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
ARCHITECT | Aric Margolis Architecture
GENERAL CONTRACTOR | Canterbury Construction
MAJOR FUNDERS | U.S. Department of Agriculture; West Virginia Housing Development Fund; U.S. Department of Treasury; The Richman Group Affordable Housing Corp.