MADISON, Wisc. (May 20, 2022) – Dane County, Great Lakes Dryhootch, and Gorman & Company are pleased to announce the completion and grand opening of Valor on Washington, a six story mixed-use building with 59 two and three bedroom units of family affordable housing aimed to provide housing and a welcoming community for veterans and their families located at 1322 East Washington Avenue, Madison, Wisconsin. All residential units within the building are occupied and the first-floor commercial space is being occupied by Great Lakes Dryhootch, a veteran’s nonprofit organization. Valor On Washington has 50 units targeted to families with household incomes of 30% to 60% of the county median income. There are nine units that have unrestricted rents, which means they are rented at the going “market rate” and have no income restriction, creating a true mixed-income community.
Resident amenities include onsite social services through Great Lakes Dryhootch, Lutheran Social Services of Wisconsin, a community room, exercise room, playground, and underground and surface parking as well as close access to bus transportation, medical facilities, and nearby schools. Great Lakes Dryhootch has now placed its Madison headquarters at Valor on Washington and has created a space where vets can gather, celebrate, and support each other in a drug and alcohol-free environment.
Valor on Washington represents Gorman’s fourth affordable housing community in the U.S. dedicated to the unique needs of miliary veterans. Gorman & Company acted as architect, general contractor, developer and property manager on this project. They are a fully integrated company that specializes in community revitalization through innovative public/private partnerships to create and preserve affordable and workforce housing. Headquartered in Oregon, Wisconsin and founded in 1984, 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 projects on their website at www.gormanusa.com.
Key financing partners for the $18.9 million Valor on Washington project include Dane County through its Affordable Housing Fund, the City of Madison through its Madison Community Development Division (CDD), Dane County Housing Authority, the Federal Home Loan Bank of Chicago, Associated Bank, Boston Financial, Walker Dunlop, and Wisconsin Housing and Economic Development Authority (WHEDA).
“Valor on Washington is the perfect example of the public, private, and non-profit 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 & CEO. “Gorman & Company is honored to bring our fourth veteran housing development to our own backyard here in Madison, Wisconsin.”
Dane County sought proposals for development of the Messner property in 2017 and ultimately awarded the proposal to Gorman & Company and Dryhootch for the Valor on Washington project. Gorman’s proposal was awarded tax credit financing in the spring of 2019.
“We are happy to have the Valor on Washington development reach completion so we can provide affordable housing and support to veterans and their families,” said Dane County Executive Joe Parisi. “We thank Great Lakes Dryhootch and Gorman & Company for their partnership on this project. Our veterans have gone above and beyond to serve our country, and we are excited to provide this unique community support for them in Dane County.”
The grand opening celebration will be on Wednesday, June 15, 2022, at 10:00 a.m. on the front porch of the Great Lakes Dry Hootch Madison Headquarters at 1322 East Washington Ave., Madison. Refreshments will be served afterwards.