Two years ago, Hurricane Floyd destroyed the buildings and almost destroyed the hope of the people who lived there.
Pamela Dowd has moved four times since Hurricane Floyd, but she said her latest move is permanent.
The newest units can hold about 50 families, and two other new complexes are also on the way.
"I love it here better. I ain't got to climb up steps or nothing. I just walk right into my apartment," she said.
Dowd has lived in temporary FEMA housing since the flood. Now, she is one of the first to move into the new Asbury Park apartments.
The developer admits it is risky to rebuild on the land, but the need for multi-family units outweighs the threat.
"We wanted to come back here to see what we could do to help the community. I've pretty much given my life to developing low income-type housing," developer Ernest Campbell said.
The Asbury Park apartments are partially subsidized by taxpayers. The new tenants said the town could never have come back without federal and state help.
"We have better homes here since the flood because of what the government has provided," apartment manager Anne Brown said.
Applications are available now.
About 55 families in Princeville are still living in temporary post-flood housing.
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