The Housing Development Corporation develops and maintains affordable and handicap-accessible housing.
The private nonprofit corporation is interested in taking over the old Miller School in Fairmont to create affordable housing for the elderly.
The $7.6 million project will include developing 48, one and two bedroom units.
The corporation said it will do a complete rehab on the existing facility and purchase all of its resources from the Fairmont area.
"People that move into this property will have to be considered at 60 percent of median income or less in the Fairmont area," said William Dotson, of the Housing Development Corporation.
Dotson said construction will begin in the spring of 2014 and will take about a year to finish.