During the Lee County Board of County Commissioners (BoCC) regular meeting on November 5, 2024, significant discussions centered around the allocation of Community Development Block Grant Disaster Recovery (CDBG-DR) funding aimed at enhancing affordable multifamily housing in the region.

The meeting highlighted a competitive funding process that had made $150 million available earlier in the year, specifically for the development and construction of affordable housing. In September, the board had already awarded over $39 million to three projects, which were visually represented on a map presented during the meeting.

The Affordable Housing Evaluation Committee convened on October 28 to review additional applications. They ranked approximately $170 million in projects based on various criteria, including housing type, developer awards, geographic distribution, project readiness, and technical review scores. The committee's recommendations will undergo a detailed underwriting process before final approval, ensuring that all projects meet necessary requirements.

A notable point raised during the meeting was the potential to obligate around $300 million towards affordable housing development and preservation if all recommended projects are funded. This figure starkly contrasts with the $34 million allocated over the past decade from various funding sources, indicating a substantial increase in investment in affordable housing.

Additionally, the committee proposed an extra $5 million for the Spoonville Preserve project on Sanibel, which would be funded beyond the previously mentioned $170 million. This proposal aims to ensure that the project aligns with HUD compliance requirements, further emphasizing the county's commitment to addressing housing needs.

The discussions also touched on the financial strategies to cover the funding gap between the allocated amounts and the total project costs. The CDBG-DR action plan has a total budget of $300 million for affordable housing, allowing flexibility in funding decisions moving forward.

In conclusion, the meeting underscored Lee County's proactive approach to tackling the affordable housing crisis, with plans to significantly increase funding and support for multifamily housing projects. The board's next steps will involve finalizing project approvals and ensuring compliance with federal guidelines, marking a pivotal moment in the county's housing strategy.