Wisconsin-based Developer Gorman & Company Recognized as one of the Top Ten Affordable Housing Developers in the Nation
Gorman is planning to break ground on 12 new projects around the country this year and projects completion of over 1000 additional affordable housing units.
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Madison, WI—April 25, 2017— Affordable Housing Finance (AHF) has named Wisconsin –based Gorman & Company (Gorman) as one of the top ten affordable housing developers in the nation in the only listing of its kind, AHF 50. AHF surveyed over 110 companies regionally and nationally to produce the annual report on the nation’s top 50 developers which publishes the number of affordable housing construction starts and completions by developers included on the AHF list and provides a picture of emerging industry trends. Gorman rose to number 10 on the AHF 50 listing from number 16 in 2015, breaking ground on nine innovative developments throughout the country that are comprised of 776 affordable apartment homes.
Gorman CEO and founder, Gary Gorman, who has stewarded his company’s growth –from its launch with a modest 24-unit project in small-town Wisconsin to successfully completing over 5000 affordable apartment homes nationwide and elevated the face of public housing by partnering with communities and the public sector remarked:
“We have been developing affordable housing for over thirty years. It is very gratifying to receive this recognition.”
Gorman is also featured as the cover story in AHF’s April/May edition. Here is the link.
In the profile of Gorman by Donna Kimura, deputy editor of AHF, Jack Manning, president and CEO of Boston Capitol, a long-term financing partner on 14 of Gorman’s leading edge projects, appraised Gorman with a snapshot observation of its creative and collaborative development approach:
Gorman is planning to break ground on 12 new projects around the country this year and projects completion of over 1000 additional affordable housing units. The company is also looking to parlay its strong foundation of partnerships with public housing authorities and to expand its portfolio of Rental Assistance Demonstration (RAD) projects.
Recently, Gorman completed Madison Heights (the first RAD project ever completed in Arizona) in partnership with Housing Authority of Maricopa County, (HAMC), transforming a severely dilapidated post-World War II-era public housing project in Avondale, AZ into a pioneering and sustainable 143-unit community that also set aside 30 apartments to provide permanent homes and a social incubator for “chronically homeless” residents.
In Rockford, IL Gorman is partnering with the Rockford Housing Authority (RHA) on a RAD initiative to replace and revision 1100 existing units of public housing at scattered sites, incorporating fresh architectural solutions, social and educational support and a strong homeowner component to create a new blueprint for affordable housing. Replacement units are owned in partnership between Gorman and Bridge Rockford Alliance, Inc., a wholly owned subsidiary of the RHA. The Grove at Keith Creek, a 49 –unit multi-family residential community (with 22 units targeted for home ownership) is slated for completion this summer and is the second phase of that initiative.
To advance the company’s goals for the future and to usher in the next phase of growth, Gorman has also announced a succession plan effective January 1,2018. Under the new leadership structure, Gorman founder and CEO, Gary Gorman will become chairman of the Gorman’s Board of Directors and continue active involvement in all significant decisions for the firm. Brian Swanton, currently Gorman’s Arizona & Southwestern States Market President will take the reigns as CEO. Current COO, Tom Capp, was joins Gorman’s Board of Directors as vice-chairman. Mr. Capp will also serve as lead advisor on strategic planning and growth for the firm identifying new market opportunities that fit the critical needs of communities.
About Gorman & Company, Inc.
Gorman & Company is nationally recognized for revitalizing communities and urban urban neighborhoods through innovative public-private partnerships. As a trusted partner and respected industry leader since 1984, Gorman specializes in downtown renewal, the preservation of affordable housing, workforce housing and the adaptive reuse of significant historic landmarks with offices in Milwaukee, Chicago, IL; Denver, CO; Miami,FL and Phoenix, AZ.The company maintains in-house design, construction, and development divisions that have successfully completed over $900 million new construction and major renovations since its founding 33 years ago. Its affiliated property management firm manages over 5,000 units around the country.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
