LOUISVILLE, Ky. (WDRB) -- A Louisville-based company is growing downtown and working to create more affordable housing in the future.

LDG Development has moved its headquarters to The Madrid Building on South 3rd Street in downtown Louisville. The company's two co-founders said choosing to keep Louisville as LDG's home base was a priority.

"We knew that downtown is where it was at, where we needed to be," said Chris Dischinger, an LDG co-founder. "We wanted to make a concerted effort to be part of the renaissance of downtown."

LDG Development focuses on creating high-quality, yet affordable, housing.

The company got its start in 1994 in Louisville, and over decades has now grown to have more than 22,000 affordable housing units in seven states, including several thousand units in Kentucky.

"It's really important as a community we have housing for all income levels," Dischinger said.

Dischinger said LDG outgrew its office space in Old Louisville, sparking the move. The company has now invested more than $10 million to buy and renovate its new headquarters downtown.

"We're centrally located. I think a number of our properties we're working on are not far from here and we felt it was important to be close to that," he said.

The move will also create 50 new jobs over the next 10 years, 22 of which have already been filled.

Several community members and local leaders, including Kentucky Gov. Andy Beshear, were there to see the upgraded space when it was unveiled Wednesday afternoon.

"LDG is doing amazing work providing affordable housing opportunities and well-paying jobs for Kentucky residents," Beshear said in a news release, thanking the company's leaders for "their commitment to the commonwealth and the Louisville community."

Metro Council President David James also spoke at the ribbon cutting ceremony. 

"Having LDG, the largest affordable housing company in the country be located right here in downtown Louisville with residents from Louisville, is the best thing I could think of," said James.

Mark Lechner, an LDG co-founder, said Louisville needs tens of thousands of affordable housing units.

"Every city has a big need for affordable housing, but Louisville has a 31,000-unit need and we're committed to help solve some of that," said Lechner. "We're firm believers that quality workforce housing, affordable housing, needs to be in all areas of the community."

Dischinger said LDG defines affordable housing as the company working to keep rent within 30% of someone's income. He said LDG works with federal tax credits to provide incentives for property investments. 

"We really believe that if you have a stable home through your formative years, grade school, middle school, high school, the results are so much better," he added.

LDG already has several properties across Louisville, with plans for more. That includes plans for a multifamily development at the site of the current Greyhound bus station downtown, less than a mile away from the new headquarters.

Despite having options to relocate elsewhere in the city, or even out of state, LDG said downtown Louisville is exactly where it wants to have its headquarters.

"There's a lot of work to be done in Kentucky and Louisville, and it's home for us," said Dischinger.

While some employees are already working out of the downtown headquarters, the transition to get everyone there should be complete within the next six to nine months.

It is unclear what will happen with the current office space in Old Louisville.

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