W. Va. Code R. § 88-3-3

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 88-3-3 - Overview

3.1. The Fund is a public body corporate and government instrumentality of the State established to increase the supply of residential housing for persons and families of low or moderate income and to provide construction and permanent mortgage financing to public and private sponsors of such housing. In addition, the Fund serves as a pass-through entity or administrator of money allocated by the Federal Government. The Fund does not spend the federal award but instead passes it on to the end user, which is a developer of affordable housing. As such, the Uniform Guidance Procurement Policies and the updates under the National Defense Authorization Act (NDAA) do not directly apply to the Fund's operations.

The Fund receives no appropriations from the State, is not a state spending unit, is not subject to an appropriated budget by the State, is not required to adopt a legally authorized budget and is not subject to the State's procurement process. However, for sound financial management and oversight purposes an annual administrative budget is presented to, and approved by, the Board. Monthly, the Board reviews a comparison of actual to budgeted expenses to monitor the Fund's compliance with its administrative budget. Goods and services purchased for the administrative functions of the Fund are approved as part of the annual administrative budget.