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SHERMAN — While about 55 percent of its residents are age 55 and over, the town of Sherman doesn’t have any senior housing.

The town is involved in an initiative to change that. It’s proposing developing a 12-acre piece of open, town-owned land behind the American Pie Company into age 55 and older housing.

As part of the proposal, the town would lease the land to a private developer for $1 per year, plus assessed taxes.

“The developer would develop this housing, and in the cost of his development, he would not have to plug in land costs,” said Sherman resident Tim Hollander, a member of the town’s former Housing Committee. “To recover his costs, he would be saving something, and the savings would translate into lower rents for the tenants. We would make sure that happens by the terms of the lease.”

Along with several housing committee members, Hollander formed a nonprofit organization called the Independence Village of Sherman (IVS), which is proposing the senior development.

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