MEBANE, N.C. – What used to be an old yarn mill in Mebane, is now offering affordable housing for low-income families.
The Landmark Group has developed the R.L. Stowe Mills building into a 75-unit apartment complex.
Winston-Salem based Rehab Builders worked converting the facility into apartment units. Builders said they've kept much of the old wood flooring, ceilings, and sprinkler systems, while adding many new windows and walls with the other apartment amenities.
Developers said the project has added up to around $12 million but local, state and federal tax credits are funding around $10 million of the work.
“You can imagine the delight that they see in their eyes when they walk in and see such a beautiful home, that they can afford,” said Alice Ray, apartment site manager.
Ray showed the new apartments to Tashiba Whisett and her cousin on Friday.
“I love the apartments, I think they're very unique,” Whisett said. “Living somewhere that's really, really nice and affordable, it does give you a big hand.”
The rent charges are about 60 percent of the market rate. The one-, two- and three-bedroom apartments range in price from $392 to $710. But it's an income-restricted facility, which means, for example, a two-person family cannot exceed an income of around $27,000 a year.
“A lot of seniors are living here that are on fixed incomes, a lot of people who work hourly jobs,” said Ray.
She said that because the group restored an existing building, they were able to curb construction costs.
“The fact that we were able to use a lot of the building, the structure, that helped save money so that we could offer this affordable rate to people,” said Ray.
The Landmark Group has similar projects underway in Gastonia and Asheboro.
For more information, visit The Landmark Group