Gov. Joe Manchin announced today the allocation of $15,049,205 in federal stimulus funds for new and rehabilitated rental housing. Appropriated by the Congress to assist developers of low cost rental housing in raising adequate equity to lower the cost of construction and therefore rents, is administered by the West Virginia Housing Development Fund.
"These funds, called TCAP for Tax Credit Assistant Program, will be used to replace funds typically raised through the sale of low income housing tax credits. In today's market, those credits are selling at 65% of value rather than the 92% to 95% of value of years past. The lower the sales price, the less equity that is raised to lower the debt on a building. With more debt, the tenants must pay more rent," said Joe W. Hatfield, Executive Director of the Housing Development Fund.
"Fourteen properties in thirteen West Virginia towns will receive these funds to provide new and rehabilitated affordable housing for 865 families. This brings new jobs, new hope, new promise to our towns in addition to affordable housing and for that, we are all thankful," added Governor Manchin.
The developments are located in Charleston, Martinsburg, Mt. Hope, Ranson, Fairmont, Wheeling, Bunker Hill, Moorefield, Harpers Ferry, Shepherdstown, Beckley, Pt. Pleasant and Lewisburg.