FAIRMONT, WV (LOOTPRESS) – FHLBank Pittsburgh (“FHLBank”) has awarded a total of $1.5 million to four North Central West Virginia projects, in partnership with MVB Bank, Inc., a wholly-owned subsidiary of MVB Financial Corp.
These awards are part of the 2022 funding round of FHLBank’s Affordable Housing Program (“AHP”) grants and voluntary housing grant initiative.
North Central West Virginia awarded projects include the following:
• Morgantown Community Resources, Inc., (“MCR”) was awarded $498,993 toward a building rehabilitation project that will provide housing and a counseling center in Morgantown for 26 veterans experiencing homelessness, addiction, or difficulties living a productive life. Hazel’s House of Hope Veterans Residential Program includes the construction of 13 double occupancy residential rooms, a meeting room, a kitchenette, and staff offices on nine acres of property donated to MCR from the Hazel Ruby McQuain Charitable Trust. The residential program will supplement an existing one that provides affordable rental space to social service agencies that assist individuals experiencing homelessness, food insecurity, and substance abuse disorders.
• Mon Valley Habitat for Humanity, Inc., was awarded $450,000 and will build three new affordable housing units on blighted lots in the heart of Fairmont on Robinson Street.
• Clarksburg-Harrison Regional Housing Authority was awarded $311,940 to rehabilitate five owner-occupied units in the Monticello neighborhood of Clarksburg.
• Mountain Opportunities Corporation was awarded $311,940 to rehabilitate five homes in Shinnston.
“MVB strives to be a trusted partner on the financial frontier, committed to the success of our teammates, clients, shareholders, and communities,” said Laura Rye, MVB CRA and Fair Lending Officer.
“It was my pleasure to work with three long-term partners Clarksburg-Harrison Regional Housing Authority, Mon Valley Habitat for Humanity and Mountain Opportunities Corporation, and our new partner, Morgantown Community Resources, to make a major positive impact on the housing markets in North Central West Virginia. I appreciate MVB Team Members Herman DeProspero, Tina Spangler, Jennifer Muto, Tony Merendino, and Frank Sutton who have supported these projects.”
The Board of Directors of FHLBank approved $8.9 million in awarded grants under the AHP and $10.1 million in awarded grants through a voluntary housing grant initiative.
AHP was created by Congress as part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and began operations in 1990.
Under the Federal Home Loan Bank Act, FHLBanks contribute 10% of their net income to affordable housing through the AHP. The AHP is funded by FHLBank earnings and uses no tax dollars.
