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Gorman & Company Receives First Ever Award of State Housing Tax Credits From Arizona Department of Housing

Centerline on Glendale

Centerline on Glendale

Logo of Gorman & Company

Logo of Gorman & Company

Gorman & Company President & CEO, Brian Swanton

Gorman & Company President & CEO, Brian Swanton

Future development to provide quality affordable housing in growing Glendale community.

GLENDALE, ARIZ., USA, May 9, 2022 /EINPresswire.com/ -- Gorman & Company was awarded the first-ever issuance of Arizona State Housing Tax Credits for the construction of Centerline on Glendale I & II in Glendale, Arizona, by the Arizona Department of Housing.

The award of $2,000,000 in state credits was competitively allocated by the Arizona Department of Housing. Centerline on Glendale I & II will involve the construction of 368 units of new, high quality affordable housing with on-site, wrap-around supportive services.

“Centerline on Glendale I & II will be an integral part of the comprehensive revitalization strategy for the Glendale Centerline redevelopment area,” said Brian Swanton, CEO & President of Gorman & Company.

Located on a 13-acre, vacant, and underutilized parcel at the southeast corner of 67th Avenue and Glendale Avenue, Centerline on Glendale will have a total development cost of over $90 million and represents the single largest private investment in Glendale’s Centerline redevelopment area since it was designated for redevelopment in the 1990s. The new state housing tax credit program, which will finance a portion of the costs, was adopted by the Arizona legislature and signed into law by Governor Ducey in 2021. The tax credits will be sold to institutional investors, and the equity raised from the sale of the credits will be used to construct the development.

Centerline on Glendale will provide affordable housing to low and moderate-income households, will create hundreds of jobs, and will be the single largest private investment in Glendale’s Centerline redevelopment area since established. “This project truly took all levels of government working together to collaborate with the private sector and surrounding neighborhood residents to bring Centerline on Glendale to fruition,” said Swanton.

“Glendale is excited to welcome Centerline on Glendale, the third Gorman & Company project, to our community,” Vice Mayor Jamie Aldama said, who represents the Ocotillo district where the project will be located. “Our support for quality, affordable housing with on-site services and amenities is not only the right thing to do; it is the action that unites us as a community. All of our residents deserve to have access to safe places to live where loved ones can grow and thrive. With the growth we are experiencing in Glendale, public-private partnerships like this are crucial to improving the lives of all our residents.”

Centerline on Glendale will include a community kitchen and business incubation space for emerging small businesses, a fitness and recreation center, a dog park, a walking path, a splash pad, and will provide wrap-around supportive services to residents. The development is within walking distance of Glendale High School and is adjacent to two major bus lines. The project will be just one block from the soon-to-be constructed Mountain Park Health Clinic.

Centerline’s resident population is expected to be diverse, including families with children, single individuals, the elderly, the disabled, and households with special needs. The development will include one, two, and three-bedroom units. All units will be affordable to households earning at or below 60% of the Area Median Income (AMI) and accessible for the physically disabled.

Additional financial support for the project will come from rental subsidies from the Arizona Health Care Cost Containment System (AHCCCS), the City of Glendale, ARPA funding from the Maricopa County Human Services Department, and National Housing Trust Funds from the Arizona Department of Housing. The project will be financed with tax-exempt bonds issued by the Arizona Industrial Development Authority, along with both federal and state housing tax credits.

About Gorman & Company: Gorman & Company revitalizes communities through innovative housing partnerships with municipalities, governmental organizations, and nonprofits. Specializing in downtown revitalization through collaborative urban development, dedication to the preservation of affordable and workforce housing, and the adaptive repurposing of historically significant properties. Gorman & Company, headquartered in Wisconsin, was founded in 1984 and opened its Colorado office in 2014. They have been recognized as one of the nation’s top “Affordable Housing Developers” by Affordable Housing Finance magazine for more than a decade. Learn more about their diverse portfolio of national projects on their website.

About the City of Glendale, Arizona: Incorporated in 1910, the city of Glendale is a vibrant and welcoming metropolitan city with extraordinary opportunities for everyone to prosper, connect and experience all that is remarkable about our community. We are a community of almost 250,000 residents and nearly 2,000 employees working together to make our city the community of choice for those looking to live, work, or play in metropolitan Phoenix. Our tagline “You Belong Here” is the sentiment we want people to feel about our community and is characteristic of our mission: We improve the lives of the people we serve every day. Learn more about Glendale, Arizona, at www.glendaleaz.com or follow us on Facebook, Twitter, and Instagram.

Melissa Badini
Gorman & Company
+1 608-835-5899
mbadini@GormanUSA.com
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