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| Asheboro Mill Lofts, Asheboro, NC |
IRVINE, CA – WNC, a national investor in real estate and
community development initiatives, announced the completion of Asheboro Mill
Lofts, a 70-unit mixed-income affordable housing community in Asheboro,
N.C.
WNC provided $9.4 million in tax credit equity, using a
combination of low-income housing tax credits (LIHTC), federal historic tax
credits and North Carolina Mill Rehab tax credits, to fund the project.
With a total project cost of $11.6 million, Asheboro Mill
Lofts is a result of the adaptive reuse of two historic former mills, Asheboro
Hosiery Mill and Cranford Furniture Mill, originally constructed in the early
1900s.
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| Gregory Hand |
The property was redeveloped in partnership with The Landmark Group of
Companies.
“Through a successful partnership, the former mills were
transformed from an outdated and underutilized site into a beautiful home for
the working families of Asheboro,” said Gregory Hand, WNC’s Senior Vice
President, Underwriting.
“It provides a unique layout with large mill style windows
retaining or replicating their original structure, and has preserved many
historical elements of the former mills. We are pleased to have helped deliver
such a quality project to the Asheboro community.”
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| R. Taylor Stanfield |
Asheboro Mill Lofts is comprised of a mix of one-, two- and
three-bedroom units, and is open to families earning no more than 60 percent of
the area’s median income. Community amenities include a community room available
for tenant functions, technology learning center, exercise room, playground and
outdoor sitting and picnic areas.
“Asheboro Mill Lofts was a complex project and we are
thrilled with the final result,” said R. Taylor Stanfield, President of
The Landmark Group of Companies. “It is a true testament to the benefits of
historic tax credits used in conjunction with low income housing tax credits,
and a true blend of old and new offering the residents of Asheboro a unique
housing option in the heart of downtown.”
Rehab Builders, Inc. of Winston-Salem served as the general
contractor of the project and Rowhouse Architects of Asheville served as the
architect. Landmark Property Management Company will continue to manage
Asheboro Mill Lofts, which is currently 100 percent leased.
The LIHTC program is a federal tax credit used to
incentivize investments in the development of affordable rental housing for low
income households.
For a complete copy of the company’s news release, please
contact:
Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701 – direct
949.485.1552 – mobile
Additional information on LIHTC is at
