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Partnership between Gorman & Company, the Illinois Housing Development Authority, and the City of Moline brings mixed-income housing solution to Moline drawing creative class downtown
MOLINE, Ill. – June 29, 2007

Something old is new again in Moline, as Gorman & Company, the Illinois Housing Development Authority (IHDA), and the City of Moline celebrated the grand opening today of Moline High School Loft Apartments at 1001 16th Street. The celebration included addresses by Moline mayor Don Welvaert; IHDA executive director DeShana L. Forney, and Gorman & Company president Gary Gorman.

The housing development, a renovation of the former Moline High School, is a 60-unit, mixed-income, loft apartment development which Gorman & Company designed to entice the region’s artistic community and creative class to live downtown. The building features a residents’ art gallery and several amenities including pottery wheels, kiln, darkroom, computer/business center, woodworking room, theater, exercise facility, and community area.

The Moline High School Loft Apartments also target low-income families and people with special needs. To qualify, residents must earn less than 50 percent of the area median income. For example, a family of four with a household income less than $30,050 may qualify. Six of the building’s units are offered at market rate rents.

Gorman & Company, named 2006 Developer of the Year by Wisconsin Builder magazine, was integral to the revitalization of downtown Moline. “We are extremely proud that our first project in Illinois brings new life to this building and this downtown area,” said Tom Capp, Gorman & Company’s chief operating officer. “The strong relationships we’ve developed with IHDA and the City of Moline were critical to the success of this project, and we couldn’t be more pleased with the outcome.”

IHDA provided $800,000 in low and interest-free loans to the development and also allocated $498,710 in federal low-income housing tax credits. The tax credits generated approximately $4.5 million in equity for the development. IHDA is the state agency under Gov. Blagojevich dedicated to financing the creation and preservation of affordable housing for Illinois residents.

“Moline High School Loft Apartments will bring a stable environment to more than 50 low-income residents and people with disabilities in the area. In the Governor’s annual Comprehensive Housing Plan, low-income families and people with special needs are identified as two of the six target populations in need of affordable housing; so, in our eyes this was a very worthy project for us to fund,” said DeShana L. Forney, IHDA executive director.

The building originally opened in 1915 as an educational institution for high school students before being converted to Moline Community College (Blackhawk College) and later serving as an office building. The Gothic-style school was designed by architects Eckland and DeArment of Moline in collaboration with the firm of Patton, Holmes and Flinn of Chicago. Several original structural details characterizing the historic landmark have been preserved, including the grand entrance, terrazzo floors, monumental stairways and period lighting fixtures.

Gorman & Company, Inc., headquartered in Madison, Wisconsin, was founded in 1985 with a mission of creating high-quality housing opportunities for a variety of income levels. Through the use of public and private partnerships, Gorman & Company specializes in the renovation of historic buildings and renaissance of traditional urban neighborhoods, and is renowned for its quality craftsmanship, dependability, and sensitivity to historic preservation. A recognized leader and trusted community partner, Gorman & Company created Five Star Management Services to service the residents of the developments. For more information or to view our portfolio, please visit www.GormanUSA.com.

The Illinois Housing Development Authority is a self-supporting state agency that finances the creation and the preservation of affordable housing across the state. Since its creation by an act of the Illinois legislature in 1967, IHDA has allocated more than $8 billion and financed more than 183,000 units of affordable housing. IHDA accomplishes its mission through a number of federal and state funding sources, including the Illinois Affordable Housing Trust Fund, the Illinois Affordable Housing Tax Credits Fund, the allocation of federal Low Income Housing Tax Credits, HOME Investment Partnership funds and others. IHDA is also a bonding authority, and independently sells bonds, based on its own good credit, to finance affordable housing statewide. For more information, please visit www.ihda.org.