§31-18B-1. Legislative Intent
The Legislature finds and declares that: (1) The vast majority of West Virginians have pursued a goal of owning a home, a center of family life and family independence deeply cherished and highly valued.
§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 […]
§31-18B-11. Procedural Rules Required
The Housing Development Fund may promulgate procedural rules pursuant to chapter twenty-nine-a which describe procedures used to procure a loan pursuant to the provisions of this article and to introduce such forms as may be required.
§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 […]
§31-18B-2. Establishment of State Mortgage and Industrial Development Investment Pool; Investment of Workers' Compensation Funds and Other Funds in Such Pool; Schedule of Moneys Invested; Authority of State Board of Investments to Invest Funds From the Pool in Short-Term Investments; Reversion of Control of State Board of Investments
(a) There is hereby created and established a "state mortgage and industrial development investment pool" into which moneys shall be paid as provided in this section. The state mortgage and industrial development investment pool shall consist of a portion of the moneys and funds entrusted to the state Board of Investments by the commissioner of […]
§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 […]
§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 […]
§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 […]
§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 […]
§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 […]
§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 […]
§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, […]