As housing demand continues to surge in West Virginia’s metro region, the West Virginia Water Development Authority has awarded a $5 million grant through the Economic Enhancement Grant Fund to Putnam County Development Authority (PCDA) to assist with residential development of 600 units in proposed Putnam County communities of Hurricane and Fraziers Bottom.
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 1,300 rental units and 2,700 for-sale units, according to a comprehensive regional housing study spearheaded by Advantage Valley.
Before recent economic development announcements, Putnam County was the region’s only growing county. However, the county’s housing infrastructure has not kept pace with development. Before this announcement, PCDA was aware of 115 for sale and less than 400 rental new construction units entering the market in the next three years. To remedy the shortage that exists even with in-progress construction units, the PCDA partnered with Stonewall Capital to develop various for-sale units, including single-family homes and single-floor villas.
“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, a real estate investment and development firm, will lead the infrastructure construction with an investment of $35 million for 600 housing units and partner with home builders for final construction. The initial phase’s infrastructure will be complete and physical unit construction will begin by the end of 2025. The partnership represents a vital step in ensuring that the region’s growing workforce can find housing options.
“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,” states 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.”
About the Putnam County Development Authority:
For over 60 years, the Putnam County Development Authority has been the lead economic development quasi-government agency in Putnam County, W.Va., driving development for businesses, sites, the workforce and housing.
About Advantage Valley:
Advantage Valley, Inc. is a regional economic development organization with a mission to grow economic opportunity in the Charleston-Huntington Metro Area by increasing investment in the region, leveraging resources and building collaboration among community stakeholders. For more information on the regional housing study, visit advantagevalley.com/housing-study
Interested in being a Stonewall Capital supplier?
If you're business has seen our announcement regarding the 600 housing units coming to Putnam County, please fill out this form if you're interested in doing business with Stonewall Capital and their partners.