Introduced Version
House Bill 2406 History
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Key: Green = existing Code. Red = new code to be enacted
H. B.2406
(By Delegates Leach, Michael, Perdue and Susman)
[Introduced February 16, 2005; referred to the
Committee on Finance.]
A BILL to amend the code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §31-18-6b, relating to
limiting financial assistance from the Housing Development Fund
to nonresidential projects
.
Be it enacted by the Legislature of West Virginia:
That the code of West Virginia, 1931, as amended, be amended by
adding thereto a new section, designated §31-18-6b, to read as
follows:
ARTICLE 18. WEST VIRGINIA HOUSING DEVELOPMENT FUND.
§31-18-6b. Limitation on financial assistance to nonresidential
projects.
Notwithstanding the powers set forth in section six of this
article, the housing development fund may only provide financial
assistance to nonresidential projects where the financial
assistance:
(1) Is federally insured or guaranteed; or
(2) Is infrastructure financing which has been approved by the
infrastructure and jobs development council in accordance with
the provisions of article fifteen-a, et. seq., of this chapter;
or
(3) Is one million dollars or less: Provided, That the
particular sum of one million dollars or less may not apply to
any nonresidential project enacted by the Legislature prior to
the enactment of this provision or which has been approved by the
housing development fund prior to the enactment of this
provision.
NOTE: The purpose of this bill is to limit financial assistance
from the Housing Development Fund to nonresidential projects.
This section is new; therefore, strike-throughs and underscoring
have been omitted.
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