Newly Constructed Affordable Rental Community for Families in North Carolina

The Need for Affordable Housing

The number of individuals who cannot afford a comfortable and safe place to call home has reached a record high. The National Low Income Housing Coalition reports that there is currently a shortage of more than 7.1 million affordable homes for the nation’s more than 10.9 million extremely low-income households. The burden of this shortage is far-reaching and has a lasting economic and social impact on individuals and communities. The development of affordable housing benefits the economy and helps communities thrive. Research shows that affordable housing encourages social connection, reduces overcrowding, attracts businesses with job opportunities, and lowers crime rates.

Project Overview

Valley River Apartments

By The Numbers

In the heart of Murphy, a small town known for its close-knit community and scenic foothills, lies Valley River Apartments, a newly constructed affordable rental community. This property offers 56 spacious one-, two-, and three-bedroom homes ranging from 851 to 1,271 square feet, thoughtfully designed across five walk-up buildings. These homes will serve households earning up to 50%–60% of the Area Median Income—placing affordability within reach for local families.

This project was developed through a collaborative partnership with Western North Carolina Housing Partnership, Inc., and is being managed by the experienced team at United Property Management. Modern amenities within the property include washer/dryer hookups in each unit, a community laundry room, and tenant storage closets. Shared spaces, such as a multi-purpose room with a kitchen, a playground enhanced by one of CAHEC's Partner Grants, and a picnic shelter, foster connections and support a strong community culture.

Project Impact

For many families in the area, finding safe, modern, and affordable housing has been an ongoing challenge. Existing affordable and market-rate apartments remain fully occupied, often with long waitlists. Valley River Apartments will help directly respond to this need. Convenience and opportunity will define life at Valley River. Located directly beside Murphy’s Walmart, one of the area’s largest employers, and steps away from Walgreens and Ingles Shopping Center, residents will have walkable access to essential goods, groceries, and employment.

Valley River Apartments delivers more than just buildings; it offers stability. Parents will worry less about housing costs, children will have safe places to play, and workers will be steps from employment and opportunity. Murphy will also gain a resource essential to long-term growth: affordable, high-quality housing. Valley River Apartments is more than a development; it’s a promise that families in and around Murphy, NC can live, work, and thrive close to home for years to come.

What is LIHTC?

Created by Congress as part of the Tax Reform Act of 1986, the Low Income Housing Tax Credit (LIHTC) generates private capital investment used to finance the construction and rehabilitation of affordable rental housing for households earning on average 60 percent or less of the area median income. According to the Joint Center for Housing Studies at Harvard University, the housing tax credit is "widely regarded as the most successful housing production and preservation program in the nation's history." Since being enacted, the LIHTC program has helped develop more than 3.5 million affordable housing units.

In addition to providing safe, decent, and affordable housing for working-class families and seniors on limited incomes, the economic impact of the LIHTC program is visible in communities throughout the country. The development of affordable housing increases spending and employment in the local economy. Moreover, affordable housing can affect an employer's ability to attract and retain employees. LIHTC investment plays a significant role in community revitalization, which in turn can improve economic opportunities for local residents.

Who is CAHEC?

CAHEC is a community development organization based in Raleigh, NC, and Columbia, SC, that offers housing and life-changing opportunities to residents throughout its Southeast and Mid-Atlantic footprint. CAHEC's product areas include investing in low-income housing tax credits, historic tax credits, new markets tax credits, and renewable energy credits. Additionally, CAHEC provides loan programs, wellness and education initiatives for residents, affordable housing development, and property management services.

This institution is an equal opportunity provider