County approves $20 million CDBG‑DR loan for 378‑unit Wave at China affordable housing project
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Summary
Lee County authorized execution of loan documents to provide $20 million in CDBG‑DR funding for the Wave at China, a 378‑unit affordable multifamily development. The loan term is 50 years with a 99‑year affordability period; staff says lending secures affordability and creates a revolving fund for future projects.
The Lee County Board approved execution of loan documents to provide $20,000,000 in CDBG‑DR funds to the Wave at China affordable housing development in Fort Myers.
Staff said the project sits east of I‑75 on Daniels Parkway and will deliver 378 affordable units. The proposed loan term is 50 years, and the affordability covenant will extend 99 years; total project cost was presented at just under $119,000,000. Commissioners moved to approve the execution of loan documents and then took public comment.
Resident Joyce Campana asked why the county would loan CDBG‑DR funds to a developer rather than grant them, and whether that structure increases county risk. County staff explained the lending approach is the standard structure for many CDBG‑DR projects: it legally secures the affordability period required by HUD, allows the county to place a mortgage and other collateral on the property if necessary, and — when repayments are made — creates a revolving pool of funds that can be redeployed for future affordable housing or human‑services projects.
Commissioners commented that the developer’s upfront investment and the per‑unit subsidy were favorable compared with other deals. The motion to approve the loan execution carried with no objection recorded in the transcript.
Next steps: staff will finalize loan documents and monitoring provisions to ensure the 99‑year affordability obligation is recorded and enforced per federal requirements.
