sundaygazettemail reports from Charleston W. Va. The West Virginia Housing Development Fund has re-introduced its incentive program to spur home construction by buying homes from builders who have been unable to sell their homes. Expecting to buy 100 homes annually, the $2.5 million allocated for the program will encourage builders and modular home dealers to sell single-family homes and reduces the risk especially for builders. Under the program, the Housing Fund will pay 70-85% of the appraised value of the home if the builders are unable to sell them after 180 days, but only for homes valued below $250,000. Begun in 1993 as Constructing Affordable Sensible Homes—CASH, the program initially addressed the problem of a shortage of moderately-priced homes in north central W. Va., particularly in the area whee the natural gas industry is flourishing. MHProNews has learned the program ceased in 2008 as the housing market declined.
(Photo credit: Dickinson Modular Homes)