Landsby Ridge is bringing new housing opportunities to residents in Mount Horeb, Wisconsin.
Developed by Gorman & Co., the 51-unit community has 46 affordable homes for families and individuals earning between 30% and 60% of the area median income and five market-rate units.
Landsby Ridge will benefit the local workforce, which has few affordable housing options. The new community is near Mount Horeb’s historic downtown and several key employers, including Epic Systems and Duluth Trading Co. The development is also adjacent to Military Ridge State Trail, a 40-mile recreational trail for walking, running, and biking.
The $13.8 million project was supported by multiple funding partners.
Associated Bank purchased the low-income housing tax credits, with the assistance of RBC Community Investments, and also provided construction and long-term financing. Essential gap funding was provided by the Dane County Affordable Housing Development Fund, Dane Workforce Housing Fund, and the Affordable Housing Program of the Federal Home Loan Bank of Chicago. Impact Seven provided predevelopment financing.
“Gorman & Co. 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.
