Jackson is now a designated Build-WV certified county
The Jackson County Development Authority (JCDA) applied as a BUILD WV certified county under the BUILD WV ACT (WV Code §5B-2L) and was awarded their designation this week. The BUILD WV ACT provides tax incentives to encourage the development of residential housing in designated areas of West Virginia. The designation covers a 20-mile radius with Cottageville being the center. Wood and Putnam Counties were also awarded, the state has worked to make sure designations are not repetitive.
“To qualify the JCDA had to submit proof they had completed a housing study or housing needs assessment, a letter from companies within the proposed district indicating their workforce housing needs, letters from developers with defined projects, Multiple Listing Services data from the proposed district and other documents” said Meghan Parsons, Special Project Coordinator for the Jackson County Development Authority. West Virginia is one of the fastest growing in-bound states, and the demand for new, residential properties has never been higher.
Created during the 2022 Legislative Session, the BUILD WV Act aims to assist West Virginia’s growing communities in attracting much-needed housing development projects. The credit offers a State Sales and Use Tax exemption for building materials and a 10-year property value adjustment refundable tax credit to offset building costs. The BUILD WV act provides sales tax exemptions, property value adjustment credits, and potential B&O Tax Exemption. A proposed BUILD WV project would apply and be approved through the state prior to the project’s completion to qualify for the incentives. To be eligible for the BUILD WV projects would need to be in a certified district, generate approved costs more than $3,000,000 or at least six residential units or houses. The projects would need to create a significant and positive impact on the economy and improve opportunity in the area.
The BUILD WV districts are certified by the Secretaries of Commerce, Economic Development, and Tourism. Approved BUILD WV projects may be located within any certified BUILD WV district. “With the recent announcements and projects that have begun to kick off Jackson County certainly has a large need for residential housing. Housing and employment needs are great and having this designation would have a significant impact on the county as well as the state economically. We also know that having this certification would result in several approved projects”, said Meghan Parsons.
To learn how to submit a project application please call the JCDA at 304-372-1151 or email meghan.parsons@jcda.org
To apply or get more information, visit: WestVirginia.gov – BuildWV Act
