The West Virginia Housing Development Fund (WVHDF) announced the availability of approximately $20 million of ERA2 funds for affordable housing production and preservation in conjunction with the LIHTC Program. ERA2 funds were created under the American Rescue Plan Act and are used for housing production and/or preservation under the following conditions:

  • The project must serve very low-income residents (50 percent AMI). The number of 50 percent AMI units required is determined by the percentage of ERA2 funds used to fund the total project cost (Example: If 25 percent of the overall project cost is funded with ERA2 funds, then 25 percent of the project’s units must serve very low-income residents (50 percent AMI));
  • The income limitation described above must be imposed through a land use restriction agreement for a period of at least 20 years, and
  • The project must conform to and meet the requirements of another federal housing program, such as:
    • Low Income Housing Tax Credit Program; or
    • HOME Investment Partnerships Program; or
    • National Housing Trust Fund Program.

You can view the information fact sheet related to the ERA2 fund here.