§31-18-20a. Land Development Fund
(a) The board of directors of the Housing Development Fund may create and establish a special revolving fund of moneys made available by appropriation, grant, contribution or loan, to be known as the land development fund and to be governed, administered and accounted for by the directors, officers and managerial staff of the Housing Development […]
§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 […]
§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 […]
§31-18-3. Definitions
As used in this article, unless the context otherwise requires: (1) “Affordable Housing Fund” means the affordable housing fund created and established by the Housing Development Fund in accordance with §31-18-20d of this code.
§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 […]
§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 […]
§31-18-6. Corporate Powers
The Housing Development Fund is hereby granted, has and may exercise all powers necessary or appropriate to carry out and effectuate its corporate purpose, including, but not limited to, the following: (1) To make or participate in the making of federally insured construction loans to sponsors of land development, residential housing, or nonresidential projects. Such […]
§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 […]
§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 […]
§31-18-8. Notes and Bonds as Negotiable Instruments
The notes and bonds shall be and hereby are made negotiable instruments under the provisions of article eight, chapter forty-six of this code, subject only to the provisions of the notes or bonds for registration, unless otherwise provided by resolution of the Housing Development Fund.