Commissioners approve CDBG‑DR loans for two affordable housing projects totaling $31.3M
June 16, 2026 | Lee County, Florida
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Lee County commissioners voted June 16 to authorize execution of Community Development Block Grant–Disaster Recovery (CDBG‑DR) loan documents for two affordable housing projects totaling $31.3 million.
Nicole Turner (county staff) said the AVA Square loan authorization is for $19.5 million to support a 121‑unit affordable rental development in Cape Coral that will carry a 50‑year affordability covenant. Turner said closing is pending certain developer legal work (replatting) and there had been a brief delay in closing.
The board also approved execution of $11.8 million in CDBG‑DR funds for rehabilitation of 100 senior rental units at Palm City Gardens in Fort Myers; Turner said that action requires termination and replacement of a previously executed developer agreement from 2024 and that the Palm City Gardens financing will include a 30‑year affordability period.
Why it matters: the two actions use federal disaster recovery housing dollars to preserve and expand long‑term affordable rental housing in two parts of the county. AVA Square’s 50‑year covenant was highlighted by a public question during the item about income targeting and unit sizes; staff noted affordability levels and additional developer details will be part of final loan documents at closing.
What’s next: staff will finalize loan documents and return any necessary closing items to the county attorney’s office and the board. The AVA Square closing remains contingent on developer land‑use work and final legal signoffs.
Ending: Commissioners approved the authorizations by voice vote; staff said the loans are part of an ongoing county strategy to deploy CDBG‑DR housing funds to long‑term affordable housing projects.
Nicole Turner (county staff) said the AVA Square loan authorization is for $19.5 million to support a 121‑unit affordable rental development in Cape Coral that will carry a 50‑year affordability covenant. Turner said closing is pending certain developer legal work (replatting) and there had been a brief delay in closing.
The board also approved execution of $11.8 million in CDBG‑DR funds for rehabilitation of 100 senior rental units at Palm City Gardens in Fort Myers; Turner said that action requires termination and replacement of a previously executed developer agreement from 2024 and that the Palm City Gardens financing will include a 30‑year affordability period.
Why it matters: the two actions use federal disaster recovery housing dollars to preserve and expand long‑term affordable rental housing in two parts of the county. AVA Square’s 50‑year covenant was highlighted by a public question during the item about income targeting and unit sizes; staff noted affordability levels and additional developer details will be part of final loan documents at closing.
What’s next: staff will finalize loan documents and return any necessary closing items to the county attorney’s office and the board. The AVA Square closing remains contingent on developer land‑use work and final legal signoffs.
Ending: Commissioners approved the authorizations by voice vote; staff said the loans are part of an ongoing county strategy to deploy CDBG‑DR housing funds to long‑term affordable housing projects.
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