Pub. 2 2011 Issue 1

www.wvbankers.org 22 W e received an interesting letter at the West Virginia Housing Development Fund (WVHDF) earlier this year. It came to us from Eric Stewart in Summers- ville. Eric was able to purchase his home through our Single Family Program. In late January, his Private Mortgage Insurance was terminated and he contacted the Fund to share his gratitude. He wrote: “I would like to take this opportunity to thank you and the staff from the WVHDF. I want to express my thanks for allowing me the opportunity to finance my home without eliminating every bit of my liquid assets. Without those assets, I would have been in a tighter financial situation possibly a few years ago. I will soon have a contractor install siding to the home, and most likely will not require outside financing. This is again due in part to that opportunity. I feel that the WVHDF is a true economic benefit to West Virginia, right down the Grant County Mulch in my landscaping to the local contractor that will install my siding. I recommend your services to others on a regular basis.” We truly cherish letters like this, because it reminds us why we do what we do. In all the confusion surrounding the mortgage and housing industries over the last few years, it’s important to remember our ultimate goal – helping residents of this state find safe, affordable hous- ing. Eric Stewart is a classic example of someone who’s playing by the rules and doing all he can to make a better life for himself and the people he loves. It’s easy to get bogged down in federal regulations, ever-changing mandates and fighting a continual battle with those who seem content to marginalize what we do for their own political gain. But, at the end of the day, it’s worth it. Along with our lend- ing partners, we truly help the citizens of this state get that much closer to the American dream. No one can deny that the last few years have been rough, both for the housing industry and our national economy. West Virginia has fared better than our neighboring states, but we have all felt the effect of this downturn. Although the Fund made fewer loans in 2010, we maintained a strong and robust business. Work- ing with our partners in the lending industry, we loaned nearly $40 million through our Qualified Mortgage Bond program and more than $74 million through our Secondary Marker Pro- gram. The positive impact these loans have cannot be understated. Through these programs, young families have a safe, affordable residence where they can start their life. Firefighters, teach- ers, nurses, miners, police officers – the very backbone of our towns and communities – now have a house they can call a home. West Virginia Housing Development Fund (WVHDF) Helping Residents Find Safe, Affordable Housing By Joe Hatfield, Executive Director, WV Housing Development Fund