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FHLBank Pittsburgh Awards $1.5 Million to Four MVB Bank-Sponsored Affordable Housing Projects in North Central West Virginia
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Rhea-AI Summary
MVB Financial Corp. (MVBF) has partnered with FHLBank Pittsburgh to allocate $1.5 million to four housing projects in North Central West Virginia as part of the 2022 Affordable Housing Program grants. Notable distributions include $498,993 to Morgantown Community Resources for a veterans’ housing project, $450,000 to Mon Valley Habitat for Humanity for new units in Fairmont, $311,940 for Clarksburg’s owner-occupied units rehabilitation, and $311,940 for Shinnston homes. This initiative supports MVB's commitment to community welfare and addresses housing needs intensified by the pandemic.
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$1.5 million awarded for affordable housing projects strengthens community ties.
Partnership with FHLBank indicates MVB's robust involvement in local economic development.
Funding supports essential housing for vulnerable populations, enhancing company reputation.
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FAIRMONT, W.Va.--(BUSINESS WIRE)--
FHLBank Pittsburgh (“FHLBank”) 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. (“MVB Financial”) (NASDAQ: MVBF) (collectively “MVB”). These awards are part of the 2022 funding round of FHLBank’s Affordable Housing Program (“AHP”) 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.
Forward-looking Statements
MVB Financial Corp. has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this press release that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about the future and subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries. Forward-looking statements can be identified by the use of words such as “may,” “could,” “should,”, “would,” “will,” “plans,” “believes,” “estimates,” “expects,” “anticipates,” “intends,” “continues,” or the negative of those terms or similar expressions. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in forward-looking statements. Therefore, undue reliance should not be placed upon any forward-looking statements. Those factors include but are not limited to: market, economic, operational, liquidity, and credit risk; changes in market interest rates; inability to achieve anticipated synergies and successfully integrate recent mergers and acquisitions; inability to successfully execute business plans, including strategies related to investments in financial technology companies; competition; length and severity of the COVID-19 pandemic and its impact on the Company’s business and financial condition; changes in economic, business, and political conditions; changes in demand for loan products and deposit flow; operational risks and risk management failures; and government regulation and supervision. Additional factors that may cause actual results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as well as its other filings with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by law, the Company disclaims any obligation to update, revise, or correct any forward-looking statements.
