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 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.
