wvaht header true

WVAHTF Frequently Asked Questions


What is a Trust Fund?

A Housing Trust Fund is established by a public body through legislation, ordinance, or resolution to receive dedicated sources of revenue that can only be used to support affordable housing.

Who Needs Affordable Housing?

More people than you might realize. The generally accepted definition of affordability is for a household to pay no more than 30 percent of its annual income on housing. Families who pay more than 30 percent of their income for housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, transportation and medical care. An estimated 12 million renter and homeowner households now pay more then 50 percent of their annual incomes for housing, and a family with one full-time worker earning the minimum wage cannot afford the local fair-market rent for a two-bedroom apartment anywhere in the United States. The lack of affordable housing is a significant hardship for low-income households preventing them from meeting their other basic needs, such as nutrition and healthcare, or saving for their future and that of their families.

Why is Affordable Housing Required in West Virginia?

The West Virginia Affordable Housing Trust Fund was mandated by the Legislature to encourage stronger partnerships and collaboration with entities to contribute capital to community-based organizations that would, in turn, assist low- and moderate-income individuals in the State acquire affordable housing.

What is the Source of Affordable Housing Funding?

The Trust Fund is supported by a $20 real estate transfer fee, which includes manufactured housing sold. The annual funding level depends upon the level of real estate activity.

Do I Qualify for Trust Funds?

Eligible parties include:

  • Local 501(c)(3) nonprofit organizations
  • Units of local government
  • Public housing authorities
  • Regional or Statewide nonprofit housing assistance organizations.

Check here for additional Fund Qualification Questions.

twitter

wvaht-statstrans