Community Redevelopment Agency Revolving Housing Loan Program
The Fort Myers Community Redevelopment Agency Revolving Housing Loan Program is a Revolving Housing Loan Program available in the Cleveland Avenue and Dr. MLK, Jr. Blvd. redevelopment areas.
The fund is to be used exclusively for the purpose of supporting developers seeking to construct housing targeting individuals that make 100 percent of the Area Median Income (AMI) or less.
Loans acquired through this program must be repaid within 24 months. Upon repayment back to CRA, the money returns to the trust fund so that it can be loaned out once again in the project area to build additional affordable housing units.
Catalyst Community Capital, Inc. (“Catalyst”), a Florida 501 (c)(3) nonprofit organization and certified Community Development Entity (CDE), is partnering with the CRA to create the loan fund. The loan fund will provide funding for the acquisition, development and preservation of affordable and workforce single family and multifamily properties located within the Cleveland Avenue and MLK CRA redevelopment areas.
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 primarily target smaller projects, including single family homes and multifamily properties with less than 40 units.
The loan fund will initially be capitalized by the Fort Myers CRA and Catalyst, with a plan to partner with community foundations, credit unions, and CDFIs to grow the fund.
Program participants will also have the ability to participate in formal real estate development training and workshops facilitated by Catalyst, as well as one-on-one support from local developers and mentors. These local experts will provide project-specific guidance to further participants' real estate development efforts.
Up to $1,000,000 will be available for projects that meet the following criteria:
- Projects must be located within the Cleveland Area or MLK Area in order to participate in the Program.
- The loan must result in the creation or preservation of single or multifamily Workforce Housing (i.e., housing for people or families earning at or less than 100% AMI).
- Applicants must have some experience with new construction or renovation projects.
- Properties financed through the Revolving Loan Fund must comply with the Program’s rent and income guidelines for at least ten (10) years from the receipt of Certificate of Occupancy.
- Applicant must make a minimum cash equity contribution equal to 5% of the total cost of the project.
- None of the units may at any time be occupied by the owner of the project or an individual related to the owner.
The program is available in the Cleveland Avenue and Dr. Martin Luther King, Jr. Blvd. redevelopment areas.
Catalyst Community Capital, Inc.
Fort Myers CRA
Community Redevelopment AgencyPhysical Address
1400 Jackson Street
Fort Myers, FL 33901
Cheryl V. Thornton
Community Redevelopment Specialist
Natalie S. Dunham
Advertising & Promotions Manager
Sr. Administrative Assistant