West Virginia Housing Development Fund

What West Virginia Housing Development Fund does

The West Virginia Housing Development Fund (WVHDF) is a state-chartered housing finance agency established by the West Virginia Legislature in 1968 and headquartered in Charleston, West Virginia. As the state's affordable mortgage finance agency, WVHDF provides below-market rate mortgage loans to low-to-moderate income homebuyers through two flagship single-family programs — the Homeownership Program (30-year fixed, 6.200% APR 6.811%) targeting first-time buyers and the Movin' Up Program for moderate-income buyers (up to $171,120 income, $350,000 home price) — supplemented by the Low Down Home Loan (2% interest second mortgage up to $12,000) and the Residential Septic Loan Program (up to $10,000 at 2% over 10 years). WVHDF is the largest loan servicer of West Virginia-based loans, with all servicing handled in-house at the Charleston office.

On the multifamily side, WVHDF administers the federal Low-Income Housing Tax Credit (LIHTC) Program (producing more than 18,400 affordable rental units since inception), HOME Investment Partnerships Program, National Housing Trust Fund, Affordable Housing Fund, and the Home4Good homelessness program (in partnership with FHLBank Pittsburgh). The Fund also serves as Contract Administrator for HUD's project-based Section 8 program across 175 properties serving approximately 10,800 households in 48 West Virginia counties, handling management/occupancy reviews, renewals, rent adjustments, special claims, and voucher processing.

Revenue is generated through interest income on retained mortgage loan portfolios, loan origination and servicing fees, and federal/state program administration contracts. Distribution is achieved through a statewide network of more than 60 partner lenders (banks, credit unions, independent mortgage companies) plus three in-house loan originators, supported by the PowerLender System and Lender Portal digital platforms. The Fund is governed by an 11-member Board of Directors (chaired by the Governor) and led by Executive Director Nathan E. Testman; it carries an AAA credit rating from S&P Global (February 2023) and is funded primarily through tax-exempt bond issuance and federal program allocations rather than equity investment.

Name

West Virginia Housing Development Fund

Legal name

West Virginia Housing Development Fund

Website

https://wvhdf.com

Company type

Private

Founded year

1968

Operating status

Operating

Headcount range

51–100 employees

Short description

West Virginia Housing Development Fund is the state's housing finance agency, providing below-market mortgage loans to low-to-moderate income homebuyers, administering federal affordable rental housing tax credit and grant programs, and serving as HUD's project-based Section 8 contract administrator across West Virginia.

Ownership category

akta.pro rank

Product category

State Housing Finance / Affordable Mortgage Lending

NAICS

Administration of Housing Programs (925110), Mortgage and Nonmortgage Loan Brokers (522310)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

State & Local Housing Finance Agencies (HFAs) (FSALAKAA)

akta.pro secondary industries

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF), Affordable Housing / Down Payment Assistance (DPA) Mortgage Origination (FSALAAAM), Down Payment Assistance (DPA) & Homebuyer Subsidy Programs (FSALAKAE), Loss Mitigation & Home Retention Servicing (Modifications/Forbearance/Repayment Plans) (FSALAEAG)

Keywords

• Affordable housing finance
• Mortgage lending programs
• Multifamily rental financing
• Housing tax credits
• Down payment assistance

Headquarters

HQ city

Charleston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Mortgage Lending: WVHDF originates and services mortgage loans for low-to-moderate income homebuyers. Revenue is generated through interest on mortgage loans. The Fund is the largest loan servicer of West Virginia-based loans in the state.
2. Section 8 Contract Administration: As Contract Administrator for HUD's project-based Section 8 program, WVHDF administers 175 properties serving approximately 10,800 households across 48 West Virginia counties.
3. Low-Income Housing Tax Credit Administration: The Fund administers the Low-Income Housing Tax Credit Program, which generates affordable rental units by encouraging private investment through federal tax credits. Since inception, this program has produced more than 18,400 affordable rental units.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

WVHDF is West Virginia's state housing finance agency that provides affordable single-family mortgage lending (Homeownership Program, Movin' Up Program, Low Down Home Loan, Residential Septic Loan Program, LAMP) for low-to-moderate income homebuyers, administers multifamily affordable rental housing financing programs (Low-Income Housing Tax Credit, HOME Investment Partnerships, National Housing Trust Fund, Affordable Housing Fund, Home4Good), and serves as the Contract Administrator for HUD's project-based Section 8 program. It also operates as the largest loan servicer of West Virginia-based loans in the state, delivering payment processing, loss mitigation, and borrower assistance from its Charleston headquarters.

