Ripley Housing (RH) has entered into a Memorandum of Understanding (MOU) with Hallmark Group Services of Tennessee, LLC (Hallmark) to assume the ownership and renovation of Ripley Terrace Apartments.
The 48-Unit property acquisition follow a notice from the City of Ripley to Hallmark stating the physical condition of the apartment complex fails to comply with municipal code and constitutes a fire hazard, forcing a court-ordered relocation of residents from the neglected property due to unsafe conditions.
To resolve the crisis, Ripley Housing stepped in and assumed responsibility for property renovations. Ownership of the apartments will be transitioned from Hallmark to RH under the MOU agreement. The Ripley Terrace renovation project is expected to take several months to complete.
Ripley Terrace residents will be temporarily relocated to area hotels while immediate critical repairs are performed. RH is working closely with Ripley Terrace residents to ensure that households impacted by the court-ordered eviction receive housing vouchers and assistance with essential services.
"Part of our mission is to provide a purpose and that is what we are here to do. A lot of these people have lost hope and purpose, and we are here to give it back to them," said Justin Jones, Executive Director of Ripley Housing.
