Rowe will be the first manager based at the club's Meadow Park stadium, which they hope to return to this season.
The 36-year-old has held roles with the Birmingham City, West Ham United and the Premier League - most recently he was assistant manager at Aldershot Town.
And Rowe told the club's official website that the Tigers' long-term ambitions helped his decision.
"I was really impressed with the vision of where the club wants to be and the potential here is huge with coming back to the city," he said. "I’m really proud that I’m hopefully going to be part of leading the team back out at Meadow Park.
“At the moment everyone gets an opportunity that’s in the squad. It’s a completely clean slate. It’s not just for now it’s, ‘do you want to be part of something going forwards here?’.
"Coming back to Meadow Park especially for the city and the club is something to be excited about. So there’s something to play for, for everybody.”
Rowe's first game in charge will be this Saturday's FA Trophy tie with Bradford (Park Avenue).