From the Burlington Times-News:
Converting the former R.L. Stowe textile mill at 301 W. Washington St. to apartments cost a total of $12 million. The 75 loft-style apartments are one, two and three-bedroom units with high ceilings, modern bathrooms and kitchens and pine flooring.
Developed by Landmark Group of Winston-Salem, the apartments 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 apartments also have an income restriction, meaning that a family must have a household yearly income below a certain mark to live there.
The city applied for the state grant, and by November the project was funded. The state gave the city $250,000 to use in the project, specifically for installing sidewalks and removing hazardous materials.
The rest of the project’s funding came from federal tax credits for renovations of historic structures, federal low income housing tax credits, and a loan from the Community Investment Corp. of the Carolinas.