NOTICE: The MVB banking center located at Cheat Lake, (2400 Cranberry Square, Morgantown, WV), will be closed as of January 31, 2020. MVB will continue serving our valued clients in the Morgantown area at the Sabraton and Suncrest banking centers. Our Client Support Team is available to answer questions at 844-MVB-Bank or ClientSupport@MVBbanking.com.
Community Development Corporation
We put our money where our mouth is
This special division of MVB searches for unique ways we can serve the communities who need it most.
MVB Community Development Corporation
The MVB Community Development Corporation, a subsidiary of MVB Bank, Inc., is committed to the mission of transforming low-income communities, creating economic opportunities for low-income persons and financing qualified businesses through the provision of capital investments and lending in a manner that provides a vital impact on the lives of individuals and their communities.
Our experienced lenders are able to finance complex projects through expertise in New Market Tax Credits, Historical Tax Credits, Low Income Housing Tax Credits and tax incremental financing
Pictured from left to right are Steve Sadd of Miller School Associations, LP, and MVB’s Herman DeProspero.
Built in 1914, the former Miller Junior High School in Fairmont was vacated by the Marion County Board of Education after the 2007 school year. In 2013, the structure was added to the National Register of Historic Places. Through an $8 million adaptive reuse project, the structure is now housing residents as the new Miller School Apartments.
Using experience he gained through working with several Low Income Housing Tax Credits developers over the years, MVB’s Herman DeProspero helped to bring this project to reality by committing MVB to a portion of the investment that was used to purchase various tax credits.
Leasing began in January 2018 for 46 affordable housing units targeted for senior citizens. During the recent Miller School Apartments Grand Opening, developer Steve Sadd of Miller School Associations, LP, said the following about MVB’s involvement in the project that Herman led: “MVB was not just a lender for this project, they are an investor in this building and they actually own part of this project. MVB is the Most Valuable Bank, and I know they are the most valuable bank to this project. I want to thank Herman DeProspero and MVB Bank.”
MVB Community Development Corp. Board of Directors
- David B. Alvarez
- Herman E. DeProspero
- John W. Ebert
- David A. Jones
- Gary LeDonne (Chair)
- Larry F. Mazza
- Donald T. Robinson
- Laura Rye
- John T. Schirripa