By JIM BUTLER

The Louisiana Housing Authority has approved issuing up to $9 million in multi-family housing revenue bonds for a new development in Alexandria.

Cedar Rapids (IA) Bank is the purchaser of the 40-year bonds, with an annualized 10 percent interest rate, according to the LHA resolution.

The bond debt is to be retired by revenues from the 64-unit affordable housing development packaged by MGM Development of Calhoun.

MGM’s Jeff Glover is among the more widely-known affordable housing advocates in the state.

According to documents filed with the LHA, the gated community will consist of nine buildings on a tract at 4721 South MacArthur. The land was purchased earlier this year for $325,000.

The construction plan, records show, is for 38 two-bedroom, two-bath units; 16 three-bedroom units; and 10 one-bedroom, one-bath apartments.

Financing includes $5.77 million in Community Development Block Grant funds and an estimated $6.9 million in low-income housing tax credits.

Total development costs, including the $2 million developer fee, are $16.9 million, records show.

CUTLINE – A simply constructed sign marks the location of an approved 64-unit affordable housing location on South MacArthur Dr., adjacent to Fresinius Kidney Center.