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$500K loan approved for Lee County low-income apartments

The Lee County Commission agreed to prove the loan to developers of a 78-unit apartment complex for those who qualify as low income or extremely low income.


  • By Louis Llovio
  • | 2:45 p.m. June 19, 2024
  • | 2 Free Articles Remaining!
  • Charlotte–Lee–Collier
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The Lee County Commission on Tuesday committed to providing a $500,000 loan for the construction of an affordable housing community in North Fort Myers.

The loan would be for five years at zero interest and go toward the construction of a 78-unit multifamily development at 4941 Bayshore Road. The funds would come from the county’s Affordable Housing Trust Fund

The total cost of the project is estimated at $26.8 million and construction is scheduled to begin in fall 2025.

According to a report prepared by county staff, the commitment is meant to support developer Autumn Palm Lee’s Florida Housing Finance Corp. application for housing credit financing meant for affordable housing developments located in medium and small counties.

If the funding is not awarded, the commitment would be void, the report says.

(Autumn Palm is a partnership between the Tampa-based ReVital Development Group and Bright Community Trust according to the report.)

If all the funding comes through, the units in the 4.85-acre community will be set aside for 99 years for households whose incomes are extremely low — at or below 33% of the area median income — or low — at or below 60% of the AMI.

Commissioners unanimously approved the commitment.

Tuesday’s decision follows a commission vote in late May to approve $41.6 million in block grants to four local organizations that are working toward rehabilitating more than 800 affordable housing units mostly in Fort Myers.

 

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Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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