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.