H. B. 4336
(By Delegates Leach, Michael,
Perdue and Susman)
[Introduced February 6, 2004
; referred to the
Committee on the Judiciary.]
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; which limitations may not
apply to any nonresidential project enacted by the Legislature
prior to the enactment date of this provision or which has been
approved by the housing development fund prior to the enactment
date 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.