CHARLESTON, W.Va. -- The West Virginia Economic Development Authority approved bond allocation requests for two tax-exempt projects during its monthly meeting Thursday.
Arbors of Windsor Estates, LLC, requested $5 million to acquire, rehabilitate and equip a 109-unit multifamily residential rental facility, to be known as Windsor Manor Project, for affordable housing in Wheeling. The city of Wheeling will issue the bonds requested.
In Beckley, Greenbrier Estates Limited Partnership requested $4.8 million to acquire, rehabilitate and equip a 150-unit multifamily residential rental facility. Beckley will issue the bonds.
"Each state has an entity that approves the allocation for federal tax exemptions and that's the role we played," said David Warner, WVEDA executive director.
In 2011, 2012 and thus far in 2013, the WVEDA has not allocated the full amount of funds available for tax-exempt projects. On Nov. 1 of each year, any funds not used are then made available to anyone in the three separate tax-exempt categories. For the year, more than $175 million is available for tax-exempt projects in the state.
"There's just been very little demand in the last two years for projects that fall in that exempt category," Warner said.
Additionally, Warner said the tax-exempt rate is not a lot different than the borrowing rate right now.
"The differential is much less than it has been historically."
Also on Thursday, members agreed to modify existing collateral for an Ohio Valley Industry and Business Development Corp. project in the old Stone & Thomas building in Wheeling. Currently, WVEDA is leasing part of the building to Williams and Lee and Wheeling Jesuit University.