Gorman & Company obtained tax credits in Arizona, Illinois, Wisconsin.
Developments to provide quality affordable housing in growing communities.
CHICAGO, Illinois, USA, June 17, 2022 /EINPresswire.com/ — Gorman & Company has received a 9% Low Income Housing Tax Credit (LIHTC) from the Federal Government and Illinois Housing Development Association (IHDA). Earle School Family Residences is an adaptive reuse of a former school in West Englewood, Illinois, providing 63 supportive housing units. Originally built in 1897, Gorman & Company will transform the former classrooms into apartments while the Phoenix Foundation will provide support services through the dedicated telehealth/telephysics spaces on site. This project also received a historic tax credit (HTC) from the state of up to $3 million.
Earle School is expected to close in late 2022 or early 2023.
BELVIDERE, Ill. – Gorman & Company, in partnership with the Winnebago Homes Association (WHA), is proud to announce the recent award of the 4% LIHTC in connection with Pearl Place Senior Residences in Belvidere, IL. This funding will enable the renovation and modernization of 56 affordable rental apartments originally built in 1893 and converted to housing in the late 1990s. The 37 one-bedroom units and 19 two-bedroom units will provide an option of affordable and high-quality living for the elderly population (55 years and over). Amenities include: on-site laundry, community and fitness areas, outdoor courtyard garden, and central air conditioning, to name a few.
Construction is expected to begin in late 2022; the refurbished units will be available to those who qualify in early 2023.
GREEN BAY, Wis. – Gorman & Company received a 9% LIHTC award for 216 S. Military Ave. Green Bay, Wis. Previously owned by Shopko Corporation and purchased by HJ Martin Flooring, the splintered lot will house a three-story, 48-unit project comprising 13 one-bedroom and one-bathroom units, 25 two-bedroom units, one-unit bathroom and 10 units of three bedrooms and 1.5 bathrooms.
Construction is expected to start in early November.
GLOBE, Arizona – Gorman & Company has won $2.5 million in state and federal funding for the Hill Street School redevelopment in Globe, Arizona. The Hill Street School project received a 9% LHITC award and a state tax credit allocation of $1 million. The historic former school building will be an adaptive reuse project to serve as an affordable housing community for primarily elderly residents. The project will result in 64 mixed-income, multi-family housing units that will retain and beautify neighborhood features while showcasing the proud history of the former Hill Street School.
Hill Street School is scheduled to close in June 2023.
About Gorman & Company: Gorman & Company revitalizes communities through innovative housing partnerships with municipalities, government organizations, and nonprofits. Specializing in downtown revitalization through collaborative urban development, dedication to preserving affordable and workforce housing, and adaptive repurposing of historically significant properties. Gorman & Company, headquartered in Wisconsin, was founded in 1984 and opened its office in Colorado in 2014. They have been recognized as one of the top “affordable housing developers” in the country by Affordable Housing magazine Finance for over a decade. Learn more about their diverse portfolio of national projects on their website.
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