RICHWOOD, W.Va. — The Federal Home Loan Bank of Pittsburgh and other banking institutions are providing West Virginia’s flood zone with $2.3 million in funding in flood recovering efforts.
The announcement was made in Richwood Tuesday which included a tour of the town focusing on what has happened since the historic June 23 flood.
“When the floods occurred, the bank and the board decided we needed to do something,” Pat Bond, FHLB of Pittsburgh board chairman, said Tuesday. “And we needed to do something above what we would normally do.”
Bond, a Charleston-native, said he went to his bank board after the flood 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 the bank 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.”
FHL Bank 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 FHL Bank Pittsburgh is planning to provide assistance in all 12 counties declared in the federal disaster area.
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.