Snow will taper off and end during the morning but skies will remain cloudy during the afternoon. High 34F. Winds light and variable. Chance of snow 80%. Snow accumulations less than one inch..
Tonight
Cloudy. A few flurries or snow showers possible. Low 24F. Winds light and variable.
The West Virginia Housing Development Fund is West Virginia's affordable mortgage leader and an organization devoted to our state and its people. Our story starts in 1969, when we were given $1 million in seed money by the Appalachian Regional Commission. Since then, the Fund has issued more than $4.3 billion in bonds and has financed more than 120,000 housing units.
We love our state, and we are honored that so many trust us to help them make what is often their biggest investment. We house nearly one in 10 West Virginians, and we are the state's largest server of mortgage loans. The Fund is here to support the very backbone of our communities - police officers, firefighters, teachers, nurses, miners and so many others. We take pride in what we do, and we feel like our contribution to West Virginia has made this state better.
Most know the Fund through our home-buying programs. We work with lenders, bankers and nonprofit housing agencies to help first-time homebuyers with our Homeownership Program. The Huffington Post recently named West Virginia as the top state in the nation for first-time buyers. It specifically cited the Homeownership Program. Families who might need more room or those who might like to downsize can take advantage of our Movin' Up Program. Our Down Payment and Closing Cost Assistance Program allows buyers to get into a home without dipping too far into their savings to close the deal. We also have a program that helps homeowners who need to repair or replace a septic system or connect to an existing public treatment system.
The Fund holds a "AAA" general obligation debt rating, the only state housing agency in the nation to achieve this ranking. This distinction is a direct result of a devotion to making quality mortgage loans and our customers' commitment to what is often their biggest investment. Standard & Poor's, one of the country's most respected rating services, noted the extremely high credit quality of the Fund's asset base, its ability to meet its legislative mandate, the dedication of the talented management team and a smart investment philosophy. We are governed by an 11-member board of directors. The sitting governor serves as our board chair. The state attorney general, commissioner of agriculture and state treasurer also have seats. The other seven members are appointed by the governor for a term of four years each.
We're not just for homebuyers. We work with financial institutions, developers from across the country and federal agencies to make certain that those who may not be able to afford a home still have access to safe, affordable housing. Through our Low-Income Housing Tax Credit Program and the HOME Investment Partnerships Program, we have produced more than 16,000 housing units across the state.
Our community efforts extend beyond helping someone find a home. We work with public entities to help counties and municipalities utilize the West Virginia Property Rescue Initiative. This program helps those who want to rid their communities of blighted, dangerous properties. Through our Special Assistance Lending Program, we partnered with Recovery Point West Virginia to help those recovering from drug addiction and substance abuse.
West Virginia is a special place with special people. We are excited about this state's future, and we hope our residents continue to see the Fund as a positive force in the community and an organization dedicated to making the Mountain State all it can be.
Erica Boggess is acting executive director for The West Virginia Housing Development Fund.
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