WHEELING, W.Va (WTRF) – The Regional Administrator for the United States Department of Housing and Urban Development was in Wheeling on Friday.
Regional Administrator Joe DeFelice met with Wheeling Mayor Glenn Elliot to discuss ways to revamp the city’s downtown. They both want more businesses, residents, and affordable housing in the city.
They plan on doing this through a tax incentive that already exists within the city, called the “Opportunity Zone.”
The Opportunity Zone is a tax incentive promising entrepreneurs and investors, savings on capital gains taxes through investing in properties within that zone. It’s part of President Trump’s 2017 Tax Reform. These zones are typically areas with substantial vacancies and potential for economic growth.
Wheeling already has an Opportunity Zone which spans 10th Street through East Wheeling
“We work with the governors office to determine that Downtown was probably the best place for that investment. They submitted a request to the White House and that was approved for downtown Wheeling,” said Wheeling Mayor, Glenn Elliot.
Mayor Elliot said he has been in communication with potential investors into the City’s Opportunity Zone.