New Affordable Housing Development Dedicated

High Demand, Below-Market Rate Apartments Dedicated on November 18, 2012

The Reserve at Jefferson Crossing, a new 180-unit apartment complex developed for individuals and families in need of below-market rate units, was officially opened and dedicated on Wednesday, November 18, at 10 a.m. at the Clubhouse.

CST Land Developers, LLC principals are attorneys Tom Delahaye, Chris Coffin and Stan Baudin of Plaquemine. The principals purchased the property in July of 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 Tom Delahaye, managing partner of CST Land Developers of Plaquemine, La. “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,” said Delahaye.

“The Reserve at Jefferson Crossing has many amenities, including an executive business center with computers, pool, playground, clubhouse, and controlled-access gates with video monitoring,” Delahaye said.

The Reserve apartments are being leased to those who meet the federal income guidelines for affordable housing, which is 60 percent of the median income or less of the area. The rental rates range from $500 to $900 per month. According to Delahaye, the apartment complex is now 90 percent leased.

After hurricanes Katrina, Rita, and Gustav, the public learned of the Capital Region’s dire need for affordable housing for individuals and families. 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 development has been financed from three sources, totaling $20 million, including 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.

Rev. Karen Gay of Church of the Holy Communion Episcopal Church of Plaquemine did a blessing of the new development.

The Reserve at Jefferson Crossing is located at 17232 Jefferson Highway.

The website is http://www.reserveatjefferson.com/

CST Land Developers LLC principals Tom Delahaye (center) and partner Chris Coffin cut the ribbon for the opening of the new affordable housing development, The Reserve at Jefferson Crossing. Joining in the celebration were members of the construction firm, financial representatives, architects, and engineers. Also attending were members of the Louisiana Housing Finance Agency, which provided HOME funds for the new 180-unit development. Not shown is CST Land Developer partner Stan Baudin.  Shown (left to right) are Connie Campbell, Community Manager; David H. Saling, Community Development Real Estate, Chase Bank; Steve Williams, ICI Construction; Amanda Coffin and Chris Coffin, CST Land Developers partner; Tom Delahaye, managing partner, CST Land Development; and Linda Jackson, Director of Operations, Maestri Murrell Property Management.

CST Land Developers LLC principals Tom Delahaye (center) and partner Chris Coffin cut the ribbon for the opening of the new affordable housing development, The Reserve at Jefferson Crossing. Joining in the celebration were members of the construction firm, financial representatives, architects, and engineers. Also attending were members of the Louisiana Housing Finance Agency, which provided HOME funds for the new 180-unit development. Not shown is CST Land Developer partner Stan Baudin. Shown (left to right) are Connie Campbell, Community Manager; David H. Saling, Community Development Real Estate, Chase Bank; Steve Williams, ICI Construction; Amanda Coffin and Chris Coffin, CST Land Developers partner; Tom Delahaye, managing partner, CST Land Development; and Linda Jackson, Director of Operations, Maestri Murrell Property Management.