Incentives designed to encourage more housing development are available in and around Franklin, after the area was designated a West Virginia BUILD District by the state Economic Development office.
In June, the Pendleton County Economic & Community Development Authority submitted an application to the state economic development office. After being approved by three cabinet secretaries, including Secretary Mitch Carmicheal, Department of Economic Development, Secretary James Bailey, Department of Commerce, and Secretary Chelsea Ruby, Department of Tourism, Franklin received official designation as the state’s seventh BUILD WV community.
Qualifying projects will be eligible to receive a sales and use tax exemption for building materials and a 10-year property value adjustment refundable tax credit to offset building costs. The incentives were created under the BUILD WV Act passed by the Legislature in 2022.
The new exemptions can be combined with a business and occupation tax exemption which the municipality or county can authorize.
Dayne Davis, chair of the PCECDA, said, “Through collaborative efforts with local leaders, we are working tirelessly to ensure that our residents and those looking to relocate to Pendleton County, have options for quality and affordable housing. Our efforts here reflect our commitment to creating a vibrant local community and improving the quality of life for future generations.”
To be eligible for the state incentives, a project must:
- Be in a certified BUILD WV District,
- Generate approved costs in excess of $3 million or include at least six residential units or houses,
- Create a significant and positive economic impact on the state,
- Directly or indirectly improve opportunity in the area for the successful establishment or expansion of other commercial businesses, and
- Provide additional employment opportunities in the state.
The zone for Franklin was established with a radius encompassing almost the entire county.
An application must be submitted to the West Virginia Department of Economic Development, along with a non-refundable $5,000 fee. Once an application has been submitted, the release said, a decision will be made within 60 days.
Residential developers planning or in the process of building units that meet the requirements can contact Laura Brown, executive director for the PCEDA, for more information.
