{"id":34,"date":"2024-08-07T08:00:00","date_gmt":"2024-08-07T08:00:00","guid":{"rendered":"https:\/\/www.tmamgroup.com\/blog\/?p=34"},"modified":"2024-08-28T17:45:38","modified_gmt":"2024-08-28T17:45:38","slug":"small-west-virginia-town-gets-boost-with-major-apartment-restoration","status":"publish","type":"post","link":"https:\/\/www.tmamgroup.com\/blog\/2024\/08\/07\/small-west-virginia-town-gets-boost-with-major-apartment-restoration\/","title":{"rendered":"Small West Virginia Town Gets Boost With Major Apartment Restoration"},"content":{"rendered":"

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\n2024 Readers’ Choice Awards: Rural Finalist<\/p>\n

The newly renovated Fox Ridge Apartments mix like-new updates with full rental subsidies for residents.<\/strong><\/span><\/h3>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.”<\/p>\n
“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.<\/p>\n
PROJECT DETAILS<\/strong><\/span><\/p>\n
\n
DEVELOPER |<\/b> TM Associates<\/p>\n
\n
ARCHITECT | <\/b>Aric Margolis Architecture<\/p>\n
GENERAL CONTRACTOR |<\/b> Canterbury Construction<\/p>\n
MAJOR FUNDERS |<\/b> U.S. Department of Agriculture; West Virginia Housing Development Fund; U.S. Department of Treasury; The Richman Group Affordable Housing Corp.
\n <\/p>\n<\/aside>\n
By Aly J. Yale. Small West Virginia Town Gets Boost With Major Apartment Restoration. <\/em>(Posted on July 30, 2024) Affordable Housing Finance. https:\/\/www.housingfinance.com\/developments\/small-west-virginia-town-gets-boost-with-major-apartment-restoration_o<\/p>\n","protected":false},"excerpt":{"rendered":"
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… <\/p>\n
Read More <\/span><\/a><\/p>\n","protected":false},"author":13918,"featured_media":55,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9],"tags":[4,11,10],"class_list":["post-34","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-redevelopment","tag-affordable","tag-development","tag-renovation"],"metadata":{"_yoast_wpseo_title":["Small West Virginia Town Gets Boost With Major Apartment Restoration"],"_yoast_wpseo_metakeywords":[""],"_yoast_wpseo_metadesc":["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\u2014particularly for residents on fixed incomes. Then, TM Associates stepped in. The development company launched a multiyear renovation of the town\u2019s Fox Ridge Apartments, weathering\u2026 Read More \u2192"],"_pingme":["1"],"_thumbnail_id":["55"],"_wp_old_date":["2024-08-06"]},"yoast_head":"\n