Apex moves closer to bringing an affordable housing project to reality with the pending construction of Broadstone Walk Apartments.
The Wake County Board of Commissioners voted on January 4th to approve a $3 million loan for this project. Together with another $1 million in loan funding already committed by the Town of Apex, this will enable DHIC to move forward with construction of Broadstone Walk, and ultimately offer units at an affordable rent.
“Affordable housing continues to be a priority for Apex,” said Apex Mayor Jacques Gilbert. “I’m proud of our Council and staff for leading the way by partnering with DHIC in this project.”
Apex has a history of partnering with the award-winning non-profit housing developer, beginning with the approval of DHIC’s Beechridge apartments nearly 25 years ago. Their accolades include Sir Walter Raleigh Appearance awards, and the 2019 SPACE award from Triangle Business Journal for best multifamily development.
Town staff has been preparing the path for this project for a number of years, studying the need for affordable housing, and appropriate locations to match the need.
The S. Hughes Street location was identified due to its proximity to essential services and amenities, pedestrian facilities already in place, and new bus service with stops along both GoTriangle’s Route 305 (Apex to Raleigh) and the anticipated new local route, GoApex Route 1.
The Broadstone Walk project is consistent with recommendations from the town’s Affordable Housing Plan, which is currently under development, and scheduled for Council approval early this year.
Mayor Gilbert noted, “By approving funding for this project in December 2020, our Council clearly demonstrated commitment to helping more people with an opportunity to thrive in Apex. The investment was tremendous in scale for our Town and I’m delighted to see Wake County join us in funding this development.”
With the fiscal year 2020-21 budget, Apex Town Council created an Affordable Housing Fund equivalent to one cent on the tax rate to fund various affordable housing projects and initiatives.
Find more information on the town’s draft Affordable Housing Plan at www.apexnc.org/affordablehousing
Image: Broadstone Walk Conceptual Elevation