The Wake County Board of Commissioners is continuing its efforts to expand affordable housing in our county. At its regular meeting on Monday, Jan. 4, the board unanimously approved a loan of $3 million to support the construction of Broadstone Walk Apartments, an affordable family housing development to be located in Apex. This project will bring 164 apartments with rent within the budget of many more families.
“It’s critically important that we give people who are struggling a path to safe, affordable housing,” said Commissioners Chair Matt Calabria. “Many families across Wake County are still struggling due to the economic impacts of the pandemic. Financing opportunities such as this are tremendously beneficial to the community.”
The new units – located on S. Hughes Street in Apex - will offer 60 units to households earning less than 50% of the annual median income (AMI). Construction is set to be completed in 2023 and will include one, two and three-bedroom apartments. The complex would also include a playground, community room, computer center, laundry facility and outdoor recreation area.
Rent for each unit will range between $699 and $1,574 depending on size and income level. The developers will also set aside 12% of the units at Broadstone Walk for the Wake County’s rental assistance program, which provides rental subsidies and case management services for select groups of residents who are at a higher risk of becoming homeless.
The board’s actions today directly support the 20-year Affordable Housing Plan approved in Oct. 2017. Funding for the project comes from the Housing Affordability and Community Revitalization CIP Fund.
“Stable and affordable housing is a foundation for the health and well-being of everyone in our county,” said Deputy Director of the Housing Affordability and Community Revitalization Department Ed Barberio. “A project like Broadstone Walk is a great step in the right direction but we know there’s more we can do ensure every resident has a stable roof over their heads. By using private and public sector partnerships, we can make affordable housing more available for all of Wake County’s residents.”
The new complex will be developed by the Downtown Housing Improvement Corporation (DHIC), a non-profit housing developer based in Raleigh with more than 46 years of experience connecting people with safe, affordable homes in the Triangle.
In May, the Board approved $10.2 million in awards for 784 new units. Broadstone Walk was one of those proposals requesting funding but did not receive the competitive 9% tax credit from the NC Housing Finance Agency (NCHFA). DHIC has re-submitted the development as a 4% tax-exempt bond development and is leveraging additional funding from the Town of Apex.