HINTON W.Va. (Hinton News) – On June 25, West Virginia Governor Morrissey designated the City of Hinton as a certified BUILD WV District (WV Code §5B-2L). City officials submitted an extensive application with support from the New River Gorge Regional Development Authority that included data on housing and employment needs, the potential for positive economic impact of designation, and information on commercial business opportunities. Additionally, multiple letters of support were obtained from local business owners and entities that supported the need for workforce housing.
The BUILD WV Act includes incentives for approved projects, including Sales Tax Exemption, Property Value Adjustment Credit (PVAC), and Potential Business & Operating Tax Exemption. Projects must apply and be approved prior to completion to qualify for the incentives.
Eligible projects must meet the following criteria to be considered: Be located in a BUILD WV District, generate approved costs of more than $3 million, OR include at least six residential units or houses, create a positive economic impact on the state, and improve opportunity in the area where the project is located.
Mayor Jack Scott commented: “If you are a developer interested in a project within the City of Hinton BUILD WV District (within a 20-mile radius of the city), please reach out to me at City Hall to discuss. Once a solidified plan is in place, you will review your potential project with the WV Department of Economic Development and obtain a project application. After approval and project completion, you will submit final costs and required data to WVDED for closeout. Finally, you will be able to take the PVAC annually beginning in the tax year when the project construction is completed. This is a tremendous win for our community!”
This designation has the potential to bring much-needed housing development to the community while creating an opportunity for developers to benefit from their investment as well. With the significant number of available residential housing lots in Hinton’s Land Reuse Bank, the city looks forward to attracting developers interested in utilizing those spaces to build new homes that will provide much-needed workforce housing to the area.
If you are interested in additional information about the BUILD WV program, please visit the State of WV website: https://westvirginia.gov/build-wv-act.
