LOUISVILLE, Ky. — Gov. Andy Beshear joined local leaders and executives from LDG Multifamily, an affordable-housing developer, to cut the ribbon on the company’s new location in the Madrid Building in Louisville. LDG leaders have invested $10.75 million to purchase and renovate the new headquarters, creating 50 high-wage jobs for Kentucky residents.
The Madrid Building, located at 545 S. 3rd Street, is the new headquarters space for LDG after outgrowing its previous space on South 4th Street in Old Louisville. The Madrid Building is one of Louisville’s historic buildings, once used for ballroom dancing, and will now be used to develop affordable housing. The larger space will house the company’s existing staff and accommodate 50 additional employees over the next 10 years. The new jobs consist mostly of professional and support roles critical to helping the company expand its operations. The average salary for these positions is $85,000. To date, LDG has filled 22 of those roles and is well on its way to reaching or exceeding that job creation goal.
“At LDG we believe that every growing and thriving community needs an array of housing that can meet the needs of a diverse workforce,” said Chris Dischinger and Mark Lechner, co-founders and co-principals of LDG. “For the past 28 years, we have provided dozens of communities with housing that more than 35,000 individuals are proud to call home, and that is helping them achieve their goals.”
Lechner and Dischinger founded LDG in 1994 based on their shared belief that everyone deserves a quality place to live. They have grown the company into a leading developer of affordable housing nationally. The company has created 22,000 units of high-quality, affordable housing for working families and active seniors in seven states, including almost 4,000 units in Kentucky. 200 employees in Louisville support the work of LDG; Austin, Texas; Nashville, Tennessee; and Atlanta, Georgia.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in August 2021 preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide tax incentives based on the company’s investment and annual job and wage targets.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, LDG can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.