Mayor Nic Hunter and local officials join with national developer to break ground on latest affordable housing development
(Lake Charles, LA – November 6, 2018) Mayor Nic Hunter and other city officials joined with representatives from LDG Development to break ground on the city’s newest affordable housing community, Le Joillet. This development will provide 264 2- and 3-bedroom garden style apartment homes and is reserved for residents making around 60 percent of the area median income or approximately $42,000 for a family of four.
“The addition of Le Joillet reflects the growing demand in our community to provide a variety of housing options that meet the diverse housing needs of the Lake Charles community,” said Mayor Nic Hunter. “As we continue to experience unprecedented growth and we look for ways to build on the momentum we’ve created within the community, I am confident that this development will attract additional investment, jobs and opportunities into the area.”
Le Joillet is located just southeast of the downtown area and in close proximity to parks, schools, restaurants and other services. The property will include 12 three-story energy efficient residential buildings and will offer a number of amenities including a clubhouse, fitness and business centers, playground, walking trail and other amenities commonly found in market rate developments. Sizes of the units will span from approximately 1,000 – 1,200 square feet with monthly rental rates ranging between $619-$1143 per month.
“The addition of Le Joillet into the southeast corridor supports our long-term goal of adding high quality affordable housing in and around downtown,” said Councilman Rodney Geyen. “This development will help to further strengthen surrounding neighborhoods and helps to build a better community for all of us.”
The total cost for this project is $44 million. Financing for the development is being provided through the 4 percent Low Income Housing Tax Credits and HOME Funds from the Louisiana Housing Corporation, and Tax-exempt bonds and a PILOT from the Calcasieu Parish Public Trust Authority. Construction on Le Joillet began in August and will be complete by next December.
LDG Multifamily, LLC is serving as the developer for Le Joillet. Based in Louisville, Kentucky LDG is the country’s largest affordable housing developers. In fact, since 2000, LDG has developed over 10,000 affordable housing units for families and seniors in cities across the country. According to Chris Dischinger, one of the firm’s founder’s and managing partners, Le Joillet is an example of the progress that can be made when community leaders commit to a goal.
“Mayor Hunter and other civic leaders have worked tirelessly to ensure this community has the diverse housing options every city, committed to long term sustained growth needs,” said Dischinger. “This is an example of the progress that can be made when parties commit to a shared goal and vision.”
LDG Development is an award-winning multi-family housing developer that has created almost 10,000 units of affordable housing for active seniors and families who have sacrificed income for service. Headquartered in Louisville, Kentucky, LDG prides itself on providing high-quality, first-class housing for the residents and communities it serves. LDG has developments in eight states, including Texas,
Kentucky, Georgia and Louisiana and in 2017 was identified as the country’s top developer of affordable housing.