RICHWOOD, W.Va. — The Federal Home Loan Bank of Pittsburgh is providing the City of Richwood $2.3 million dollars in funding to build 12 homes as part of continued recovery efforts following the June 23 flood.
“When the floods occurred, the bank and the Board decided we needed to do something,” Pat Bond, Chairman of the Board of Federal Home Loan Bank (FHLB) of Pittsburgh, said Tuesday. “And we needed to do something above what we would normally do.”
Bond, a Charleston-native, said he went to the Board of the FHLBank Pittsburgh after the floods and brought the extensive damage done in southern West Virginia to the attention of Board members.
“When something happens as devastating as this in a state, we’re ready to try and do everything we could to help the state and the communities to rebuild,” he said.
Bond said FHLBank Pittsburgh didn’t have programs curtailed for natural disaster recovery until the floods hit, which prompted them to develop new policies in case such an event would ever occur in their member states again.
“Now we have that program developed,” he said. “And if, God forbid, something else happens we’ll be ready to step in and help our communities again.”
FHLBank Pittsburgh exists to assure flow of credit, support housing finance and community lending, and assist their member banks and partners in developing communities in Pennsylvania, West Virginia, and Delaware.
“Although we are headquartered in Pittsburgh, West Virginia is very important to the Federal Home Loan Bank of Pittsburgh,” Bond said. “We want to do everything we can to support this.”
Richwood, which was suffering from economic woes before the flood hit, is expected to add more than 40 homes as part of the recovery process. Mayor Bob Henry Baber previously said these were the first new homes in town in several decades.
“Being able to reach out and support these families in Richwood is a big deal,” Bond said. “It’s really important.”
Bond said FHLBank Pittsburgh is planning to provide assistance in all 12 counties declared as federal-disaster areas.
Senator Shelley Moore Capito (R-WV) and representatives from local member banks joined citizens and town officials for the check presentation ceremony and a tour of the town Tuesday morning.