Application submitted by GVEDC is approved for WV’s 10th designation location
Incentives created to encourage development of housing are now available in Greenbrier County after a designation as a certified BUILD WV district by the West Virginia Departments of Commerce, Tourism, and Economic Development.
The application for designation was submitted by the Greenbrier Valley Economic Development Corporation. Qualifying projects within the district are eligible to receive a sales tax exemption for building materials as well as a 10-year property value adjustment refundable tax credit to offset building costs. BUILD WV Act was passed by Legislature in 2022 and expanded in 2023.
The district was established with Maxwelton as the center point and includes areas within a 20-mile radius. This point was chosen to encompass as much of Greenbrier County as possible as well as to prevent overlapping with other designated areas in the region (see map). The application was supported by other public and private entities, including the Greenbrier County Commission, Greenbrier County CVB, Ascend WV, and Adam Whanger Contracting.
“As economic developers we want to put as many tools as possible in the toolbox for developers of housing in our region,” said Ruthana Beezley, Executive Director of the GVEDC. “This second designation for the Greenbrier Valley is geared toward spurring private sector investment and we hope it will allow for more housing builds in the near future.”
According to the Build WV Code (WV §5B-2L-16), projects eligible for the BUILD WV Act will be located in a certified district: include at least six residential units or houses OR generate approved costs in excess of $3,000,000: create a significant and positive economic impact on the state; improve opportunities for commercial businesses and provide additional employment opportunities.
Interested housing developers are encouraged to contact Ruthana Beezley at GVEDC at rbeezley@gvedc.com for additional information on applying. There is an application fee of $5,000. The WV Department of Economic Development and GVEDC are working to make sure applications are viable before submitting.
