CASH Program is back
For more information, contact Steve Fisher at 304.391.8718
CHARLESTON, W.Va. The West Virginia Housing Development Fund has brought back one of its most popular home-building programs. Constructing Affordable Sensible Homes Program, or the CASH Program, encourages builders and modular home dealerships to construct and market single family homes.
“We sat down with builders and many in the housing community and attempted to redevelop this program and make it something that could work for everyone. Their input was immensely helpful and we look forward to builders and many others using CASH to bolster our state’s housing supply,” said Erica Boggess, the Fund’s Acting Executive Director.
Developed as a builder’s incentive program, CASH provides that the Fund will agree to purchase qualifying homes from qualified builders at a determined percentage of its final appraised value if the builder is unable to sell the house during a defined marketing period.
“By using CASH, builders across West Virginia can alleviate at least some of the risk inherent in home construction," Boggess explained.
“We brought back CASH for a number of reasons, but a contributing factor was the state’s growing natural gas industry. As we’ve worked with leaders in that sector, many have noted that safe, affordable housing is tough to find,” Boggess said.
CASH was initially created to address the lack of newly constructed and moderately-priced housing in North Central West Virginia, needed for the anticipated influx of potential homebuyers associated with the FBI's Criminal Justice Information Services Division outside Clarksburg. In 2008, the program was placed on hold because of a declining housing market in the state.
Boggess added that CASH could work well in conjunction with the Fund’s already-established and very successful Demolition Program.
“The DEMO program is an affordable way for counties and cities to tear down abandoned buildings. It seems only natural that building a new home on a demolition site could go a long way toward revitalizing that neighborhood,” she said.
For more information on CASH, including a detailed manual about building requirements, proper documentation and what it takes to get started, please visit our website at www.wvhdf.com.
For more information on CASH, including a detailed manual about building requirements, proper documentation and what it takes to get started, please click on our CASH Program Guide.