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CAPE CORAL — A trio of entities, including a nonprofit, for-profit company and county housing agency, have teamed up to purchase a 4.6-acre site in Cape Coral for an affordable housing project. The group paid $950,000 for the site.
Tampa-based Catalyst Community Capital, a nonprofit lender that specializes in affordable housing projects, Tampa-based Revital Development Group and the Lee County Housing Authority are the three entities in the deal. The planned 96-unit affordable and workforce housing community on the site, Civitas of Cape Coral, will have one, two and three bedroom units. Units will be reserved for families that earn 80% or less of the area median income, according to a statement, and rents will range from $388 - $1,434 a month, including utilities.
“While one project alone will not solve the affordable housing issue in Lee County, this project is a step in the right direction and will help attract more affordable housing developers and investors to the Southwest Florida market, which should result in more units coming to market,” Catalyst Community Capital President and CEO Joseph Bonora says in the release.
The $22 million development will utilize local, state, and federal funding, including 4% housing tax credits, mortgage revenue bonds, and $5.6 million in Community Development Block Grant-Disaster Relief funding from the Florida Housing Finance Corp. The project also received $300,000 in Neighborhood Stabilization Funds from the City of Cape Coral, the release states. “We’re excited and eager to get this project built and provide much needed, high quality housing to Cape Coral’s hard working families,” Revital Development Group President Michael Allan says in the release.
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