Small West Virginia Town Gets Boost With Major Apartment Restoration

2024 Readers’ Choice Awards: Rural Finalist

The newly renovated Fox Ridge Apartments mix like-new updates with full rental subsidies for residents.

In Princeton, a small West Virginia town of just under 6,000, quality housing was scarce-particularly for residents on fixed incomes. Then, TM Associates stepped in.

The development company launched a multiyear renovation of the town’s Fox Ridge Apartments, weathering pandemic-related delays and cost overruns, among other challenges. Fortunately, the West Virginia Housing Development Fund stepped in with a clutch Emergency Rental Assistance 2 loan to save the day and keep Fox Ridge on track.

In the end, what resulted was a like-new 108-unit community that features upgrades like in-unit washers and dryers, new appliances, updated windows and doors, and even a community basketball court and playground.

Even better? All units are rent-subsidized by the U.S. Department of Agriculture, aimed at residents earning between 30% and 60% of the area median income.

Adam Stockmaster, president of TM Associates Development, calls the approximately $10 million Fox Ridge Apartments “one of our finest West Virginia restorations completed to date.”

“Our efforts to renovate and preserve this affordable housing resource brought better-than-new homes, as well as much-needed rental subsidies to all of the residents of this property, helping over 100 individuals and families in this mountain town,” Stockmaster says.

PROJECT DETAILS

DEVELOPER | TM Associates

By Aly J. Yale. Small West Virginia Town Gets Boost With Major Apartment Restoration. (Posted on July 30, 2024) Affordable Housing Finance. https://www.housingfinance.com/developments/small-west-virginia-town-gets-boost-with-major-apartment-restoration_o