Affordable Housing: The Heart of Our Mission
Fiscal Year 2024 was like none other for the West Virginia Housing Development Fund. It was a year marked by unprecedented achievements and significant progress in our mission to provide safe, decent, and affordable housing for all of West Virginia. Our commitment to excellence has never been stronger, and the results speak for themselves.
Single Family Records
In FY2024, mortgage loans through our Single-Family Lending Division shattered all previous records and further boosted homeownership opportunities for West Virginians. Through a network of lending partners and in-house loan originators, the Fund’s Mortgage Revenue Bond programs helped more West Virginians achieve the dream of homeownership than ever before. In just 12 months, more than 1,600 West Virginians took advantage of our low interest rates and down payment assistance to the tune of $284.5 million, more than doubling year-over-year production. Our mortgage programs have not just met but far exceeded expectations at a time when homeownership feels out of reach for many people. Not only that, these programs provide financial stability for West Virginians and foster community growth across the State.
Historic Multi-Family Investment
Huge accomplishments are not just reserved for our mortgage program. In February, we joined with dozens of partners in Huntington to celebrate the commencement of the Prichard Hotel Restoration Project. This ambitious project seeks to renovate the historic Prichard Hotel in downtown Huntington into 108 affordable rental units for seniors and provide on-site access to health care and other important services.
When this renovation is complete, it not only will provide new and accessible housing to our most vulnerable population, but also will breathe new life into a historic landmark that welcomed American presidents and glamorous Hollywood stars during its heyday. The Prichard project is a shining example of how, with vision and the right tools, our State’s abandoned properties can be revitalized and repurposed. The restoration of the Prichard Hotel is a testament to what can be achieved when vision and collaboration come together.
Single-Family Production
Production
Multi-Family Production
Multi-Family Lending Program
West Virginia Homeowners Rescue Program
We also want to spotlight our West Virginia Homeowners Program, which connected more than 7,000 homeowners with federal COVID relief funds to pay their housing expenses. This program funded $5 million in critical home repairs and another $35 million to help homeowners catch up on their past-due mortgage payments, utility bills, real property taxes, and other eligible housing-related costs. This program has played an important role in helping West Virginia homeowners avoid foreclosure and tax sales, further strengthening our communities by providing stable housing for families all over the State.
Meeting our mission of providing affordable housing would be impossible without our valued partners. Each multifamily rental project and single-family mortgage loan is the result of multiple partners coming to the table to make things happen. We extend our sincerest gratitude and appreciation to our funding and lending partners, real estate agents, developers, architects and contractors, Community Housing Development Organizations, and nonprofit organizations for the work you do to make housing more affordable and accessible across West Virginia. We also extend thanks to our Board of Directors and our Congressional representatives for tirelessly supporting and championing our important work.
As we look ahead to the future, we remain committed to our mission and are excited about the opportunities that lie ahead. Together, we will continue to build a brighter, more prosperous future for all West Virginians.
Mission & Board
WVHDF helps West Virginians achieve homeownership, access quality rental housing, and strengthen local communities. The leadership of our Board of Directors ensures that we continue to meet the State’s evolving housing needs, fostering stability, economic growth, and a brighter future for all.
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