2. Mission & Purpose
• The Fund’s primary purpose is to increase the supply
of affordable residential housing for persons and
families of low and moderate income.
• The Legislature also empowered the Fund to provide
construction and permanent mortgage financing to
public and private sponsors of such housing.
• This purpose has been expanded over time by the
legislature to include, among other things, housing for
persons of moderate income and temporary housing
for homeless people and disaster victims.
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3. Structure and Organization
• The Fund is governed by an 11-member Board of
Directors
• The Governor, Attorney General, Commissioner of
Agriculture, and the State Treasurer serving as public
directors
• Seven private directors appointed by the Governor from
the general public
• The Governor is designated as the Chair of the Board of
Directors
The Fund is a self-supported governmental entity and
receives no State appropriations.
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4. • Revolving loan programs provide sustainability
• Act states “loans are not otherwise available, wholly
or in part, from private lenders upon reasonably
equivalent terms and conditions”
• Quazi-governmental structure provides flexibility
• Revenues generated from loans, fees and investment
earnings are used to further programs
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5. Our Program Options
LIHTC
• New Construction
• Rehabilitation
HOME Rental
• New Construction
• Rehabilitation
MMRP
• Rehabilitation
Multifamily Lending
Land Development
WV PRI (Demo)
Special Needs Assistance
Single Family Ownership
• First Time Buyer
• Movin' Up
• Downpayment
Assistance
• Secondary Market
• LAMP
• New Construction
Financing
• On-Site System Loan
Rental Ownership
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6. Homeownership Program
• Commonly know as “first time homebuyer” program
• Funded by tax-exempt mortgage revenue bonds –
AAA/Aaa ratings reduce borrower rates
• Targeted to low and moderate income borrowers
• Regulated by IRS Code and subject to provisions of bond
resolutions
• Subject to full underwriting and federal lending laws and
regulations
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7. 7
Average Payment
$582 – Including
Taxes and Insurance
• Average Sales
Price $112,564 =
Affordable
Average Family
Income = $43,865
Homeownership Program (Cont’d)
8. Single Family Movin’ Up
• Designed for homeowners looking to purchase a
bigger home, downsize or just make a change
• No first time homebuyer requirement
• House price and income limits set by the Fund’s Board
New initiative designed to
help families Move Up to a
better home.
Income Limits $113,760 for
1-2 persons or $132,720 for
3 or more
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9. Downpayment and Closing Cost
Assistance
(Board approved – HDF revenues)
• Available in conjunction with Homeownership and
Movin’ Up Programs
• 15 year term at 2.5% interest rate
• Homeownership Program - $15,000 max depending
on LTV
• Movin’ Up Program - $8,000 max depending on LTV
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10. Secondary Market
(Board approved – HDF revenues)
• Designed to provide liquidity to the State’s
small mortgage lenders
• The Fund purchases mortgages held by banks
and then sells the loan in the secondary
market to Fannie Mae
• Process provides banks funds for additional
mortgages
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11. LAMP
(Board approved – HDF revenues)
• LAMP provides a secondary market to Habitat
for Humanity affiliates to increase home
building production for very low income
families
• The Fund purchases the loan for its portfolio
• Provides funds for Habitat to build its next
home
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12. • Incentive program to encourage homebuilders
to build moderate single-family homes
• House price not to exceed MRB limits
• 15 month term, interest due at maturity
• Interest rate .5% if house price <$200,000; if
greater 1%
• 80% LTV
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New Construction Financing Program
(Board approved – HDF revenues)
13. On-Site Systems Loan Program
• Partnership with the WV DEP -the Fund acts
as conduit to loan DEP clean water revolving
funds
• Provides for the upgrade, replacement or
repair of inadequate septic systems
• 10 year, 2% loan up to $10,000
• No income limits
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14. Low Income
Housing Tax Credit
(Federal – IRS)
• Properties must maintain affordable units for a
minimum of 30 years
• Physical inspections and tenant eligibility reviews
• Eligible tenants must be at or below 60% of area
median income
• Highly competitive RFP process
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15. HOME Program
• HOME is a federally funded HUD program – requires state
matching funds
• Provides financing for both homeownership and rental
projects
• Repayment and loan terms vary based on underwriting of
each project
• Physical inspections and tenant eligibility reviews
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16. MMRP – Mini Mod
Rehabilitation Program
(Board approved – HDF revenues)
Provides owners of rental
properties financing to rehabilitate
existing rental units or assist with
the completion of new rental units
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• Owners can be individuals, partnerships, corporations, non-
profits or LLCs
• Rehab may include minor repairs such as furnace or window
replacement or major rehab
• Max $25,000 if first lien, $20,000 if second lien
• Term of up to 10 years at up to 6%
• Max $300,000 or 95% LTV
17. Multifamily Lending
(Board approved – HDF revenues)
• Provides permanent financing of rental
properties
• Financed properties may also receive funding
from the HOME, tax credit or other Fund
programs
• Properties often have federal loan guarantees
• Generally require replacement reserves
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18. Land Development Program
(restricted by HDF Act)
The Land Development Program provides
loans for the purpose of acquiring and
improving land for residential or non-
residential construction.
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19. 19
WV Property Rescue Initiative
(Legislative restrictions – HDF revenues)
Revolving loan program for counties and municipalities to
demolish structures that constitute health and safety hazards to
improve communities.
• Loan terms up to 7
years
• Years 1-2, no
interest or
payments due
• Must have adopted
proper ordinances
and use licensed
code officials
20. Special Assistance Lending
(Board approved – HDF revenues)
• Provides funding for non-traditional group
housing for the homeless, substance and
physical abuse recovery
• Scattered site repairs
• Repayment limited – only required if project
does not fulfill mission for generally 10 years
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21. Loan Servicing
• The Fund services all loans in its portfolio and on
behalf of other investors
• Provides personalized customer service
• Troubled loan work-out and loan modifications
• The Fund is the largest loan servicer in the State
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22. General
• Program participants subject to Multi Family
lending policies
• Contact your Area Managers for assistance on
various programs
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24. Erica L. Boggess
Acting Executive Director
West Virginia Housing Development Fund
5710 MacCorkle Ave SE
Charleston WV 25304
eboggess@wvhdf.com
304-391-8638
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Notes de l'éditeur
Theme – My best guess - Our Theme needs to be –
“Let me tell you about what we do for families”
“Here’s how this program helps families”
“Families benefit from this option”
“Our credit rating produces a lower cost for families”
“Our prudent management results in better quality loans and homes for families”
Changed “higher” income to “moderate” in third bullet
Inserted last sentence to reduce one slide.
*Income limits vary by County
We have made thousands of loans each year to working West Virginia families! Affordable, Safe, Decent and Available to families through more than 70 lenders.
Help for Families to get over the closing cost and down payment hurdle!
The WVHDF takes the interest rate risk so families in every small West Virginia town may have access to the best interest rates available.
Donna - MMRP
Up to $25,000 per unit may be borrowed if the HDF holds a first lien position on the property; and up to $20,000 per unit may be borrowed if the HDF is in a second lien position. No loan may exceed $300,000 or 95% loan-to-value of the property.
DEMO Program
The demolition program is a source of loan funds for acquisition and demolition of vacant and blighted properties. It creates available land with access to utility services, facilitating the return of such land to private ownership for reutilization which generates funds for the repayment of the loan.
Please contact the area manager servicing your county to obtain additional information or visit the website for application information.
