency, real property, personal property and other assets of the land reuse agency become the assets of the municipality in which the property is located or the county in which the property is located, if it is not within a municipality. The following apply:
(1) Personal property, including financial assets, of the land reuse agency shall be divided among participating land reuse jurisdictions in proportion to the population of each jurisdiction.
(2) The municipality in which real property is located or the county in which the property is located, if it is not within a municipality, shall approve the transfer of title to the municipality or county.
(d) Multiple jurisdictions. -- If multiple land reuse jurisdictions create a land reuse agency under section four of this article, the withdrawal of one or more land reuse jurisdictions does not require dissolution of the land reuse agency unless:
(1) The intergovernmental cooperation agreement provides for dissolution in this event; and
(2) There is no land reuse jurisdiction which desires to continue the existence of the land reuse agency.
2023 West Virginia Code › Chapter 31. Corporations › Article 18E. West Virginia Land Reuse Agency Authorization Act › §31-18E-15. Conflicts of Interest

(a) Ethics Act. -- The acts and decisions of members of a board and of employees of a land reuse agency are subject to chapter six-b of this code.
(b) Supplemental rules and guidelines. -- The board may adopt:
(1) Supplemental rules addressing potential conflicts of interest; and
(2) Ethical guidelines for members of the board and land reuse agency employees.
2023 West Virginia Code › Chapter 31. Corporations › Article 18E. West Virginia Land Reuse Agency Authorization Act › §31-18E-16. Expedited Quiet Title Proceedings

(a) Authorization. -- (1) A land reuse agency may file an action in circuit court to quiet title to real property in which the land reuse agency has an interest.
(2) A land reuse agency may join in a single complaint to quiet title to one or more parcels of real property.
(3) For purposes of an action under this section, the land reuse agency shall be deemed to be the holder of sufficient legal and equitable interests and possessory rights so as to qualify the land reuse agency as an adequate complainant in the action.
(b) Procedural requirements. -- (1) Prior to the filing of an action to quiet title, the land reuse agency must conduct an examination of title to determine the identity of any person possessing a claim or interest in or to the real property.
(2) Service of the complaint to quiet title shall be provided in accordance with the requirements to serve a civil complaint generally, including that service to interested parties be made as follows:
(A) By first class mail to the identity and address reasonably ascertainable by an inspection of public records;
(B) In the case of occupied real property, by first class mail, addressed to "occupant";
(C) By posting a copy of the notice on the real property.
(D) By publication; and
(E) As ordered by the court.
(3) As part of the complaint to quiet title, the land reuse agency must file an affidavit identifying:
(A) Persons discovered under subdivision (1) of this subsection; and
(B) The form of service under subdivision (2) of this subsection.
(c) Hearing. -- (1) The court shall schedule a hearing on the complaint within ninety days following filing of the complaint and as to all matters upon which an answer was not filed by an interested party.
(2) The court shall issue its final judgment within one hundred twenty days of the filing of the complaint.
2023 West Virginia Code › Chapter 31. Corporations › Article 18E. West Virginia Land Reuse Agency Authorization Act › §31-18E-18. Annual Audit and Report

(a) The land reuse agency shall annually, within one hundred twenty days after the end of the fiscal year, submit an audit of income and expenditures, together with a report of its activities for the preceding year, to the West Virginia Housing Development Fund.
(b) A duplicate of the audit and the report shall be filed with the governing body of:
(1) The land reuse jurisdiction which created the land reuse agency; and
(2) Each political subdivision which opted to participate in the land reuse agency pursuant to an intergovernmental agreement.