Located in western West Virginia, Ripley is a small town facing a challenge many communities across the country are facing a shortage of affordable housing. Ripley is home to just over 3,000 individuals with the senior demographic making up a quarter of the population. The community is expected to see an increase in population by at least 2% by 2020, with senior rental households expected to increase by 21%. The demand for senior affordable housing is high, with the closest opportunity over 35 miles away. Because of these factors, the development of Elizabeth Way Apartments is a much-needed addition to the community. Elizabeth Way is a newly constructed LIHTC community serving seniors aged 62 and older. Located just south of downtown Ripley, the development is a 3-story, elevator-served building consisting of 14 one-bedroom units and 18 two- bedroom units.
New Construction: 32 Units
Private Equity Investment: $4,316,039
Local Jobs Supported: 36
Local Government Revenue: $245,600
Projected Ongoing Annual Effect:
Local Jobs Supported: 10
Local Government Revenue: $126,400
The first floor includes an office, lobby, and multi-purpose room with a kitchen for residents to enjoy. Additionally, residents have access to a wellness room thanks to a grant by the CAHEC Foundation. To top it off, there is a grocery store, hospital, library, and senior center all within two miles of the property. The developer, Harbinger Development, brings over 30 years’ experience in the affordable housing industry. Their activity in West Virginia mostly consists of LIHTC properties with 18 completed developments comprised of 302 units. RLJ Management Company will provide onsite management for Elizabeth Way. Based out of Ohio, they cover a nine-state region and their portfolio consists of over 200 communities totaling more than 7,800 units. They have been a leader in managing affordable housing for seniors, families, and those with disabilities since 1984.
As the population in Ripley continues to grow, so does the need for quality, affordable housing. The development of Elizabeth Way Apartments serves a critical need for seniors in the area - a high quality, affordable home in the community they love. Elizabeth Way apartments will provide a safe, affordable home to senior residents in Ripley for years to come.