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.

Fort Myers CRA

Facebook Twitter Email

Other News in Redevelopment - News

New C R A Staff Phyllis LeFlore Calloway and Phenicia McMillion

CRA Welcomes New Staff

Posted on: September 29, 2021
Three location artwork site in Doctor Martin Luther King Junior Boulevard redevelopment area

National Call to Artists for Gateway Art

Posted on: September 17, 2021
Three views of Lee County Sheriff Office Downtown Outreach Center Opening Ceremony Ribbon Cutting

New Downtown Outreach Center

Posted on: January 27, 2021
Holiday House The Fort Myers Womans Community Club

Holiday House 2020 Annual Report

Posted on: January 31, 2020
McCollum Hall Renovations Rendering View A Redevelopment Works Fort Myers CRA Logo

McCollum Hall Update

Posted on: January 27, 2021
Hampton Inn Groundbreaking October 15, 2020 Groundbreaking and hotel images Fort Myers CRA logo

Hampton Inn Groundbreaking Ceremony

Posted on: October 12, 2020
Fort Myers Community Redevelopment Agency Fiscal Year 2020-2021 Budget Cover

FY 2020-2021 Fort Myers CRA Budget Adopted

Posted on: September 25, 2020
Fort Myers Community Redevelopment Agency Business Directory 2020-2021 Map Marker Image

2020/2021 Business Directories Online

Posted on: August 17, 2020
Edison Awards Image Innovations and Innovators Thomas A. Edison Signature and Likeness

CRA Supports Prestigious Edison Awards

Posted on: August 17, 2020
Fort Myers Downtown and River image

TIF Rebate Guidelines Updated

Posted on: December 16, 2019
Live, Work, Play redevelopment CRA Newsletters Subscribe Now CRA Logo

CRA Newsletters

Posted on: October 12, 2020
Fort Myers Community Redevelopment Agency Fiscal Manager Cheryl Thornton

Cheryl Thornton Earns FRA-RP Designation

Posted on: October 29, 2019
Luminary Hotel Exterior at Topping Out Ceremony

Luminary Hotel Topping Out Ceremony

Posted on: June 27, 2019
Grand Central Apartment Construction Aerial View from the Southeast

Grand Central Update

Posted on: May 24, 2019
Completed medians along Cleveland Avenue

Cleveland Avenue Medians Completed

Posted on: January 25, 2019
East Fort Myers redevelopment area spotlight Neenie's House

EFM Spotlight: Neenie's House

Posted on: January 25, 2019
Fort Myers Community Redevelopment Agency Senior Administrative Assistant Sheryl Rea

Sheryl Rea Joins Fort Myers CRA

Posted on: April 26, 2019
NEWS CelticFestival

Celtic Festival Is Almost Here!

Posted on: December 16, 2021