A community that aims to provide affordable housing for veterans and their families has opened in Madison, Wisconsin.
Developed by Gorman & Co., Valor on Washington is a six-story, mixed-use development with 59 two- and three-bedroom units. Fifty units are targeted to households with incomes between 30% and 60% of the area median income, and nine units have unrestricted rents, creating a mixed-income community.
Great Lakes Dryhootch, a nonprofit veterans organization, has located its Madison headquarters in the first-floor commercial space and will provide on-site social services along with Lutheran Social Services of Wisconsin.“Valor on Washington is the perfect example of the public, private, and nonprofit sectors coming together in an innovative way to solve a complex social issue. No one in our society is more deserving of safe, decent, and high-quality affordable housing than our military veterans,” said Brian Swanton, Gorman’s president and CEO.
Wisconsin-based Gorman & Co. acted as architect, general contractor, developer, and property manager on this project.
The approximately $18.9 million development utilizes multiple sources of financing, including low-income housing tax credits allocated by the Wisconsin Housing and Economic Development Authority. The credits were syndicated by Boston Capital to raise approximately $9.4 million. Walker & Dunlop provided a $6.2 million first mortgage. Additional funding was provided by the city of Madison, Dane County, the Federal Home Loan Bank of Chicago, and Associated Bank.