A newly built apartment community off Creech Road in Garner has leased up almost as fast as it opened, with Tryon Station’s 176 income-restricted units nearly fully occupied within 90 days and rents starting at $1,160 a month — close to $500 below Wake County’s median. The project, located between Rock Quarry Road and U.S. 70 East, cut the ribbon this week on what town and county officials are calling a milestone in the region’s affordability push.
The Town of Garner kicked in $750,000 in gap financing from its American Rescue Plan Act funds, according to the Town of Garner, marking the municipality’s first-ever direct financial investment in new affordable housing construction. Wake County contributed roughly $6.6 million in support, according to ABC11 News, and separate figures reported on the project cited Wake County’s gap financing contribution at $6.65 million — the largest single direct investment the county has ever committed to an affordable housing development, per a statement from the Wake County Housing Affordability and Community Revitalization Department. Bank of America layered in $33.9 million in construction loan financing plus $21.2 million in federal Low-Income Housing Tax Credit equity, according to that same county statement.
Wake County’s director of housing, Morgan Mansa, said the property serves teachers, first responders, workers and people needing support to stabilize, per ABC11 News. The units target households earning roughly 60% of Area Median Income — accessible to a four-person family earning under $73,380 annually, per the county statement. Developer Kelley Development Company has pledged the property will remain income-restricted for at least 30 years, according to the Town of Garner.
A Resident’s Search for Affordable Options
Darryl Currie, who retired from nursing because of a disability, spoke at Tryon Station’s ribbon-cutting this week and described his experience there as wonderful, saying he gets along with his neighbors, per ABC11 News. Currie said income requirements at other apartment communities had made finding housing difficult. Ted Heilbron of Kelley Development Company said workers who can live locally avoid long commutes and support local businesses, the station reported…