LEXINGTON COUNTY, S.C. (WIS) - The Peaks of Lexington held its ribbon-cutting ceremony today, becoming the newest affordable housing community in Lexington County.
Located off Highway 1 near Lexington High School, the new development offers 78 1 to 3-bedroom units.
There are income restrictions; units are available for families earning 30% 50% and 60% of the area’s median income, which, according to the most recent census data for Lexington County, is around $75,000.
According to complex managers, rent for a one-bedroom unit is at a minimum of $424, and for a three-bedroom unit, the maximum is $1,183.
Brandon Lang is a resident of the ‘Peaks of Lexington’, he’s a dad of three who was searching for a place to call home that wouldn’t hurt his pocket book.
“It’s a super load off to not have to think, am I going to pay rent, get gas, or get food. And you can do all of those things, it’s a super stress reliever,” said Lang.
In the last four years, Lexington County’s population has grown 7% according to the U.S. Census Bureau, making developments like this vital for the community.
Sam Coats, the vice president of development for Resource Housing Group, said this is just a small piece of the puzzle in addressing affordable housing needs in Lexington and across the state.
“In Lexington County, there is incredible need for affordable housing. This project is only going to capture a small percentage of that need. This is a family Tennessee property, where children will be able to grow up in families that are trying to support their families, and also a growing life for their children are going to be able to do that here,” Coats said.
45% of renters within the county are considered house cost burdened according to the South Carolina State Housing Finance and Development Authority (SC Housing). That means renters pay more than 30% of their income for housing alone.
“It sets you up, not only are you getting your credit together, not only are you saving money, like saving. Even if you aren’t going to be a homeowner. You need a new car or an emergency comes up, you are in a position to take care of things,” said Lang.
The number of homes sold in South Carolina for less than $100,000 decreased by 14.8% since 2014, according to SC Housing. For someone like Lang, who is trying to save money to buy a house for his family, affordable housing communities are giving him the flexibility to make that dream a reality sooner.
“I genuinely thought I was going to pay more than what I’m paying right now. It’s amazing,” said Coats.
The new development features several amenities, including a playground, pavilion, laundry room and fitness center.
Each unit is equipped with its own washer and dryer connection and a full kitchen.
The $18 million project was paid for with low-income housing tax credits from SC Housing. Partners for the project include Monarch Capital, CAHEC and lenders ServicFirst and Bellwether Enterprise Real Estate Capital.
The Peaks of Lexington is currently welcoming new tenants. To apply, visit the Peaks of Lexington website.
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