FISCAL NOTE
Date Requested: January 20, 2023
Time Requested: 08:19 AM |
| Agency: |
Economic Development Authority, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2922 |
Introduced |
SB297 |
|
|---|
| CBD Subject: |
Finance and Administration |
|---|
|
FUND(S):
NEW FUND
Sources of Revenue:
Special Fund
Legislation creates:
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 purpose of SB 297 is to create the Mountain Homes Act to encourage investment in additional housing development in West Virginia. The Mountain Homes Act would establish the “Mountain Homes Fund” as a special revenue fund that could be used to guarantee, in part, certain construction loans for a residential housing projects that satisfy defined criteria. The new program will be administered and directed by the Secretary of the Department of Economic Development, which is a department separate and distinct from the West Virginia Economic Development Authority. The Mountain Homes Fund will be administered by the Secretary of the Department of Economic Development. The proposed bill will have no fiscal impact on the West Virginia Economic Development Authority. The new program would sunset as of January 1, 2034.
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 |
0 |
| 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.
SB 297 will have no fiscal impact on the West Virginia Economic Development Authority.
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.
A request for a Fiscal Note should be sent to the Department of Economic Development to address what fiscal impact the proposed bill may have on that department as administrator of the new program and new fund.
Person submitting Fiscal Note: Caren Wilcher
Email Address: caren.d.wilcher@wv.gov