Construction on a new 56-unit workforce development housing complex in Cherokee County is underway. Valley River Apartments received over $3.4 million dollars from the state to develop the project.
The project includes one-bedroom, two-bedroom and three-bedroom apartments. Rents will start at $463 a month for a one-bedroom, $572 for a two-bedroom and $655 for a three-bedroom. Murphy Town Manager Chad Simons said the project is important for the town - and for the whole region.
“It really means over 56 separate families are going to have a place to call home. So that's what's important to us,” Simons said.
While this will help with the housing needs in the community. Simons said there is still a need for more affordable housing.
“It's been a huge, huge need for Western North Carolina and the nation, and Covid-19 just exacerbated it.” Simons said.
A 2022 study by Cherokee County found that the county needs over 1,400 units for rent and for sale to fill the current gap in available housing.
“That particular study said there's over 140 units needed of workforce rental housing/low-income rental housing, so this is going to help put a dent in that,” Simon said.
The apartment complex will offer apartments to qualified applicants earning between 40% and 60% of the area median income for Murphy. Simons estimates those who qualify will earn between $25,000 and $30,000 dollars.
The complex is being developed by Western N.C. Housing Partnership. Simons said discussions about the project started with the Southwestern Commission in 2019. The project was made possible by funding from the state, Dogwood Health Trust, NC Commerce Department and more. Tax credits issued by the NC Housing Finance Agency and the Workforce Housing Loan Program funding also made the project possible.
The project is expected to be completed in 2025. Applications will be available here 120 days before construction is finished.
