An old mill could soon provide homes for many people in Mebane.
The former R.L. Stowe textile mill at 301 W. Washington St. has been reformatted into an apartment complex called Mebane Mill Lofts. The Lofts are a 75-unit apartment complex and applications are accepted based on income.
According to site manager for Mebane Mill Lofts, Alice Ray, the mill was converted into the apartments for a number of reasons. It was to “preserve the heritage of the community, construction costs were lower due to the already existing structure, and the downtown location was superior.”
It took nine months and $12 million to complete the construction of the Lofts.
Developed by Landmark Group of Winston-Salem, The Lofts are a tax credit property. This means that the owner of the apartment complex gets a tax credit for offering housing at lower prices than what the apartments would normally be worth a month. The Lofts also have an income restriction, meaning that a family must have a household yearly income below a certain mark to live there. A family of four, for example, has an income restriction of $33,660 a year. A single person living in the Lofts can only make $23,580.
The Lofts will offer three different housing options. One bedroom apartments will cost $510, two bedroom apartments will cost $610, and largest apartment, with three bedrooms, will cost $710. Ray said the rent will stay at the same rate for the immediate future.
The project was built with help from state tax credits, a Community Development Block Grant loan and a loan from the Mebane Housing Development Fund.