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I was caught on TV as a spectator during the field hearing held in Martinsburg West Virginia at the chambers of the Berkeley County Commission. The event was widely covered by local media and well attended with standing room only.

Just on the heels of the Housing Rescue Bill, U.S. Representatives Maxine Waters, Financial Services Subcommittee Chair (D-CA) and Congresswoman Shelley Moore Capito (R-WV), held a Congressional Field Hearing on June 29 to address affordable housing issues in West Virginia and the current challenges in the Eastern Panhandle. The two hour hearing was conducted in capital hill fashion with a red light timer signaling when a panel speaker's allotted time had ended. Isn't it funny how they always go over?

The panel discussions began with Roy Bernardi, Deputy Secretary, U.S. Department of Housing and Urban Development, emphasizing the increased need for public housing and voucher programs intended to serve veterans, the homeless and our elderly population. This program is administered locally with federally received funds which have been cut. No surprise there as this is a nationwide dilemma.

The testimony from Russell Davis, Administrator, USDA Rural Development reported that the demand for loans has doubled in the last year with a delinquency rate 35% lower than the private sector and significantly lower than FHA. According to Davis, the program's success is in large part due to strict underwriting guidelines requiring solid documentation of income and appraised value. Representative Waters commended this committee for their achievements and I agree with her. All lending pratices need accountabilty.

The second panel of witnesses began with David Rathbun, West Virginia Housing Development Fund, reporting the success of the 20 year program that has assisted over a hundred thousand home buyers to achieve the dream of home ownership and averaging over 2,000 a year through the WV/HUD program. One out of seven home purchases in the state is currently funded with bond issue.

The panel continued with George Karos, Mayor, City of Martinsburg and Catherine Dodson, Martinsburg Housing Authority backing up increasing needs for the voucher program and restructuring the ease to accomplish their goals. Last but not least, my heart went out to David Ross representing MOVE, Men of Valor and Vision, for his valiant goal in assisting military veteran's transitioning back into our community and assisting them with counseling and housing. He began by saying that the idea was hatched in his own living room and even though support for his grass roots effort has grown, he expressed concerns about additional needed funding for veterans who will be returning in the near future.

To sum it all up 23.1 million dollars of the Housing Rescue Bill monies will be allocated to West Virginia, half of which go to the Second Congressional District and, according to Congresswoman Shelley Capito, will create new jobs and tax revenue. She also emphasized that West Virginia is low on foreclosure rates ranking in at 48^th nationwide. Well, that comes as no surprise given the growing elderly population throughout the more rural areas. As for the allocation to our beautiful Mountaineer State of West Virginia, we've been dumped to the bottom of the ladder again. The more I've delved into this bail out, the madder I get. We chuckled as the hearing wound down and the gentleman I had noticed earlier in his wheelchair parked center aisle dropped the "F" word, Fannie and Freddie. His comment was very simple. "What about all those big paid bonuses to the Fannie-Freddie fat cats?" Ya gotta love it!

Yesterday was a busy day in our nation's capital. The Senate overwhelmingly passed a housing bill that will offer up to $300 billion in loans for troubled homeowners and establish a government rescue plan for Fannie Mae and Freddie Mac.

In an effort to offset the rising rate of foreclosures, The Housing and Economic Recovery Act of 2008 was passed by the House of Representatives. This bill would avail up to a $7,500 tax credit for first time home buyers through June 2009. Hopefully the Senate will quickly act upon this bill and President Bush will pass it into law to further stimulate the stagnating housing market.

We have been very lucky this year in the eastern panhandle of West Virginia regarding rain fall but the past two years remain clear in my mind. We were in a definate drought and it was very evident at The Woods Resort golf course as the greens burned to brown and water restrictions were posted for residents.

Here's a nifty tip I'd like to share with you to conserve water while watering your garden. Running a sprinkler for two hours can use up to 500 gallons of water. To figure out the right amount to water, put an empty tuna can on your lawn. When it's full, you've watered about the right amount. So the next time you make some tuna salad, don't throw that can away so fast.

Source: www.eartheasy.com

Important news for our veterans! On June 17, 2008, the Heroes Earnings Assistance and Relief Tax Act was enacted, granting special benefits to veterans of the U.S. Armed Forces. The most significant of the benefits provided for in the act is the exemption of veterans and their spouses from the first‐time home buyer requirement under the West Virginia Housing Development Fund's mortgage bond program. This program currently allows for a 30‐year, fixed interest mortgage at 5.79%.

The first‐time home buyer exemption applies to any qualified veteran who has been discharged or released under conditions other than dishonorable in the past 25 years. The exemption also applies to the spouses of these veterans. Per the new law guidelines, the exemption from the first‐time home buyer requirement may only be used once by the veteran and his/her spouse.

Governor Joe Manchin today announced that veterans who were previously unable to purchase a home as a result of the first time homebuyer requirement of the West Virginia Housing Development Fund's mortgage bond program, will now be able to do so. On June 17, 2008, President Bush signed into law the Heroes Earnings Assistance and Relief Tax Act of 2008 which amends certain requirements of the mortgage bond law to allow veterans' loans to be financed with the proceeds of those bonds.

Governor Manchin stated that "With this change, veterans that are not first time home owners now have a statewide exemption from the rule. This is good news for veterans and their families wanting to make West Virginia their permanent home."

"Veterans statewide can now take advantage of lower interest rates and closing cost assistance while using their veteran's benefits. This will produce significant savings for these homebuyers," added Joe Hatfield, Executive Director of the Housing Development Fund.

For more information contact a participating West Virginia Housing Development Fund lender. A list of participating lenders can be found on the WVHDF website at http://wvhdf.com, or call the West Virginia Housing Development Fund for a mortgage information packet: 877.WVADREAM

With the souring cost of energy taking a toll on businesses and individuals alike, many businesses are considering a four day work week. The Berkeley County Tax Assessor's office located in Martinsburg West Virginia may be just such a trend setter.

According to Assessor Preston Gooden, employees will begin 10 hour workdays in the near future as his office is currently working on restructuring the schedule. Gooden said his employees will make the schedule change so they'll only have to drive to work four days a week, relieving them from an extra day of using fuel to drive to work. They seem very enthusiastic about the change and are looking forward to their commuting savings along with the three day weekends.

This will not affect the public's assess since the offices will remain open Monday through Friday, 9am to 5pm, with the current window hours. An exact date as to when this will go into effect has not been announced, but seems to be moving forward quickly. It will be interesting to see if other government offices and businesses follow suit.