YWCA Wheeling Awarded Tax Credits For Necessary Renovations to Historic Building
WHEELING, W.Va – May 25, 2023 – The YWCA Wheeling is excited to announce the investment of the New Market Tax Credits and Historic Tax Credits that will enable the YWCA to revitalize and expand the century old building on Chapline Street. This deal is in partnership with National Trust Community Investment Corporation (NTCIC), US Bank, and financed by Belmont Savings Bank.
Since 1906, the YWCA Wheeling has been the champion of “eliminating racism and empowering women and promoting peace, justice, freedom and dignity for all”. For over a century, the YWCA has adapted and transformed to add new and crucial programming that would meet the needs of the community, but a century of wear and tear on the historic building now requires essential repairs and upgrades to ensure the YWCA can continue operating in the same building for another hundred years.
“This building is steeped in over a century of helping to meet women, families and men where they are. Over the years we have grown and morphed to meet the changing needs of the community and in order to continue this hard work, we need to make changes to our historic Chapline Street location,” said Lori Jones, Executive Director of the YWCA Wheeling.
Belmont Savings Bank has helped finance this deal for a total development cost of $16.8 million including a financing cost of $10 million New Market Tax Credits, $2.7 million Historic Tax Credits, and $3.4 million State Historic Tax Credits through the facilitation of NTCIC.
“We are thrilled to help with a project that makes a difference in the Ohio Valley,” stated Mike Taylor, Executive Vice President Commercial Lending. “Partnering for upgrades to the building, infrastructure and security will allow the YWCA to continue and increase the powerful and necessary services that provide critical needs of women and children in our community.”
The renovation of the century old YWCA Wheeling building will be upgraded to enhance the quality of life for employees, residents and community members and support an additional 1,200 women and families each year. Necessary renovations will include expanded and enhanced programming and housing spaces, which will provide space for up to 55 women and families, new HVAC system, which is a first for the building, upgraded plumbing and electrical, a new elevator and other renovations that will ensure the YWCA can continue serving the community and sustain their mission. ‘
These critical renovations of the YWCA facility will preserve a piece of Wheeling’s history and ensure the continued functionality of a resource that provides life-saving services to women, children and men in the Northern Panhandle.
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Since 1906, the YWCA Wheeling has provided services to individuals regardless of race, gender, age or religion in the West Virginia Northern Panhandle, including Ohio, Marshall, Wetzel, Brooke and Hancock counties in WV and Belmont and Jefferson counties in OH.
Belmont Savings Bank has been helping local residents with their financial needs since 1885. With offices in Barnesville, Bellaire, Powhatan Point and St. Clairsville, Belmont Savings Bank offers checking accounts, loans, online banking, mobile banking and more for your business and personal goals. Visit www.belmont-savings.com for more information.