§31-18-1. Short Title

This article shall be known and may be cited as the "West Virginia Housing Development Fund Act."

§31-18-10. Sale of Notes or Bonds

Any notes or bonds issued by the West Virginia Housing Development Fund may be sold in such manner, either at public or private sale, and for such price, upon such terms and at such interest rates per annum, as the fund shall determine to be for the best interests of the fund and to be […]

§31-18-11. Authorizing Resolutions

Any resolution or resolutions authorizing any notes or bonds, or any issue thereof, may contain provisions, which shall be a part of the contract with the holders thereof, as to: (1) Pledging all or part of the mortgage or deed of trust payments, charges and other fees made or received by the Housing Development Fund […]

§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 […]

§31-18-14. Disclaimer of Any Liability of State of West Virginia

The state of West Virginia shall not be liable on notes, bonds or other evidences of indebtedness of the Housing Development Fund and such notes, bonds or other evidences of indebtedness shall not be a debt of the State of West Virginia, and such notes, bonds or other evidences of indebtedness shall contain on the […]

§31-18-15. Limitation of Rights Vested in Housing Development Fund by State

The state of West Virginia does hereby pledge to and agree with the holders of any notes or bonds issued under this article, that the state will not limit or alter the rights hereby vested in the Housing Development Fund to fulfill the terms of any agreements made with the holders thereof, or in any […]

§31-18-16. Default in Payment of Principal or Interest

(a) In the event the Housing Development Fund shall default in the payment of principal of or interest on any issue of notes or bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty days, or in the event the […]

§31-18-17. Investment in Notes and Bonds

The notes and bonds of the Housing Development Fund 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 […]

§31-18-18. Tax Exemption

The Housing Development Fund shall not be required to pay any taxes and assessments to the State of West Virginia, or any county, municipality or other governmental subdivision of the State of West Virginia, upon any of its property or upon its obligations or other evidences of indebtedness pursuant to the provisions of this article, […]

§31-18-19. Operating Loan Fund

(a) The board of directors of the Housing Development Fund may create and establish a special revolving loan fund of moneys made available by contribution or loan, to be known as the operating loan fund and to be governed, administered and accounted for by the directors, officers and managerial staff of the Housing Development Fund […]

§31-18-2. Legislative Findings and Purpose

(a) The Legislature hereby finds and declares that as a result of public actions involving highways, public facilities, flood-control projects and urban renewal activities, and as a result of the spread of slum conditions and blight to formerly sound urban and rural neighborhoods, there exists in the State of West Virginia a serious shortage of […]

§31-18-20. Authorized Limit on Borrowing

The aggregate principal amount of bonds and notes issued by the Housing Development Fund shall not exceed $1,250,000,000 outstanding at any one time: Provided, That in computing the total amount of bonds and notes which may at any one time be outstanding, the principal amount of any outstanding bonds or notes refunded or to be […]

§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 […]

§31-18-20b. Mortgage Finance Bond Insurance Fund

(a) There is hereby created and established in the State Treasury a special trust fund to be designated the "mortgage finance bond insurance fund" into and from which moneys shall be paid as provided in this section. The mortgage finance bond insurance fund shall be under the supervision and control of the state sinking fund […]

§31-18-20c. Jobs Development Fund

There is hereby created and established a special fund to be designated as the Jobs Development Fund into which the Housing Development Fund shall, effective July 1, 1992, deposit the sum of $10 million. Thereafter, the Housing Development Fund shall have no further duty or obligation to, but may in its sole discretion, deposit additional […]

§31-18-20d. Affordable Housing Fund

(a) There is hereby created and established a special fund to be designated as the Affordable Housing Fund into which the Housing Development Fund shall deposit the funds received pursuant to §11-15-4c and §11-22-2 of this code. Such funds shall be governed, administered, and accounted for by the Housing Development Fund as a special purpose […]

§31-18-21. Prohibition on Funds Inuring to the Benefit of or Being Distributable to Directors, Officers or Private Persons; Transactions Between the Housing Development Fund and Directors or Officers Having Certain Interests in Such Transactions

(a) No part of the funds of the Housing Development Fund, or of the operating loan fund, or of the land development fund, shall inure to the benefit of or be distributable to its directors or officers or other private persons except that the Housing Development Fund shall be authorized and empowered to pay reasonable […]

§31-18-22. Termination or Dissolution

Upon the termination or dissolution, all rights and properties of the Housing Development Fund, including the Operating Loan Fund, the Land Development Fund, the Mortgage Finance Bond Insurance Fund, and the Affordable Housing Fund, shall pass to and be vested in the State of West Virginia, subject to the rights of bondholders, lienholders, and other […]

§31-18-23. Services to the State of West Virginia and Its Political Subdivisions

(a) The Housing Development Fund may provide technical, consultative and project assistance services to the State of West Virginia and any of its political subdivisions and is hereby authorized to enter into contracts with the State of West Virginia and any of its political subdivisions to provide such services. (b) The state of West Virginia […]