FAYETTEVILLE, WV — Gov. Jim Justice held a ceremonial bill signing today at the Wiseman & High Apartments construction site in Fayetteville for HB 3036, which expands the BUILD WV Program.
The BUILD WV Act was the result of the concept brought forth by Gov. Justice during his 2022 State of the State address. The bill expands the current BUILD WV Program which provides incentives to promote development of residential housing properties for the betterment and well-being of the people of West Virginia.
“With great pride, I sign this bill because what this program is doing in West Virginia is incredibly wonderful,” Gov. Justice said. “When West Virginians decide to pull the rope together, we do stuff nobody else can pull off. We live in paradise, and we know how good we really are. It is unbelievable what is happening in this little town. It is exploding, and it is only getting better and better. At the end of the day, how do we expect people to move here without affordable housing? This isn’t rocket science. There’s so much potential and so much goodness going on in our state.”
The goal of BUILD WV – short for Better United In Long-term Development WV – is to assist in the growth of communities across the state and to attract new housing development.
This bill increases the number of districts and the limit on approved costs under the BUILD WV Act.
BUILD WV offers up to three types of tax credits as incentives for housing developers, including a sales tax exemption for building materials, a 10-year property value adjustment refundable tax credit, and a potential municipal B&O exemption.
Cabinet secretaries from the state’s departments of economic development, commerce, and tourism will designate certified districts where housing needs are not being met. Then, developers will apply to the West Virginia Department of Economic Development for residential housing projects to be certified, similar to Tourism Development Act Tax Credit projects.
Projects with a minimum cost of $3 million or that include at least six residential units or houses within a certified district may qualify for the credits.
The first area to be designated as a BUILD WV District was Fayetteville, WV. A historic redevelopment project is already reaping the benefits of the Act.
The first certified project is being led by Mountain Shore Properties LLC and Whitewater Properties LLC who are converting the former elementary school building into 19 apartment units. The apartments are currently under construction and are slated to open this fall. The $4 million project represents the first new apartments constructed in Fayetteville in nearly 30 years.
Mountain Shore Properties LLC and Whitewater Properties are led by developer, and Fayetteville-native Charles Wendell and his family. Wendell will soon be starting on the redevelopment of the former middle and high schools along with new townhomes. Those buildings will be transformed into a 45-50 room boutique hotel.
Collectively, the housing and hotel projects are expected to create 75 construction jobs and 25 permanent jobs once the construction is complete and will total more than $20 million in new investment in downtown Fayetteville.