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Charlotte County approves loans to finish 70‑unit Blue Deep Creek affordable complex
Summary
The county commission approved three county loan commitments to help complete Blue Deep Creek, a 70‑unit affordable rental project in Port Charlotte, including a $340,000 local government award and a forgivable 30‑year loan for fee subsidies; commissioners discussed whether to allow forgivable loans for for‑profit developers.
Charlotte County commissioners on Jan. 14 authorized county staff to finalize three loan commitments to complete Blue Deep Creek, a 70‑unit affordable rental development planned for Luther Road in Port Charlotte.
The loans approved include a $340,000 Local Government Area of Opportunity (LGAO) loan with a 30‑year, 0% interest term and a 50‑year affordability requirement; a proposed $638,947 forgivable 30‑year loan covering utility and permitting fee subsidies; and an additional $2.0–$2.4 million in SHIP and Hurricane Housing Recovery (HHR) funds to close the project’s financing gap. Colleen Turner, Charlotte County Human Services, told the board Blue Deep Creek will reserve apartments for households at or below 60% of area median income and expects completion and lease‑up in June 2026.
Why it matters: Blue Deep Creek is the county’s 2023 Local Government Area of…
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