VALDESE — It’s round two for a nonprofit organization that wants to develop a multifamily housing complex in Valdese.
The Valdese Town Council recently adopted a resolution and purchase option to Western NC Housing Partnership Inc., to buy two parcels of town property totaling 5 acres in the Crowhill area, contingent on the organization’s ability to receive grant funding approval. The option to buy the property is for $61,800 if funding is approved, according to information from the town. The property, located at 605 Pineburr Ave., is appraised at $41,189, according to Burke County land records.
Western NC Housing Partnership tried to do a Low-Income Housing Tax Credit multifamily housing development on the same spot four years ago.
The town had a condition on it in 2016 that said if the organization didn’t receive funding from the state, the property would revert back to the town, which is what happened, said Town Manager Seth Eckard. He said representatives of Western NC Housing Partnership think they have a more competitive package this time to try for financing from the state, he said.
Now that the council approved the option to buy, the town is in the upset bid process for the property, Eckard said. He said the council is expected to make a decision on whether to approve or not approve the option to sell at a meeting at 5 p.m. on Jan. 21 at Valdese Town Hall.
The proposal for the multi-family housing complex is for five three-story residential buildings that will hold 66 units. The unit breakdown is 12 one-bedroom units, 36 two-bedroom units and 18 three-bedroom units, according to the proposal.
The housing complex won’t be public housing or Section 8 housing but will be affordable to households earning 60 percent of Area Median Income or less, according to the proposal. The Area Median Income for a family of four is $55,100, according to the information. Area Median Income is the median income of all households in a county, the information says.
Rent on one of the apartments includes water and sewer utilities and amenities include a community center, kids play area and tot lot, picnic area, computer lab, on-site management, 24-hour emergency maintenance and on-site security cameras, according to the proposal.
The organization has built apartments in Avery, Caldwell and Alexander counties, as well as others in the 31-county region it covers. Its most recent developments are in Granite Falls, Mocksville, Asheville, Charlotte and Raleigh.