Associated Bank recently provided $20.6 million in total equity and $11.5 million in total construction/bridge financing to Gorman & Company for the development of three Wisconsin affordable-housing projects, two in Milwaukee and one in Sheboygan, Wisconsin, with a total of 130 apartments.
The developments used Low Income Housing Tax Credit equity as part of the financing package, requiring that apartments be available at below-market rents to people earning no more than 60 percent of their area’s median income.
The projects are Washington School Apartments at 1238 Greele Ave. in Sheboygan, Wisconsin; Fifth Street Senior Apartments in Milwaukee; and Washington Park Townhomes in Milwaukee.
