The watershed Tax Reform Act of 1986 that effectively sank so many development firms, was the genesis of Gorman Company.  Section 42 of that law introduced low income housing tax credits, and in them, Gary Gorman saw opportunity.

Having just completed the Baker Block historic renovation in Evansville, Wisconsin, through a mix of TIF, a small cities block grant, tax exempt bonds, and an equity offering based on historic renovation tax credits, Gorman discovered an affinity for navigating the significant complexities of US Tax Code. That he was a practicing attorney certainly helped.

In early 1987, Gorman put together four of the very first private placements of limited partnerships to investors that utilized Section 42 tax credits, and found his true calling. By 1989 Gorman had structured equity positions in four new apartment complexes through institutional sources.

Today, through a unique mix of Section 42, historic rehabilitation, brownfield development and new construction, Gorman & Company is producing high-quality, affordable rental housing throughout the State of Wisconsin. We work successfully in partnership with the municipalities in which we have a presence, and enjoy a very good reputation among the elected officials throughout the state.

In 1991, a management division was formed to ensure that Gorman’s principles of responsive and professional resident relations were company policy. Today, over 3,000 families call Gorman properties home, and the company enjoys an almost 90% renewal rate.

By 1995 a construction division was added to ensure on-time, on-budget completion of new-build and restoration projects to Gorman’s rigid quality specifications. Today, Gorman builds about $30,000,000 worth of apartments annually. Also in 1995, the condominium division was formed and today generates approximately $8,000,000 in sales per year.

Looking forward, Gorman is increasingly sought out by city mayors and planning directors to solve particularly difficult neighborhood transformations. In 2004, the company will add approximately 500 units of affordable housing in Racine, Kenosha and Milwaukee and open a single family home site sales unit.