Affordable Homes Gain Stock in Myrtle Beach

Construction has started on a new affordable housing community near the intersection of Mr. Joe White Avenue and Robert Grissom Parkway in Myrtle Beach.

The development, which will be called Bay Pointe, will have 50 apartments. It is designed to be a family community, and the apartments will have two or three bedrooms.

The development will have a central community center, playgrounds, a gazebo and picnic benches.

The project will be one of a few communities with the same concept at that corner.

The apartments should be available for lease by low-income residents in June or July.

There will be requirements as to who can rent apartments in the building because the project is funded through the state’s Low Income Housing Tax Credit.

The credit is an indirect federal subsidy that is used to finance the development of affordable rental housing for low-income households, according to the U.S. Department of Housing and Urban Development Web site.

In exchange for their financial backing, the investors will receive a tax credit.

Compliments of the Sun News, Myrtle Beach, South Carolina