A historic school has been transformed into 39 units of affordable housing in Milwaukee.
Gorman & Co., a veteran affordable housing developer, has completed the renovation of a 138-year-old schoolhouse that operated as District 15 School and later William McKinley School in the Near West Side neighborhood.
“It was an honor to work with the city of Milwaukee to breathe new life into the historic McKinley School building, which has been an architectural icon within the Near West Side neighborhood since 1885,” said Ted Matkom, Wisconsin market president of Gorman & Co.
McKinley School Lofts has a mix of one-, two-, and three-bedroom units for residents earning 30%, 50%, and 60% of the area median income. Several units are serving veterans.
Financing for the approximately $19.7 million historic redevelopment included federal low-income housing tax credits (LIHTCs) as well as federal and state historic tax credits.
The LIHTCs and federal historic credits were purchased by Cinnaire. The Wisconsin Housing and Economic Development Authority) allocated the federal housing credits and served as a lending partner.
The state historic credits were allocated by the Wisconsin Economic Development Corp. and purchased by Enhanced Historic Partners, The city of Wisconsin was also a lending partner.