West Virginia Code of State Rules Agency 88 - Housing Development Fund
Agency Overview
Agency 88, the Housing Development Fund (HDF), is a state-level entity established to support affordable housing initiatives in West Virginia. Its primary goal is to provide financial resources, planning assistance, and oversight to facilitate the development, rehabilitation, and maintenance of housing projects that serve low- and moderate-income residents. The agency works in coordination with local governments, nonprofit organizations, and private developers.
Purpose and Objectives
The Housing Development Fund is tasked with:
Promoting Affordable Housing:
Ensure that housing is available to residents who might otherwise be unable to afford it.
Support both rental and homeownership opportunities for eligible individuals and families.
Financing Housing Projects:
Provide low-interest loans, grants, or guarantees for construction, rehabilitation, or purchase of housing units.
Fund initiatives that improve existing housing stock, including energy efficiency upgrades and accessibility modifications.
Supporting Community Development:
Encourage housing projects that enhance neighborhoods and promote sustainable growth.
Collaborate with local authorities to identify areas with high housing need.
Encouraging Private Investment:
Leverage state funds to attract private investment into affordable housing projects.
Facilitate public-private partnerships to expand housing availability.
Governance Structure
The agency operates under a board of directors or an appointed executive committee responsible for:
Approving funding applications.
Setting priorities and funding limits for housing projects.
Monitoring compliance with program rules and ensuring accountability in disbursed funds.
The board typically includes representatives from housing, finance, and community development sectors, as well as public members familiar with low-income housing needs.
Programs and Services
Agency 88 provides several programs:
Loan Programs:
Short-term and long-term financing options for construction, renovation, or purchase of affordable housing units.
Low-interest rates to make housing projects financially viable.
Grant Programs:
Financial support for specific housing projects, particularly those serving vulnerable populations.
Emphasis on community impact, sustainability, and accessibility.
Technical Assistance:
Guidance on project planning, development, and management.
Support in navigating regulatory requirements and securing additional funding sources.
Rehabilitation and Renovation:
Funding for repair and modernization of existing housing units.
Focus on improving safety, energy efficiency, and habitability.
Eligibility Requirements
The fund establishes clear criteria for participation:
Applicants can include nonprofits, local governments, and private developers.
Projects must serve low- and moderate-income residents, typically based on income thresholds defined by the agency.
Compliance with building codes, environmental standards, and community planning requirements is mandatory.
Funding Procedures
Application Submission:
Interested parties submit detailed proposals including project description, financial plan, and community impact assessment.
Review and Approval:
The board reviews applications based on priority areas, financial feasibility, and alignment with the agency’s mission.
Disbursement of Funds:
Once approved, funds are allocated in accordance with project milestones or predefined schedules.
Monitoring and Reporting:
Recipients are required to submit periodic progress reports.
The agency monitors compliance with terms, ensuring proper use of funds and successful project completion.
Accountability and Oversight
All activities of Agency 88 are subject to internal auditing and reporting requirements.
The agency maintains transparency to ensure that funds are used efficiently and for their intended purpose.
Misuse of funds can result in repayment requirements or disqualification from future programs.
Key Goals
Expand affordable housing availability across West Virginia.
Improve housing quality and living conditions.
Encourage community revitalization and economic growth through housing investment.
Facilitate equitable access to safe and affordable housing for all residents.
In short, West Virginia Code of State Rules Agency 88 – Housing Development Fund is a comprehensive mechanism designed to fund, guide, and oversee affordable housing projects while ensuring accountability, community development, and sustainable growth.
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