Supplement: WV HB4787 | 2024 | Regular Session | Housing Development Fund, WV
For additional supplements on West Virginia HB4787 please see the Bill Drafting List
Bill Title: Relating to fees collected and deposited into the Affordable Housing Fund
Status: 2024-01-16 - To House Finance [HB4787 Detail]
Download: West_Virginia-2024-HB4787-Housing_Development_Fund_WV.html
This will increase revenue by approximately 1,000,000 per year. The fee is generated by the sale of mobile homes and single-family real property transfers. This has no effect on the state budget.
The West Virginia Housing Development Fund (the Fund) is a self-supporting non-spending unit of the State of West Virginia. The Fund receives approximately $1,000,000 in consumer fees each year. This measure will double the consumer fees received. The Fund does not anticipate this to double the expense of managing the fund but expects a 25% increase in administrative and operating expenses to manage the additional projects created by the increased consumer fees.
This measure does not affect the state budget. This measure increases consumer fees which are managed by the West Virginia Housing Development Fund. The increase in consumer fees will create an increase in expense to manage the projects; however, as the bill is written, the increase in consumer fees cannot be used to offset the increased administrative and operating costs to manage the funds.
Person submitting Fiscal Note: Maggie Leaptrot
Email Address: mleaptrot@wvhdf.com
Bill Title: Relating to fees collected and deposited into the Affordable Housing Fund
Status: 2024-01-16 - To House Finance [HB4787 Detail]
Download: West_Virginia-2024-HB4787-Housing_Development_Fund_WV.html
FISCAL NOTE
| Date Requested: January 18, 2024 Time Requested: 04:55 PM |
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FUND(S):
Affordable Housing FundSources of Revenue:
Other Fund Consumer FeesLegislation creates:
Increases Revenue From Existing SourcesFiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This will increase revenue by approximately 1,000,000 per year. The fee is generated by the sale of mobile homes and single-family real property transfers. This has no effect on the state budget.
Fiscal Note Detail
| Effect of Proposal | Fiscal Year | ||
|---|---|---|---|
| 2024 Increase/Decrease (use"-") |
2025 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) | |
| 1. Estmated Total Cost | 0 | 0 | 0 |
| Personal Services | 0 | 0 | 0 |
| Current Expenses | 0 | 17,500 | 0 |
| Repairs and Alterations | 0 | 0 | 0 |
| Assets | 0 | 0 | 0 |
| Other | 0 | 0 | 0 |
| 2. Estimated Total Revenues | 0 | 1,000,000 | 0 |
Explanation of above estimates (including long-range effect):
The West Virginia Housing Development Fund (the Fund) is a self-supporting non-spending unit of the State of West Virginia. The Fund receives approximately $1,000,000 in consumer fees each year. This measure will double the consumer fees received. The Fund does not anticipate this to double the expense of managing the fund but expects a 25% increase in administrative and operating expenses to manage the additional projects created by the increased consumer fees.
Memorandum
This measure does not affect the state budget. This measure increases consumer fees which are managed by the West Virginia Housing Development Fund. The increase in consumer fees will create an increase in expense to manage the projects; however, as the bill is written, the increase in consumer fees cannot be used to offset the increased administrative and operating costs to manage the funds.
Person submitting Fiscal Note: Maggie Leaptrot
Email Address: mleaptrot@wvhdf.com
