FISCAL NOTE
Date Requested: February 14, 2023
Time Requested: 04:37 PM |
| Agency: |
Housing Development Fund, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3666 |
Introduced |
SB616 |
|
|---|
| CBD Subject: |
Estates and Trusts |
|---|
|
FUND(S):
Wv Veterans' Home Loan Mortgage Account
Sources of Revenue:
Other Fund WV Home Loan Mortgage Account
Legislation creates:
Creates New Program, Creates New Fund: Wv Veterans' Home Loan Mortgage Account
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
The Veterans' Mortgage Home Loan Mortgage Account will be funded through a one-time allocation from the Unclaimed Property Trust Fund of up to $8 million. Following this initial allocation, there will be no ongoing costs to the State.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2023
Increase/Decrease
(use"-") |
2024
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
8,000,000 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
Costs associated with the program include origination fees paid to lending institutions originating the loans, foreclosure expenses, ongoing loan servicing fees and minor administrative fees associated with the program. These fees will be paid from the mortgage loan account and the interest earnings on the investment of the funds and interest on the loans originated with these funds.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
None noted.
Person submitting Fiscal Note: Erica L Boggess
Email Address: eboggess@wvhdf.com