To facilitate the creation and preservation of affordable housing through the construction or rehabilitation of housing for low to moderate-income households.
Turnstone Development Corporation is a not-for-profit 501(c)(3) real estate development corporation specializing in the construction and preservation of affordable housing. Since 1998, Turnstone Development has developed over 1,800 affordable housing units leveraging over $292 million in private and public investment capital sources. These sources include Low Income Housing Tax Credit (LIHTC), equity from the Illinois Housing Development Authority (IHDA), American Reinvestment and Recovery Act Stimulus funds (ARRA), traditional banking and lending institutions’ loans and grants from Federal Home Loan Bank (FHLB) and the Department of Commerce and Economic Development (DCEO).
Ms. Weimer joined Turnstone in 2013 and as Interim Executive Director of Turnstone, is involved with all aspects of a client’s interface with the organization. Turnstone has developed over 1,680 affordable housing units and leveraged over $257 million in private and public investment capital sources. Ms. Wiemer is actively involved in the pre and post development phases of Turnstone’s projects including financing, development, lease-up, asset management, operations and property management oversight. Ms. Wiemer is the former Chief Operating Officer of the Housing Authority of Cook County (HACC), where she gained her experience in affordable housing. Prior to the HACC, Ms. Wiemer had 25+ years’ experience as a senior real estate executive with years of strategic oversight and hands-on management of complex, multi-million dollar, financing, acquisition and divestiture of income-producing multi-family properties in the private market. Ms. Wiemer served as Vice-President of Equity Residential (EQR), where she was part of a core team of leaders that created one of the largest and most successful condo conversion companies – successfully completing over 30 condo conversions consisting of over 5,000 units and producing approximately $1 billion in sales and generating profits in excess of $100 million dollars during Ms. Wiemer’s tenure at the company. She also sits on the Board of the Alliance to End Homelessness in Suburban Cook County.
Mr. Michael Hartman is the development manager for Turnstone Development Corporation. Over the last twenty-five years, he has developed, built and managed over eighty LIHTC rental housing developments totaling approximately 9,000 units in sixteen states. Mr. Hartman oversees and performs all aspects of residential rental development, including analyzing acquisitions and determining the economic viability of proposed new developments, land acquisition, securing government support and approvals, development design, property management and financing. Mr. Hartman also has extensive HUD experience as the Chairman of the Brevard County Florida Housing Authority (2009-2014). He is a current member of the Coalition of Affordable Housing Providers (Florida) and was a founding member of the Texas Association of Affordable Housing Providers. Prior to becoming a developer in 1993, Mr. Hartman practiced as a CPA in Maryland for twelve years (including four years as a manager at Reznick Group) and has been a licensed CPA for thirty-six years. Mr. Hartman earned a Bachelor of Arts in Accounting in 1981 from Loyola University in Baltimore, MD.