Potomac Heights Under Construction
Post Renovation
New cabinetry, flooring and selective appliance replacement based on age.
Pre-Renovation
Original 1981 cabinetry, flooring and outdated appliances. No upper cabinets.
We are happy to announce we closed on acquisition and renovation financing from the West Virginia Housing Development Fund and PNC Bank to begin a $4.5 million renovation of the 141-unit Potomac Heights property in Keyser, WV in early September, 2020. The renovations are approximately 35% completed and we expect to finish in August, 2021.
We purchased Potomac Heights in September, 2019 with the plan to renovate it with Low-Income Housing Tax Credits. Potomac Heights is located in scenic Keyser, WV, a small town nestled in the Appalachian Mountains about 2 hours from Washington, D.C., and consists of 111 units of senior affordable housing and 30 units of family affordable housing. Built in 1981, the property hadn’t seen a major renovation and still had mostly original materials.
Our plan is to replace the roof, replace all windows and exterior doors, refurbish the common areas, and replace kitchens, bathrooms, and flooring within the apartments. We are replacing expensive and inefficient electric resilient baseboard heat and thru-wall air conditioners with high-efficiency mini-split electric heat pumps .
Post-Renovation
High-efficiency electric mini-split heat pump provides heating and cooling.
Pre-renovation
Inefficient electric baseboard heaters and thru-wall air conditioners.
The project team was ready to close on the renovation financing and begin construction in May, 2020, but the original LIHTC investor backed out as COVID-19 roiled the nation. Following this setback, we secured a commitment from PNC Bank and closed in early September, 2019. The PNC team stepped up and went from start to closing on the $4.8 million LIHTC investment within 3 months, an impressive feat. The project lender is West Virginia Housing Development Fund, which made a $11 million RD 538 loan and a $1 million HOME loan, and also allocated the 4% LIHTCs to the project.
The residents are very happy with their upgraded apartments and brand new heating and cooling system. We look forward to completing the rehabilitation later this year.