WNC & Associates , Inc has provided $9,5 million in financing for the adaptive re-use of two historic former mills in in Asheboro, NC. The project will be called Asheboro Lofts and will be developed as a 70 unit affordable housing community. The developer will be Landmark group and what makes this project interesting is the combination of LIHTC, Historic Tax Credits ,and State Mill Rehabilitation credits. You do not often see projects with three sources of credits so this multi-tiered tax credit structure is quite complex.
“Asheboro has experienced steady population growth, creating the need for well-located, affordable housing options,” said Tom Maxwell, vice president of originations at WNC. “This project will transform a non-productive former industrial site into a thriving residential property with state-of-the-art amenities.”
The Project will use the former Asheboro Hosiery Mill and Cranford Furniture Mill’s existing architectural features to create an industrial loft design. The units will feature typical urban loft styling including high ceilings, large windows and historical elements of the former mills. I often find that adaptive-reuse projects are the most interesting architecturally because the old structure is left partially in place and a new building is formed. If done well projects like these can be somewhat iconic in a neighborhood creating a very distinct style.