The Economic Development Program encourages private investment in economic development in West Virginia and complements other publicly funded economic development programs offered in the State. All proposals received will be reviewed and should contain one or more of the following characteristics to be considered:
- All proposals must create, or provide a basis for creation by others, good jobs that pay well and provide good benefits;
- Include a maximum of private and public investment with a minimum of Housing Development Fund investment (i.e. high leverage and shared risk);
- Provide personal and/or public loan guarantees (such as the USDA Rural Development's Business and Industry Guaranteed Loan Program);
- Collaterize the proposed Housing Development Fund's loan with first or shared first liens on real estate (possibly in combination with a working capital loan provided by others and secured with non-real estate assets);
- Provide for a construction loan by the Housing Development Fund and a permanent take out loan by a public or private loan;
- Support site development in industrial/business parks with the payoff of the Housing Development Fund's loan as individual parcels are sold to businesses that locate in the parks;
- Support infrastructure development that opens up areas for commercial and/or residential development;
- Proposals that do not exceed $3 million in Housing Development Fund investment.
For more information or if you have a proposal for consideration, contact Stephen Bailey, (304) 345-6475, stephenbailey@wvhdf.com.
Contact Us for more information on the Economic Development Program.