Loading Content...
Affordable Housing in Apex, NC: Two Decades of LIHTC Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Apex, North Carolina, a suburban town in Wake County, has benefited from the Low-Income Housing Tax Credit (LIHTC) program for its affordable housing initiatives. The city currently has 176 affordable housing units, all categorized as low-income units. These units comprise approximately 0.65% of the city's estimated housing inventory of 27,228 units.
Apex has received $704,945 in project tax credits through the LIHTC program. This funding is distributed across three projects, resulting in an average federal funding of $234,982 per project, or approximately $4,006 per unit. The city's share of the total state LIHTC funding is 0.16%, indicating that other areas in North Carolina may have received larger allocations.
The LIHTC program in Apex began with the completion of Beechridge Apartments in 1997, and the most recent project, Beechridge Apartments II, was finished in 2000. All three LIHTC projects in Apex were completed during the 1990s, with West Haven Apartments, completed in 1998, receiving the largest allocation of tax credits at $358,468.
The LIHTC projects in Apex primarily consist of two-bedroom and three-bedroom units. There are 124 two-bedroom units and 34 three-bedroom units, catering to small and medium-sized families.
As of 2022, Apex has a population of 71,064 with a population density of 2,835 people per square mile. The median income is $126,583. The racial composition of Apex is predominantly white (63%), with significant Asian (18%) and smaller Black and Hispanic populations (6% each).
The high median income and the absence of new LIHTC projects in recent years may suggest a reduced perceived need for additional low-income housing. However, this does not necessarily indicate a lack of need for affordable housing, as high-income areas often still have populations that require affordable options.
The LIHTC program has contributed to the affordable housing stock in Apex, North Carolina, providing 176 low-income units across three projects. These units represent a small percentage of the city's total housing inventory but offer important housing options for low-income residents. The projects were primarily developed in the late 1990s, focusing on two and three-bedroom units. Apex's current demographics, including a high median income, may influence the perceived need for additional affordable housing. Continuous assessment of housing affordability across all income levels is crucial to ensure a balanced and inclusive community.
