The Fort Myers Community Redevelopment Agency (CRA) announces 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.
“This is the final pillar of the Fort Myers CRA’s overall affordable housing strategy of services and we are excited to have it now available,” Executive Director, Fort Myers CRA, Michele Hylton-Terry said. “The revolving loan program is meant to incentivize the development of affordable housing options, something desperately needed in our district.”
According to Hylton-Terry, 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.
“This program will promote the development and preservation of affordable and workforce housing and ensure diversity and inclusive economic opportunity by providing flexible capital to mission-aligned developers that may not have the capital, net worth, or experience needed to obtain conventional financing,” said Joe Bonora, President of Catalyst.
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.
To apply, contact Michael Maguire at firstname.lastname@example.org.
About Catalyst Community Capital, Inc. (Catalyst)
Catalyst Community Capital, Inc. is a mission-driven financial institution that seeks to empower entrepreneurs and advance affordable housing initiatives by providing capital and technical assistance. Catalyst supports economic growth and the revitalization of low-income communities by providing capital and resources to small businesses and mission-driven developers and organizations.
To stay current on Catalyst’s news and announcements, or to learn more about the organization’s programs, please visit www.catalystimpact.org
About the Fort Myers Community Redevelopment Agency (CRA)
The Fort Myers Community Redevelopment Agency was created in 1984 by the City of Fort Myers, Florida, under Florida Statute Chapter 163, to formulate a plan and strategy for the revitalization of the downtown River District.
The Fort Myers CRA has continued to grow, and redevelopment areas have been added throughout the city. Today, the Fort Myers Community Redevelopment Agency encourages and oversees redevelopment in five designated areas that contain a total of sixteen distinct geographic sections within the Fort Myers city limits.
The Fort Myers CRA, along with the City’s Community Development Division, prepares plans for the revitalization of each area and coordinates the implementation of the plan’s recommendations. Tax Increment Funds (TIF) generated by each area, combined with other funding sources, are used to upgrade the public infrastructure and to stimulate redevelopment in the same area where it was generated.
The Fort Myers City Council members, sitting as the Community Redevelopment Agency Board of Commissioners, oversee the Agency’s divisions and their operations. The Fort Myers CRA office is located at 1400 Jackson Street in the Downtown River District.
Michael MaguireCatalyst Community Capital, Inc.email@example.com
Contact: Fort Myers CRAcra@cityftmyers.com239-321-7100
Community Redevelopment Revolving Housing Loan Program