Cherokee Place in North Branch will create 48 units of workforce, new-construction townhomes. The target market is primarily families, and secondly individuals or families with a member requiring supportive services. The location makes good use of existing infrastructure and connectivity to community resources and is well situated in a neighborhood of opportunities that has many wonderful resources nearby such as schools, civic center, restaurants, coffee shops, groceries, and shopping. The development will be amenity rich as well, providing a clubhouse with community room, meeting space, fitness center and manager’s office.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Cherokee Place is managed by The Commonwealth Companies.