Landsby Ridge Provides Mixed Income Affordable Workforce Housing in Mount Horeb, WI

Jun 14, 2023 | All News, Wisconsin, Workforce and LIHTC Housing

Gorman & Company is pleased to announce the completion and grand opening of Landsby Ridge, a 51 unit mixed income community located at 400 W. Garfield St. in Mount Horeb, WI. The grand opening celebration was held on Tuesday, June 20, 2023.

“Gorman & Company is honored to build a new affordable housing community for Veterans, individuals, and families within the close-knit community of Mount Horeb, a young, active city.”

Ted Matkom, Wisconsin Market President for Gorman & Company.

About the Development

Landsby Ridge serves families and individuals with household incomes of 30% – 60% AMI and provides 14 one bedroom, 25 two bedroom, 12 three bedroom units (including five market rate units). This new affordable apartment community near Mount Horeb’s historic downtown, provides quality workforce housing for nearby employers such as Epic Systems and Duluth Trading Company. Landsby Ridge is adjacent to Military Ridge State Trail, a 40 mile recreational trail for biking, running, and walking.

Landsby Ridge was financed by the following partners: Associated Bank purchased the affordable housing tax credits (with the assistance of Royal Bank of Canada) and also provided the construction and long-term financing. Essential gap funding provided by Dane County Affordable Housing Development Fund; Dane Workforce Housing Fund, LLC and the Affordable Housing Program of the the Federal Home Loan Bank of Chicago. Impact Seven provided predevelopment financing.

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