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Welch, WV (2019)

Renaissance Village

NMTC brings first new commercial or residential development in the community in 50 years to Welch, WV.

Investment

  • NMTC Amount: $9,000,000
  • Total Project Cost: $9,300,000

IMPACT

  • 18 FTE jobs
  • 50 construction jobs
  • Project includes a Federally Qualified Health Center.
  • 9,800 sq. ft. of real estate

Project Description

Renaissance Village is a mixed-use property and is the first new multi-story construction project in Welch, WV, in over 50 years. Its 9,800 sq. ft. of commercial space serves a variety of community needs, including Reconnecting McDowell (a community organization formed by project stakeholders and acting as project sponsor), medical offices, and a mix of local unions, community groups, and other local organizations. The 16 residential units were marketed to teachers in the McDowell County Public School District.

Building America assisted Reconnecting McDowell with sourcing capital for this critical revitalization effort. The project first came to Building America in 2012 through the American Federation of Teachers, and for 8 years, Building America worked with project stakeholders to ensure their vision would be realized. Ultimately, Renaissance Village generated 98,950 hours of union construction work.

Renaissance Village plays into a broader effort to improve the McDowell County Public Schools that is being spearheaded by Reconnecting McDowell, a public-private partnership that is led by the American Federation of Teachers. In Welch, housing choices for local teachers are limited and of poor quality, which directly impeded the county’s ability to attract and retain talent. These 16 units will modernize the housing stock available to teachers, creating an opportunity to engage educators in the local economy and ultimately strengthen the quality of education for local students. Rents are targeted to local teacher salaries so that first-year public school teachers would pay no more than 30 percent of their gross monthly income for rent.

Without NMTC financing, this project would not have been completed. The community has been in steep decline, and there are no large industries or institutions in the area to create economic growth or serve as anchor tenants. Nearly 50 percent of local residents receive some form of public assistance. These factors translate to low market rents and a large amount of risk and uncertainty for new real estate development.

MAP

Address: 60 McDowell St, Welch, WV 24801

Census Tract: 54047954503

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