Product overview

West Virginia Housing Development Fund is a state housing finance agency offering a comprehensive portfolio of mortgage lending and rental housing programs. The core Single-Family division provides mortgage loans through the Homeownership Program (30-year fixed-rate for lower-income first-time buyers), the Movin' Up Program (for moderate-income buyers without first-time requirement), and the Low Down Home Loan (2% interest second mortgage up to $12,000 for down payment assistance). The Residential Septic Loan Program supports homeowners with septic repairs. The Multifamily division administers the Low-Income Housing Tax Credit Program (18,400+ units produced), HOME Investment Partnerships, National Housing Trust Fund, Affordable Housing Fund, and Home4Good homelessness program. Section 8 Contract Administration serves 175 properties housing 10,800 households. Customer services include loan servicing, mortgage assistance, auto pay enrollment, and a network of 60+ partner lenders through PowerLender and Lender Portal platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• Homeownership Program 30-year fixed-rate mortgage loans offering WVHDF's lowest interest rates (6.200% APR 6.811% disclosed), up to 100% financing of purchase price, and access to down payment assistance. Primarily targets first-time home buyers with lower income. Completion of Fannie Mae HomeView homebuyer education is required.
• Movin' Up Program Mortgage financing for moderate-income first-time or repeat homebuyers with no first-time buyer requirement. Standard rate 7.000% (APR 7.633%); special rate 6.875% (APR 7.577%) for applicants at or below 80% Area Median Income. Income cap $171,120; home price cap $350,000.
• Low Down Home Loan 15-year fixed-rate second mortgage at 2% interest providing up to $12,000 for down payment and closing costs when loan-to-value is at or above 80%. Available exclusively when combined with the Homeownership Program or Movin' Up Program.
• Residential Septic Loan Program Loans of up to $10,000 over 10 years at 2% interest for repairing or replacing failing on-site septic systems or connecting to a public treatment system. No income limits; applicants must demonstrate ability to repay. Previously known as the On-Site Systems Loan Program; operates through partnership with the WV Department of Environmental Protection.
• Low-Income Assisted Mortgage Program (LAMP) Program providing West Virginia Habitat for Humanity organizations with a funding source by purchasing new and existing single-family mortgages, helping generate capital to build more affordable homes.
• Low-Income Housing Tax Credit Program (LIHTCP) Federal program that generates low-income residential rental units by encouraging private investment through federal tax credits. Has produced more than 18,400 affordable rental units in West Virginia since inception. WVHDF administers allocation and compliance for the state.
• HOME Investment Partnerships Program Federal HUD program administered by WVHDF to increase the supply of affordable rental housing, support communities, and expand the capacity of community-based housing development organizations in West Virginia.
• National Housing Trust Fund Federal HUD-funded program allocated and administered by WVHDF to increase and preserve the supply of safe, decent, affordable rental housing for extremely low and very low-income households, including those who are homeless.
• Affordable Housing Fund State fund created by the West Virginia Legislature in 2001 and administered by WVHDF since 2018 to provide funding for technical assistance and housing assistance to non-profits and government entities, encouraging partnerships and local community involvement in meeting West Virginia's housing needs.
• Home4Good Partnership program between WVHDF and Federal Home Loan Bank of Pittsburgh addressing unmet and critical needs in Continuums of Care across West Virginia, providing flexible funding to organizations working to address homelessness.
• Section 8 Contract Administration Project-based Section 8 (PBCA) contract administration on behalf of HUD, including Management and Occupancy Reviews, contract renewals and rent adjustments, special claims processing, and voucher processing. WVHDF administers 175 West Virginia rental properties serving approximately 10,800 households across 48 counties.
• Loan Servicing and Administration Full-service loan servicing for Single-Family and Multifamily borrowers, including payment processing, customer service, loss mitigation, tax and insurance payments. Operated from the Charleston office; WVHDF is the largest loan servicer of West Virginia-based loans in the state.
• Mortgage Assistance Program Assistance for WVHDF borrowers struggling with mortgage payments, including loss mitigation options and referrals to certified housing counselors to help avoid foreclosure.

