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.
Garner Mayor Buddy Gupton called Tryon Station a positive step toward supporting coworkers and neighbors, according to the same report. The town's population could soon reach 50,000, nearly double its 2010 total, and Garner's median household income sits below Wake County's overall median by nearly 35%, ABC11 News noted.
Garner Builds Out Its First Housing Strategy
The ribbon-cutting comes as Garner has formed its first Housing Advisory Committee to craft a comprehensive Affordable Housing Plan, according to the Town of Garner, and has set aside budget funds to partner with nonprofit Preserving Home on homeowner repairs. Wake County, meanwhile, has scaled up its own efforts dramatically: between 2019 and 2025, the county's affordable housing initiatives created or preserved 6,282 homes, lifting the average annual delivery rate from 136 units to 1,570 units per year, according to county impact-tracking data.
Wake County also launched its Resilient Homes Program this month, offering home repair grants up to $35,000 for households earning below 50% of area median income, Mansa said, per ABC11 News. The program caps eligibility at $52,950 for a two-person household and $66,150 for a household of four, requires less than $25,000 in assets excluding the home, and applies to homeowners outside Raleigh and Cary who have lived in their homes for more than a year and stayed current on property taxes.
A Shortfall Still Outpacing New Supply
Even with the new units, the broader numbers remain daunting. North Carolina is projected to face a statewide shortage of roughly 750,000 housing units by 2029, with Wake County alone accounting for an estimated shortfall of 110,000 homes, Hoodline has previously reported. Wake County's median rent stood at $1,638 as of September, per realtor.com, while rental inventory countywide rose more than 47% from a year earlier even as median rent dipped slightly over that period.
Homebuyers face their own pressures: Freddie Mac reported the current 30-year fixed mortgage rate at 7.4%, up from 3.05% five years earlier. Mark Jackson, team lead at 220 Agents Realty, said prices have stabilized over the past year after low rates and supply-demand pressures drove them up, but added that lower-income people and young or new families have a harder time getting started in housing, according to ABC11 News.
Fitting Into a Regional Transit and Funding Push
Tryon Station joins a cluster of nearby projects aimed at the same affordability gap. The Chapanoke affordable housing project south of Raleigh, a 200-unit development Hoodline covered this summer, is positioned along the planned Southern Wake Bus Rapid Transit line designed to connect Garner commuters directly with downtown Raleigh.
That growth comes with fiscal trade-offs. Wake County commissioners adopted a 2-cent property tax increase in their $2.28 billion fiscal year 2027 budget, a move influenced in part by an estimated $12.3 million loss in property tax revenue tied to affordable housing tax exemption rules, Hoodline has reported. Local officials continue working to expand affordable housing supply while also preserving existing homes, even as the scale of the regional shortage outpaces what any single project can resolve.
