More than 400 applicants applied for one of Water Mill’s 40 apartments.
The building was built in 1893 for Whitney and Co. and served as a box factory.
Twin Cities Community Development Corp. built special braces for the building so it would stand up to Hurricane Irene in 2011.
The project includes one- to four-bedroom units serving residents earning no more than 60 percent of the area median income.
The $15.4 million Water Mill development helped Leominster, Mass., leverage a large state grant for neighborhood infrastructure improvements.