Myrtle Beach, SC - MYRTLE BEACH, SC (WMBF) - A new affordable housing complex is inching closer to completion and is sprucing up a section of Mr. Joe White Avenue in Myrtle Beach in the process.
City of Myrtle Beach spokesman Mark Kruea says construction on the Bay Pointe Apartments is roughly a month from completion. It's the latest affordable housing development in Myrtle Beach and is partially funded through an Internal Revenue Service tax credit program that the state distributes to developers.
At the new Bay Pointe Apartments, rent will be capped based on income and apartments will be available in both two and three bedroom options.
"Affordable Housing" is defined as rent that consumes no more than 30 percent of income. One-third of Myrtle Beach's residents are in need of affordable housing, according to the U.S. Census Bureau.
Progress Builders, the construction company spearheading the project, says the apartments will be ready for its new tenants by early May.