Maple Green to benefit from federal funds
Three affordable housing complexes in Jefferson County, including the Maple Green apartments on South Church Street, will be receiving Federal stimulus funds to help reduce debt load and pay for improvements to the properties. The money was allocated from the Tax Credit Assistance Program, which is part of the American Recovery and Reinvestment act, and is designed to help fund struggling low income housing tax credit projects funded between 2007 and 2009.
According to Sherry Bossie, senior director of multi-family housing at the West Virginia Housing Development Fund, the TCAP funds fill a gap created by a dearth of investment in low-income housing projects since the start of the current recession.
“There are properties out there that don’t have an investor, others have investors, and TCAP is trying to fill that gap.” Said Bossie in a phone interview on Monday.
A press release issued by Governor Joe Manchin says that over $15 million in federal stimulus funds has been allocated for new and rehabilitated rental housing in West Virginia. Fourteen properties in thirteen West Virginia towns will receive TCAP funds. Gov. Manchin says that the funds will provide affordable housing for 865 families. The press release quotes Gov. Manchin, saying “This brings new jobs, new hope, new promise to our towns, in addition to affordable housing and for that, we are all thankful.”
In addition to the Maple Green apartments in Shepherdstown, other developments receiving TCAP funds are located in Charleston, Martinsburg, Mt. Hope, Ranson, Fairmont, Wheeling, Bunker Hill, Moorefield, Harpers Ferry, Beckley, Point Pleasant and Lewisburg.
The Maple Green apartments will split over $2.4 million of the TCAP funds with four other low-income housing developments in Harpers Ferry, Martinsburg, Bunker Hill, and Moorefield. These properties are listed under one entry titled “WV Panhandle Portfolio” According to documents provided by the West Virginia Housing and Development fund. According to Peter Chakmakian, owner of Maple Green apartments for 20 years, the TCAP funds will be used by a trio of investors, Dave Curtis, John Gorlich and Robert Bates, to purchase Maple Green apartments and other laffordable housing properties in the area.
According to Sherry Bossie at the West Virginia Housing Development Fund, the TCAP funds are intended to be used for renovations, but they can also be used to reduce the debt load on affordable housing developers.