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Posted: 11:40 AM Dec 18, 2009
Millions to Create More Affordable Housing in WV
CHARLESTON, W.Va. (AP) Roughly $15 million in federal stimulus money will help developers build and rehabilitate affordable housing for 865 families in 13 West Virginia towns.
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Roughly $15 million in federal stimulus money will help developers build and rehabilitate affordable housing for 865 families in 13 West Virginia towns.
Gov. Joe Manchin announced Thursday that the money will replace funds typically raised through the sale of low-income tax credits.
Those credits are now selling for 65 percent of their value compared to between 92 percent and 95 percent in past years.
The stimulus money will help developers raise enough equity to lower their costs and ultimately the rents they charge.
Developments receiving a share of the money are in Beckley, Bunker Hill, Charleston, Fairmont, Harpers Ferry, Lewisburg, Martinsburg, Moorefield, Mount Hope, Point Pleasant, Ranson, Shepherdstown and Wheeling.
©2009 The Associated Press. All rights reserved.
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