News Flash

Redevelopment - News

Posted on: June 23, 2021

CRA Approves Final Pillar in Affordable Housing Strategy

Revolving Housing Loan Program Words Fort Myers CRA Logo Palm Tree Gold Oval

The CRA approved a Revolving Housing Loan Program, available in the Cleveland Avenue and Dr. Martin Luther King, Jr. Blvd. redevelopment areas during FY2020. The fund will be used exclusively to support developers who want to build housing targeting individuals that make 80% of the Area Median Income (AMI) or less. This loan incentive for affordable housing must be repaid within 24 months. Once repaid, the loans will continue to grow the trust fund in the project area.

The program will promote the development of affordable and workforce housing, and to ensure diversity and inclusive economic opportunity. This will be achieved by providing flexible funding options and technical assistance to minority real estate developers and mission-aligned organizations.

Catalyst Community Capital, Inc. (Catalyst), a Florida 501 (c)(3) nonprofit organization and certified Community Development Entity (CDE), is partnering with the Fort Myers Community Redevelopment Agency (CRA), local and regional banks, and other Community Development Financial Institutions (CDFI) to create a revolving loan fund. The loan fund will provide funding for the acqui8sition and development of affordable and workforce single family and multifamily properties located with in the Cleveland Avenue and Dr. Martin Luther King, Jr. Blvd. (MLK) redevelopment areas.

  • Program Objective The goal of the program is to increase the stock of affordable and workforce housing in the City of Fort Myers by providing flexible capital to mission-aligned developers that may not have the capital, net worth, or experience needed to obtain conventional financing. The program will target smaller projects, including single family homes and multifamily properties with less than 20 units.
  • Funding The loan fund will be capitalized through a combination of grants, a 0% interest loan from the Fort Myers CRA, loan participation from banks and CDFIs, and Catalyst's credit facility. Grant funding will provide first-loss protection in the event of a financial loss on the overall portfolio due to loan defaults, providing a credit enhancement for banks participating in the loan fund.
  • Training Program participants engage in formal real estate development training, workshops with local development experts and city leaders, and discussions around challenges and opportunities for minority developers in metropolitan regions. Participants will also receive one-on-one support from both a developer mentor and a finance mentor. These local experts provide project-specific guidance to further participants' real estate development efforts.

Contact: 
Fort Myers CRA
cra@cityftmyers.com
239-321-7100

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