A quality home is the foundation
of society & community

A quality home is the foundation of society & community

Gorman, Rockford Housing Authority win $12M in tax credits

June 22, 2015

Monday, June 22, 2015

By Lindsey Holden and Isaac Guerrero
Rockford Register Star ROCKFORD — A private developer and the Rockford Housing Authority are a step closer to building 65 affordable-housing apartments on the east side.
The Illinois Housing Development Authority awarded about $12 million Friday in low-income housing tax credits to Bridge Rockford Alliance, a nonprofit partnership of the RHA and Gorman & Company. Investors receive income tax breaks when they buy credits, which provides cash for development projects. Housing Authority CEO Ron Clewer said the annual tax credit award of $1.2 million is good for 10 years. Investors will pay 90 cents for every dollar of the tax credits, providing upward of $11.3 million for construction. It’s a large chunk of the money needed to finance the development slated for six acres on South New Towne Drive. The development would replace public housing at Fairgrounds Valley, a complex on the west side. Read the full story here.
]]>

To continue to create strategic partnerships with community stakeholders, design a diverse housing portfolio, leverage social service programming to unite and ensure residents are provided with safe and nurturing environments that lead to self-sufficiency, responsibility, and individual empowerment.

Facebook-f Twitter Linkedin Youtube Vimeo

Twitter

Tweets from RockfordHousing
Load More

Facebook

Within 5 years the RHA will re-establish itself as high performing agency that is a leader in housing and sustainable communities by developing additional, non-HUD revenue streams, increasing our asset base and offering state of the art resident initiatives.

Facebook-f Twitter Linkedin Youtube Vimeo

Twitter

Facebook