Lee County Commissioners approved the use of federal grant funds to loan Southward Village developer McCormack Baron $18,875,000 to help build affordable, multifamily rental units in Fort Myers. The Community Development Block Grant – Disaster Recovery funds are part of more than $1.1 billion that Lee County received after Hurricane Ian to support recovery efforts. The loan will allow the Southward Village phase two project to move forward by constructing 102 additional units on property owned by the Housing Authority at 2990 Edison Ave. The multifamily complex will have a total of 151 units costing $75.6 million. Under the terms of the agreement, the developer will maintain affordable rental rates for at least 30 years.
Lee commissioners authorize nearly $18.9M in grant funding for affordable housing
Lee County approved a $18.9 million federal loan to developer McCormack Baron to advance phase two of Southward Village, adding 102 affordable housing units to the Fort Myers community.
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