Brook Pointe groundbreaking brings much needed housing to Lafayette
(Lafayette, LA – March 20, 2019) – Councilman Patrick Lewis joined representatives from LDG Development, IBERIABANK, R4 Capital and other community leaders to break ground on Brook Pointe — a $34 million multifamily development that will provide 192 units of 2 and 3 bedroom garden style apartment homes for families earning housing for families earning 60 percent area median income, or $29,000-$50,000 annually for a family of four.
Brook Pointe is a gated community that is located just two blocks off the Evangeline Thruway and will provide residents with a clubhouse, business and fitness centers, a swimming pool, a playground, a walking path and other amenities often found in Class A developments that are unaffordable for many working families within the area.
“Brook Pointe will be a wonderful addition to this district and help to provide hundreds of families with a high-quality housing that is affordable, safe and offers amenities they can enjoy throughout the year,” said Councilman Lewis. “This development is yet another example of the commitment and focus all of us at the city have to provide a variety of housing options that meets the continued growth we are seeing within our city and throughout the Lafayette parish.”
Brook Pointe is located on 13.1 scenic acres. The 2 and 3- bedroom units at the development will span between 1,085 and 1,257 square feet and rental rates are expected to range between $726 and $885 per month.
Financing for this $34 million community is being provided through a variety of entities including the U.S. Department of Housing and Urban Development, The Louisiana Housing Corporation, R4 Capital, R4 Capital Funding and Iberia Bank.
Pat Trahan, IBERIABANK Vice Chairman, says that IBERIABANK’s investment in Brook Pointe reflects bank’s on-going commitment to meeting the affordable housing needs of the communities it serves.
“We are excited to be part of an effort to provide affordable housing within our community. The cost to rent or purchase housing continues to be unaffordable for many, so providing decent and affordable housing is important to families,” says Pat Trahan, IBERIABANK Vice Chairman.
Brook Pointe is being developed by LDG Development. LDG Development is the country’s largest developer of affordable housing and has created more than 10,000 units of affordable housing for families and seniors in eight states including, Texas, Kentucky, Georgia and Tennessee. The addition of Brook Pointe will be Louisville-based LDG Development’s 9th community in Louisiana.
Chris Dischinger, co-founder and co-principal at LDG, says that the aggressive approach many cities in Louisiana have taken to develop high-quality affordable housing communities will position the entire state for continued growth.
“Communities that are aggressively working to provide a variety of housing options understand the correlation between a diverse and well-trained workforce and the continued ability to attract additional businesses and investments into the area,” said Dischinger.
“LDG is thrilled to support these efforts in Lafayette and throughout the great state of Louisiana and are committed to making sure Brook Pointe is a place resident will be proud to call home.”
Construction is underway at Brook Pointe and is expected to be complete by the Summer of 2020. Brook Pointe hopes to welcome its family to the development in the Spring of 2020. For more rental information, please visit www.ldgdevelopment.com or www.latterblumpm.com.