HB 2406 Text

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Introduced Version House Bill 2406 History

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hb2406 intr 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.