Photograph of Hill Street School in Globe. Via Arizona State Library.
By Globe Miami Times
GLOBE- Gorman and Company LLC, the company that’s redeveloping the Hill Street School as affordable housing for elders, has won nearly $2.5 million in federal and state tax credits.
The Arizona Department of Housing announced the federal and state awards on June 3. ADOH is distributing a total of $30.1 million in federal 9% Low-Income Housing Tax Credits (LIHTC) to 16 affordable housing projects throughout the state. Seven of those projects are in rural communities and nine are in metro areas. The state tax credits total an additional $2 million.
The Hill Street School project received a 9% LIHTC reservation of $1,494,188 and a state tax credit allocation of $1 million.
Gorman plans to rehabilitate the historic school building as well as integrate a new structure into the school’s non-historic façade. The project will result in 64 units of mixed-income multi-family housing targeted to seniors. The intention is to create a beautiful housing community that will retain and beautify the characteristics of the neighborhood while enhancing the proud history of the old Hill Street School.
Supporters of the project anticipate it will transform the Downtown District and make the largest economic impact to the community of any project in decades.
