GORMAN & COMPANY TO BREAK GROUND ON HISTORIC WORKER HOUSING PROJECT

Fairbanks Flats Rowhomes to be transformed into 16 attractive riverside apartments
Beloit, October 16, 2007

WHO: Gorman & Company, the Wisconsin Housing and Economic Development Authority (WHEDA), the City of Beloit, & the Fairbanks Flats Neighborhood Revitalization Group

WHAT: Gorman & Company is rolling up its sleeves and digging into the historic Fairbanks Flats building to create a modern housing development. The groundbreaking event will include remarks by Antonio Riley, Executive Director of WHEDA; Ken Ware, Harold Lucas and Wanda Sloan of the Fairbanks Flats Committee; Terrence Monahan, President of the Beloit City Council and Chairman of the Fairbanks Flats Steering Committee Lula Brown, the oldest Fairbanks Flats resident; and Gary Gorman and Chris Laurent of Gorman & Company. Refreshments will follow the ceremony.

WHEN: Tuesday, Oct. 16, 2007
2:00 p.m. to 4:00 p.m.

WHERE: Fairbanks Flats Rowhomes - 201 Carpenter St., Beloit, Wis., 53511

ABOUT THE PROJECT: Originally built in 1919 to house African American employees of Fairbanks Morse, an engine manufacturer in Beloit, the abandoned building currently holds 24 units located along the Rock River in a quiet residential neighborhood. Gorman & Company plans to transform the development into 16 mixed-income, rent-to-own units, half of which will be designed for residents with hearing disabilities. With the support of the City of Beloit, WHEDA and the Fairbanks Flats Neighborhood Revitalization Group, Gorman & Company will help preserve the legacy of Fairbanks Flats.

ABOUT GORMAN & CO.: Gorman & Company, Inc., headquartered in Madison, Wisconsin, was created in 1984 with a mission to create high-quality housing opportunities. Through its use of public and private partnerships, Gorman & Company specializes in the renovation of historic buildings and renaissance of traditional urban neighborhoods, and is renowned for its quality craftsmanship, dependability, and sensitivity to building communities. For more information or to view its portfolio, please visit www.GormanUSA.com.

ABOUT WHEDA: WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin. For more information on WHEDA's housing programs, call 1-800-334-6873 or visit WHEDA’s website www.wheda.com.

CONTACT:
Maggie Baum - Gorman & Company (608) 438-2814 or
Kate Venne - WHEDA (608) 334-4609

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