Apex building 100 percent affordable housing apartment complex; First in 25 years

APEX, N.C. (WTVD) -- The Peak of Good Living comes at a high price for some Apex residents and the town officials are working to meet the growing demand for more affordable housing.

A new complex called Stone Glen Apartments is being built along Apex Peakway and is expected to be complete by Spring 2024.

This is the Town's first 100 percent affordable housing project in more than 25 years.

Crews are constructing 164 units.

Prices could range from $690 for a one-bedroom to more than $1,700 for a three-bedroom.

The work can't finish soon enough for lifelong apex resident Miracle Byrd. The single mom is now living in a two-bedroom apartment with her three children.

"It means that my kids will finally have a place where of their own," said B yrd.

Her youngest was born just six weeks ago. Byrd recently made the decision to convert her walk-in closet to a bedroom for her middle child.

"I had to do something and you have to work with what you got," said Byrd.

The town recognized in its 2021 Affordable Housing Plan that there's "a significant shortage for affordable rentals."

Apex is 2,000 units short for residents earning less than $40,000 a year.

"We also have a projected over ten years that should double, so it's very important for us to make sure that we can keep people here," said Apex Mayor Jacques Gilbert. "We have partners, developers and other nonprofits who are really at the table with us to ensure that we do our best in addressing this need. And it's going to take all of us working together."

Apex has said the town's growth is outpacing Wake County and the State of North Carolina.

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And while the median income is more than $121,000, much higher than in overall Wake County, the development is aimed at helping people making less than that - roughly between $32,000 and $84,000 a year.

"We recognize that we have an issue with wages for some people we've got to be sensitive to how we layer the financing," said Apex Community Development Director Marla Newman.

Apex says it is looking for other places to build more affordable housing and plans on incentivizing developers who want to build here....so all can enjoy the Peak of Good Living.

"I'm so excited. You don't even understand. If I could do a cartwheel, I could do a cartwheel," said Byrd.

Applications have not opened yet, but people can sign up to be notified when the applications go live.