By Destiney Dingess, The Herald-Dispatch
HUNTINGTON, W.Va. — The West Virginia Department of Commerce designated the City of Huntington as a Build WV district last week.
The Build WV Act was passed in the 2022 legislative session to encourage housing development in West Virginia by offering developers state tax credits.
The Build WV Act will benefit developers who are building six or more housing units within the designated area, which encompasses all of Huntington and all of eastern Cabell County, said Cathy Burns, executive director of the Huntington Municipal Development Authority (HMDA).
The Build WV Act offers developers in the designated Build WV districts a state sales and use tax exemption for building materials and a 10-year property value adjustment refundable tax credit to offset building costs.
“It basically makes it more profitable for developers to build new housing within the county because it allows them to apply for and receive a tax credit that they normally would be paying the state of West Virginia,” Burns said.
The West Virginia Department of Economic Development (WVDED) oversees the program and reviews all applications. A non-refundable application fee of $5,000 is required to apply.
