Developers for an apartment complex in Baton Rouge are seeking $30 million in multifamily housing revenue bonds that would be issued through the State Bond Commission.
A Bond Commission vote is set for Thursday.
Drakes Landing is a 216-unit development that would be built at 801 N. Ardenwood Drive, according to documents filed with the Louisiana Housing Corp. LDG Multifamily, a Louisville, Kentucky, affordable housing developer, is the management company.
Drakes Landing will be made up of 96 two-bedroom apartments, 96 three-bedroom units and 24 one-bedrooms. The full price for buying the land and building the complex is projected to be $38 million. LDG is seeking $1.4 million in low income tax credits along with the bond issue.
Most of the units will be set aside for people who earn no more than 60% of the area median household income, which will target people working jobs such as construction, medical assistant, maintenance, retail sales, childcare workers and security guards.
LDG owns three affordable housing complexes in Baton Rouge: the 192-unit Mallard Crossing Apartments at 11320 Greenwell Springs Road; the 48-unit Wood Crest Apartments at 1682 N. Lobdell Ave.; and the 192-unit Port Royal Apartments at 6454 Airline Highway. The Meadows at Nicholson, a 204-unit development at 11777 Nicholson Drive, is under construction and should open in the summer.
The company also owns the two Muses complexes in New Orleans and Village Du Loc in Lafayette. The company is building the 192-unit Brook Pointe development in Lafayette and has a deal to do two affordable housing developments in New Orleans.