RURAL REQUIREMENT … The WCPA shared that grades are used by investors to determine where to invest. With the current grading system geared towards large metropolitan areas, rural areas often find themselves unable to qualify for funds that could significantly help combat the housing crisis.
By: Anna Wozniak
THE VILLAGE REPORTER
anna@thevillagereporter.com
The Williams County Port Authority (WCPA) met on March 13, 2024, first approving the minutes from their March 6, 2024 meeting before approving the contract with Fackler Construction for the 108 S. Lynn Street property in West Unity.
Discussion was held on the instructions to bidders document, with it being shared what type of information would be available to involved parties to better help them choose who to contract with for what projects.
It was then decided to add a movement to the agenda for the next meeting to require notice of final disbursement for each property so that no bills come in after they have been closed out.
It was then shared that the WCPA is looking into a line of credit instead of mortgage to fund future construction, so they can put up lots as collateral to ensure little to no risk to the banks, and all financial statements have been compiled to ensure loan approval.
A meeting with the banks has been scheduled, and the results of the recent housing study showed that people are driving here to work, not living here to work, with the income from regional jobs being able to support a $700 to $1,200 rental range, with a less than .8% rental vacancy currently.
Looking at county specific grading systems, NORED, speaking to legislatures to try and change funding requirements.
There are many requirements for funding, and they are trying to speak to legislators so that developers want to invest in building here.
It was shared that it costs around $100,000 to apply for tax credits from the state, which is the primary motive for investors.
The incentives received have a lot of stipulations that only major cities can meet, so rural communities are having to express that the grading systems should be changed so that they can qualify for funding.
The WCPA then entered executive session at 12:30 p.m.