The City of Wheeling’s application to become a BUILD WV District has been approved by the State of West Virginia thus creating potential tax incentives offered by the program for qualifying housing projects. The goal of BUILD WV is to assist West Virginia communities in attracting much-needed housing development projects.
City Manager Robert Herron explained Wheeling’s BUILD WV District will be within a 20-some-mile radius in West Virginia from the City landmark that was selected. WVU Medicine-Wheeling Hospital was the location chosen.
“The district will include most of Ohio County and a portion of Marshall County. Qualifying housing projects within the district will be able to avail themselves of the tax credits outlined in the program,” he said. “We are very pleased with the designation. Our goal here is to improve the housing market in the Wheeling area and hopefully our successful establishment of a BUILD WV District will work toward accomplishing that goal.”
The BUILD WV Act was created during the 2022 Legislative Session to which the City is appreciative of its state legislators’ foresight in viewing housing as a priority for successful economic development. The program offers a State Sales and Use Tax exemption for building materials and a 10-year property value adjustment refundable tax credit to offset building costs. Projects eligible for the BUILD WV Act will meet the following criteria: be located in a certified BUILD WV District, as designated by the Secretaries of Commerce, Economic Development, and Tourism; generate approved costs in excess of $3,000,000 or include at least six residential units or houses; create a significant and positive economic impact on the state; directly or indirectly improve opportunity in the area where the project will be located for the successful establishment or expansion of other commercial businesses; and provide additional employment opportunities in the state.
The effort to gain approval of this District was led by the City’s Economic & Community Development Department with assistance from the Regional Economic Development Partnership (REDP). The City utilized support letters from Coon Restoration, Woda Cooper Companies, Inc. and REDP on possible qualifying projects. WVU Medicine-Wheeling Hospital also participated in the process by expressing their support as a landmark and indicating the positive incentives that this legislation provides for housing development.
The City appreciates Cabinet Secretaries Carmichael, Ruby and Bailey for carefully reviewing and approving the District. Governor Jim Justice’s commitment to addressing issues of need throughout the state, such as in this case assisting housing investment opportunities in our portion of the Northern Panhandle is clearly evident in this District designation.
The West Virginia Department of Economic Development oversees the program and reviews all applications. Projects must apply and be approved prior to the completion of construction.
For more information on BUILD WV, visit https://westvirginia.gov/build-wv-act/