Incentives created to encourage development of housing are now available in Pocahontas County after this week’s designation as a certified BUILD WV district by the West Virginia Departments of Commerce, Tourism, and Economic Development. The application for designation was submitted jointly by the Greenbrier Valley Economic Development Corporation (GVEDC) and the Pocahontas County Convention and Visitor’s Bureau (PCCVB), in conjunction with efforts of the Pocahontas County Housing Task Force, formed in March of 2022.
Qualifying projects within the district are eligible to receive a sales and use 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.
“This designation is a key tool to incentivize investment into housing solutions for our county’s current employers and residents and will support all efforts to grow the economy and replenish our population,” says Cara Rose former PCCVB director who worked on this application just before retiring.
The district was established with Clover Lick as the center point and includes areas within a 20-mile radius. This point was chosen to encompass as much of Pocahontas County as possible, particularly to include areas where there is developer interest. Letters of support for the project were provided by both the CVB and the EDC as well as the Pocahontas County Commission, Inter-State Hardwoods, Snowshoe Mountain Resort, Greenbank Observatory, Safe Homes, Fort Warwick, Homeownership Center, and First Tracts Realty.
Ruthana Beezley, executive director of the GVEDC, added “We understand that housing is an issue in the region – for residents who want to move here and for employers who want to recruit employees. We are continuing to work on solutions, but feel this designation is an important piece of the puzzle.”
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 email@example.com for additional information on applying. There is an application fee of $5,000, and the State and GVEDC are working to make sure applications are viable before submitting. The Greenbrier Valley EDC is also working with interested parties in Greenbrier and Monroe County to submit further district designations.
The Greenbrier Valley EDC is the local economic development authority for Pocahontas, Greenbrier and Monroe Counties whose mission is to strategically facilitate economic growth and higher wages through collaborative partnerships, while preserving the natural beauty and quality of life in the Greenbrier Valley region.
The Pocahontas County Convention and Visitors Bureau [PCCVB] is an independent, nonprofit corporation dedicated to marketing and promoting Pocahontas County as a destination. Their mission is to promote tourism which strengthens our community through job creation and education, while protecting the environment, sharing our culture and preserving our history.