FAYETTEVILLE, W.Va. — A bill that will allow communities across the state to build new affordable housing developments to meet workforce needs has been signed into law by Gov. Jim Justice.
Justice joined state and local officials in front of a housing project in Fayetteville Thursday to sign HB 3036, the BUILD WV Act.
BUILD WV stands for Better United In Long-term Development West Virginia. The bill 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.
LIVE: Gov. Justice signs HB 3036 – Increasing the number of districts under the BUILD WV Act. https://t.co/vbVbLfXo45
— Governor Jim Justice (@WVGovernor) March 30, 2023
State Commerce Secretary James Bailey was at Thursday’s bill signing and said it’s a one-of-a-kind approach to address affordable housing needs in West Virginia.
“This innovative idea from the governor really hit a sweet spot,” Bailey said. “We now have developers all across the state interested in it and beyond our own borders, other states are already taking notice.”
Danielle Waltz, who represents the Wendell family with Mountain Shore Properties and Whitewater Property Management, said the bill will allow the family to offer more housing and places to stay in the Fayetteville area.
“They are so excited about this particular project behind me. It’s the first new apartments that will be built in Fayetteville in 30 years and that happens because of this legislation,” Waltz said.
The Wendell family is also working to increase tourism opportunities in Fayetteville with the construction of other buildings later this year.
“Starting in the fall, there’s going to be a hotel and restaurant built. It’s really a neat project that will end up including $20 million in investment in Fayetteville,” Waltz said.
The program is managed by the state Departments of Commerce, Tourism, and Economic Development.
State Tourism Secretary Chelsea Ruby said BUILD WV will help restore historic buildings and will drive more visitors to the area including the popular New River Gorge.
“It is somebody who has taken an old building that is a historic treasure and brought it back into development to help serve a community need, “Ruby said.