West Virginia Seniors Housing to be Rehabilitated
- Feb 05, 2013
Parsons, W. Va.—Two West Virginia seniors housing properties have obtained redevelopment financing from Boston Capital. The residential complexes, which total 55 units, will be rehabilitated with an unspecified amount of tax credit equity through the Low Income Housing Tax Credit program.
The general partners in the rehabilitation are affiliated with T.M. Associates Inc., which is based in Maryland, along with the Telamon Corp., a nonprofit organization in North Carolina. One of the properties, Tucker Manor Apartments, is a 31-unit development in Parsons; the other is Lowe Gardens Apartments, a 24-unit development in Shepherdstown.
Lowe Gardens Apartments offers one-bath units in a pair of two-story brick buildings. Community amenities include common laundry, a community room with a kitchen, and a community patio, while unit amenities include central AC, ceiling fans and new EnergyStar appliances. Units will be available to seniors ages 62 and older earning 60 percent or less of the area median income.
Tucker Manor Apartments features 30 one-bedroom and one two-bedroom units in a single two-story brick building. Community amenities include common laundry, a community room with a kitchen and an elevator, which will be added during the renovation. Unit amenities include patios or balconies, central AC, emergency call buttons, ceiling fans and new EnergyStar appliances. Like Lowe Gardens, units will be available to seniors ages 62 and older earning 60 percent or less of the area median income.
Boston Capital’s investments in Lowe Gardens Apartments and Tucker Manor Apartments add 55 units of affordable housing to its apartment portfolio. The company has invested in nearly 2,000 units of affordable housing in West Virginia, a state that is predicted to age faster in the coming decades than the U.S. on average.