LOW-INCOME HOUSING TAX CREDIT SHOWCASE

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Low-Income Housing Tax Credit Showcase Former North Carolina Mills Now Affordable Housing T The former Asheboro Hosiery Mill and Cranford Furniture Mill in downtown Asheboro, N.C., have gone from industrial sites to underused buildings to affordable housing, making life better for 70 families. The Asheboro Lofts, completed in 2013, used low-income housing tax credits (LIHTCs) and historic tax credits (HTCs) to transform the 95,326-square-foot former mills into 20 one-bedroom, 32 two-bedroom and 18 three-bedroom apartments in downtown Asheboro–adding housing and vibrancy to the downtown area. The rental homes are available to families earning less than 60 percent of the area median income (AMI). The property was purchased as part of the city’s redevelopment plan in an area that has seen a resurgence of both businesses and residences. “Over the last 20 years, people like us have been really active in getting people to move back downtown,” said Richard Angino, president and chief executive officer of building owner The Landmark Group. The factory sites, which were once home to the B&H Panel Company, were built in LEAD DEVELOPER THE LANDMARK GROUP CATEGORY FAMILIES, HISTORIC PRESERVATION, GREEN DEVELOPMENT FINANCING • $5.6 million in LIHTC equity • $2.7 million in state HTC equity • $1.8 million in federal HTC equity • $560,000 in owner equity 1917 and 1925, were underused for decades before they were purchased by The Landmark Group in 2011. Until two months before Landmark purchased the property, the buildings were used for an operating cabinet shop that outgrew the community. After a gut rehabilitation that followed requirements of the National Park Service (since the HTCs were involved), the 70 apartments have new life. They include high ceilings, large windows and other historical elements, along with energyefficient designs, high-speed Internet access and new appliances. The developers removed, repaired and replaced the solid wood floors in the cabinet shop building and refinished the floors in the betterpreserved hosiery building. The property also received Energy Star appliances, energy-efficient air conditioning and heating systems and a tight building envelope. The fact that the development used HTCs meant that special Over the last 20 years, people like us have been really active in getting people to move back downtown. attention had to be paid to the historic features. Landmark returned the buildings’ exteriors to their historic appearance and removed two newer outbuildings and several other segments that connected the two L-shaped buildings. Windows were repaired and rearranged, with new windows installed or original windows from less-visible walls mounted into bricked-up windows. The community has a technology learning center, exercise room, playground and outdoor sitting and picnic areas. The CONGRESSIONAL DISTRICT NORTH CAROLINA 2ND RENTAL HOMES 70 106 Novogradac & Company LLP
Photo: Courtesy of Landmark Asset Services Inc. Asheboro Lofts are in a thriving area, with access to public transit, schools, a farmers market and venues for shopping, dining and recreation. “It really changes the nature of everything in a halfmile or so of it, tremendously,” said Tom Maxell, vice president of originations for tax credit investor WNC. The funding for the property included $6.5 million in LIHTCs that were syndicated for $5.6 million and a $2 million federal HTC allocation that brought in $1.8 million. There was also a $3.9 million state HTC allocation that brought in $2.7 million– making $10.1 million in tax credit investment. The addition of the state historic credits, which expired in North Carolina, was a major key, according to Angino. “They fill the gap that makes this thing happen in the first place,” he said. “If you didn’t have the mill credits, you couldn’t do a building like this.” It really changes the nature of everything in a half-mile or so of it, tremendously. Significant in the development was the lack of hard debt, just $560,000, due to the presence of the tax credits. The development of the complex was a major economic boost to Asheboro, too. Landmark estimated that the development pumped about $9 million into the local economy during construction and said that the annual boost to the economy will be about $225,000. Angino said the combination of the HTCs and LIHTCs brought an extra dimension to the development and described the Asheboro Lofts as new construction in a historic shell. “In reality, this is just new construction,” he said. “We’re just not creating the exterior walls.” And the beneficiaries are families in need–it was 100 percent leased quickly. ; www.novoco.com 107
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LOW-INCOME HOUSING TAX CREDIT SHOWC
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Novogradac Special Reports low-inco
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About the Low-Income Housing Tax Cr
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LIHTC Timeline In 1986, Congress pa
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LOW-INCOME HOUSING TAX CREDIT SHOWCASE

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