Catalyst for new affordable housing development in Cape Coral, FL
CAPE CORAL, FL (October 29, 2020) — Catalyst Community Capital, a 501 (c)(3) nonprofit, in partnership with the Lee County Housing Authority and Revital Development Group, is pleased to announce the recent acquisition of 4.6 acres in Cape Coral, FL , that will be developed as a 96-unit affordable and workforce housing community. The community, known as Civitas of Cape Coral, will offer 1, 2, and 3 bedroom units, all of which will be reserved for families that earn 80% or less of the area median income. Rents will range from $388 – $1,434, including utilities, filling a large void in the market for rental units that are affordable to the working-class residents of Lee County.
“While one project alone will not solve the affordable housing issue in Lee County, this project is a step in the right direction and will help attract more affordable housing developers and investors to the Southwest Florida market, which should result in more units coming to market,” stated Joseph Bonora, President & CEO of Catalyst Community Capital.
The $22 million development will utilize local, state, and federal funding, including 4% housing tax credits, mortgage revenue bonds, and $5.6 million in Community Development Block Grant-Disaster Relief (CDBG-DR) funding from Florida Housing Finance Corporation (FHFC). The project also received $300,000 in Neighborhood Stabilization Funds from the City of Cape Coral.
“We’re excited and eager to get this project built and provide much needed, high quality housing to Cape Coral’s hard working families,” said Revital Development Group’s President Michael Allan. “We’re grateful to the City of Cape Coral for their assistance and support, and look forward to working with Lee County Housing Authority to deliver affordable and sustainable housing to the area.”
In addition to affordable rents, Civitas will offer programs to its residents, including employment assistance and financial management education. The development team has also partnered with the Boys and Girls Club of Lee County to build a 2,500 square foot club on site, which will offer after school programs and summer camp.
The development team worked with PDS Architecture, Boral Engineering, and NPS Consulting to design the project, which will be ‘green building’ certified under the National Green Building Standard rating system. Construction is expected to commence in early 2021, and will be the first city’s first affordable family housing development in over 20 years.
About Catalyst Community Capital
Catalyst is a mission-based organization based in Tampa, Florida. Catalyst Community Capital is a 501 (c)(3) nonprofit organization and CDFI Fund certified Community Development Entity and emerging Community Development Financial Institution focused on community and economic development. Catalyst Asset Management is a B Corporation that develops affordable housing, mixed-use, and commercial projects, and Catalyst Community Capital provides loans and technical assistance to small businesses and mission-based organizations across the state of Florida. Over the last 10 years, the executive management team at Catalyst have funded in excess of $660 million in loans and developed over 1,300 residential apartment units. For more information visit www.catalystimpact.org.
About Revital Development Group
Revital Development Group is a real estate development firm whose mission is to preserve, create and sustain high quality, safe and affordable housing that supports economic security and access to opportunity for all. Offering extensive knowledge of real estate finance combined with an expertise in multifamily development and value-add, Revital often works closely with community stakeholders and partners with non-profit organizations, housing authorities and local government agencies to deliver projects that seek to support community objectives; with an emphasis on neighborhood revitalization through affordable and workforce housing. For more information visit www.revitaldevelopment.com.
