Homeownership Interest Rate for January 17, 2018:
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December 6, 2017
RIPLEY – The West Virginia Housing Development Fund recently celebrated the dedication of Elizabeth Way Apartments.     Erica...
November 27, 2017
Fund Remains Only Housing Finance Agency with “AAA” Distinction   Standard & Poor’s Rating Service has once again affirmed West...
August 16, 2017
The West Virginia Housing Development Fund is proud to announce the promotion of two long-time employees.   Crystal Toney will be...
August 9, 2017
CROSS LANES – As of Monday, there is one less blighted, dangerous building in Kanawha County.   It took about 20 minutes for a large...
June 1, 2017
Most know the West Virginia Housing Development Fund through our home-buying programs. One in 10 West Virginia homebuyers have entrusted us...
April 25, 2017
The West Virginia Housing Development Fund’s Board of Directors has approved a loan to the Kanawha County Commission to help take down...
April 18, 2017
  Erica L. Boggess has been named Executive Director of the West Virginia Housing Development Fund.     Boggess, who has...
March 30, 2017
A message to our customers:   Here at the Fund, we are proud of what we do. We are honored by the fact that so many West Virginians...
February 14, 2017
We are pleased to present the West Virginia Housing Development Fund’s Fiscal Year 2016 Annual Report. This is an important record of...
January 26, 2017
  The West Virginia Housing Development Fund is excited to welcome Governor Jim Justice and Agriculture Commissioner Kent Leonhardt...

Fund Celebrates Thirty Years of the Low-Income Housing Tax Credit Program

Program vital for West Virginia


CHARLESTON – The West Virginia Housing Development Fund is taking time in 2016 to celebrate 30 years of the Low-Income Housing Tax Credit Program (the “LIHTCP”).


Signed into law as part of the Tax Reform Act of 1986, the LIHTCP was enacted by Congress to provide the private market with an incentive to invest in affordable rental housing. The LIHTCP is currently the primary federal program for the production of affordable low-income residential rental housing, and is considered the most successful affordable rental housing program in the country’s history.


“For 30 years, the LIHTCP has helped West Virginians and West Virginia families,” said Erica Boggess, the Fund’s Acting Executive Director. “For so many, this has been a transformative program. We are proud of the work we’ve done with our partners from across the housing industry to ensure that so many have a safe, affordable place to call home.”


“Teachers, emergency responders, miners, nurses, police officers, retirees, those living on a fixed income – these are the people who benefit most from this program,” Boggess added.


In the Mountain State, we have produced 14,202 housing units in that 30-year span. The LIHTCP transcends housing. Properties produced by the LIHTCP create jobs, attract new businesses and contribute to a community’s tax base. According to a report from the National Association of Home Builders, the creation of new developments and the preservation and rehabilitation of older structures through the LIHTCP over the last five years is estimated to have produced:


  • 15,000 jobs
  • $120 million in local payrolls
  • $114 million in state and local revenues
  • $331 million in federal revenue


Across the nation, the LIHTCP has helped develop 2.71 million homes through 2012 and finances approximately 95,000 affordable residential rental units each year. It also creates about 96,000 jobs a year, according to a report issued by Novogradac & Company, an accounting firm that specializes in LIHTCP developments.


“The tax credit program has truly stood the test of time,” said Michelle Wilshere, the Fund’s Managing Director of the Low-Income Housing Tax Credit Program, who has worked for the Fund in the LIHTCP since 1998. “For so many, this program gives them a real chance to find safe, affordable housing.  It works and works well.  I feel blessed to be able to work in a program which makes such a marked difference in the lives of West Virginians.“


Wilshere noted that a number of studies have shown LIHTCP developments have a positive impact on neighborhoods. Well-planned and targeted developments are often credited with revitalizing communities and helping areas begin to grow.  


Boggess added that the Fund is just part of what makes the LIHTCP so successful. She credited developers, non-profit organizations and members of the building community for the LIHTCP’s longevity.


“The LIHTCP meets critical needs in this state,” she said.  “We are excited about the future of this program.”




The West Virginia Housing Development Fund is the state's affordable mortgage finance agency.

The WVHDF was established to develop and improve the state's housing opportunities for residents.