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PCDA Receives $5 Million Grant to Meet Future Housing Infrastructure Needs

County Commissioner Andy Skidmore (left) introduced Governor Justice (center). Baby Dog (right) needed no introduction.

Gov. Jim Justice set aside the state of emergency which he issued on Monday, January 6th, to travel to Valley Park in Hurricane with Baby Dog to announce that the Putnam County Development Authority will be receiving $5 million to meet infrastructure needs for 650 housing units in Hurricane and Fraziers Bottom.

Stonewall Capital, a real estate investment and development firm based in Maryland, will lead the infrastructure construction with an investment of $35 million for housing units.

Ray Jackson of Stonewall Capital stated that 440 units are planned for the Woodworth property in Hurricane and 210 for the Caldwell property in Fraziers Bottom. The Caldwell property is adjacent to Pebble Creek. Infrastructure construction is projected to begin at the Woodworth farm before the end of this summer. Jackson projects that six years will be needed to complete the development of the Woodworth property.

The PCDA qualified for the $5 million grant because Putnam County is the only growing county in the region and a housing study determined that Putnam’s infrastructure was positioned to meet no more than 12% of future needs.

The state’s funding will support utility extensions, infrastructure development and road construction, which are essential to making the new housing projects viable. The grant is a key element of the state’s ongoing effort to address housing shortages in growing regions and support the state’s long-term economic prosperity. Putnam County alone will need 1,800 rental units and 2,700 for-sale units, according to a comprehensive regional housing study spearheaded by Advantage Valley. Before the grant announcement, PCDA was aware of 115 for sale and less than 400 rental new construction units entering the market in the next three years.

“Today’s announcement is another shining example of how far West Virginia has come,” Gov. Justice said. “Through the Economic Enhancement Grant Fund, we’ve turned smart investments into over $2.3 billion worth of transformative projects across our state—improving infrastructure, supporting economic growth, and creating opportunities for our people. When I first took office, we were making cuts after cuts, and now we’re handing out checks that make a real difference. West Virginia is on the move, and we’re just getting started.”

“Putnam County boasts an award-winning school system, safe communities and convenient locations; people want to live here. We believe that Putnam County is supporting neighboring counties with a talented workforce and stands ready to provide more housing options to our residents and welcome new neighbors,” said Morganne Tenney, Executive Director of the Putnam County Development Authority. “With the help of Stonewall Capital and a $5 million grant from the West Virginia Water Development Authority (WVWDA), we can quickly provide the housing our growing community needs while continuing to drive economic development.”

“Stonewall Capital is excited to be working with The Putnam County Development Authority, Putnam County, City of Hurricane and the State of West Virginia on these two transformational residential development projects. The commitment that is being made clearly shows the need for good, quality residential development in Putnam County,” stated Ray Jackson, These housing developments are expected to substantially boost the local economy while relieving housing stress for local residents. From January 2024 through December 2024, 100% of the median homes sold in Putnam County sold for the listing price and were on the market for six days, according to the MLS.

The Advantage Valley region continues to experience significant economic development across industries like manufacturing, technology and healthcare. The housing shortage has become an increasingly pressing issue as new and expanding businesses attract and retain a larger workforce, but housing availability has not kept pace with demand.

“We are excited about the potential of these developments and their positive impact on the entire region,” said Terrell Ellis, President & CEO of Advantage Valley. “Our recently completed market analysis quantified the need for more housing across all household income groups and types of development. It has been a good tool to promote the opportunities for new investment in residential development. This announcement will help ensure that the Advantage Valley region remains a vibrant and growing place to live and work.”

An aerial view of the Woodworth farm (Courtesy of Google Maps)
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