Quantifiable outcome

• Produced more than 18,400 affordable rental units through LIHTC since inception
• +1 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Bluefield Arts and Revitalization Corporation (BARC)minorStrategic or Co-development Partner · 17 April 2026BARC is the developer for the Hotel Thelma project, transforming the historic building into 10 affordable senior housing units. WVHDF provided $25,000 in predevelopment funding through its Affordable Housing Fund Program.
• Federal Home Loan Bank of PittsburghcoreStrategic or Co-development Partner · 18 December 2025FHLBank Pittsburgh partnered with WVHDF on the Home4Good program to address homelessness in West Virginia. In December 2025, FHLBank announced $8.394 million in grants for 110 homelessness programs across Delaware, Pennsylvania, and West Virginia through this partnership.
• West Virginia Department of Environmental ProtectioncoreStrategic or Co-development PartnerPartnership between WVHDF and WV DEP for the Residential Septic Loan Program. The DEP provides expertise on septic systems while WVHDF provides financing for homeowners to repair or replace failing systems or connect to public treatment.
• Habitat for Humanity (West Virginia Affiliates)coreStrategic or Co-development PartnerLAMP Program provides West Virginia Habitat for Humanity organizations with a funding source by purchasing new and existing single-family mortgages, helping generate capital to build more affordable homes.
• HUD (U.S. Department of Housing and Urban Development)coreStrategic or Co-development PartnerWVHDF serves as Contract Administrator for HUD's project-based Section 8 program, conducting management and occupancy reviews, processing renewals, rent adjustments, and special claims on HUD's behalf.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Others

• U.S. Department of Housing and Urban Development (HUD): Federal regulator and program funder for the Section 8 PBCA contract WVHDF administers on HUD's behalf; HUD also funds HOME and NHTF. Not a competitor but the supervisory counterpart whose appropriations and policy decisions materially shape WVHDF's program scope.
• Federal Home Loan Bank of Pittsburgh: Partner bank in the Home4Good homelessness program (announced $8.394M in grants across WV, PA, and DE in December 2025). Operates in the broader housing finance ecosystem as a wholesale liquidity provider to WVHDF's partner lenders, but is a strategic collaborator rather than direct competitor.

Broad incumbents

• Freddie Mac: Government-sponsored enterprise that purchases and securitizes conventional mortgages; broader incumbent setting the underlying pricing and underwriting standards to which WVHDF's mortgage products must align. Comparable category but operates at national scale rather than single-state.
• Fannie Mae: Government-sponsored enterprise providing liquidity to mortgage markets via securitization; WVHDF requires borrowers to complete Fannie Mae HomeView homebuyer education before closing. Operates broadly in the same affordable mortgage space but at national scale and via secondary market rather than direct origination.

Direct peers

• Kentucky Housing Corporation: Kentucky's housing finance agency is a self-funded state instrumentality delivering low-interest mortgages, DPA, and LIHTC/HOME administration through a network of participating lenders — a near-twin operating model to WVHDF in an adjacent Appalachian market.
• Tennessee Housing Development Agency: Tennessee's HFA runs Great Choice and Habitat homeownership mortgage programs, down payment assistance, LIHTC allocation, and a Section 8 PBCA contract — substantially the same program stack as WVHDF, with comparable partner-lender distribution.
• Pennsylvania Housing Finance Agency: State housing finance agency operating the same playbook as WVHDF: tax-exempt bond-issued below-market mortgage products, LIHTC/HOME/NHTF administration, down payment assistance, and a partner-lender distribution network. Most directly comparable peer in terms of program mix and structure.
• Virginia Housing: Virginia's state housing finance agency offers single-family first-time buyer mortgage programs, down payment assistance, LIHTC allocation, and multifamily financing — near-identical structure to WVHDF's programs with comparable AAA credit profile.
• Ohio Housing Finance Agency: Ohio's HFA offers mortgage revenue bond first-time buyer loans, down payment assistance, LIHTC administration, and GRR servicing — directly mirroring WVHDF's single-family/multifamily division structure and target customer.
• North Carolina Housing Finance Agency: NC Housing Finance Agency administers mortgage revenue bond programs (NC Home Advantage), LIHTC, HOME, and supportive housing — directly comparable state HFA in scale, program mix, and target low-to-moderate income borrowers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/wvhdf

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about West Virginia Housing Development Fund