Lee commissioners commit to $500,000 loan for affordable housing project

The Lee Board of County Commissioners voted Tuesday to commit to $500,000 zero-interest loan to support an application for a project to build 78 multi-family units in North Fort Myers for people with extremely low and low-incomes.

The loan, with a five-year term, is from the Affordable Housing Trust Fund. It would go to Autumn Palm Lee and be used to construct 78 multi-family units on 4.85 acres at 4941 Bayshore Road, North Fort Myers.

Autumn Palm Lee was selected through a competitive solicitation process and the loan will support an application to the Florida Housing Finance Corp. for Housing Credit Financing for Affordable Housing Developments Located in Medium and Small Counties. The loan will be used if the project is awarded Florida Housing Finance Corporation tax credits.

All 78 units would be for rental by households with extremely-low – at or below 33% of the area median income – or low – at or below 60% of the area median income – incomes for a compliance period of 99 years.

If Autumn Palm Lee project is not awarded funding by Florida Housing for RFA2024-201, Lee County’s commitment to provide Local Government Areas of Opportunity Funding will become void. The commitment demonstrates local government support of the project which gives the project preference in the FHFC’s competitive application process.

The anticipated construction cost is more than $26.8 million dollars with construction beginning in Fall 2025. Lee County’s $500,000 loan comprises less than 2.5% of the project’s total construction financing.