High-demand, below-market rate apartments dedicated
Principals of CST Land Developers LLC last Wednesday dedicated Reserve at Jefferson Crossing, a new $20 million,180-unit apartment complex developed for individuals and families in need of below-market rate units.
The principals – attorneys Tom Delahaye, Chris Coffin and Stan Baudin of Plaquemine – purchased the property on Jefferson Highway in Baton Rouge in July 2008 from DSI Transports, Inc. of Toronto, Canada.
“The developers used hurricane-created Go Zone tax credits, federal HOME funds, and tax-exempt bond funds to construct new quality one, two, three and four-bedroom apartments at below market rates,” said Delahaye, the managing partner. “This is a win-win construction project, and CST Land Developers are hopeful that it helps the city and the region by adding more housing stock in this market.”
He said the development has many amenities, including an executive business center with computers, pool, playground, clubhouse, and controlled-access gates with video monitoring.
The Reserve apartments are being leased to those who meet the federal income guidelines for affordable housing, which are 60 percent of the median income or less of the area. The rental rates range from $500 to $900 per month. The apartment complex is now 90 percent leased, Delahaye said.
After hurricanes Katrina, Rita, and Gustav, the public learned of the Capital Region’s dire need for affordable housing for individuals and families, CST said in a news release. Now, coupled with the recession, the region continues to have an increased need for below-market rate housing for individuals and families on fixed incomes, the release said.
The development has been financed with tax-exempt bond funding, Go Zone income tax credits and federal HOME funds. The Louisiana Housing Finance Agency authorized the issuance of the tax-exempt bonds with Chase bank providing the construction financing, and PNC Multi-Family Capital providing the tax credits and permanent financing.
More than 50 guests, including some of the residents and friends attended the reception at The Reserve clubhouse.
The Rev. Karen Gay of Church of the Holy Communion Episcopal Church of Plaquemine did a blessing of the new development.
Further information is available at www.reserveatjefferson.com.