Gorman & Company Inc. is moving forward on three affordable housing projects in southeastern Wisconsin that will total 130 apartments.
The developments were announced in 2015 and 2016. Associated Bank recently provided $20.6 million total equity and $11.5 million total construction/bridge financing to the projects which are located in Milwaukee and Sheboygan.
The projects are also using Low Income Housing Tax Credit (LIHTC) equity as part of the financing package, requiring that apartments be available at below-market rents to people earning no more than 60 percent of their area’s median income.
Two of the projects have also qualified for federal and state historic preservation tax credits that cover rehabilitation costs to preserve the buildings.
The projects are:
- Fifth Street Senior Apartments, 2770 N. 5th St., Milwaukee: Redeveloping the former three-story Fifth Street School into 48 apartments for seniors aged 55 and older. Forty-four units will serve low income residents.
Washington Park Town Homes - Washington School Apartments, 1238 Geele Ave., Sheboygan: The former Washington School will become a two-story, 42-unit apartment. Thirty-five units will serve low-to-moderate income families. The former school was built in 1912 and is on the National Register of Historic Places.
- Washington Park Town Homes, 1500 and 1542-1546 N. 32nd St. and 3131 W. Galena St., Milwaukee: New construction of 40 two-story townhouse style low income apartments. Several units will be targeted to veterans and their families.
