ROCKFORD, ILL (WIFR) -- Andre Blakely, Illinois Market President for Gorman & Company, announced today that financing has closed for the New Towne Drive affordable housing development.
Construction is expected to begin in July.
The multi-family initiative, comprised of 49 new residences with 22 homes targeted for home ownership, is the first phase of a five-year master plan to transform conventional public housing in Rockford.
Gorman is partnering with the Rockford Housing Authority to replace and re-position 1,100 existing units of public housing, incorporating fresh architectural solutions, social and educational support and a strong homeowner component to create a new blueprint for affordable housing.
A key component of the master-plan is to deconcentrate and replace 210 distressed and segregated housing units that are currently located at Fairgrounds Grounds Valley over three successive stages. The New Towne Drive residential community is the first phase of that plan.
Financing partners for the New Towne residential development include the following: Illinois Housing Development Authority which allocated the Low Income Tax Credits, Boston Capital is the tax credit investor- purchasing the credits; and Citibank is providing construction and permanent financing. The development is a partnership between Gorman & Company, Inc. and Bridge Rockford Alliance, a nonprofit subsidiary of the Rockford Housing Authority.