FAIRMONT, W.Va.–(BUSINESS WIRE)–FHLBank Pittsburgh has awarded a total of $1.5 million to four North Central West Virginia projects, in partnership with MVB Bank, Inc., a wholly-owned subsidiary of MVB Financial Corp. (NASDAQ: MVBF). These awards are part of the 2022 funding round of FHLBank’s Affordable Housing Program grants and voluntary housing grant initiative.
North Central West Virginia awarded projects include the following:
- Morgantown Community Resources, Inc., (“MCR”) was awarded $498,993 toward a building rehabilitation project that will provide housing and a counseling center in Morgantown for 26 veterans experiencing homelessness, addiction or difficulties living a productive life. Hazel’s House of Hope Veterans Residential Program includes the construction of 13 double occupancy residential rooms, a meeting room, kitchenette and staff offices on nine acres of property donated to MCR from the Hazel Ruby McQuain Charitable Trust. The residential program will supplement an existing one that provides affordable rental space to social service agencies that assist individuals experiencing homelessness, food insecurity and substance abuse disorders.
- Mon Valley Habitat for Humanity, Inc., was awarded $450,000 and will build three new affordable housing units on blighted lots in the heart of Fairmont on Robinson Street.
- Clarksburg-Harrison Regional Housing Authority was awarded $311,940 to rehabilitate five owner-occupied units in the Monticello neighborhood of Clarksburg.
- Mountain Opportunities Corporation was awarded $311,940 to rehabilitate five homes in Shinnston.
“MVB strives to be a trusted partner on the financial frontier, committed to the success of our teammates, clients, shareholders and communities,” said Laura Rye, MVB CRA and Fair Lending Officer.
“It was my pleasure to work with three long-term partners Clarksburg-Harrison Regional Housing Authority, Mon Valley Habitat for Humanity and Mountain Opportunities Corporation and our new partner, Morgantown Community Resources, to make a major positive impact on the housing markets in North Central West Virginia. I appreciate MVB Team Members Herman DeProspero, Tina Spangler, Jennifer Muto, Tony Merendino and Frank Sutton who have supported these projects.”
The Board of Directors of FHLBank approved $8.9 million in awarded grants under the AHP and $10.1 million in awarded grants through a voluntary housing grant initiative.
AHP was created by Congress as part of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and began operations in 1990. Under the Federal Home Loan Bank Act, FHLBanks contribute 10% of their net income to affordable housing through the AHP. The AHP is funded by FHLBank earnings and uses no tax dollars.
The additional voluntary pool of funding for 2022, which is separate and distinct from FHLBank’s required, statutory AHP, is provided to address the critical housing needs within FHLBank’s district of Delaware, Pennsylvania, and West Virginia, and the economic and social impacts of the COVID-19 pandemic. Combined, the grants will help finance 43 housing projects, creating more than 900 homes for very low-, low- and moderate-income individuals and families.
“Through partnership with our members, FHLBank Pittsburgh is proud to announce that nearly $20 million in funding has been awarded to benefit more than 900 families across our footprint,” said Winthrop Watson, FHLBank President and Chief Executive Officer.
A complete list of the AHP and voluntary housing grant initiative awards can be found at www.fhlb-pgh.com/ahp.
About MVB Financial Corp.
MVB Financial Corp. (“MVB Financial” or “MVB”), the innovative financial holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.” Through its subsidiary, MVB Bank, Inc., (“MVB Bank”) and the bank’s subsidiaries, MVB provides services to individuals and corporate clients in the Mid-Atlantic region, as well as to Fintech, Payment and Gaming clients throughout the United States. For more information about MVB, please visit ir.mvbbanking.com.
About FHLBank Pittsburgh
FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. FHLBank products and resources help support community lending, housing and economic development. As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting www.fhlb-pgh.com.
