wvaht header true

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.

History of the Affordable Housing Trust Fund

Realizing that conditions in the State, changing federal housing policies, declining resources at the federal level, and changing demographics were causing low- and moderate-income families and individuals, including elderly and those with special needs, to be unable to obtain safe, decent, and affordable housing, the Legislature created the West Virginia Affordable Housing Trust Fund in 2001. The Housing Trust Fund Act established a Board of Directors for the Trust Fund and directed it to begin resolving these issues.

While somewhat similar to the mission being carried out by the West Virginia Housing Development Fund, the Trust Fund was further 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.

Initial funds were received from the Benedum Foundation and the Housing Development Fund, but the Board realized that a permanent funding source was necessary to carry out the long-term goals mandated by the Legislature. After many long hours and with the assistance of a number of groups and elected representatives, the Legislature approved funding legislation.

With a renewable source of funds now available and the hiring of Marlena Mullins as its Executive Director, it appears that the mission of the Affordable Housing Trust Fund to assist communities in obtaining funding for housing can be met.

Since its inception in 2001, the Housing Trust Fund has provided total resources of $2,230,664 to 45 organizations, which resulted in 250 units of housing, as well as $225,000 in funding for housing counseling programs.

Funding Sources

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.

twitter

wvaht-statstrans