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.
Contact: Fort Myers CRAcra@cityftmyers.com239-321-7100