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CRI Builds Houses, Can Arrange Financing For Low Income Buyers

July 24, 2012
BY?AMY?WITSCHEY - Editor ( , Wetzel Chronicle

Local residents may have noticed the new two-story home erected at 619 Fourth Street in New Martinsville.

Community Resources, Inc. is the group behind the modular build, through the West Virginia Housing Development Fund. Rebecca Malone, CRI community specialist, said CRI, as a Community Housing Development Organization, was able to get HUD (Housing and Urban Development) money to build the home.

Malone said the goal of the project is to put a buyer who makes under 80 percent of the area's median income in the home. As an example of this income level, a family of four in Wetzel County can make $40,550 and qualify for the program.

Article Photos

Crews work at putting the second level on the new two-story home erected at 619 Fourth Street in New Martinsville. The home is part of a housing development project with Community Resources, Inc. (Photo by Susie Scharf)

The family will be approved for a loan of a certain amount. Malone said she is seeing minimum loan approvals of $70,000 here. If, presumably, their approval amount does not meet the amount of the appraisal, which is also their selling price, then CRI will provide a second mortgage at no interest to cover the shortfall. At the end of the pre-determined amount of time, which is dependent upon the amount of the second loan, the second mortgage will be forgiven.

CRI's houses in this area have been appraising for $100,000. However, Malone said this is the first two-story home they have built; consequently she assumes it will appraise for more than $100,000.

They have built two homes in Wetzel, two in Tyler, one in Pleasants, two in Roane, one in Ritchie, five in Jackson, and one in Wirt counties. There is currently a home at 608 Lamont St., New Martinsville, awaiting a family. All of the homes include three bedrooms and two baths. They also come with a dishwasher, stove, refrigerator, and over-the-range microwave. A one-year builder's warranty is also provided.

"We try to build each house in the county seat, which means it is usually conveniently located to government, etc., for low and moderate income individuals," said Malone. "We are always looking for land to buy-lots to build more houses."

CRI began this program in 2009 and just now sold those two original homes

"Credit is a factor," noted Malone. There is a minimum credit score that must be met. CRI can work with a family, but it takes time. "We feel if someone works hard enough to get into one of these homes, they're going to take care of it," declared Malone.

USDA Rural Development is the primary lender for the mortgages.

For more information contact Rebecca Malone, community housing coordinator for 11 counties,

by email at or by phone at 304-485-9238 ext. 23 or stop into the local CRI office located in the Florentine Arts Center, 251 Main Street, Studio 3. The Wetzel-Tyler County Office can be reached by phone at 304-455-2701.



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