West Virginia has an abundance of historic buildings that aren’t meeting their economic potential.
The state has 92 registered historic districts categorized as either commercial or mixed-use. That means that these districts include the income-producing properties that are eligible for the proposed increased historic rehabilitation tax credit of 25%.
In these 92 registered historic districts, there are 14,805 contributing buildings.
To put that in perspective, 87 buildings were redeveloped from 2002 to 2015 using the current 10% tax credit. That’s less than 1% of the buildings in West Virginia’s commercial and mixed-use historic districts.
These historic districts are assets waiting to be leveraged.
The beauty is that these assets are found in almost every area of the state. Seventy-three cities and towns have one or more mixed-use or commercial registered historic districts.
With the current 10% tax credit, developers have rehabilitated buildings in only 25 of these 73 communities:
|Charles Town||Harpers Ferry||Old Fields||Wardensville|
This means that 48 communities are missing out:
|Barboursville||Grafton||Pence Springs||St. Albans|
|Berkeley Springs||Hedgesville||Point Pleasant||Sweet Springs|
With an increase in the West Virginia Historic Rehabilitation Tax Credit to 25%, the remaining 48 communities will have a higher likelihood of attracting private investment and harnessing the economic potential of their historic districts.