Off the Main Path: Developers Target Different Niches in Specialized Housing Projects
By Caitlin Jones
1 min read
Tax Credit Advisor, November 2011: Rental cottages for seniors. Apartments above a public library. Permanent supportive housing units for persons with disabilities. Artists lofts.
These are but a few of the types of niche housing being produced today by developers throughout the U.S., in many cases utilizing low-income housing tax credits.
Gorman & Company, which is based outside Madison, Wisc. and focuses primarily on four states — Wisconsin, Illinois, Arizona, and Florida — is a prime example of a niche housing developer. The company, which has developed affordable housing for 27 years, wasn’t always so. It was capitalized during its first decade or so by fees earned from developing traditional-looking affordable apartment projects for families and seniors, often in suburban locations. “We had an affordable housing approach that was very solid, but it was garden style,” says COO Tom Capp. “We were a use in search of a site for the first decade-plus of the LIHTC program.” Read More…
