WNC & Associates, Inc., announced that it has provided $9.5 million in low-income housing tax credit (LIHTC) financing to The Landmark Group for the acquisition and redevelopment of two former mills in Asheboro, N.C.
Landmark will use the tax credit equity to transform the Asheboro Hosiery Mill and Cranford Furniture Mill into an architecturally distinct 70-unit affordable housing community.
Financing for the $12.1 million Asheboro Lofts will also include federal historic tax credits and state mill rehabilitation tax credits.
Developers plan to create 20 one-bedroom, 32 two-bedroom, and 18 three-bedroom apartments as well as a technology learning center and other community space.
Each unit will feature high ceilings, large windows, and historical elements of the former mills, which were built in 1917 and 1925.
“Asheboro has experienced steady population growth, creating the need for well-located, affordable housing options,” said Tom Maxwell, vice president of originations at WNC, a LIHTC syndicator. “This project will transform a nonproductive former industrial site into a thriving residential property with state-of-the-art amenities.”