Parkersburg administration working to address housing challenges
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PARKERSBURG -- The City of Parkersburg recognizes the pressing challenges related to housing shortages in the community and to be proactive, the administration has taken steps to encourage development across all sectors of housing needs.
The City of Parkersburg has made available the New Housing Construction Tax Credit Program, a targeted effort to further incentivize the construction of new housing units. This initiative provides tax credits to contractors, subcontractors, or suppliers who undertake the construction of residential properties, without any particular focus on rent restricted developments.
The Rental Rehab Program was designed to assist owners of residential rental properties. This program provides financial assistance to property owners who rehabilitate their properties and, in return, commit to renting to eligible tenants for a minimum of five years. Rehabilitation loans are deferred and forgivable after the initial 5-year term. At the end of the loan term, the loan is converted to a grant. This program seeks to revitalize existing rental units, correct building code violations, enhance energy efficiency, and make housing more accessible for persons with disabilities.
Both programs were implemented to encourage new development, spur code compliance and overall property improvements to enhance housing options for contractors, developers and tenants alike, said Mayor Tom Joyce.
Additionally, Parkersburg officials in coordination with Downtown PKB and the Wood County Historic Landmarks Commission over the past several months presented a formal nomination to the West Virginia State Historic Preservation Office for a fourth Historic District in Parkersburg joining Julia-Ann Square, Washington Avenue, and Avery Street. The Downtown Central Business District was identified and submitted for review.
"Historic districts positively impact the local economy through economic development, and additional tourism opportunities. An aesthetic and well-promoted district can be an important attraction. Successfully obtaining a downtown historic district designation will encourage private capital investment by affording properties and projects the opportunity for additional historic tax credits," said Ryan Barber, Development Director for the City of Parkersburg. Final approval from the Archives & History Commission is expected before the end of 2023.