In June 2018, The West Virginia Housing Development Fund will assume administration of the West Virginia Affordable Housing Trust
The Legislature created the the Affordable Housing Trust in 2001 to provide funding for both technical assistance and housing assistance to non-profits and government entities and to encourage stronger partnerships, collaboration and greater involvement of local communities in meeting housing needs in West Virginia. The Affordable Housing Trust receives a $20 transfer fee from residential real estate transfers and the sale of manufactured homes. This fee is solely for the benefit of governments, 501c3 non-profits and public housing authorities.
The 2018 Legislature passed SB 261 transferring administration of the Affordable Housing Trust to the the Fund to streamline government and provide efficiency by reducing redundancy. This legislation maintains the funds for its current purpose in support of much-needed affordable housing. This transfer becomes effective June 8, 2018.
It is important to note that SB261 requires the transfer fees to be set aside in a special purpose account, distinct from any other moneys of the Fund, for the sole purpose of continuing the activities of the Affordable Housing Trust and, as provided for in the original Affordable Housing Trust legislation, solely for the benefit of governments, 501c3 non-profits and public housing authorities. This new account will be known as the Affordable Housing Fund. All existing Affordable Housing Trust projects in development stages will continue, uninterrupted, under the existing agreements.
Fund staff are working diligently toward a smooth transition of the Affordable Housing Trust and expect to issue a RFP in early July 2018. The Fund is excited for the opportunity to strengthen our partnerships with non-profits, governments and public housing authorities to continue the work of the Affordable Housing Trust to provide much needed affordable housing to all West Virginians.